# EDGAR Filing Document

**Accession Number:** 0001881567
**File Stem:** 0001193125-26-022945
**Filing Date:** 2026-1
**Character Count:** 999086
**Document Hash:** 7a19998381b1763084f685a82729d787
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-022945.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001193125-26-022945

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clear Street Group Inc.
- **CENTRAL INDEX KEY:** 0001881567
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 862376416
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292822
- **FILM NUMBER:** 26561677

**BUSINESS ADDRESS:**
- **STREET 1:** 150 GREENWICH STREET
- **STREET 2:** FLOOR 45
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** (646) 845-0036

**MAIL ADDRESS:**
- **STREET 1:** 150 GREENWICH STREET
- **STREET 2:** FLOOR 45
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**As filed with the Securities and Exchange Commission on January 26, 2026** 

**Registration No. 333-292822** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1** 

**to** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Clear Street Group Inc.
**(Exact Name of Registrant as Specified in Its Charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **6211** | **86-2376416** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification Number)** |

---

**150 Greenwich Street, 45th Floor** 

**New York, NY 10007** 

**Telephone: (646) 845-0036** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

**Edward T. Tilly** 

**Chief Executive Officer** 

**Clear Street Group Inc.** 

**150 Greenwich Street, 45th Floor** 

**New York, NY 10007** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Richard D. Truesdell, Jr.<br>Hillary A. Coleman<br>Davis Polk & Wardwell LLP<br>450 Lexington Avenue<br>New York, NY 10017<br>(212) 450-4000** | **Kenneth Sicklick, Esq.<br>Chief Legal Officer<br>Clear Street Group Inc.<br>150 Greenwich Street, 45th Floor<br>New York, NY 10007**<br> **(646) 845-0036** | **Daniel I. Goldberg<br>Eric Blanchard<br>Richard Segal<br>Minkyu Park Cooley LLP**<br> **55 Hudson Yards<br>New York, NY 10001<br>(212) 479-6000** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐ __________

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐ __________

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐ __________

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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**EXPLANATORY NOTE** 

This Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-292822) is being filed solely for the purpose of filing certain exhibits. Accordingly, this Amendment No. 1 consists only of the facing page, this explanatory note, Item 16(i) of Part II of the Registration Statement, the signature page to the Registration Statement, and the filed exhibits. The remainder of the Registration Statement is unchanged and has therefore been omitted.

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**Item 16. Exhibits and Financial Statement Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Exhibits***

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 1.1 | [Form of Underwriting Agreement](d39893dex11.htm) |
| 3.1# | [Seventh Amended and Restated Certificate of Incorporation of the registrant, as amended, as currently in effect](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex31.htm) |
| 3.2 | [Form of Eighth Amended and Restated Certificate of Incorporation of the registrant, to be in effect upon the completion of this offering](d39893dex32.htm) |
| 3.3# | [Bylaws of the registrant, as currently in effect](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex33.htm) |
| 3.4 | [Form of Amended and Restated Bylaws of the registrant, to be in effect upon the completion of this offering](d39893dex34.htm) |
| 5.1\* | Opinion of Davis Polk & Wardwell LLP |
| 10.1+# | [Amended and Restated 2021 Stock Incentive Plan, as amended and restated effective as of December 18, 2025](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex101.htm) |
| 10.2+# | [Form of Restricted Stock Unit Issuance Agreement under the 2021 Plan](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex102.htm) |
| 10.3+# | [Form of Stock Option Agreement under the 2021 Plan](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex103.htm) |
| 10.4+ | [Form of Clear Street Group Inc. 2026 Omnibus Incentive Plan](d39893dex104.htm) |
| 10.5+ | [Form of Option Award Agreement under the Omnibus Incentive Plan](d39893dex105.htm) |
| 10.6+ | [Form of Employee Restricted Stock Unit Agreement under the Omnibus Incentive Plan](d39893dex106.htm) |
| 10.7+ | [Form of Clear Street Group Inc. 2026 Employee Stock Purchase Plan](d39893dex107.htm) |
| 10.8+ | [Non-Employee Director Compensation Policy](d39893dex108.htm) |
| 10.9+ | [Support Services and Equity Award Agreement](d39893dex109.htm) |
| 10.10+ | [Restricted Stock Unit Issuance Agreement with Global Corp.](d39893dex1010.htm) |
| 10.11+ | [Amended and Restated Employment Agreement by and between the registrant and Christopher Pento](d39893dex1011.htm) |
| 10.12+ | [Employment Agreement by and between the registrant and Edward T. Tilly](d39893dex1012.htm) |
| 10.13+ | [Amended and Restated Employment Agreement by and between the registrant and Edward T. Tilly](d39893dex1013.htm) |
| 10.14+ | [Employment Agreement by and between the registrant and Jonathan Daplyn](d39893dex1014.htm) |
| 10.15+ | [Employment Agreement by and between the registrant and John Levene](d39893dex1015.htm) |
| 10.16+# | [Separation Agreement and General Release by and between the registrant and Christopher Pento](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1016.htm) |
| 10.17^# | [Registration Rights Agreement, dated as of October 20, 2021, by and among the registrant and the investors party thereto](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1017.htm) |
| 10.18^# | [Amended and Restated Investors' Rights Agreement, dated as of December 18, 2025, by and among the registrant and the investors party thereto](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1018.htm) |
| 10.19 | [Form of Director and Executive Officer Indemnification Agreement](d39893dex1019.htm) |
| 10.20# | [Loan Authorization Agreement, dated as of November 12, 2024, by and among Clear Street LLC and BMO Bank N.A.](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1020.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.21# | [Credit Agreement, dated as of December 4, 2020, by and among Clear Street LLC, the lenders from time to time party thereto and BMO Bank N.A., as Administrative Agent, as amended on December 3, 2021, April 6, 2022, December 2, 2022, December 1, 2023, November 12, 2024, February 5, 2025 and November 7, 2025](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1021.htm) |
| 10.22# | [Credit Agreement, dated as of September 23, 2025, by and among Clear Street UK Limited, the lenders party thereto and BMO Bank N.A., as Administrative Agent](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1022.htm) |
| 10.23^# | [Revolving Note and Cash Subordination Agreement, dated as of October 24, 2025, by and among Clear Street LLC and the lenders from time to time party thereto](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1023.htm) |
| 10.24^# | [Form of Note Purchase Agreement for Clear Street Holdings LLC's senior unsecured notes due 2026](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1024.htm) |
| 10.25^# | [Form of Note Purchase Agreement for Clear Street Holdings LLC's senior unsecured notes due 2029](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1025.htm) |
| 10.26^# | [Form of Note Purchase Agreement for Clear Street Holdings LLC's senior unsecured notes due 2030](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex1026.htm) |
| 10.27+ | [Form of Non-Employee Director Restricted Stock Unit Agreement under the Omnibus Incentive Plan](d39893dex1027.htm) |
| 10.28+ | [Form of Clear Street Global Corp. Option Award Grant](d39893dex1028.htm) |
| 16.1# | [Letter Regarding Change in Accountants](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex161.htm) |
| 21.1# | [List of Subsidiaries of Clear Streep Group Inc.](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex211.htm) |
| 23.1# | [Consent of Ernst & Young LLP](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex231.htm) |
| 23.2# | [Consent of RSM US LLP](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893dex232.htm) |
| 23.3\* | Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1) |
| 24.1# | [Power of Attorney (included on signature page)](http://www.sec.gov/Archives/edgar/data/1881567/000119312526016568/d39893ds1.htm#sig) |
| 107# | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1881567/000119312526016568/d39893dexfilingfees.htm) |

---

^ Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

+ Indicates a management contract or compensatory plan.

# Previously filed.

\* To be filed by amendment.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, New York, on January 26, 2026.

---

| | |
|:---|:---|
| BY: | /s/ Edward T. Tilly |
|  | Name: Edward T. Tilly |
|  | Title: Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Edward T. Tilly<br> Edward T. Tilly | Chief Executive Officer and Director (Principal Executive Officer) | January 26, 2026 |
| /s/ Steven Bisgay<br> Steven Bisgay | Chief Financial Officer<br> (Principal Financial and Accounting Officer) | January 26, 2026 |
| \*<br> Uriel Cohen | Executive Chairman | January 26, 2026 |
| \*<br> Elli Ausubel | Executive Vice Chairman | January 26, 2026 |
| \*<br> Christopher Pento | Director | January 26, 2026 |
| \*<br> Jay Park | Director | January 26, 2026 |
| \*<br> Matthew Roberts | Director | January 26, 2026 |

---

---

| |
|:---|
| /s/ Kenneth Sicklick |
| Kenneth Sicklick<br> Attorney-in-fact |

---

## Exhibit 1.1

**Exhibit 1.1** 

**Clear Street Group Inc.** 

**Class A Common Stock** 

***<u>Underwriting Agreement</u>***

[•], 2026

Goldman Sachs & Co. LLC

BofA Securities, Inc.

Morgan Stanley & Co. LLC

UBS Securities LLC

Clear Street LLC

As representatives (the "<u>Representatives</u>") of the several Underwriters, named in Schedule I hereto,

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282-2198

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036-8293

c/o UBS Securities LLC

11 Madison

New York, New York 10010

c/o Clear Street LLC

4 World Trade Center

150 Greenwich St., Floor 45

New York, New York 10007

Ladies and Gentlemen:

Clear Street Group Inc., a Delaware corporation (the "<u>Company</u>"), proposes, subject to the terms and conditions stated in this agreement (this "<u>Agreement</u>"), to issue and sell to the underwriters named in Schedule I hereto (the "<u>Underwriters</u>") an aggregate of [•] shares (the "<u>Firm Shares</u>") of Class A common stock, par value $0.00001 per share, of the Company ("<u>Class</u> <u>A Common Stock</u>") and, at the election of the Underwriters, up to [•] additional shares of Class A Common Stock (the "<u>Optional Shares</u>" and together with the Firm Shares, the "<u>Shares</u>").

Goldman Sachs & Co. LLC (the "<u>Directed Share Underwriter</u>") has agreed to reserve up to [•] Shares to be purchased by it under this Agreement for sale at the direction of the Company to certain parties related to the Company (collectively, the "<u>Participants</u>"). The Shares to be sold by the Directed Share Underwriter pursuant to the Directed Share Program are hereinafter called the "<u>Directed Shares</u>." Any Directed Shares not confirmed for purchase by the deadline established therefor by the Directed Share Underwriter in consultation with the Company will be offered to the public by the Underwriters as set forth in the Prospectus.

------

The Company hereby confirms the engagement of Goldman Sachs & Co. LLC as, and Goldman Sachs & Co. LLC hereby confirms its agreement with the Company to render services as, a "qualified independent underwriter" within the meaning of Rule 5121 ("<u>Rule 5121</u>") of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") with respect to the offering and sale of the Shares (Goldman Sachs & Co. LLC acting in such capacity, the "QIU"). No compensation will be paid to the QIU for its services as a qualified independent underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company represents and warrants to, and agrees with, each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A registration statement on Form S-1 (File No. 333-292822) (the "<u>Initial Registration Statement</u>") in respect of the Shares has been filed with the Securities and Exchange Commission (the "<u>Commission</u>"); the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to the Representatives, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a "<u>Rule 462(b) Registration Statement</u>"), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "<u>Act</u>"), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the knowledge of the Company, threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Act is hereinafter called a "<u>Preliminary Prospectus</u>"; the various parts of the Initial Registration Statement and the Rule 462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the "<u>Registration Statement</u>"; the Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(c) hereof) is hereinafter called the "<u>Pricing Prospectus</u>"; such final prospectus, in the form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "<u>Prospectus</u>"; any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act or Rule 163B under the Act is hereinafter called a "<u>Testing-the-Waters Communication</u>"; any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a "<u>Written Testing-the-Waters Communication</u>"; and any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Shares is hereinafter called an "<u>Issuer Free Writing Prospectus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did 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, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(b) of this Agreement);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Agreement, the "<u>Applicable Time</u>" is [•] [a.m./p.m.] (New York City time) on the date of this Agreement. The Pricing Prospectus, as supplemented by the information listed on Schedule II(c) hereto, taken together (collectively, the "<u>Pricing Disclosure Package</u>"), as of the Applicable Time, did not, and as of each Time of Delivery (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of each Time of Delivery will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No documents were filed by the Company with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule II(b) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, 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; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Company nor any of its subsidiaries has, since the date of the latest audited financial statements included in the Pricing Prospectus, (i) sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole, or (iii) purchased any of its outstanding capital stock (except as it relates to clause (B) below), nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock, in each case otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x) any change in the capital stock (other than as a result of (A) the exercise or vesting, if any, of stock options or vesting or settlement of restricted stock units ("<u>RSUs</u>") (including any "net" or cashless exercises or settlements, respectively), or the award, if any, of stock options, restricted stock, RSUs or other awards in the ordinary course of business pursuant to the Company's equity plans that are described in the Pricing Prospectus

------

and the Prospectus, (B) the repurchase of shares of stock, or forfeiture of any RSUs or stock options, upon termination of the holder's employment or service with the Company pursuant to agreements providing for an option to repurchase, (C) the issuance, if any, of stock upon conversion, exercise, exchange or reclassification of Company securities as described in the Pricing Prospectus and the Prospectus), or long-term or short-term debt of the Company or any of its subsidiaries, or (D) issuances otherwise set forth or contemplated in the Pricing Prospectus or (y) any Material Adverse Effect (as defined below); as used in this Agreement, "<u>Material Adverse Effect</u>" shall mean any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (A) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (B) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case if any, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under, to the Company's knowledge, valid, subsisting and enforceable leases (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganizations, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (ii) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity and (iii) applicable law and public policy with respect to rights to indemnity and contribution) with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each of the Company and each of its subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization (where such concept exists), with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus, and (ii) duly qualified as a foreign corporation for the transaction of business and is in good standing (where such concept exists) under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and each significant subsidiary of the Company (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Act), if any, has been listed in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has an authorized capitalization as set forth in the Pricing Prospectus and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and conform in all material respects to the description of the capital stock contained in the Pricing Disclosure Package and Prospectus; and all of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except for three (3) Class B units held by three (3) third-party broker-dealers in Clear Street LLC ("<u>CS LLC</u>") and, in the case of any foreign subsidiary, for directors' qualifying shares) are owned directly or indirectly by the Company free and clear of all liens, encumbrances, equities or claims, except for such liens or encumbrances described in the Pricing Disclosure Package and the Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other than as set forth in the Pricing Prospectus, the Company has not sold, issued or distributed any shares of Class A Common Stock or any shares of the Company's Class B Common Stock, par value $0.00001 per share (the "<u>Class</u> <u>B Common Stock</u>" and, together with the Class A Common Stock, the "<u>Stock</u>") during the six month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding options, rights or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Shares to be issued and sold by the Company to the Underwriters hereunder have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Class A Common Stock contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights, in each case other than rights that have been complied with or waived in writing as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The issue and sale of the Shares and the compliance by the Company with this Agreement and the consummation of the transactions contemplated in this Agreement and the Pricing Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of the Company or any of its subsidiaries, or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties except, in the case of clauses (A) and (C) for such defaults, breaches, or violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or regulatory body is required for the issue and sale of the Shares by the Company or the consummation by the Company of the transactions contemplated by this Agreement, except such as have been obtained under the Act, the approval by FINRA of the underwriting terms and arrangements, and such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation or by-laws (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The statements set forth in the Pricing Prospectus and Prospectus under the caption "Description of Capital Stock," insofar as they purport to constitute a summary of the terms of the Company's capital stock, under the caption "Material U.S. Federal Income and Estate Tax Considerations to Non-U.S. Holders," and under the caption "Underwriting (Conflicts of Interest)," insofar as they purport to describe the provisions of the laws (other than laws, rules and regulations relating to selling restrictions in various foreign jurisdictions) and documents referred to therein and subject to the limitations, conditions and assumptions set forth therein, are accurate, complete and fair in all material respects; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Other than as set forth in the Pricing Prospectus there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings ("<u>Actions</u>") pending to which the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company, is a party or of which any property of the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company, is the subject which would individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and, to the Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or the Pricing Prospectus that are not so described in all material respects in therein; and there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Prospectus that are not so filed as exhibits to the Registration Statement or described in all material respects in the Registration Statement and the Pricing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company is not and, immediately after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, will not be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) At the time of filing the Initial Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined under Rule 405 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Ernst & Young LLP, who has certified the financial statements of the Company and its subsidiaries as of and for the year ended December 31, 2024, and RSM US LLP, who have certified the financial statements of the Company and its subsidiaries as of and for the year ended December 31, 2023, are each independent public accountants as required by the Act and the rules and regulations of the Commission and the Public Company Accounting Oversight Board (United States) thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) that (i) complies with the requirements of the Exchange Act that are applicable to the Company, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles ("GAAP") and (iii) is designed to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and

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except as disclosed in the Pricing Prospectus and the Prospectus, the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting (it being understood that this subsection shall not require the Company to comply with Section 404 of the Sarbanes Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the "<u>Sarbanes Oxley Act</u>") as of an earlier date than it would otherwise be required to so comply under the applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Since the date of the latest audited financial statements included in the Pricing Prospectus, there has been no change in the Company's internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act that are applicable to the Company; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This Agreement has been duly authorized, executed and delivered by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, employee, affiliate or other individual or entity ("<u>Person</u>") associated with or acting on behalf of the Company or any of its subsidiaries or affiliates has, in any manner (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment; or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "<u>Anti-Corruption Laws</u>"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or knowingly indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulation or guidelines issued, administered or enforced by any governmental agency that are applicable to the Company (collectively, the "<u>Money Laundering Laws</u>") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened; the Company and its subsidiaries have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote

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and achieve compliance with such laws; neither the Company nor any of its subsidiaries will, to the knowledge of the Company, use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of Money Laundering Laws or to fund or facilitate any terrorist financing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the Company's knowledge, any agent, employee, affiliate or other Person associated with or acting on behalf of the Company or any of its subsidiaries is a Person that is, or is owned or controlled by one or more Persons that are (i) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("<u>OFAC</u>"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor (ii) located, organized, or resident in a country or territory that is the subject or target of Sanctions (a "<u>Sanctioned Jurisdiction</u>"), and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (i) to fund or facilitate any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii) in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; since April 24, 2019, neither the Company nor any of its subsidiaries is engaged in, or has engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures reasonably designed to promote and achieve continued compliance with Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The financial statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Company and its subsidiaries at the dates indicated and the statement of operations, stockholders' equity and cash flows of the Company and its subsidiaries for the periods specified; said financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in all material respects and in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company and each of its subsidiaries (i) own or otherwise possess adequate rights to use all patents, patent applications, trademarks and service marks (including all goodwill associated therewith) and registrations and applications thereof, trade names, domain names, copyrights and registrations and applications thereof, licenses, know-how, software, systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures and other intellectual property) (collectively, the "<u>Intellectual Property</u>") used by them in connection with the conduct of their respective businesses (as described in the Pricing Prospectus and the Prospectus), (ii) to the knowledge of the Company, do not, through the conduct of their respective businesses (as described in the Pricing Prospectus and the Prospectus), infringe or violate the Intellectual Property of any third party, and (iii) have not received any written notice of any claim of infringement or other violation of the Intellectual Property of any third party by the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Except as described in the Registration Statement, the Pricing Prospectus or the Prospectus, or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and each of its subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "<u>IT Systems</u>") are reasonably adequate for, and operate and perform in all respects as required in connection with the operation of the respective businesses of the Company and its subsidiaries as currently conducted, and, to the Company's knowledge, are free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants and (ii) the Company and its subsidiaries have implemented and maintained reasonable controls, policies, procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("<u>Personal Data</u>")) used in connection with their respective businesses, and (iii) there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and its subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, the Company's and its subsidiaries' internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act applicable to them, including Section 402 related to loans and Sections 302 and 906 related to certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Neither the Company nor any of its affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company and each of its subsidiaries have such permits, licenses, approvals, consents, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities ("<u>Permits</u>") as are necessary under applicable law to own their respective properties and conduct their respective businesses in the manner described in the Registration Statement, the Pricing Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received written notice of any proceedings related to the revocation or modification of any such Permits that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Other than (i) CS LLC, which (a) is registered with the Commission as a broker-dealer and a securities-based swap dealer and with the Commodity Futures Trading Commission ("CFTC") as a futures commission merchant and (b) has a general permit from the Israeli Securities Authority, (ii) CS Enhanced Lending LLC ("<u>CS Lending LLC</u>"), which is registered with the Commission as a broker-dealer, (iii) Clear Street Derivatives LLC ("<u>CS Derivatives</u>"), which is registered with the Commission as a securities-based swap dealer, (iv) Clear Street Canada Inc. ("<u>CS Canada</u>"), which is registered with the Canadian Investment Regulatory Organization as an investment dealer registered in Canada, (v) Clear Street UK Limited ("<u>CS UK</u>") which is registered with the Financial Conduct Authority as an investment firm authorized in the United Kingdom, and (vi) Clear Street Singapore Pte Ltd., (collectively with and together with each of CS LLC, CS Lending LLC, CS Derivatives, CS Canada and CS UK, the "<u>Registered CS Entities</u>"), which has a Capital Market Services License from the Monetary Authority of Singapore, neither the Company nor any of its subsidiaries (A) is registered, (B) is required to be registered or (C) as a result of the transactions contemplated by this Agreement will be required to register, as an investment adviser under the Investment Advisers Act of 1940, as amended, as a commodity trading advisor, commodity pool operator, swap dealer or futures commission merchant under the Commodity Exchange Act of 1936, as amended, or as a broker or a dealer under the Exchange Act or under the Blue Sky or securities laws of any applicable jurisdiction or the rules and regulations thereunder, except for any such registration, the failure of which to obtain would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of CS LLC and CS Lending LLC is registered as a broker-dealer with the Commission, is a member, in good standing, of FINRA and each of the Registered CS Entities is a member, in good standing, of any other self-regulatory organizations ("<u>SRO</u>") or any applicable securities regulatory authority of which it is or is required to be a member and is registered or qualified as a broker-dealer or other regulated entity in each jurisdiction where the conduct of its business requires such registration or qualification, and such registrations, memberships or qualifications have not been suspended, revoked or rescinded and remain in full force and effect. Each "associated person" (as defined in the Exchange Act) (or any equivalent person under applicable foreign securities rules or regulations) of the Registered CS Entities is registered with any SRO or any applicable securities regulatory authority of which it is or is required to be a member and each jurisdiction where the association of such persons with the Registered CS Entities requires such registration, and such registrations have not been suspended, revoked or rescinded and remain in full force and effect, except to the extent that the failure to be so registered would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Other than as disclosed in the Registration Statement, the Pricing Prospectus and the Prospectus, or would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the activities and operations of the Registered CS Entities have been conducted, as applicable, in compliance with all requirements of the Exchange Act (or applicable foreign equivalent), the rules and regulations of the Commission, FINRA and any applicable securities regulatory authority or other SRO including, but not limited to, (A) establishing financial and operational controls and supervisory procedures in material

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compliance with all applicable legal and regulatory requirements and (B) maintaining required minimum net capital and net capital in excess of levels that may require "early warning" notice to the Commission, FINRA, any other SRO or any applicable securities regulatory authority. Except as disclosed on Form BD of either CS LLC or CS Lending LLC or Form U4 for any CS LLC or CS Lending LLC personnel, none of the Registered CS Entities nor any "associated person" (as defined in the Exchange Act) (nor any equivalent person under applicable foreign securities rules or regulations) of the Registered CS Entities, is or has been subject to (i) statutory disqualification, as that term is defined in Section 3(a)(39) of the Exchange Act or (ii) a disqualification, as that term is defined in Article III, Section 4 of the FINRA By-Laws, except in each case as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Registered CS Entities (y) has submitted any early warning notice regarding sufficiency of its net capital to the Commission, FINRA or any foreign equivalent or (z) had any restriction on its business activities imposed upon it based on the sufficiency of its net capital or otherwise as a result of any violation or breach of any applicable rule or regulation. Each of the Registered CS Entities has, as applicable, (A) filed all reports, registrations, statements and certifications, together with any amendments required to be made prior to the date hereof, with (i) the Commission, (ii) FINRA, (iii) any applicable securities regulatory authority and (iv) any other SRO and (B) obtained all necessary regulatory approvals that may be required in connection with the sale of the Shares contemplated hereby, except for any such filing or approval, the failure of which to have obtained would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The Company and each of its subsidiaries, to the extent required, maintains all necessary consents, licenses, registrations, permits and any other authorizations with all applicable state, federal and other governmental authorities under Money Transmitter Laws and Virtual Currency Business Laws in the United States and any other applicable laws in non-U.S. countries relating to licensing or registration for its activities. The operations of the Company and each of its subsidiaries have, to the Company's knowledge, been conducted in material compliance with all requirements under applicable Money Transmitter Laws and Virtual Currency Business Laws. The Company and each of its subsidiaries is not subject to any enforcement actions, regulatory inquiries and investigations, threatened, ongoing, or settled enforcement, cautionary disciplinary matters, regulatory complaints or correspondence discussing actual or potential liabilities, citations or notices of violation, and any significant proceedings before any governmental authority regarding its money transmitter or virtual currency business activities, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this paragraph, (1) "<u>Money Transmitter Laws</u>" means all legal or regulatory requirements relating to the licensing or registration of a person that provides services relating to the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means, including through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System, or both, an electronic funds transfer network or an informal value transfer system, or any other person engaged in the transfer of funds, and (2) "<u>Virtual Currency Business Laws</u>" means all legal or regulatory requirements that may be enforced by any governmental authority for activities involving virtual currency, including, but not limited to, (i) receiving virtual currency for transmission or transmitting virtual currency, (ii) storing, holding, or maintaining custody or control of virtual currency on behalf of others, (iii) buying and selling virtual currency, (iv) performing exchange services or (v) controlling, administering or issuing a virtual currency; 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The Company and its subsidiaries, taken as a whole, are insured or self-insured against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and as required by law; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, singly or in the aggregate, have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), for which the Company or any member of its "Controlled Group" (defined as any trade or business, whether or not incorporated, that is under common control with the Company within the meaning of Section 4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section 414(b), (c), (m) or (o) of the Code) would have any liability (each, a "<u>Plan</u>") has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code, (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption, (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan, (iv) no Plan is, or is reasonably expected to be, in "at risk status" (within the meaning of Section 303(i) of ERISA) and no Plan that is a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA is in "endangered status" or "critical status" (within the meaning of Section 305 of ERISA), (v) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan), (vi) no "reportable event" (within the meaning of Section 4043(c) of ERISA and the regulations promulgated thereunder) has occurred or is reasonably expected to occur, (vii) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and, to the knowledge of the Company, nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification, (viii) neither the Company nor any member of its Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA), and (ix) none of the following events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of contributions required to be made to all Plans by the Company or its Controlled Group members in the current fiscal year of the Company and its Controlled Group members compared to the amount of such contributions made in the Company's and its Controlled Group members' most recently completed fiscal year, or (B) a material increase in the Company and its subsidiaries' "accumulated post-retirement benefit obligations" (within the meaning of Accounting Standards Codification Topic 715-60) compared to the amount of such obligations in the Company and its subsidiaries' most recently completed fiscal year, other than in the case of (A), an increase solely attributable to an increase arising from the renewal in the ordinary course of business of contracts with vendors, insurers, plan administrators or other similar service providers under which the benefits of such Plans are provided and in the case of (A) and (B), an increase in the number of employees covered by such Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) No material labor dispute with the employees of the Company or any of its subsidiaries exists, or, to the Company's knowledge of the Company, threatened, that could, individually or in the aggregate, have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Each of the Company and its subsidiaries has timely filed all tax returns that are required to be filed or has requested valid extensions thereof (except insofar as the failure to file such returns would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect) and all tax returns that have been filed have been true, correct, and complete in all material respects and has timely paid all taxes and any other assessment, fine or penalty required to be paid, except (x) any such taxes as are currently being contested in good faith and by appropriate proceedings and for which adequate reserves have been established in the financial statements of the Company included in the Pricing Prospectus in accordance with GAAP or (y) insofar as the failure to pay such taxes and other assessments would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No audit or other examination of or with respect to any tax returns or taxes of the Company or any of its subsidiaries is presently in progress, nor has the Company or any of its subsidiaries been notified of any request for such an audit or other examination that has not been fully and finally resolved, except, in each case (x) any such audit or other examination contested in good faith and by appropriate proceedings and for which adequate reserves have been established in the financial statements of the Company including in the Pricing Prospectus in accordance with GAAP or (y) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No tax deficiency has been determined adversely to the Company or any of its subsidiaries have any notice or knowledge of any tax deficiency which, in each case, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) The Registration Statement, the Pricing Disclosure Package and the Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectuses and any Written Testing-the-Waters Communication comply in all material respects, and any further amendments or supplements thereto will comply in all material respects, with any applicable laws or regulations of foreign jurisdictions in which the Pricing Disclosure Package, the Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and any Written Testing-the-Waters Communication, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) No authorization, approval, consent, license, order, registration or qualification of or with any government, governmental instrumentality or court, other than such as have been obtained, is necessary under the securities laws and regulations of foreign jurisdictions in which the Directed Shares are offered outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) The Company has specifically directed in writing the allocation of Directed Shares to each Participant in the Directed Share Program, and neither the Directed Share Underwriter nor any other Underwriter has had any involvement or influence, directly or indirectly, in such allocation decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) The Company has not offered, or caused the Directed Share Underwriter or its affiliates to offer, Directed Shares to any person pursuant to the Directed Share Program (i) for any consideration other than the cash payment of the initial public offering price per share set forth in Schedule II hereof or (ii) with the specific intent to unlawfully influence (x) a customer or supplier of the Company to alter the customer or supplier's terms, level or type of business with the Company or (y) a trade journalist or publication to write or publish favorable information about the Company or its products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) From the time of initial confidential submission of a registration statement relating to the Shares with the Commission through the date hereof, the Company has been and is an "emerging growth company" as defined in Section 2(a)(19) of the Act (an "<u>Emerging Growth Company</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) Neither the Company nor any of its subsidiaries is subject to regulation as a "bank holding company" under the Bank Holding Company Act of 1956, as amended (the "<u>BHCA</u>") and to regulation by the Board of Governors of the Federal Reserve System (the "<u>Federal Reserve</u>"). Neither the Company nor any of its subsidiaries owns or controls, directly or indirectly, 5% or more of the outstanding shares of any class of voting securities or 25% or more of the total equity of a bank or any entity that is subject to the BHCA or to regulation by the Federal Reserve. Neither the Company nor any of its subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA or to regulation by the Federal Reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) Neither the Company nor any of its subsidiaries is a "covered foreign person," as that term is defined in 31 C.F.R. § 850.209. Neither the Company nor any of its subsidiaries currently engages, or has plans to engage, directly or indirectly, in a "covered activity," as that term is defined in 31 C.F.R. § 850.208;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) Except as disclosed in the Pricing Prospectus and the Prospectus, there are no business relationships or related party transactions which would be required to be disclosed therein by Item 404 of Regulation S-K; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) Except as disclosed in the Pricing Prospectus and the Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $[•], the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the purchase price per share set forth in clause (a) of this Section 2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.

The Company hereby grants to the Underwriters the right to purchase at their election up to [•] Optional Shares, at the purchase price per share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. Any such election to purchase Optional Shares may be exercised only by written notice from the Representatives to the Company, given within a period of 30 calendar days after the date of this Agreement, setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by the Representatives but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless the Representatives and the Company otherwise agree in writing, earlier than one or later than ten business days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the authorization by the Representatives of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Shares to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations and registered in such names as the Representatives may request upon at least twenty-four hours' prior notice to the Company shall be delivered by or on behalf of the Company to the Representatives, through the facilities of the Depository Trust Company ("<u>DTC</u>"), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least twenty-four hours in advance. The Company will cause the certificates, if any, representing the Shares to be made available for checking and packaging at least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian (the "<u>Designated Office</u>"). The time and date of such delivery and payment shall be, with respect to the Firm Shares, 9:30 a.m., New York City time, on [•], 2026 or such other time and date as the Representatives and the Company may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York time, on the date specified by the Representatives in the written notice given by the Representatives of the Underwriters' election to purchase such Optional Shares, or such other time and date as the Representatives and the Company may agree upon in writing. Such time and date for delivery of the Firm Shares is herein called the "First Time of Delivery," such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the "Second Time of Delivery," and each such time and date for delivery is herein called a "Time of Delivery."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section 8(m) hereof, will be delivered at the offices of Cooley LLP, 55 Hudson Yards, New York, New York 10001 (the "<u>Closing Location</u>"), and the Shares will be delivered at the Designated Office, all at such Time of Delivery. A meeting will be held at the Closing Location at [•] [a.m./p.m.], New York City time, on the New York Business Day next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "<u>New York Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company agrees with each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Prospectus in a form approved by the Representatives and to file such Prospectus pursuant to Rule 424(b) under the Act prior to the earlier of (i) the First Time of Delivery and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery which shall be disapproved by the Representatives promptly after reasonable notice thereof; to advise the Representatives, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish the Representatives with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act; to advise the Representatives, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Shares, of the suspension

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of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly from time to time to take such action as the Representatives may reasonably request to qualify the Shares for offering and sale under the securities laws of such jurisdictions as the Representatives may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares, provided that in connection therewith the Company shall not be required to (i) qualify as a foreign corporation (where not otherwise required), (ii) file a general consent to service of process in any jurisdiction (where not otherwise required), or (iii) take any action that would subject it to taxation in any jurisdiction (where it is otherwise not so subject);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement (or such other time as may be agreed to by the Company and the Representatives) and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Act, to notify the Representatives and upon the Representatives' request to prepare and furnish without charge to each Underwriter and to any dealer in securities (whose name and address the Representatives shall furnish to the Company) as many written and electronic copies as the Representatives may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of the Prospectus, upon the Representatives' request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as the Representatives may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To make generally available to its securityholders as soon as practicable (which may be satisfied by filing with the Commission's Electronic Data Analysis and Retrieval System ("<u>EDGAR</u>")), but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158);

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(e)(1) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus (the "<u>Lock-Up Period</u>"), not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares, including but not limited to any stock options or warrants to purchase shares of Stock, or any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities (collectively, the "<u>Lock-Up Securities</u>"), or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities, in cash or otherwise, without the prior written consent of Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC; provided, however, that the foregoing restrictions shall not apply to (1) the Shares to be sold hereunder, (2) any Stock issued upon the reclassification, conversion or exchange of shares outstanding as of the date of this Agreement, including any shares of outstanding preferred stock, (3) any Stock or any securities or other awards convertible into, exercisable for, or that represent the right to receive, Stock pursuant to any equity plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of the date of this Agreement, including the conversion of Class B Common Stock into Class A Common Stock, (4) the issuance of shares of Stock for Class A Common Stock upon the conversion or transfer of Class B Common Stock, (5) grants or settlement of stock options, RSUs or other equity or equity-based awards or restricted shares to officers, directors, employees and other service providers of the Company or its subsidiaries in accordance with the terms of the equity plans that are described in the Pricing Prospectus and the Prospectus or the issuance by the Company of any Stock upon the exercise of such instruments (including by way of "net" or "cashless" exercise), (6) the forfeiture, cancellation, surrender or repurchase of any Stock or equity awards by the Company pursuant to the terms of any equity plans, award agreements or other agreements in effect as of the date of this Agreement, including in connection with the termination of employment or service, in each case for no consideration or for consideration equal to the original purchase price, (7) the issuance or transfer of shares of Stock, or the withholding or disposition of shares of Stock, in each case solely in connection with the satisfaction of tax withholding obligations arising from the vesting, exercise, settlement or conversion of equity awards issued pursuant to the equity plans described in the Pricing Prospectus and the Prospectus; (8) the filing of any registration statement on Form S-8 or a successor form relating to the securities granted or to be granted pursuant to the equity plans that are described in the Pricing Prospectus and the Prospectus or any assumed incentive compensation plans or agreements pursuant to an acquisition or similar strategic transaction, (9) the offer or issuance of Stock in connection with an acquisition, joint venture, commercial or collaborative relationship or the acquisition or license by the Company of the securities, business property or other assets of another person or entity or pursuant to an employee benefit plan as assumed by the Company in connection with any such acquisition (collectively, a "Potential Acquisition"), provided that the aggregate number of shares of common stock that the Company may offer or issue pursuant to this clause (9) shall not exceed 10.0% of the total number of shares of Stock issued and outstanding immediately prior to the Potential Acquisition and any recipient of shares of Stock pursuant to clause (9) shall enter into a written agreement (the "Lock-Up Agreement") substantially in the form of Annex II hereto for the remainder of the Lock-Up Period, (10) the confidential submission of a registration statement with the Commission by the Company under the Act relating to any Lock-Up Securities, provided that, with respect to this clause (10), (i) no public filing with the Commission or any other

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public announcement may be made during the Lock-Up Period in relation to such registration, (ii) such registration shall not result in an offer, sale, contract to sell, pledge, option to purchase, short sale or other transfer or disposition of, directly or indirectly, any Lock-Up Securities during the Lock-Up Period and (iii) the Company provides Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC with at least three (3) business days' prior written notice or (11) the facilitation of establishing a trading plan for any officers or directors of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities during the Lock-Up Period; provided that no public announcement, report filing under the Exchange Act or otherwise is required of or will be voluntarily made by the Company or any such officer or director, during the Lock-Up Period regarding the establishment of such plan, and provided further that to the extent a public announcement or filing under the Exchange Act is required of the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Stock may be made under such plan during the Lock-Up Period.

(e)(2) In addition, during the Lock-Up Period, the Company agrees to (a) enforce the "market standoff," "holdback" or any similar transfer restrictions contained in any agreement between the Company and any of its securityholders, including, without limitation, through the issuance of stop transfer instructions to the Company's transfer agent and registrar with respect to any transaction that would constitute a breach of, or default under, the transfer restrictions, except that this provision shall not prevent the Company from effecting such a waiver or amendment to permit a transfer of securities that would be permissible under the terms of the Lock-Up Agreement in the form attached as Annex II hereto and (b) not amend or waive any such transfer restrictions with respect to any such securities, unless it is (x) with the prior written consent of Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC or (y) in the same manner as such restrictions would be waived had such securityholder entered into the Lock-Up Agreement described in Section 8(k) hereof.

(e)(3) If Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC, in their sole discretion, agrees to release or waive the restrictions set forth in a Lock-Up Agreement described in Section 8(k) hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Annex I hereto through a major news service at least two business days before the effective date of the release or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During a period of two years from the effective date of the Registration Statement, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail; provided, however, that no reports, documents or other information need to be furnished pursuant to this Section 5(f) to the extent that they are available on EDGAR or to the extent that the provision of such information would require disclosure by the Company under Regulation FD;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During a period of two years from the effective date of the Registration Statement, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act, to furnish to the Representatives copies of all reports or other communications (financial or other) furnished to stockholders, and to deliver to the Representatives (i) as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed, and (ii) such additional information concerning the business and financial condition of the Company as the Representatives may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its stockholders generally or to the Commission); provided, however that the Company may satisfy the requirements of this Section 5(g) by filing such information through the Commission's EDGAR and that no such information need to be furnished pursuant to this Section 5(g) if such provision would require disclosure by the Company under Regulation FD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To use the net proceeds received by it from the sale of the Shares pursuant to this Agreement in the manner specified in the Pricing Prospectus under the caption "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To use its best efforts to list for trading, subject to official notice of issuance, the Shares on the Nasdaq Global Select Market (the "<u>Exchange</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon reasonable written request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company's trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line offering of the Shares (the "<u>License</u>"); provided, however, that the License shall be used solely for the purpose described above, is granted without any fee and may not be assigned, transferred or sublicensed by any Underwriter, and the Company shall have the right to review, approve or revoke any such use under the License;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Act and (ii) the last Time of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule II(a) or Schedule II(c) hereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to file with the Commission any electronic road show;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication authorized by the Company any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company represents and agrees that (i) it has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act, and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communications, other than those distributed with the prior consent of the Representatives that are listed on Schedule II(d) hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Underwriter represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act and (ii) it will not distribute, or authorize any other person to distribute, any Testing-the-Waters Communication, other than with the prior written authorization of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers, (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Shares, (iii) all expenses in connection with the qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey, (iv) all fees and expenses in connection with listing the Shares on the Exchange, (v) the filing fees incident to, and the reasonable and documented fees

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and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares (including the fees and expenses of the QIU), (vi) the cost of preparing stock certificates, if applicable, (vii) the cost and charges of any transfer agent or registrar, and (viii) all other reasonable and documented costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section; provided, however, that the amount payable by the Company for the fees and disbursements of counsel to the Underwriters described in (iii) and (v) of this Section 7 shall not exceed an aggregate of $50,000. In addition, the Company shall pay or cause to be paid all fees and disbursements of counsel for the Underwriters in connection with the Directed Share Program and stamp duties, stock transfer and similar taxes or duties, if any, incurred by the Underwriters in connection with the Directed Share Program. It is understood, however, that, except as provided in this Section, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, and their travel, lodging and meal expenses in connection with any roadshow as defined in Rule 433(h) under the Act (a "<u>roadshow</u>") presentation to investors, stamp duties, stock transfer and similar taxes or duties, if any, on resale of any of the Shares by them and any advertising expenses connected with any offers they may make and the Underwriters will be responsible for 50% of the cost of any chartered plane or jet, chartered in connection with any roadshow presentation to investors undertaken in connection with the offering of the Shares hereunder, with the Company bearing the remaining 50% of such costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all material required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 P.M., Washington, D.C. time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or, to the Company's knowledge, threatened by the Commission; no stop order suspending or preventing the use of the Pricing Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or, to the Company's knowledge, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives' reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cooley LLP, counsel for the Underwriters, shall have furnished to the Representatives their written opinion and negative assurance letter, dated such Time of Delivery, in form and substance satisfactory to the Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Davis Polk & Wardwell LLP, counsel for the Company, shall have furnished to the Representatives their written opinion and negative assurance letter, dated such Time of Delivery, in form and substance satisfactory to you and (ii) McDermott Will & Schulte LLP, regulatory counsel for the Company, shall have furnished to the Representatives their written opinion, dated such Time of Delivery, in form and substance satisfactory to you;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, Ernst & Young LLP shall have furnished to the Representatives a letter or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, RSM US LLP shall have furnished to the Representatives a letter or letters, dated the date of delivery thereof, in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, the Company shall have furnished to the Representatives a certificate or certificates, dated the respective dates of delivery thereof, of its chief financial officer with respect to certain financial data contained in the Pricing Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital stock (other than as a result of (1) the exercise of stock options or settlement of RSUs (including any "net" or "cashless" exercises or settlements, respectively), or the vesting or award of stock options, restricted stock units, restricted stock or other awards in the ordinary course of business pursuant to the Company's equity plans described in the Pricing Prospectus and the Prospectus, (2) the repurchase of shares of Stock, or forfeiture of any RSUs or stock options upon termination of the holder's employment or service with the Company pursuant to agreements providing for an option to repurchase or a right of first refusal on behalf of the Company, or (3) the issuance, if any, of stock upon conversion, exercise, exchange or reclassification of Company securities as described in the Pricing Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in the Representatives' judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On or after the Applicable Time (solely to the extent the Company has any rated debt outstanding) (i) no downgrading shall have occurred in the rating accorded the Company's debt securities or preferred stock by any "nationally recognized statistical rating organization", as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company's debt securities or preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or the Exchange, (ii) a suspension or material limitation in trading in the Company's securities on the Exchange, (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States, (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Representatives' judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Shares to be sold at such Time of Delivery shall have been duly listed, subject to notice of issuance, on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director, and substantially all stockholders of the Company, substantially to the effect set forth in Annex II hereto in form and substance satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New York Business Day next succeeding the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company shall have furnished or caused to be furnished to the Representatives at such Time of Delivery certificates of officers of the Company satisfactory to the Representatives and customary for a transaction of this type as to the accuracy of the representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery, and as to the matters set forth in subsections (a) and (f) of this Section and as to such other matters as you may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus,

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the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any roadshow, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; *provided*, *however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information. The Company will also indemnify and hold harmless the QIU against any losses, claims, damages or liabilities incurred as a result of the QIU's participation as a "qualified independent underwriter" within the meaning of FINRA Rule 5121 in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, "<u>Underwriter Information</u>" shall mean the written information furnished to the Company by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the names of the Underwriters appearing on the front and back cover pages of the Preliminary Prospectus and the Prospectus; the names of the Underwriters set forth in the table of underwriters in the first paragraph under the caption "Underwriting (Conflicts of Interest);" the concession and reallowance figures appearing in the fifth paragraph under the caption "Underwriting (Conflicts of Interest)," and the information contained in the twelfth paragraph under the caption "Underwriting (Conflicts of Interest)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure

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to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. If any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable and documented costs of investigation. It is understood that the indemnifying party or parties shall not, in connection with any one action or proceeding or separate but substantially similar actions or proceedings in the same jurisdiction arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time unless representation of all indemnified parties by the same firm of attorneys would be inappropriate due to actual or potential differing interests between them, in which case, the fees and expenses of such separate firm of attorneys for any indemnified party shall be paid by the indemnifying party. No indemnifying party shall, (x) without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party or (y) be liable for any settlement of any action effected without its prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 9, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. Notwithstanding anything contained herein to the contrary, the indemnifying party shall be liable for the reasonable fees and expenses of one additional firm of counsel (in addition to any local counsel) for the QIU in its capacity as such and all persons, if any, who control such QIU within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters (or the QIU in its capacity as such) on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or

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payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters (or the QIU in its capacity as such) on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. Benefits received by the QIU in its capacity as such shall be deemed to be equal to the compensation, if any, received by the QIU for acting in such capacity. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters (or the QIU in its capacity as such) on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), (i) no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission and (ii) the QIU, in its capacity as such, shall not be responsible for any amount in excess of the compensation, if any, received by the QIU for acting in such capacity. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter (and the QIU in its capacity as such) and each person, if any, who controls any Underwriter (or the QIU) within the meaning of the Act and each broker-dealer or other affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters (or the QIU) may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) The Company will indemnify and hold harmless the Directed Share Underwriter against any losses, claims, damages and liabilities to which the Directed Share Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims damages or liabilities (or actions in respect thereof) (x) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (y)

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arise out of or are based upon the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase, or (z) are related to, arise out of or are in connection with the Directed Share Program, and will reimburse the Directed Share Underwriter for any legal or other expenses reasonably incurred by the Directed Share Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that with respect to clauses (y) and (z) above, the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability (or expense related thereto) is finally judicially determined to have resulted from the bad faith or gross negligence of the Directed Share Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt by the Directed Share Underwriter of notice of the commencement of any action, the Directed Share Underwriter shall, if a claim in respect thereof is to be made against the Company, notify the Company in writing of the commencement thereof; provided that the failure to notify the Company shall not relieve the Company from any liability that it may have under the preceding paragraph of this Section 9(f) except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the Company shall not relieve it from any liability that it may have to the Directed Share Underwriter otherwise than under the preceding paragraph of this Section 9(f). In case any such action shall be brought against the Directed Share Underwriter and it shall notify the Company of the commencement thereof, the Company shall be entitled to participate therein and, to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to the Directed Share Underwriter (who shall not, except with the consent of the Directed Share Underwriter, be counsel to the Company), and, after notice from the Company to the Directed Share Underwriter of its election so to assume the defense thereof, the Company shall not be liable to the Directed Share Underwriter under this subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by the Directed Share Underwriter, in connection with the defense thereof other than reasonable and documented costs of investigation. The Company shall not, without the written consent of the Directed Share Underwriter, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Directed Share Underwriter is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (x) includes an unconditional release of the Directed Share Underwriter from all liability arising out of such action or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the Directed Share Underwriter. The Company shall not be liable for any settlement of any action effected without its prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with such consent or if there be a final judgment for the plaintiff, the Company agrees to indemnify the Directed Share Underwriter from and against any loss or liability by reason of such settlement or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the indemnification provided for in this Section 9(f) is unavailable to or insufficient to hold harmless the Directed Share Underwriter under Section 9(f)(i) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then the Company shall contribute to the amount paid or payable by the Directed Share Underwriter as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Directed Share Underwriter on the other from the offering of the Directed Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then the Company shall contribute to such amount paid or payable by the Directed Share Underwriter in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Directed Share Underwriter

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on the other in connection with any statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Directed Share Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering of the Directed Shares (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Directed Share Underwriter for the Directed Shares. If the loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement of a material fact or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, the relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Directed Share Underwriter on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Directed Share Underwriter agree that it would not be just and equitable if contribution pursuant to this Section 9(f)(iii) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9(f)(iii). The amount paid or payable by the Directed Share Underwriter as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 9(f)(iii) shall be deemed to include any legal or other expenses reasonably incurred by the Directed Share Underwriter in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9(f)(iii), the Directed Share Underwriter shall not be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares sold by it and distributed to the Participants exceeds the amount of any damages which the Directed Share Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The obligations of the Company under this Section 9(f) shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of the Directed Share Underwriter and each person, if any, who controls the Directed Share Underwriter within the meaning of the Act and each broker-dealer or other affiliate of the Directed Share Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. (a) If any Underwriter shall default in its obligation to purchase the Shares which it has agreed to purchase hereunder at a Time of Delivery, the Representatives may in the Representatives' discretion arrange for the Representatives or another party or other parties to purchase such Shares on the terms contained herein. If within thirty-six hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Shares on such terms. In the event that, within the respective prescribed periods, the Representatives notify the Company that the Representatives have so arranged for the purchase of such Shares, or the Company notifies the Representatives that it has so arranged for the purchase of such Shares, the Representatives or the Company shall have the right to postpone such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in the Representatives' opinion may thereby be made necessary. The term "<u>Underwriter</u>" as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of shares which such Underwriter agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one-eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to the Second Time of Delivery, the obligations of the Underwriters to purchase and of the Company to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason (other than those set forth in subsections (i), (iii), (iv) and (v) of Section 8(h) hereof), any Shares are not delivered by or on behalf of the Company as provided herein or the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the Company will reimburse the Underwriters through the Representatives for all reasonable and documented out-of-pocket expenses approved in writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Shares not so delivered, but the Company shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the Representatives as the Representatives jointly.

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All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to the Representatives as the Representatives at, c/o Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department; c/o BofA Securities, Inc., One Bryant Park, New York, New York 10036, Email: dg.ecm_execution_services@bofa.com, Attention: Syndicate Department, with a copy to Email: dg.ecm_legal@bofa.com, Attention: ECM Legal; c/o Morgan Stanley & Co. LLC, 1585 Broadway, New York, NY 10036-8293, Attention: Equity Syndicate Desk, with a copy to the Legal Department; c/o UBS Securities LLC, 11 Madison New York, New York 10010, Attention: Syndicate; and c/o Clear Street LLC, 4 World Trade Center, 150 Greenwich St. Floor 45, New York, New York 10007; and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to 150 Greenwich Street, 45<sup>th</sup> Floor, New York, NY 10007 Attention: Chief Legal Officer; provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or telex constituting such Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Time shall be of the essence of this Agreement. As used herein, the term "<u>business day</u>" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Company acknowledges and agrees that (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement, (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate, and (v) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would result in the application of any other law than the laws of the State of New York. The Company agrees that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the Company and each of the Underwriters agree to submit to the jurisdiction of, and to venue in, such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notwithstanding anything herein to the contrary, the Company is authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Recognition of the U.S. Special Resolution Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

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"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

*[Signature Pages Follow]* 

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If the foregoing is in accordance with the Representatives' understanding, please sign and return to us one for the Company and each of the Representatives plus one for counsel counterparts hereof, and upon the acceptance hereof by the Representatives, on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that the Representatives' acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on the Representatives' part as to the authority of the signers thereof.

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| | |
|:---|:---|
|  Very truly yours, | Very truly yours, |
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

<br>[Signature Page to Underwriting Agreement]

------

---

| | |
|:---|:---|
|  Accepted as of the date hereof: | Accepted as of the date hereof: |
| **GOLDMAN SACHS & CO. LLC** | **GOLDMAN SACHS & CO. LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **BOFA SECURITIES, INC.** | **BOFA SECURITIES, INC.** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **MORGAN STANLEY & CO. LLC** | **MORGAN STANLEY & CO. LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **UBS SECURITIES LLC** | **UBS SECURITIES LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| **CLEAR STREET LLC** | **CLEAR STREET LLC** |
| **By:** |  |
|  | **Name:** |
|  | **Title:** |
| On behalf of each of the Underwriters | On behalf of each of the Underwriters |

---

<br>[Signature Page to Underwriting Agreement]

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**SCHEDULE I** 

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Total Number<br>of Firm<br>Shares to be<br>Purchased** | **Number<br>of Optional**<br>**Shares to be**<br>**Purchased if**<br>**Maximum<br>Option**<br>**Exercised** |
|  Goldman Sachs & Co. LLC | [•] | [•] |
|  BofA Securities, Inc. | [•] | [•] |
|  Morgan Stanley & Co. LLC | [•] | [•] |
|  UBS Securities LLC | [•] | [•] |
|  Clear Street LLC | [•] | [•] |
|  [•] | [•] | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | [•] | [•] |

---

<br>Sch. I

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**SCHEDULE II** 

(a) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package:

Electronic roadshow dated [•]

(b) Additional Documents Incorporated by Reference:

[None]

(c) Information other than the Pricing Prospectus that comprise the Pricing Disclosure Package:

The initial public offering price per share for the Shares is $[•].

The number of Firm Shares purchased by the Underwriters is [•].

(d) Written Testing-the-Waters Communications:

[•]

Sch. II

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**ANNEX I** 

**Form of Press Release** 

**Clear Street Group Inc.** 

**[•], 2026** 

Clear Street Group Inc. ("Company") announced today that [Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC], the lead joint book-running managers in the Company's recent public sale of [•] shares of Class A Common Stock, are [waiving] [releasing] a lock-up restriction with respect to [•] shares of the Company's Class A Common Stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on [•], 202[•], and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

Annex I

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**ANNEX II** 

**Form of Lock-Up Agreement** 

**Clear Street Group Inc.** 

**Lock-Up Agreement** 

**[•], 2026** 

Goldman Sachs & Co. LLC

BofA Securities, Inc.

Morgan Stanley & Co. LLC

UBS Securities LLC

Clear Street LLC

As Representatives of the several Underwriters

named in Schedule I to the Underwriting Agreement

c/o Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282-2198

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036-8293

c/o UBS Securities LLC

11 Madison

New York, New York 10010

c/o Clear Street LLC

4 World Trade Center

150 Greenwich St., Floor 45

New York, New York 10007

Re:<u>Clear Street Group Inc. - Lock-Up Agreement</u>

Ladies and Gentlemen:

The undersigned understands that Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Clear Street LLC propose to enter into an underwriting agreement (the "***Underwriting Agreement***") on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the "***Underwriters***"), with Clear Street Group Inc., a Delaware corporation (the "***Company***"), providing for a public offering (the "***Public Offering***")

Annex II

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of shares (the "***Shares***") of the Class A common stock, par value $0.00001 per share, of the Company (the "***Class A Common Stock***") pursuant to a Registration Statement on Form S-1 (the "***Registration Statement***") to be filed with the Securities and Exchange Commission (the "***SEC***"). Capitalized terms used but not defined herein have the meaning assigned to them in the Underwriting Agreement.

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this agreement (this "***Lock-Up Agreement***") and continuing to and including the date that is 180 days after the date of the final prospectus relating to the Public Offering (the "***Prospectus***") (such period, the "***Lock-Up Period***"), the undersigned shall not, and shall not cause or direct any of his, her, its or their affiliates to, (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Class A Common Stock, or any options or warrants to purchase any shares of Class A Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Class A Common Stock (including the Class B common stock, par value $0.00001 per share, of the Company (the "***Class B Common Stock***" and together with the Class A Common Stock, the "***Common Stock***") (such shares of Common Stock, options, rights, warrants or other securities, collectively, "***Lock-Up Securities***"), including, without limitation, any such Lock-Up Securities now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "***Transfer***"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or which reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon death by will, testamentary document or the laws of intestate succession,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) if the undersigned is a natural person, to any member of the undersigned's immediate family or to any
trust for the direct or indirect benefit of the undersigned or the undersigned's immediate family or (B) if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust or an entity
wholly-owned by one or more members of the undersigned's immediate family,

Annex II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a corporation, partnership, limited liability company or other entity of which the undersigned and the
undersigned's immediate family are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (a)(i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity,
(A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended, the "  ***Securities Act***") of the
undersigned, or to any investment fund or other entity which fund or entity is controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned, or (B) as part of a distribution,
transfer or disposition by the undersigned to its shareholders, limited stockholders, partners, general partners, limited liability company members or other equityholders or to the estate of any such shareholders, limited stockholders, partners,
general partners, limited liability company members or other equityholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree,
separation agreement or other court or regulatory agency order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or in connection with termination of
employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the undersigned is not an officer or director of the Company, in connection with a sale of the
undersigned's shares of Class A Common Stock acquired (A) from the Underwriters in the Public Offering or (B) in open market transactions after the closing date of the Public Offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement or exercise of restricted stock units, shares of
restricted stock, options, warrants or other rights to purchase shares of Class A Common Stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest or
settle during the Lock-Up Period, including any transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted
stock units, options, warrants or other rights, or in connection with the conversion or exchange of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to
the terms of convertible or exchangeable securities, as applicable, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the
Underwriting Agreement is executed and the Prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion that are not transferred to cover any such tax obligations shall be subject to the terms of this Lock-Up Agreement,

Annex II

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) by pledging, hypothecating or otherwise granting a security interest in up to 25.0% of the Lock-Up Securities to one or more lending institutions as collateral or security for any bona fide loan, advance or extension of credit for the undersigned and any transfer upon foreclosure upon such Lock-Up Securities in accordance with the terms of the documentation governing any loan, advance, or extension of credit, *provided*, that the undersigned shall provide each of Goldman Sachs & Co. LLC,
BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC prior written notice informing them of any public filing, report or announcement with respect to such pledge, hypothecation or other grant of a security interest, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) with the prior written consent of Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan
Stanley & Co. LLC and UBS Securities LLC on behalf of the Underwriters,

*provided that* (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi), (vii) and (xi) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(ii), (iii), (iv), (v), (vi) and (xi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (vii), (viii), (ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into a written plan meeting the requirements of Rule 10b5-1 under
the Exchange Act relating to the transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to such plan
may be transferred, sold or otherwise disposed of until after the expiration of the Lock-Up Period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or
announcement, shall be voluntarily made (whether by or on behalf of the undersigned, the Company or any other party) regarding, or that otherwise discloses, the establishment of such plan during the Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate that that none of the securities subject
to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Lock-Up Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer the undersigned's Lock-Up Securities pursuant to a bona
fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company, in
one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting
securities of the Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement.

Annex II

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If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

Notwithstanding the foregoing, in the event that you grant a release to any holder of Shares other than the undersigned relating to the lock-up restrictions set forth herein (any such release, a "***Triggering Release***," and the party receiving such release, the "***Triggering Release Party****"),* then a number of each of the undersigned's Lock-Up Securities (rounded down to the nearest whole share) shall also be released (a "***Pro-Rata Release***") from the restrictions set forth in this Lock-Up Agreement, such number of Lock-Up Securities released being the total number of the undersigned's Lock-Up Securities held on the date of such Triggering Release multiplied by a fraction, the numerator of which shall be the number of Lock-Up Securities released pursuant to the Triggering Release, and the denominator of which shall be the total number of Shares held by the Triggering Release Party on such date; *provided* that such Pro Rata Release shall not be applied in the event of (a) releases effected solely to permit a transfer not involving a disposition for value and the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of such transfer, (b) releases granted to a natural person due to circumstances of an emergency or hardship as determined by you in your sole judgment, (c) releases granted from such lock-up restrictions to any individual by you in an amount less than or equal to 1% of the Company's total outstanding Shares, taken as a whole on a fully diluted basis, in the aggregate across all such releases and after giving effect to such release(s), or (d) any primary or secondary public offering or sale that is underwritten (the "***Underwritten Sale***") of the Shares during the Lock-Up Period; provided, however, that the undersigned is offered the opportunity to participate on a pro rata basis with and otherwise on the same terms as any other equity holders in such Underwritten Sale.

For purposes of this Lock-Up Agreement, (i) "***immediate family***" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin, and (ii) "***Change of Control***" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the total voting power of the voting stock of the Company (or the surviving entity).

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC agree that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Class A Common Stock, Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such

Annex II

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other method approved by Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Class A Common Stock, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the SEC with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company notifies Goldman Sachs & Co. LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC, in writing and prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering and (iv) April 30, 2026, in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days).

Notwithstanding anything herein to the contrary, the Underwriters and their respective affiliates, other than the undersigned, may engage in brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management, trading, market making, arbitrage, principal investing and other similar activities conducted in the ordinary course of their affiliates' business.

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The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signature Pages Follow]* 

Annex II

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Very truly yours,

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|:---|:---|:---|:---|
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |
|  | *(duly authorized signature)* | *(please print complete name of entity)* | *(please print complete name of entity)* |
| Name: |  | By: |  |
|  | *(please print full name)* |  | *(duly authorized signature)* |
|  |  | Name: |  |
|  |  |  | *(please print full name)* |
|  |  | Title: |  |
|  |  |  | *(please print full title)* |

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Annex II

## Exhibit 3.2

**Exhibit 3.2** 

**FORM OF** 

**EIGHTH AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**CLEAR STREET GROUP INC.** 

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

**Clear Street Group Inc.**, a corporation organized and existing to conduct the business and to promote the purposes hereinafter stated under the provisions and subject to the requirements of the General Corporation Law of the State of Delaware (the "**DGCL**"), hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of this corporation is Clear Street Group Inc. (the "**Corporation**"). The Corporation's original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on December 29, 2020. The Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on March 23, 2021. The Second Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on September 2, 2021. The Third Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on October 20, 2021. The Fourth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on February 9, 2022. The Fifth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on April 13, 2022. The Sixth Amended and Restated Certificate of Incorporation was filed with the Secretary of the State of Delaware on October 7, 2022, and was subsequently amended by the First Amendment to the Sixth Amended and Restated Certificate of Incorporation filed with the Secretary of the State of Delaware on January 11, 2023, the Second Amendment to the Sixth Amended and Restated Certificate of Incorporation filed with the Secretary of the State of Delaware on February 24, 2023, the Third Amendment to the Sixth Amended and Restated Certificate of Incorporation filed with the Secretary of the State of Delaware on April 17, 2023 and the Fourth Amendment to the Sixth Amended and Restated Certificate of Incorporation filed with the Secretary of the State of Delaware on December 28, 2023. The Seventh Amended and Restated Certificate of Incorporation was filed with the Secretary of the State of Delaware on December 18, 2025, and was subsequently amended by the First Amendment to the Seventh Amended and Restated Certificate of Incorporation on January 15, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Eighth Amended and Restated Certificate of Incorporation (this "**Certificate of Incorporation**") was duly adopted in accordance with Sections 242 and 245 of the DGCL, and restates, integrates, and further amends the provisions of the Corporation's Certificate of Incorporation as in effect prior to the effectiveness hereof.

The text of the Seventh Amended and Restated Certificate of Incorporation of the Corporation is hereby amended and restated in its entirety to read as follows:

ARTICLE 1

REGISTERED OFFICE AND AGENT

The address of its registered office of the Corporation in the State of Delaware is 800 North State Street, Suite 304, city of Dover, County of Kent, Delaware, 19901. The name of its registered agent at such address is United Corporate Services, Inc.

ARTICLE 2

PURPOSE AND POWERS

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL.

ARTICLE 3

CAPITAL STOCK

1. *Authorized Shares*. The total number of shares of stock that the Corporation shall have authority to
issue is [    ], consisting of (a) [    ] shares of Class A Common Stock, par value $0.00001 per share (the "**Class A Common Stock** "), (b)
[    ] shares of Class B Common Stock, par value $0.00001 per share (the "**Class B Common Stock**" and, together with the Class A Common Stock, the "**Common Stock**") and (c) [    ] shares of Preferred Stock, par value $0.00001 per share (the "**Preferred Stock** "), which such authorized amount of Preferred Stock shall include [    ]
shares of Series A Perpetual Preferred Stock, par value $0.00001 per share (the "**Series A Preferred Stock** "). Immediately upon the filing and effectiveness of this Certificate of Incorporation with the Secretary of State of the
State of Delaware (the "**Effective Time** "), each share of the Corporation's Common Stock that is issued and outstanding or held as treasury stock immediately prior to the Effective Time shall, automatically and without any
further action by any stockholder, be subdivided and reclassified into [    ] validly issued, fully paid and non-assessable shares of Common Stock, without any further action by the
Corporation or the holder thereof (the "**Stock Split** "). Each certificate that immediately prior to the Effective Time represented shares of Common Stock shall thereafter represent that number of shares of Common Stock into which
the shares of Common Stock represented by such certificate shall have been subdivided and reclassified pursuant to the Stock Split. No fractional share shall be issued in connection with the Stock Split. The Corporation shall issue and deliver one
full share of post- Stock Split Common Stock or Preferred Stock to any stockholder (other than with respect to shares held by the Corporation as treasury stock) who would have been entitled to receive a fractional share of Common Stock or Preferred
Stock, respectively, as a result of the Stock Split, in lieu of receiving such fractional share.

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2. *Common Stock*. The rights, powers, preferences, privileges, restrictions and other matters relating to
the Common Stock are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Identical Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise provided in this Certificate of Incorporation or required by applicable law, shares of Class A Common Stock and Class B Common Stock shall have the same rights and powers, share ratably and be identical in all respects as to all matters, including as to dividends and distributions, and any liquidation, dissolution or winding up of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Corporation in any manner reclassifies, subdivides or combines the outstanding shares of Class A Common Stock or Class B Common Stock, then the outstanding shares of all Common Stock will concurrently therewith be proportionately reclassified, subdivided or combined in a manner that maintains the same proportionate equity ownership and relative voting rights between the outstanding shares of Class A Common Stock and the outstanding shares of Class B Common Stock on the record date for such reclassification, subdivision or combination; *provided*, *however*, that, notwithstanding anything in this Certificate of Incorporation to the contrary, shares of one such class may be reclassified, subdivided or combined in a different or disproportionate manner if such reclassification, subdivision or combination is approved by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting as a separate class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Each holder of Class A Common Stock, as such, shall be entitled to one vote for each share of Class A Common Stock held of record by such holder, and (B) each holder of Class B Common Stock, as such, shall be entitled to ten votes for each share of Class B Common Stock held of record by such holder, in each case, on all matters on which stockholders generally are entitled to vote; *provided*, *however*, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) or pursuant to the DGCL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The number of authorized shares of any class of capital stock of the Corporation may be increased or decreased by the affirmative vote of the holders of a majority of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting as a single class, irrespective of the provisions of Section 242(b)(2) of the DGCL (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of any certificate of designations). Notwithstanding the immediately preceding sentence, the number of authorized shares of any particular class may not be decreased below the number of shares of such class then outstanding, plus in the case of Class A Common Stock, the number of shares of Class A Common Stock issuable in connection with the exercise of outstanding options, warrants, exchange rights, conversion rights or similar rights for Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as required by law or in this Certificate of Incorporation, the holders of Class A Common Stock and Class B Common Stock shall vote together as a single class and not as separate classes on any matter submitted to a vote of, or required to be voted on by, holders of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There shall be no cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Dividends and Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the prior rights of holders of any classes and series of stock at the time outstanding having prior rights as to dividends, the holders of Common Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of any assets of the Corporation legally available therefor, such dividends as may be declared from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any dividends paid to the holders of shares of Common Stock shall be paid pro rata to the holders of Common Stock ratably on an equal priority, *pari passu* basis among the holders of Common Stock as a single class; *provided*, *however*, that (i) dividends payable in shares of Class A Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) may be declared and paid to the holders of Class A Common Stock without the same dividend being declared and paid to the holders of Class B Common Stock if, and only if, a dividend payable in shares of Class B Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), are declared and paid to the holders of Class B Common Stock at the same rate and with the same record date

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and payment date, (ii) dividends payable in shares of Class B Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) may be declared and paid to the holders of Class B Common Stock without the same dividend being declared and paid to the holders of Class A Common Stock if, and only if, a dividend payable in shares of Class A Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) are declared and paid to the holders of Class A Common Stock at the same rate and with the same record date and payment date and (iii) dividends payable in shares of any other class or series of securities of the Corporation or any other Person (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be) may be declared and paid to the holders of shares of Common Stock on a different or disproportionate basis if the only differences are in voting power and such other differences that are substantially equivalent (as determined by the Board of Directors) to the relative designations, preferences, qualifications, privileges, limitations, restrictions and rights. Furthermore, the Board of Directors may pay a different or disproportionate dividend per share of Class A Common Stock or Class B Common Stock (whether in the amount of such dividend payable per share, the form in which such dividend is payable, the timing of the payment, or otherwise) that would otherwise be prohibited by the immediately preceding sentence, if such different or disproportionate dividend is approved by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting as a separate class; *provided* that (A) the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock shall only be required if such disproportionate dividend per share of Class A Common Stock adversely affects the holders of Class A Common Stock and (B) the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class B Common Stock shall only be required if such disproportionate dividend per share of Class B Common Stock adversely affects the holders of Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Liquidation*. In the event of a Liquidation Event, subject to the rights of any Preferred Stock that may then be outstanding (including without limitation the rights set forth in <u>Article 3</u>, <u>Section</u> <u>3</u><u>(b)</u><u>(i)</u> with respect to the Series A Perpetual Preferred Stock), the assets of the Corporation legally available for distribution to stockholders shall be distributed to the holders of Common Stock ratably on an equal priority, *pari passu* basis among the holders of Common Stock as a single class, unless different or disproportionate treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting as a separate class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Merger, Consolidation or Other Transaction*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of any distribution or payment in respect of the shares of Common Stock, or any payment or delivery of any consideration into which such shares are converted or exchanged, in each case upon any merger, consolidation or conversion of the Corporation with or into any other entity, or any other transaction having an effect on stockholders substantially similar to that resulting from a merger, consolidation or conversion of the Corporation with or into any other entity, such distribution, payment, or consideration that the holders of shares of Common Stock have the right to receive, or the right to elect to receive, shall be made ratably on an equal priority, *pari passu* basis among the holders of Common Stock as a single class; *provided*, *however*, that any or all of such shares of any or all of such classes may (but shall not be required to) receive, or have the right to elect to receive, different or disproportionate consideration in connection with any such merger, consolidation, conversion or other transaction if (x) in the case of any such distribution, payment or consideration in the form of securities, the only differences are in voting power and such other differences that are substantially equivalent (as determined by the Board of Directors) to the relative designations, preferences, qualifications, privileges, limitations, restrictions and rights of Class A Common Stock and Class B Common Stock or (y) such merger, consolidation, conversion or other transaction is approved by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting as a separate class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the avoidance of doubt, any distribution, payment or consideration for purposes of this <u>Article 3</u>, <u>Section (b)(ii)(5)</u> shall not be deemed to include (y) any amount or consideration to be paid to or received by a holder of Common Stock pursuant to any indemnification, employment, consulting, severance or similar services arrangement, whether or not entered into in connection with a transaction described in <u>Article 4</u>, <u>Section (b)(ii)(5)</u>, or (z) a negotiated agreement between a holder of Common Stock with any counterparty (or Affiliate thereof) to a transaction described in <u>Article 4</u>, <u>Section (b)(ii)(5)</u> wherein such holder is contributing, selling, transferring or otherwise disposing of shares of the Corporation's capital stock to such counterparty (or Affiliate thereof) as part of a "rollover" or similar transaction that is in connection with such transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Conversion of Class B Common Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Optional Conversion of Class B Common Stock*. At the option of the holder thereof, each share of Class B Common Stock shall be convertible, at any time or from time to time, into one (1) fully paid and nonassessable share of Class A Common Stock. Each holder of Class B Common Stock who elects to convert any share of Class B Common Stock into a share of Class A Common Stock shall surrender the certificate or certificates therefor (if any), duly endorsed, at the office of the Corporation or any transfer agent for Class B Common Stock, or notify the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed, and shall give written notice to the Corporation at such office that such holder elects to convert the same and shall state therein the number of shares of Class B Common Stock being converted. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of shares of Class B Common Stock to be converted to the Corporation or its transfer agent or, in the case of lost, stolen or destroyed certificates, on the date of delivery to the Corporation or its transfer agent of such notice of such conversion (accompanied by such notice that such certificates have been lost, stolen or destroyed), and the Person entitled to receive the shares of Class A Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such shares of Class A Common Stock at such time. Each share of Class B Common Stock that is converted pursuant to this <u>Section</u> <u>2</u><u>(e)</u><u>(iii)</u><u>(1)</u> shall be retired by the corporation and shall not be available for reissuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Automatic Conversion of Class B Common Stock Upon Transfer*. Each share of Class B Common Stock shall automatically convert into one fully paid and nonassessable share of Class A Common Stock upon a Transfer, other than a Permitted Transfer, of such share of Class B Common Stock. Such conversion shall occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing such shares (if any) are surrendered to the Corporation or its transfer agent. Each share of Class B Common Stock that is converted pursuant to this <u>Section</u> <u>2</u><u>(e)</u><u>(iii)</u><u>(2)</u> shall be retired by the corporation and shall not be available for reissuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Final Conversion of Class B Common Stock*. On the Final Conversion Date, each share of Class B Common Stock shall automatically be converted into one (1) fully paid and nonassessable share of Class A Common Stock. Such conversion shall occur automatically, without the need for any further action by the holders of such shares and whether or not the certificates representing such shares (if any) are surrendered to the Corporation or its transfer agent. Following such conversion, the reissuance of any shares of Class B Common Stock shall be prohibited, and the Corporation shall take all necessary action to retire each share of Class B Common Stock in accordance with

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Section 243 of the DGCL, including filing a certificate of retirement with the Secretary of State of the State of Delaware required thereby, and upon the effectiveness of such certificate of retirement, it shall have the effect of reducing the number of authorized shares of Class B Common Stock and, if all shares of Class B Common Stock were previously issued, eliminating all references to Class B Common Stock in this Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Policies and Procedures*. The Corporation may, from time to time, establish such policies and procedures relating to the conversion of the Class B Common Stock to Class A Common Stock and the general administration of this multi-class stock structure, including the issuance of stock certificates (or the establishment of book-entry positions) with respect thereto, as it may deem reasonably necessary or advisable. If the Corporation has reason to believe that a Transfer that is not a Permitted Transfer has occurred, the Corporation may request that holders of shares of Class B Common Stock furnish certifications, affidavits or other proof to the Corporation as it deems necessary to verify that a conversion to Class A Common Stock has not occurred, and if such holder does not within ten (10) days after the date of such request furnish sufficient evidence to the Corporation (in the manner provided in the request) to enable the Corporation to determine that no such conversion has occurred, any such shares of Class B Common Stock, to the extent not previously converted, shall be automatically converted into shares of Class A Common Stock and the same shall thereupon be registered on the books and records of the Corporation. A determination by the Corporation, acting reasonably, as to whether or not a Transfer or a Permitted Transfer has occurred or results in a conversion to Class A Common Stock shall be conclusive and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Immediate Effect*. Upon any conversion of Class B Common Stock to Class A Common Stock in accordance with this Certificate of Incorporation, all rights of the holder of shares of Class B Common Stock shall cease and the person or persons in whose names or names the certificate or certificates representing the shares of Class A Common Stock are to be issued shall be treated for all purposes as having become the record holder or holders of such shares of Class A Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *Reservation of Shares*. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of Class B Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock, as applicable, the Corporation will take such corporate action as may be necessary to increase its authorized but unissued shares of Class A Common Stock to such numbers of shares as shall be sufficient for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Class B Protective Provisions*. So long as any shares of Class B Common Stock remain outstanding, the Corporation shall not, without the approval by vote or consent in writing or in an electronic transmission of the holders of a majority of the Class B Common Stock then outstanding, voting separately as class, directly or indirectly, or whether by amendment, or through merger, recapitalization, consolidation or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) amend, alter, or repeal any provision of this Certificate of Incorporation or the Bylaws in a way that modifies the voting, conversion, transfer or other powers, preferences, or other special rights or privileges, or restrictions of the Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) authorize or create (by reclassification or otherwise) or issue any series of Common Stock with rights as to dividends or liquidation payments that are senior to those of the Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) authorize, or issue any shares of, any class or series of capital stock of the Corporation other than Class B Common Stock having the right to more than one (1) vote for each share thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) issue any shares of Class B Common Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) increase or decrease the number of authorized shares of Class B Common Stock.

3. *Preferred Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General.* The Board of Directors is hereby empowered, without any action or vote by the Corporation's stockholders (except as may otherwise be provided by the terms of any class or series of Preferred Stock then outstanding), to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of Preferred Stock and to fix such voting powers, full or

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limited, or no voting powers, and such designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any, with respect to each such class or series of Preferred Stock and the number of shares constituting each such class or series, and to increase or decrease the number of shares of any such class or series to the extent permitted by the DGCL as shall be set forth in this Certificate of Incorporation or a certificate of designations adopted by the Board of Directors and filed in accordance with the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Series A Perpetual Preferred Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Liquidation*. In the event of a Liquidation Event, the holders of shares of Series A Perpetual Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and in the event of a Deemed Liquidation Event, the holders of shares of Series A Perpetual Preferred Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, on a *pari passu* basis, (x) subsequent and subordinate to any distribution or payment of any liquidation preference payable to any other class or series of Preferred Stock designated by this Certificate of Incorporation as senior in interest to the Series A Perpetual Preferred Stock with respect to liquidation preference ("**Senior Preferred**") and (y) prior to and in preference to any distribution or payment to the holders of Common Stock or any other class or series of Preferred Stock designated by this Certificate of Incorporation as junior in interest to the Series A Perpetual Preferred Stock with respect to liquidation preference ("**Junior Preferred**"), by reason of their ownership thereof, an amount per share equal to the sum of (i) $25.00 per share, plus (ii) an amount equal in cash to all accrued and unpaid dividends to the date of payment for the then-current Dividend Period (the amount payable in respect of the Series A Perpetual Preferred Stock pursuant to this sentence is hereinafter referred to as the "**Series A Liquidation Amount**"). If upon the occurrence of a liquidation, dissolution or winding up of the Corporation or Liquidation Event, the assets and funds to be distributed among the holders of the Series A Perpetual Preferred Stock in accordance with the foregoing and the assets and funds to be distributed among holders of any other class or series of Preferred Stock designated by this Certificate of Incorporation as on a *pari passu* basis with the Series A Perpetual Preferred Stock with respect to liquidation preference ("**Pari Passu Preferred**") are insufficient to permit the payment to such holders of the full preferential amount as provided in the first sentence of this clause (i), then the entire assets and funds of the Corporation legally available for distribution shall be distributed ratably among the holders of the Series A Perpetual Preferred Stock and any such Pari Passu Preferred Stock in proportion to the relative preferential amounts each such holder would be otherwise entitled to receive in accordance with such first sentence of this clause (i).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Dividends.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The record holders of then outstanding shares of Series A Perpetual Preferred Stock as of the applicable record dates shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on January 30, April 30, July 30, and October 30 of each year (the "**Dividend Payment Dates**"), commencing on January 30, 2022, payable in preference and priority to any payment of any dividend on Common Stock, at the rate of seven percent (7%) per annum from the date of issuance up to, but excluding October 30, 2026 (the "**First Reset Date**") and thereafter, at the rate equal to the sum of (i) the Five-Year Treasury Rate as of the most recent Reset Date and (ii) six percent (6%) per annum (the "**Reset Dividend Rate**") during each Reset Period (as defined below) from, and including the First Reset Date, in each case calculated as the applicable percentage of $25.00 per share of Series A Perpetual Preferred Stock held by such record holder. The "**Reset Date**" shall mean the First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date. The "**Reset Period**" shall mean the period from and including the First Reset Date to, but excluding, the next following Reset Date, and thereafter each period from and including each Reset Date to, but excluding, the next following Reset Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) So long as any shares of Series A Perpetual Preferred Stock remain outstanding, no dividend or distribution shall be declared, paid or set aside for payment, and no distribution may be declared or made or set aside for payment, on any class or series of capital stock of the Corporation now or hereafter authorized, issued, or outstanding that, by its terms, does not expressly provide that such class or series ranks *pari passu* with, or senior to, the Series A Perpetual Preferred Stock as to dividends and liquidation preference ("**Series A Junior Securities**"), other than (i) a dividend payable solely in Series A Junior Securities or (ii) any dividend in connection with the implementation of a stockholders' rights plan, or the issuance of rights, stock, or other property under any such plan, or the redemption or repurchase of any rights under any such plan, unless all accrued and unpaid dividends as of such date have been declared and paid or declared and a sum sufficient for the payment thereof has been set aside.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whenever dividends on any shares of Series A Perpetual Preferred Stock are in arrears for six or more periods from and including a Dividend Payment Date to, but excluding, the next succeeding Dividend Payment Date or any earlier redemption date (each, a "**Dividend Period**") whether or not consecutive (a "**Nonpayment Event**"), the authorized number of directors of the Corporation shall be increased by two and the holders of record of shares of Series A Perpetual Preferred Stock (along with holders of any outstanding Series A Parity Securities (as hereinafter defined) having voting rights on parity with the voting rights provided to the Series A Perpetual Preferred Stock (together, the "**Special Voting Preferred Stock**"), voting together as a class based on respective liquidation preferences) shall have the right to elect two directors (the "**Series A Preferred Directors**" and each, a "**Series A Preferred Director**") to fill such newly created directorships; *provided*, *however*, that at no time shall the Board include more than two Series A Preferred Directors; *provided further* that the election of any such Series A Preferred Directors may not cause the Corporation to violate any corporate governance requirement of any exchange on which the Corporation's securities may be listed. At the request of any holder of shares of Series A Perpetual Preferred Stock, unless the Corporation elects to have such action be taken by consent in writing or in an electronic transmission, a special meeting of the holders of shares of Special Voting Preferred Stock shall be called by the Corporation for the election of the Series A Preferred Directors; *provided*, *however*, that if such request for a special meeting is received less than 90 days before the date fixed for the next annual or special meeting of the Corporation's stockholders, such election of Series A Preferred Directors shall be held at such next annual or special meeting of stockholders, followed by such election of such Series A Preferred Directors at each subsequent annual meeting of stockholders until such time as there is no longer a Nonpayment Event, except as provided by law, subject to re-vesting in the event of each and every subsequent Nonpayment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If and when there is no longer a Nonpayment Event, the right of the holders of shares of Special Voting Preferred Stock to elect the Series A Preferred Directors shall cease (but subject in any case to re-vesting of such voting rights in the case of each and every subsequent Nonpayment Event), and the Series A Preferred Directors shall cease to be qualified as directors, the holders of Series A Perpetual Preferred Stock and any Special Voting Preferred Stock shall be deemed to have removed the Series A Preferred Directors, the term of office of all Series A Preferred Directors then in office shall terminate immediately, and the Corporation's authorized number of directors shall be automatically reduced by the number of newly created directorships created pursuant to the preceding paragraph.

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Any Series A Preferred Director may be removed at any time (i) with cause in accordance with applicable law or (ii) with or without cause, by the holders of a majority of the outstanding shares of Special Voting Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences), given either at a special meeting of such stockholders duly called for that purpose or pursuant to a consent in writing or in an electronic transmission. If the holders of a majority of the outstanding shares of Special Voting Preferred Stock fail to elect a sufficient number of directors to fill the directorships for which they are entitled to elect directors, pursuant to this <u>Section</u> <u>3</u><u>(b)</u><u>(ii)</u><u>(4)</u>, then any directorship not so filled shall remain vacant until such time as the holders of the Special Voting Preferred Stock elect a person to fill such directorship by vote or consent in writing or in an electronic transmission in lieu of a meeting, and no such directorship may be filled by stockholders of the Corporation other than the holders of the Special Voting Preferred Stock voting exclusively and as a separate class unless the office of any Series A Preferred Director becomes vacant for any reason other than removal from office and the other Series A Preferred Director remains in office, then the remaining Series A Preferred Director may choose, by means of consent in writing or in an electronic transmission, a successor who shall hold office for the unexpired term in respect of which such vacancy occurred; *provided* that the filling of any such vacancy may not cause the Corporation to violate any corporate governance requirement of any exchange on which the Corporation's securities may be listed. The Series A Preferred Directors shall each be entitled to one vote per director on any matter on which directors of the Corporation are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Board will take such actions as may be necessary to effectuate the intent of this <u>Section</u> <u>3</u><u>(b)</u><u>(ii)</u><u>(5)</u> in accordance with this Certificate of Incorporation and the Corporation's Amended and Restated Bylaws (the "**Bylaws**"). The rules and procedures for calling and conducting any meeting of the holders of Series A Perpetual Preferred Stock (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of consent in writing or in an electronic transmissions, and any other aspect or matter with regard to such meeting or such consents shall be governed by any rules that the Board or any duly authorized committee of the Board, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of this Certificate of Incorporation (as then in effect), the Bylaws (as then in effect), and applicable law and the rules of any national securities exchange on which the Series A Perpetual Preferred Stock is listed or traded at the time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Voting Rights and Conversion Rights*. The Series A Perpetual Preferred Stock shall have no voting rights (other than those provided below) and shall not be convertible into Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each holder of record of Series A Perpetual Preferred Stock shall be entitled to one (1) vote for each share of Series A Perpetual Preferred Stock held of record by such holder on all matters on which stockholders generally are entitled to vote or holders of Series A Perpetual Preferred Stock as a separate class are entitled to vote, including the election or removal of directors (whether voting separately as a class or together with one or more other classes of the Corporation's capital stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) So long as any shares of the Series A Perpetual Preferred Stock remain outstanding, the affirmative vote or consent of the holders of at least two-thirds of all of the shares of Series A Perpetual Preferred Stock at the time outstanding, voting separately as a class, shall be required to amend, alter, or repeal the provisions of this Certificate, whether by merger, consolidation, or otherwise, so as to materially and adversely affect the powers, preferences, privileges, or rights of the Series A Perpetual Preferred Stock, taken as a whole; *provided*, *however*, that any amendment to authorize, create, or issue, or increase any class or series of capital stock of the Corporation, or any securities convertible into or exchangeable for such capital stock, will not be deemed to materially and adversely affect the powers, preferences, privileges, or rights of the Series A Perpetual Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The foregoing voting provision will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required is effected, all outstanding shares of Series A Perpetual Preferred Stock have been redeemed or called for redemption upon proper notice and sufficient funds have been set aside by the Corporation for the benefit of the holders of Series A Perpetual Preferred Stock to effect such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Optional Redemption of Series A Perpetual Preferred Stock*. Except as set forth below, the Series A Perpetual Preferred Stock is not redeemable prior to the First Reset Date. Notwithstanding the foregoing, the Corporation is entitled, at its option, to redeem the Series A Perpetual Preferred Stock, in whole or in part, (i) in connection with a Change of Control Transaction occurring prior to the First Reset Date

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("**Series A Change of Control Redemption**"), or (ii) on any Dividend Payment Date on or after the First Reset Date ("**Ordinary Series A Redemption**"). The redemption price in connection with a Series A Change of Control Redemption shall be $25.50 per share of Series A Perpetual Preferred Stock and the redemption price in connection with an Ordinary Series A Redemption shall be $25.00 per share, plus, in each of the foregoing cases, accrued but unpaid, whether declared or undeclared, dividends for the period ending on the date immediately preceding the date of redemption. Shares of Series A Perpetual Preferred Stock which are redeemed as provided herein shall not be reissued.

ARTICLE 4

BYLAWS

In furtherance and not in limitation of the powers conferred by law, the Board of Directors is expressly authorized to make, alter, amend or repeal the Bylaws. The stockholders entitled to vote shall also have the power to make, alter, amend or repeal the Bylaws. Prior to the Trigger Date such adoption, amendment or repeal of the Bylaws of the corporation by the stockholders shall require the affirmative vote of a majority in voting power of all of the then outstanding shares of capital stock of the corporation entitled to vote generally in the election of directors, voting together as a single class. From and after the Trigger Date, in addition to any other vote otherwise required by law, the affirmative vote of the holders of sixty six and two-thirds percent (66 2/3%) of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, voting together as a single class, shall be required to make, alter, amend or repeal the Bylaws.

ARTICLE 5

BOARD OF DIRECTORS

1. *Power of the Board of Directors; Number of Directors*. The business and affairs of the Corporation shall
be managed by or under the direction of a Board of Directors. Before the Trigger Date, the Board of Directors will consist of a single class of Directors each elected annually at the annual meeting of stockholders. Subject to the rights of the
holders of any series of Preferred Stock then outstanding (including the rights set forth in <u>Article 3</u>, <u>Section</u> <u>3</u> <u>(b)</u> <u>(ii)</u> <u>(3)</u> with respect to the Series A Preferred Director), the total number of
Directors shall be fixed exclusively by the Board of Directors; *provided*, *however*, that before the Trigger Date, stockholders may also fix the number of Directors by resolution adopted by the stockholders by consent in writing or in an
electronic transmission in lieu of a meeting.

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2. *Classified Board of Directors*. From and after the Trigger Date, the Board of Directors shall be divided
into three (3) classes, as nearly equal in number as reasonably practicable, designated Class I, Class II and Class III. Class I Directors shall initially serve until the first annual meeting of stockholders following the
Trigger Date; Class II Directors shall initially serve until the second annual meeting of stockholders following the Trigger Date; and Class III Directors shall initially serve until the third annual meeting of stockholders following the
Trigger Date. Immediately following the Trigger Date, the Board of Directors is authorized to designate the Directors then in office as Class I Directors, Class II Directors or Class III Directors. Commencing with the first annual
meeting of stockholders following the Trigger Date and for each annual meeting of stockholders thereafter, Directors of the class the term of which shall then expire shall be elected to hold office for a term ending on the date of the third annual
meeting of stockholders next following the annual meeting at which such Directors were elected. In the event of any change in the number of Directors, the Board of Directors shall apportion any newly created directorships among, or reduce the number
of directorships in, such class or classes as shall equalize, as nearly as reasonably practicable, the number of Directors in each class. In no event will a decrease in the number of Directors shorten the term of any incumbent director. There shall
be no cumulative voting in the election of directors. Election of directors need not be by written ballot unless the Bylaws so provide.

3. *Vacancies*. Subject to the rights of the holders of any series of Preferred Stock then outstanding
(including the rights set forth in <u>Article 3</u>, <u>Section</u> <u>3</u> <u>(b)</u> <u>(ii)</u> <u>(3)</u> with respect to the Series A Perpetual Preferred Stock), newly created directorships resulting from any increase in the
authorized number of Directors or any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal from office or other cause shall be filled only by the affirmative vote of a majority of the Directors then in
office, even if less than a quorum of the Board of Directors or by a sole remaining director; *provided*, *however*, that before the Trigger Date, vacancies may also be filled by the stockholders by the affirmative vote of the holders of a
majority of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, voting together as a single class. If there are no Directors in office, then an election of Directors may be held in
accordance with the DGCL. Any director so chosen shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be duly elected and qualified or until such director's
earlier death, disqualification, resignation or removal. No decrease in the number of Directors shall shorten the term of any director then in office.

4. *Removal*. Subject to the rights of the holders of any series of Preferred Stock then outstanding, any
director or the entire Board of Directors may be removed from office at any time, but only for cause, by the affirmative vote of the holders of sixty six and two-thirds percent (66 2/3%) of the total combined
voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, voting together as a single class; *provided*, *however*, that before the Trigger Date, any director may be removed with or without cause
by affirmative vote of the holders of a majority of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, voting together as a single class.

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5. *Preferred Stock Directors*. Notwithstanding anything else contained herein, whenever the holders of one
or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors (including, without limitation, the rights set forth in <u>Article 3</u>, <u>Section</u> <u>3</u> <u>(b)</u> <u>(ii)</u> <u>(3)</u>), the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of this Certificate of Incorporation (including
any certificate of designations relating to any class or series of Preferred Stock) and such directors so elected shall not be subject to the provisions of this <u>Article 5</u> unless otherwise provided therein.

ARTICLE 6

MEETINGS OF STOCKHOLDERS

1. *Annual Meetings*. An annual meeting of stockholders for the election of directors to succeed those whose
terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board of Directors (or its designee) shall determine.

2. *Special Meetings*. Subject to the rights of the holders of any series of Preferred Stock then outstanding
and to the requirements of the DGCL, special meetings of the stockholders of the Corporation may be called only by or at the direction of (1) the Board of Directors pursuant to the affirmative vote of a majority of the Directors, (2) the
Chairman, (3) the Executive Chairman or (4) the Chief Executive Officer; *provided*, *however*, that before the Trigger Date, special meetings of stockholders of the Corporation may also be called by the Secretary of the
Corporation at the request of the holders of a majority of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, voting together as a single class. Any business transacted at any
special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. From and after the Trigger Date, the ability of the stockholders of the Corporation to call a special meeting is
specifically denied. Notwithstanding the foregoing, whenever holders of one or more series of Preferred Stock shall have the right, voting separately as a series, to elect directors, such holders may call, pursuant to the terms of such series of
Preferred Stock adopted by resolution or resolutions of the Board of Directors pursuant to <u>Article 4</u> hereof, special meetings of holders of such Preferred Stock.

3. *No Action by Consent In Writing*. Subject to the rights of the holders of any class or series of
Preferred Stock then outstanding, as may be set forth in this Certificate (including any certificate of designations relating thereto) for such class or series of Preferred Stock, any action required or permitted to be taken by the stockholders of
the Corporation may be effected only at a duly called annual or special meeting of stockholders of the Corporation and may not be effected by any consent in writing or in an electronic transmission by such stockholders; *provided*, *however*, that before the Trigger Date, any action required or permitted to be taken by the stockholders of the Corporation may be effected by the consent in writing or in an electronic transmission of the holders of a majority of the total
combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, acting together as a single class, in lieu of a duly called annual or special meeting of stockholders.

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ARTICLE 7

CORPORATE OPPORTUNITIES

1. *Corporate Opportunities*. In recognition and anticipation that certain members of the Board, Clear Street
Global Corp. and their respective Affiliates and Affiliated Entities (other than employees of the Corporation and any of its subsidiaries who are not members of the Board) (such Persons being referred to collectively, as "**Identified Persons**" and, individually, as an "**Identified Person** "), may now engage or may continue to engage or may engage in the future in the same or similar activities or related lines of business as those in which the
Corporation, directly or indirectly, may engage and/or other businesses that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this <u>Article 7</u> are set forth to regulate and
define the conduct of certain affairs of the Corporation with respect to certain classes or categories of business opportunities as they may involve any of such Persons and the powers, rights, duties and liabilities of the Corporation and its
directors, officers and stockholders in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, no Identified Person shall have any duty to refrain from directly or indirectly (i) engaging in and possessing interests in other business ventures of every type and description, including those engaged in the same or similar business activities or lines of business in which the Corporation or any of its subsidiaries now engages or proposes to engage or (ii) competing with the Corporation or any of its subsidiaries, on its own account, or in partnership with, or as an employee, officer, director or shareholder of any other Person, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted from time to time by the laws of the State of Delaware, the Corporation hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate opportunity for an Identified Person and the Corporation or any of its Affiliates, except as provided in Article 7, <u>Section</u> <u>1</u><u>(c)</u>. Subject to Article 7, <u>Section</u> <u>1</u><u>(c)</u>, in the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity or matter which may be a corporate or other business opportunity for itself, herself or himself and the Corporation or any of its, his or her Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no duty (fiduciary, contractual or otherwise) to communicate, present or offer such transaction or other business opportunity or matter to the Corporation or any of its subsidiaries or any stockholder, as the case may be, and, to the fullest extent permitted by law, shall not be liable to the Corporation or its stockholders or to any subsidiary of the Corporation for breach of any duty (fiduciary, contractual or otherwise) as a stockholder, director or officer of the Corporation solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person or does not present such opportunity to the Corporation or any of its subsidiaries or stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation does not renounce its interest in any corporate opportunity offered to any member of the Board if such opportunity is expressly offered to such person solely and expressly in his or her capacity as a director of the Corporation, and such opportunity is one the Corporation is legally permitted to undertake and would otherwise be reasonable for the Corporation to pursue, in which case the provisions of Article 7, <u>Section</u> <u>1</u><u>(b)</u> shall not apply to any such corporate opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to and notwithstanding the foregoing provisions of this <u>Article 7</u>, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Corporation if it is a business opportunity that (i) the Corporation is not financially able, legally able, or contractually permitted to undertake, (ii) from its nature, is not in the line of the Corporation's business or is of no practical advantage to the Corporation, (iii) is one in which the Corporation has no interest or reasonable expectancy, or (iv) is one presented to any account for the benefit of a member of the Board or such member's Affiliate over which such member of the Board has no direct or indirect influence or control, including, but not limited to, a blind trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this <u>Article 7</u>.

ARTICLE 8

INDEMNIFICATION

1. *Limited Liability*. To the fullest extent permitted by the DGCL, no director or officer of the
Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. Any amendment, repeal or elimination of this <u>Article 8</u>, or the adoption of any provision
of the Certificate of Incorporation inconsistent with this <u>Article</u> <u>8</u>, shall not affect its application with respect to an act or omission by a director or officer occurring before such amendment, adoption, repeal or
elimination. Solely for purposes of this paragraph, "officer" shall have the meaning provided in Section 102(b)(7) of the DGCL.

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2. *Right to Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the DGCL. The right to indemnification conferred in this <u>Article 8</u> shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by the DGCL. The right to indemnification conferred in this <u>Article 8</u> shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by the DGCL.

3. *Insurance*. The Corporation shall have power to purchase and maintain insurance on behalf of any person
who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the
DGCL.

4. *Nonexclusivity of Rights*. The rights and authority conferred in this <u>Article 8</u> shall not be
exclusive of any other right that any person may otherwise have or hereafter acquire.

5. *Preservation of Rights*. Neither the amendment nor repeal of this <u>Article 8</u>, nor the adoption of
any provision of this Certificate of Incorporation or the Bylaws, nor, to the fullest extent permitted by the DGCL, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising
out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first
threatened, commenced or completed).

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ARTICLE 9

AMENDMENTS

1. *Adoption, Amendment and Repeal of Certificate of Incorporation*. Subject to <u>Article 4</u> hereof, the
Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by the DGCL, and all rights, preferences and privileges of whatsoever nature
conferred upon stockholders, directors or any other Persons whomsoever by and pursuant to this Certificate of Incorporation in its present form or as hereafter amended, are granted and held subject to this reservation. Notwithstanding anything to
the contrary contained in this Certificate of Incorporation, and notwithstanding that a lesser percentage may be permitted from time to time by applicable law, no provision of <u>Articles</u> <u>4</u> (Section B only), <u>5</u>, <u>6</u>, <u>8</u>, <u>7</u>, <u>9</u> or <u>10</u> (or any applicable definitions from <u>Article 12</u>) may be altered, amended or repealed in any respect, nor may any provision or Bylaw inconsistent therewith be adopted, unless in addition to any other vote
required by this Certificate of Incorporation or otherwise required by law, (i) before the Trigger Date, such alteration, amendment, repeal or adoption is approved by, in addition to any other vote otherwise required by law, the affirmative
vote of the holders of a majority of the total combined voting power of the outstanding Common Stock entitled to vote thereon, voting together as a single class and (ii) from and after the Trigger Date, such alteration, amendment, repeal or
adoption is approved by, in addition to any other vote otherwise required by law, the affirmative vote of the holders of sixty six and two-thirds percent (66 2/3%) of the total combined voting power of the
outstanding Common Stock entitled to vote thereon, voting together as a single class, at a meeting of the stockholders called for that purpose.

2. *Severability*. If any provision or provisions of this Certificate of Incorporation shall be held to be
invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of
Incorporation (including, without limitation, each portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of this Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this
Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its Directors, officers, employees and agents from personal liability in respect
of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

ARTICLE 10

DGCL SECTION 203

Until the earlier of the time (i) at which the Qualified Stockholders, collectively, no longer beneficially own, in the aggregate, at least fifteen percent (15% of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors, and (ii) the Board of Directors has determined that the Corporation will be subject to the restrictions set forth in Section 203 of the DGCL and has given written notice to CSGC that the Corporation irrevocably agrees that the Qualified Stockholders shall not be subject to the restrictions on business combinations set forth in Section 203 of the DGCL, the Corporation hereby expressly elects not to be governed by Section 203 of the DGCL, and the restrictions contained in Section 203 shall not apply to the Corporation. From and after such time, the Corporation shall be governed by Section 203 so long as Section 203 by its terms would apply to the Corporation; *provided* that, if the Board of Directors made a determination and provided the notice contemplated by clause (ii) of this <u>Article</u> <u>10</u>, then the Qualified Stockholders shall not be subject to the restrictions on "interested stockholders" from and after such time.

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ARTICLE 11

FORUM SELECTION

ARTICLE 12

DEFINITIONS

As used in this Certificate of Incorporation, unless the context otherwise requires or as set forth in another article of this Certificate of Incorporation, the following capitalized terms shall have the following meanings as used herein:

1. "**Affiliate**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of any Person, any other Person that, directly or indirectly, is controlled by that first Person or representatives of such first Person, controls representatives of such first Person, or is under common control with a representative of such first Person, and shall include any principal, member, director, partner, stockholder, officer, employee or other representative of any of the foregoing (other than the Corporation and any entity that is controlled by the Corporation),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a member of the Board, any Person that, directly or indirectly, is controlled by such member of the Board (other than the Corporation and any entity that is controlled by the Corporation) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Corporation, any Person that, directly or indirectly, is controlled by the Corporation.

2. "**Affiliated Entity**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person of which a member of the Board serves as an officer, director, employee, agent or other representative (other than the Corporation and any entity that is controlled by the Corporation),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any direct or indirect partner, stockholder, member, manager or other representative of such Person or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Affiliate of any of the foregoing

3. "**Available Proceeds**" shall mean the consideration received by the Corporation for a Deemed
Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, the Series A Liquidation Amount, any other expenses reasonably related to such Deemed Liquidation Event and any other expenses incident to the
dissolution of the Corporation as provided herein, in each case as determined in good faith by the Board of Director), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by
Delaware law governing distributions to stockholders.

4. "**beneficial ownership**" or "**beneficially own**" shall have the meaning as
defined under Rule 13d-3 and Rule 13d-6 of the Exchange Act.

5. "**Board of Directors**" shall mean the board of directors of the Corporation.

6. "**Bylaws**" shall mean the Amended and Restated Bylaws of the Corporation, as amended from time
to time.

7. "**Chairman**" shall mean the chairperson or, if applicable, any co-chairperson of the Board of Directors.

8. "**Change of Control Transaction**" shall mean any of the following events, in one or a series
of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any sale of 50% or more of the Common Stock (excluding any Common Stock that does not entitle its holder to share in dividends or proceeds of a liquidation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any merger, consolidation, share exchange, business combination, liquidation, dissolution or other similar transaction involving (A) the Corporation or (B) any of its subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of the Corporation or to which 50% or more of the total revenue or operating income of the Corporation are attributable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any sale, exchange, transfer or other disposition of assets or businesses that constitute or represent 50% or more of the total revenue, operating income or assets of the Corporation and its subsidiaries, taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any sale, exchange, transfer or other disposition of 50% or more of the common units of Clear Street Holdings LLC, a Delaware limited liability company.

9. "**close of business**" shall mean 5:00 p.m., New York City time.

10. "**control**" shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.

11. "**CSGC**" shall mean Clear Street Global Corp., a U.S. Virgin Islands corporation, or any
successor entity thereto, provided that the stockholders of CSGC immediately prior to such transaction beneficially own, directly or indirectly, at least 50% of the total voting power of such successor entity immediately following the consummation
of such transaction, substantially in proportion to their holdings of the equity of CSGC prior to such transaction.

12. "**Deemed Liquidation Event**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation

except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation (excluding the Series A Perpetual Preferred Stock) continue to represent, or are converted into or exchanged, or are convertible into or exchangeable, for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority of the capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation (excluding the Series A Perpetual Preferred Stock); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) the sale, lease, transfer, exclusive license, or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole or (B) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one (1) or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

13. "**Directors**" shall mean the directors of the Corporation.

14. "**Exchange Act**" shall mean the Securities Exchange Act of 1934, as amended.

15. "**Executive Chairman**" shall mean the executive chairperson or, if applicable, any
executive co-chairperson of the Board of Directors.

16. "**Final Conversion Date**" shall mean 5:00 p.m. New York City time, on the earliest to occur of
(a) the date fixed by the Board that is no less than 61 days and no more than 180 days following the date that the outstanding shares of Class B Common Stock represent less than thirty percent (30%) of the shares of Class B Common
Stock outstanding at the Effective Time (*provided,* for the avoidance of doubt, that if no such date is fixed by the Board, then the Final Conversion Date for purposes of this clause shall be the 180th day following such trigger date) or
(b) at such date and time, or the occurrence of an event, specified by the affirmative vote of the holders of a majority of the then outstanding shares of Class B Common Stock, voting as a separate class.

17. "**Immediate Family Member**" shall mean, with respect to any individual, collectively, his or
her parents, grandparents, brothers, sisters, spouse, civil union partner, lineal descendants and lineal descendants of siblings (and the estates, guardians, custodians or other legal representatives of any of the foregoing). Lineal descendants
shall include adopted persons, but only so long as they are adopted during minority.

18. "**IPO**" shall mean the Corporation's initial public offering of Class A common
stock in an underwritten offering pursuant to an effective registration statement under the Securities Act.

19. "**Liquidation Event**" shall mean any liquidation, dissolution, or winding up of the
Corporation, whether voluntary or involuntary.

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20. "**Permitted Transfer**" shall mean, and be restricted to, any Transfer of a share of
Class B Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Qualified Stockholder to a Permitted Transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a Permitted Transferee to (i) such Qualified Stockholder or (ii) any other Permitted Transferee of such Qualified Stockholder.

21. "**Permitted Transferee**" shall mean, with respect to a Qualified Stockholder, any of the
following persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any other Qualified Stockholder, or any Permitted Transferee of such Qualified Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a bona fide trust or other estate planning vehicle (including but not limited to revocable trusts, legacy trusts, remainder trusts and grantor retained annuity trusts); *provided* that (i) such Qualified Stockholder or another Qualified Stockholder (in each case, directly or indirectly through one or more Permitted Transferees) has Voting Control with respect to all shares of Class B Common Stock held of record by such trust or other estate planning vehicle and (ii) such Qualified Stockholder, one or more other Qualified Stockholders or a professional in the business of providing trust services is the trustee or protector of such trust and such trust or other estate planning vehicle is for the benefit of the Qualified Stockholder, one or more Immediate Family Members of the Qualified Stockholder or any other Permitted Transferee of such Qualified Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Individual Retirement Account (as defined in Section 408(a) of the Internal Revenue Code) or a pension, profit sharing, stock bonus or other type of plan or trust of which the Qualified Stockholder is a participant or beneficiary and which satisfies the requirements for qualification under Section 401 of the Internal Revenue Code; *provided*, in each case, that such Qualified Stockholder (directly, or indirectly through one or more Permitted Transferees) has Voting Control with respect to the shares of Class B Common Stock held in such account, plan or trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a corporation, general partnership, limitation partnership, limited liability company or other entity (i) directly or indirectly owned by or managed by such Qualified Stockholder or a Permitted Transferee of such Qualified Stockholder and (ii) for which such Qualified Stockholder (directly, or indirectly through one or more Permitted Transferees) has Voting Control with respect to the shares of Class B Common Stock held by such corporation, general partnership, limitation partnership, limited liability company or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a charitable organization, foundation or similar entity organized and operated primarily for religious, scientific, literary, educational or a charitable purpose so long as such Qualified Stockholder (directly, or indirectly through one or more Permitted Transferees) retains Voting Control with respect to the shares of Class B Common Stock held by such charitable organization; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other person or entity with the prior written approval of the Board, so long as such Qualified Stockholder (directly, or indirectly through one or more Permitted Transferees) retains Voting Control with respect to such shares of Class B Common Stock following such Transfer to any person or entity.

22. "**Person**" shall mean a natural person, partnership (whether general or limited), limited
liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan,
board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any
representative capacity, in each case, whether domestic or foreign.

23. "**Qualified Stockholder**" shall mean (i) CSGC and (ii) the existing stockholders of
CSGC as of the Effective Time.

24. "**Securities Act**" shall mean the Securities Act of 1933, as amended.

25. "**Transfer**" of a share of Class B Common Stock shall mean any direct or indirect sale,
assignment, transfer, conveyance, pledge, mortgage, hypothecation, encumbrance or other transfer, disposition or encumbering of a share of Class B Common Stock, or any legal or beneficial interest in such share, whether or not for value and
whether voluntary or involuntary or by operation of law, including, without limitation, (i) a transfer of a share of Class B Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial
ownership), or (ii) the transfer of, or entering into a binding agreement with respect to, Voting Control over such share by proxy or otherwise; *provided*, *however*, that the following shall not be considered a
"Transfer":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the granting of a revocable proxy to (A) officers or Directors or agents of the Corporation at the request of the Board of Directors in connection with actions to be taken at an annual or special meeting of stockholders or by consent in writing or in an electronic transmission or (B) any other person with specific direction to vote such shares of Class B Common Stock as directed by the holder of such shares, without discretion, in connection with actions to be taken at an annual or special meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entering into a voting trust, agreement or arrangement (with or without granting a proxy and, if a proxy is granted, whether revocable or irrevocable) solely with holders of Class B Common Stock (in that capacity) that (A) is disclosed either in a Schedule 13D filed with the Securities and Exchange Commission or in writing to the Secretary of the Corporation, (B) either has a term not exceeding one (1) year or is terminable by the holder of the shares subject thereto at any time and (C) does not involve any payment of cash, securities, property or other consideration to the holder of the shares subject thereto other than the mutual promise to vote shares in a designated manner;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the pledge of shares of Class B Common Stock that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction (it being understood that a foreclosure pursuant to such pledge shall constitute a Transfer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entering into or reaching an agreement, arrangement or understanding regarding, a support or similar voting or tender agreement (with or without granting a proxy and, if a proxy is granted, whether revocable or irrevocable) or any "rollover," in each case, in connection with any transaction or series of related transactions, or any liquidation, dissolution and winding up of the Corporation that has been approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the spouse of any holder of Class B Common Stock possessing or obtaining an interest in such holder's shares of Class B Common Stock arising solely by reason of the application of the community property laws of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in the trustees or the person(s) and/or entity(ies) having or exercising Voting Control over shares of Class B Common Stock (i) of a trust, charitable organization, foundation or similar entity that qualifies as a Permitted Transferee, or (ii) of a Permitted Transferee *provided* that following such change such Permitted Transferee continues to be a Permitted Transferee.

A "**Transfer**" shall also be deemed to have occurred with respect to a share of Class B Common Stock when (i) a Permitted Transferee ceases to meet the qualifications to be a Permitted Transferee with respect to such beneficially owned share or (ii) the existing stockholders of CSGC (as determined as of the Effective Time) no longer retain 50% or more of voting power of CSGC (which, for the avoidance of doubt, would be deemed a Transfer other than a Permitted Transfer).

26. "**Trigger Date**" shall mean the first time at which the Qualified Stockholders, collectively,
no longer beneficially own, in the aggregate, more than fifty percent (50%) of the total combined voting power of the outstanding Common Stock entitled to vote generally in the election of Directors.

27. "**Voting Control**" shall mean, with respect to a share of Class B Common Stock, the power
(whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.

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IN WITNESS WHEREOF, the undersigned has executed this Eighth Amended and Restated Certificate of Incorporation this _____ day of February, 2026.

<br> Edward T. Tilly President

## Exhibit 3.4

**Exhibit 3.4** 

**FORM OF** 

**AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**CLEAR STREET GROUP INC.** 

<sup>\* \* \* \* \*</sup>

ARTICLE 1

OFFICES

Section 1.01. *Registered Office.* The registered office of Clear Street Group Inc. (the "**Corporation**") shall be in the City of Dover, County of Kent, State of Delaware.

Section 1.02. *Other Offices.* The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors of the Corporation (the "**Board of Directors**") may from time to time determine or the business of the Corporation may require.

Section 1.03. *Books.* The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE 2

MEETINGS OF STOCKHOLDERS

Section 2.01. *Time and Place of Meetings.* All meetings of stockholders shall be held at such place, either within or without the State of Delaware, or at no place (by means of remote communication), on such date and at such time as may be determined from time to time by the Board of Directors (or the chairperson of the Board of Directors (the "**Chairperson**") in the absence of a designation by the Board of Directors). The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (the "**DGCL**"). If no determination is made by the Board of Directors, the place of meeting shall be the principal executive offices of the Corporation.

Section 2.02. *Annual Meetings.* An annual meeting of stockholders shall be held for the election of directors and to transact such other business as may properly be brought before the meeting in accordance with these Bylaws. The Board of Directors may, in its sole discretion, postpone, reschedule, or cancel any annual meeting of stockholders previously scheduled by the Board of Directors and no such postponement, rescheduling, or cancellation shall be deemed a violation of these Bylaws. Failure to hold an annual meeting within any particular time period shall not be deemed to create any liability or invalidate any corporate action, except as expressly required by the DGCL.

i

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Section 2.03. *Special Meetings.* Special meetings of the stockholders of the Corporation may be called in the manner set forth in the Eighth Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on [ ], 2026 (as the same may be amended, restated, amended and restated or otherwise modified from time to time, the "**Certificate of Incorporation**").

Section 2.04. *Notice of Meetings and Adjourned Meetings; Waivers of Notice.* (a) Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by the DGCL, the Certificate of Incorporation or these Bylaws, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting. The Board of Directors or the chairperson of the meeting may adjourn the meeting to another time or place (whether or not a quorum is present), and notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which such adjournment is made or provided in any other manner permitted by the DGCL. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05. *Quorum.* Unless otherwise provided under the Certificate of Incorporation or these Bylaws and subject to the DGCL, the presence, in person or by proxy, of the holders of a majority of the voting power of all outstanding securities of the Corporation generally entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the chairperson of the meeting or a majority in voting power of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted that might have been transacted at the meeting as originally notified.

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Section 2.06. *Voting.* (a) The voting rights for the holders of the Class A common stock ("**Class A Common Stock**") of the Corporation, Class B common stock ("**Class B Common Stock**") of the Corporation and any other class or series of capital stock of the Corporation shall be determined in the manner set forth in the Certificate of Incorporation. Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the votes cast at the meeting on the subject matter shall be the act of the stockholders. Abstentions and broker non-votes shall not be counted as votes cast. Subject to the rights of the holders of any class or series of preferred stock to elect additional directors under specific circumstances, as may be set forth in the certificate of designations for such class or series of preferred stock, directors shall be elected by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by their attorney thereunto authorized, or by proxy sent by any means of electronic communication permitted by law, which results in a writing from such stockholder or by their attorney, and delivered to the secretary of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period.

Section 2.07. *Action by Consent.* Any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with the DGCL and may not be taken by consent of stockholders without a meeting, except as set forth in the Certificate of Incorporation, and subject to the rights of the holders of any class or series of preferred stock then outstanding, as may be set forth in the Certificate of Incorporation (including any certificate of designations) for such class or series of preferred stock.

Section 2.08. *Organization.* At each meeting of stockholders, the Chairperson, if one shall have been elected, or in the Chairperson's absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as chairperson of the meeting. The Secretary (or in the Secretary's absence or inability to act, the person whom the chairperson of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.09. *Order of Business.* The order of business at all meetings of stockholders shall be as determined by the chairperson of the meeting.

Section 2.10. Nomination of Directors and Proposal of Other Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders*. (i) Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (A) pursuant to the Corporation's notice of meeting (or any supplement thereto), (B) by or at the direction of the Board of Directors or any committee thereof duly authorized, (C) as may be provided in the certificate

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of designations for any class or series of preferred stock or (D) by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in paragraph (ii) of this Section 2.10(a) and at the time of the annual meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this Section 2.10(a), and, except as otherwise required by law, any failure to comply with these procedures shall result in the nullification of such nomination or proposal. For the avoidance of doubt, the foregoing clause (D) shall be the exclusive means for a stockholder to make nominations or propose other business at an annual meeting of stockholders (other than a proposal included in the Corporation's proxy statement pursuant to and in compliance with Rule 14a-8 under the Securities Exchange Act of 1934 (as amended and together with the rules and regulations promulgated thereunder, the "**Exchange Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause (D) of paragraph (i) of this Section 2.10(a), the stockholder must have given timely notice thereof in writing to the Office of the Secretary of the Corporation and must have complied with the requirements and provisions of these Bylaws and any such proposed business (other than the nominations of persons for election to the Board of Directors) must constitute a proper matter for stockholder action. To be timely, a stockholder's notice shall be delivered to, or mailed and received by, the Office of the Secretary of the Corporation at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders (which prior year's annual meeting shall, for purposes of the Corporation's first annual meeting of stockholders following its initial public offering of shares of its Class A Common Stock, be deemed to have occurred on [ ], 2026); *provided, however*, that in the event that the date of the annual meeting is advanced more than 30 days prior to such anniversary date or delayed more than 70 days after such anniversary date then to be timely such notice must be received by the Corporation no earlier than 120 days prior to such annual meeting and no later than the later of 90 days prior to the date of the meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of the meeting was first made by the Corporation. The minimum timeliness requirements of this paragraph shall apply despite any different timeline described in Rule 14a-19 or elsewhere in Regulation 14A under the Exchange, including with respect to any statements or information required to be provided to the Corporation pursuant to Rule 14a-19 of the Exchange Act by a stockholder and not otherwise specified herein. In no event shall the adjournment, recess or postponement of any meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. The number of nominees a stockholder may nominate for election at the annual meeting on its own behalf (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to each person whom the stockholder proposes to nominate for election or reelection as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, business address and residence address of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal occupation or employment of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (i) for each class or series, the number of shares of capital stock of the Corporation that are held of record or are beneficially owned (and proof of any such beneficial ownership) by such person and any affiliates or associates (each within the meaning of Rule 12b-2 promulgated under the Exchange Act for purposes of these Bylaws) of such person, including any such shares that such person, or any affiliates or associates of such person, has the right to acquire beneficial ownership of, (ii) the name of each nominee holder of shares of all capital stock of the Corporation owned beneficially (and proof of any such beneficial ownership) but not of record by such person or any affiliates or associates of such person, and the number of such shares of each class or series of capital stock held by each such nominee holder, including any such shares that such nominee holder has the right to acquire beneficial ownership of, (iii) any agreement, arrangement, relationship or understanding pursuant to which such person, or any affiliates or associates of such person, has a right to vote any shares of any security of the Corporation, (iv) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such person, or any affiliates or associates of such person, with respect to the Corporation's securities, and (v) any direct or indirect interest of such person, or any affiliates or associates of such person, in any employment agreement, collective bargaining agreement or consulting agreement with the Corporation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all information relating to such person, or any affiliates or associates of such person, that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all completed and signed questionnaires in the same form as those questionnaires required of the Corporation's directors (which will be provided to such person within five (5) business days following a written request therefor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a statement that such person has read the Corporation's corporate governance guidelines and any other Corporation policies and guidelines applicable to directors (which will be provided to such person within five (5) business days following a written request therefor), and a written agreement from such person to adhere to the foregoing policies and guidelines, as amended from time to time, if he or she is elected as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) an executed agreement by such person: (i) consenting to serve as a director if elected and (if applicable) to being named in a proxy statement and/or form of proxy relating to the meeting at which directors are to be elected, along with a representation that such person intends to serve a full term as a director if elected, and (ii) that such person is not and will not become a party to (x) any direct or indirect compensatory, payment or other financial agreement, arrangement or understanding with any other person or entity other than the Corporation, in each case in connection with candidacy or service as a director of the Corporation (a "**Third-Party Compensation Arrangement**") that has not been fully disclosed to the Corporation prior to, or concurrently with, the submission of the notice from the stockholder required by this Section 2.10, (y) any agreement, arrangement or understanding, including the amount of any payment or payments received or receivable thereunder, with any other person or entity as to how such person would vote or act on any issue or question as a director (a "**Voting Commitment**") that has not been fully disclosed to the Corporation prior to, or concurrently with, the submission of the notice from the stockholder required by this Section 2.10 or (z) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) such other information reasonably requested by the Corporation to determine whether such person is qualified under the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any law or regulation applicable to the Corporation to serve as a director and/or independent director of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to any other business that the stockholder proposes to bring before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a brief description of the business desired to be brought before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the text of the proposed amendment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the reasons for conducting such business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name and address of such stockholder (as they appear on the Corporation's books) and any such beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a representation as to whether such stockholder or such beneficial owner has complied with all applicable legal requirements in connection with its acquisition of shares or other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a written agreement from such stockholder that it is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear at the meeting in person or through a qualified representative (as defined in Section 2.10(c)(ii)) to make such nomination or proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of a nomination, a written agreement from such stockholder (and such beneficial owner) that it (or they) will not submit any substitute nominations unless they are made within the time periods set forth in this Section 2.10 and the stockholder and the substitute nominees will otherwise comply with this Section 2.10;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in the case of a nomination, a written agreement from such stockholder (and such beneficial owner) that it (or they) has not, and shall not, nominate a number of nominees (inclusive of substitutes) that exceeds the number of directors to be elected at the annual meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a written agreement that such stockholder (and such beneficial owner) shall (i) update and supplement the notice required by this Section 2.10, if necessary, so that the information provided or required in such notice shall be true and correct as of the record date for determining the stockholders entitled to receive notice of the annual meeting, and as of the date that is five (5) business days prior to the meeting or any adjournment or postponement thereof and (ii) deliver such update and supplement so that it is received by the Secretary at the principal executive offices of the Corporation (A) not later than the later of (x) five (5) business days after the record date for determining the stockholders entitled to receive notice of the annual meeting and (y) five (5) business days after the first public announcement of such record date, in the case of any update and supplement required to be made as of the record date, and (B) not later than five (5) business days before the meeting or any adjournment or postponement thereof, in the case of any update and supplement required to be made as of the date that is five (5) business days prior to the meeting or any adjournment or postponement thereof. For the avoidance of doubt, the obligation to update and supplement as set forth in this Section 2.10 or any other section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any stockholder's notice, extend any applicable deadlines under these Bylaws or enable or be deemed to permit a stockholder who has previously submitted a stockholder's notice under these Bylaws to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business and/or resolutions proposed to be brought before a meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) as to each of the stockholder giving the notice, the beneficial owner, if any, on whose behalf the nomination or proposal is made, and, if such stockholder or beneficial owner is an entity, each person controlling, controlled by or under common control with such stockholder or beneficial owner (each such person or entity contemplated by this clause (D), a "**Proposing Person**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for each class or series, the number of shares of capital stock of the Corporation that are held of record or are beneficially owned (and proof of any such beneficial ownership) by such Proposing Person, or any associates (within the meaning of Rule 12b-2 promulgated under the Exchange Act for purposes of these Bylaws) of such Proposing Person, including any such shares that such Proposing Person, or any associates of such Proposing Person, has the right to acquire beneficial ownership of;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the name of each nominee holder of each class or series of capital stock of the Corporation that are owned beneficially (and proof of any such beneficial ownership) but not of record by such Proposing Person, or any associates of such Proposing Person, and the number of such shares of each class or series of capital stock of the Corporation held by each such nominee holder, including any such shares that such nominee holder has the right to acquire beneficial ownership of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any agreement, arrangement, relationship or understanding pursuant to which such Proposing Person, or any associates of such Proposing Person, has a right to vote any shares of any security of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of (i) any plans or proposals which any such Proposing Person may have with respect to securities of the Corporation that would be required to be disclosed pursuant to Item 4 of Exchange Act Schedule 13D (regardless of whether the requirement to file a Schedule 13D is applicable) and (ii) any agreement, arrangement or understanding (including the identity of the parties thereto) with respect to the nomination or other business between or among such Proposing Parties and any other parties, including without limitation any agreements that would be required to be disclosed pursuant to Item 5 or Item 6 of Exchange Act Schedule 13D (regardless of whether the requirement to file a Schedule 13D is applicable), in each case as of the date the notice required by this Section 2.10 is delivered to the Corporation by the stockholder, or beneficial owner in such business, if any, presenting the nomination or other proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such Proposing Person, or any associates of such Proposing Person, with respect to the Corporation's securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a written representation as to whether any Proposing Person, or any other participant as defined in Item 4 of Schedule 14A under the Exchange Act, will engage in a solicitation with respect to such nomination or other business and, if so, whether such solicitation will be conducted as an exempt solicitation under Rule 14a-2(b) of the Exchange Act, the name of each participant in such solicitation and the amount of the cost of solicitation that has been and will be borne, directly or indirectly, by each participant in such solicitation and (x) in the case of a proposal of business other than nominations, whether such person or group intends to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's voting shares required under applicable law to carry the proposal, (y) in the case of any solicitation that is subject to Rule 14a-19 of the Exchange Act, confirming that such person or group will deliver, through means satisfying each of the conditions that would be applicable to the Corporation under either Exchange Act Rule 14a-16(a) or Exchange Act Rule 14a-16(n), a proxy statement and/or form of proxy to holders of at least sixty-seven percent (67%) of the voting power of the Corporation's capital stock entitled to vote generally in the election of directors and/or (z) whether such person or group intends to otherwise solicit proxies or votes from holders in support of such proposal or nomination (for purposes of this clause (7), the term "holders" shall include, in addition to stockholders of record, any beneficial owners pursuant to Rule 14b-1 and Rule 14b-2 of the Exchange Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a representation that promptly after any Proposing Person solicits the holders of the Corporation's stock referred to in the representation required under the preceding clause, and in any event no later than five (5) business days before the applicable meeting, such Proposing Person will provide the Corporation with reasonable documentary evidence (as determined by the Corporation or one of its representatives, acting in good faith), which may take the form of a certified statement and documentation from a proxy solicitor, specifically demonstrating that the necessary steps have been taken to deliver a proxy statement and/or form of proxy to holders of such percentage of the Corporation's stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any direct or indirect interest of such Proposing Person, or any associates of such Proposing Person, in any contract (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement) with the Corporation, or any affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any other information relating to such Proposing Person, or any associates of such Proposing Person, or proposed business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee or proposal pursuant to Section 14 of the Exchange Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. If the election of directors is included as business to be brought before a special meeting in the Corporation's notice of meeting, then nominations of persons for election to the Board of Directors at a special meeting of stockholders may be made by any stockholder who is a stockholder of record at the time of giving of notice provided for in this Section 2.10(b) and at the time of the special meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this Section 2.10(b); *provided*, *however*, that the number of nominees a stockholder may nominate for election at the special meeting on its own behalf (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected as such special meeting. For nominations to be properly brought by a stockholder before a special meeting of stockholders pursuant to this Section 2.10(b), the stockholder must have given timely notice thereof in writing to the Office of the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation (A) not earlier than 120 days prior to the date of the special meeting nor (B) later than the later of 90 days prior to the date of the special meeting and the 10<sup>th</sup> day following the day on which public announcement of the date of the special meeting was first made by the Corporation. A stockholder's notice to the Secretary shall comply with the notice requirements of Section 2.10(a)(iii). The minimum timeliness requirements of this paragraph shall apply despite any different timeline described in Rule 14a-19 or elsewhere in Regulation 14A under the Exchange Act, including with respect to any statements or information required to be provided to the Corporation pursuant to Rule 14a-19 of the Exchange Act by a stockholder and not otherwise specified herein. In no event shall the adjournment, recess or postponement of a special meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Such notice of a stockholder shall include the same information, representations, certifications and agreements that would be required if the stockholder were to make a nomination in connection with an annual meeting of stockholders pursuant to the preceding provisions of this Section 2.10, and such stockholder shall be obligated to provide the same supplemental or additional information in connection with a special meeting of stockholders as required pursuant to the preceding provisions of this Section 2.10 in connection with an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *General*. (i) No person shall be eligible to be nominated by a stockholder to be elected or reelected at any meeting of stockholders to serve as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 2.10. No business proposed by a stockholder shall be conducted at a stockholder meeting except in accordance with this Section 2.10.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting any remedy available to the Corporation, and unless otherwise determined by the Board of Directors, the Chairperson of the Board of Directors or the chairperson of the meeting, a stockholder may not present nominations for director or business proposals at an annual or special meeting of stockholders (and any such nominee shall be disqualified from standing for election or re-election), notwithstanding proxies or votes may have been solicited and/or received with respect thereto, if such stockholder, any beneficial owner, any Proposing Person or any nominee or substitute nominee for director: (A) acted contrary to any representation, statement, certification or agreement required by the applicable provisions of these Bylaws; (B) otherwise failed to comply with these Bylaws or with any law, rule or regulation identified in these Bylaws, including all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.10; *provided*, *however*, that any references in these Bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.10; or (C) provided information to the Corporation (whether required by these Bylaws or otherwise) that is false, misleading, inaccurate or incomplete in any material respect. The Board of Directors, the Chairperson of the Board of Directors or the chairperson of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws or that business was not properly brought before the meeting, and if he/she should so determine, he/she shall so declare to the meeting and the defective nomination shall be disregarded or such business shall not be transacted, as the case may be. Notwithstanding the foregoing provisions of this Section 2.10, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or other proposed business, such nomination shall be disregarded or such proposed business shall not be transacted, as the case may be, notwithstanding that proxies in respect of such vote may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this Section 2.10, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

Notwithstanding anything to the contrary in these Bylaws, unless otherwise required by law, if any Proposing Person (i) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)) with respect to any proposed nominee for election as a director of the Corporation and (ii) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act (or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Proposing Person

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has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence), then the nomination of each such proposed nominee shall be disregarded, notwithstanding that the nominee is included as a nominee in the Corporation's proxy statement, notice of meeting or other proxy materials for any meeting (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). Upon request by the Corporation, if any Proposing Person provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)), such Proposing Person, shall deliver to the Corporation, no later than five (5) business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Compliance with paragraphs (a) and (b) of this Section 2.10 shall be the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Section 2.10(c)(iv)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary, the notice requirements set forth herein with respect to the proposal of any business pursuant to this Section 2.10 shall be deemed satisfied by a stockholder if such stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the Exchange Act, and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any stockholder directly or indirectly soliciting proxies from other stockholders in connection with any annual or special meeting of stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use for solicitation by or on behalf of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Whenever this Section 2.10 requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation, statement or other document or agreement), the Corporation shall not be required to accept delivery of such document or information unless the document or information is sent by electronic transmission and delivered exclusively to legal@clearstreet.io.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) For purposes of these Bylaws, (a) "business day" means any day other than Saturday, Sunday or a day on which banks are closed in New York City, New York; (b) "close of business" means 5:00 p.m. local time at the principal executive offices of the Corporation on any calendar day, whether or not the day is a business day; and (c) "public announcement" means disclosure in a press release reported by PR Newswire or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14, or 15(d) of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notwithstanding anything to the contrary herein, so long as Clear Street Global Corp. ("**CSGC**") and any CSGC Entity (as defined in the Certificate of Incorporation), collectively hold at least 10% of the total combined voting power of the outstanding Common Stock entitled to vote in the election of directors, CSGC and any CSGC Entity shall not be subject to the notice procedures set forth in Section 2.10 with respect to any annual or special meeting of the stockholders.

ARTICLE 3

DIRECTORS

Section 3.01. *Number, Election and Term of Office.* The Board of Directors shall consist of not less than three (3) nor more than ten (10) directors, with the exact number of directors to be determined from time to time solely by resolution adopted by the affirmative vote of a majority of the Board of the Directors. The Term of each director shall be set as specified in the Certificate of Incorporation. Notwithstanding the foregoing, each director shall hold office until such director's successor shall have been duly elected and qualified or until such director's earlier death, resignation, retirement, disqualification or removal. Directors need not be stockholders of the Corporation.

Section 3.02. *Quorum and Manner of Acting.* Unless the Certificate of Incorporation or these Bylaws require a greater number, a majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by the Certificate of Incorporation, the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.03. *Time and Place of Meetings.* The Board of Directors shall hold its meetings at such place, if any, either within or without the State of Delaware, and at such time or in such manner as may be determined from time to time by the Board of Directors (or the Chairperson in the absence of a determination by the Board of Directors).

Section 3.04. *Annual Meeting.* The Board of Directors may meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such place, if any, either within or without the State of Delaware, on such date and at such time as shall be specified in a notice thereof given as hereinafter provided in Section 3.06 herein or in a waiver of notice thereof signed by any director who chooses to waive the requirement of notice.

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Section 3.05. *Regular Meetings.* After the place, if any, and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.06. *Special Meetings.* Special meetings of the Board of Directors may be called by the Chairperson, CEO or the President and shall be called by the Chairperson, CEO, President or the Secretary, on the written request of three directors sent by electronic transmission to legal@clearstreet.io. Notice of special meetings of the Board of Directors shall be given to each director at least 24 hours before the date of the meeting by electronic transmission, directed to each director at that director's electronic mail address or other address for electronic transmission, as the case may be, as shown on the Corporation's records.

Section 3.07. *Committees.* The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation and may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter expressly required by the DGCL to be submitted to the stockholders for approval or (b) adopting, amending or repealing any Bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 3.08. *Action by Consent.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and any consent may be documented, signed and delivered in any manner permitted by the DGCL. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in the same paper or electronic form as the minutes are maintained.

Section 3.09. *Telephonic Meetings.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.10. *Resignation.* Any director may resign from the Board of Directors at any time by giving notice to the Board of Directors or to the Secretary of the Corporation.

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Any such notice must be in writing or by electronic transmission to the Board of Directors or to the Secretary of the Corporation at legal@clearstreet.io. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.11. *Vacancies.* Vacancies on the Board of Directors resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall be filled in the manner set forth in the Certificate of Incorporation. Any director so chosen shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall be duly elected and qualified or until such director's earlier death, disqualification, resignation or removal. No decrease in the number of directors shall shorten the term of any director then in office.

Section 3.12. *Removal.* Directors may be removed from office at any time only in the manner set forth in the Certificate of Incorporation.

Section 3.13. *Compensation.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

Section 3.14. *Preferred Stock Directors.* Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of preferred stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of the resolutions applicable thereto adopted by the Board of Directors pursuant to the Certificate of Incorporation, and such directors so elected shall not be subject to the provisions of Sections 3.01, 3.11 and 3.12 of this Article 3 unless otherwise provided therein.

ARTICLE 4

OFFICERS

Section 4.01. *Principal Officers.* The principal officers of the Corporation shall be appointed by, or in the manner determined by, the Board of Directors and may consist of a Chief Executive Officer, an Executive Chairman, a President, one or more Vice Presidents, a Treasurer, Assistant Treasurer and one or more Secretaries who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board of Directors may in its discretion appoint. One person may hold the offices and perform the duties of any two or more of said offices, and one office may be held by more than one person and each such person may perform the duties of such office, except that no one person shall hold the offices and perform the duties of President and Secretary/ies.

Section 4.02. *Appointment, Term of Office and Remuneration.* The principal officers of the Corporation shall be appointed by the Board of Directors in the manner determined by the Board of Directors. Each such officer shall hold office for such period as the Board of Directors may from time to time determine and until their successor is appointed, or until their earlier death, resignation, retirement, disqualification or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

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Section 4.03. *Subordinate Officers.* In addition to the principal officers enumerated in Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Assistant Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

Section 4.04. *Removal.* Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05. *Resignations.* Any officer may resign at any time by giving notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). Any such notice must be in writing or by electronic transmission. The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06. *Powers and Duties.* The officers of the Corporation shall have such powers and perform such duties incident to each of their respective offices and such other duties as may from time to time be conferred upon or assigned to them by, or in the manner determined by, or in the manner determined by, the Board of Directors.

ARTICLE 5

CAPITAL STOCK

Section 5.01. *Certificates For Stock; Uncertificated Shares.* The shares of the Corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares or a combination of certificated and uncertificated shares. Any such resolution that shares of a class or series will only be uncertificated shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Except as otherwise required by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by the Chairperson or Vice Chairperson of the Board of Directors, or the Chief Executive Officer, President or Vice President, and by the Treasurer or an Assistant Treasurer, or a Secretary or an Assistant Secretary of the Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

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Section 5.02. *Lost Certificates.* The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it that is alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

Section 5.03. *Shares Without Certificates.* The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with the DGCL.

Section 5.04. *Transfer Of Shares.* Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder's duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder's duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

Section 5.05. *Authority for Additional Rules Regarding Transfer.* The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

ARTICLE 6

INDEMNIFICATION

Section 6.01. *Limited Liability*. As provided in the Certificate of Incorporation, a director and an officer of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer to the fullest extent permitted by applicable law.

Section 6.02. *Right to Indemnification*. (a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or while an officer or director of the Corporation is or was serving at the request of the Corporation as a director or officer of another corporation,

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partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by applicable law. The right to indemnification conferred in this Article 6 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by applicable law. The right to indemnification conferred in this Article 6 shall be a contract right, provided, however, that, except with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by applicable law.

Section 6.03. *Insurance*. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under applicable law.

Section 6.04. *Nonexclusivity of Rights*. The rights and authority conferred in this Article 6 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

Section 6.05. *Preservation of Rights*. Neither the amendment nor repeal of this Article 6, nor the adoption of any provision of the Certificate of Incorporation or these Bylaws, nor, to the fullest extent permitted by applicable law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

ARTICLE 7

GENERAL PROVISIONS

Section 7.01. *Fixing the Record Date.* (a) In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing such record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later

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date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided*, *however*, that the Board of Directors may in its discretion or as required by law fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall fix the same date or an earlier date as the record date for stockholders entitled to notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action without a meeting, when no prior action by the Board of Directors is required by the DGCL, shall be the first date on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by the DGCL, the record date for determining stockholders entitled to consent to corporate action without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

Section 7.02. *Dividends.* Subject to limitations contained in the DGCL and the Certificate of Incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 7.03. *Year.* The fiscal year of the Corporation shall commence on January 1 and end on December 31 of each year.

Section 7.04. *Corporate Seal.* The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

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Section 7.05. *Voting of Stock Owned by the Corporation.* The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 7.06. *Amendments.* The Board of Directors, by the affirmative vote of a majority, shall have the power to adopt, amend or repeal these Bylaws. These bylaws may be altered, amended or repealed, or new Bylaws may be made, by the stockholders of the Corporation in the manner set forth in the Certificate of Incorporation or as otherwise required by applicable law.

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## Exhibit 10.4

**Exhibit 10.4** 

**CLEAR STREET GROUP INC.** 

**FORM OF 2026 OMNIBUS INCENTIVE PLAN** 

Section 1. *Purpose*. The purpose of the Clear Street Group Inc. Omnibus Incentive Plan (as amended from time to time, the "**Plan**") is to motivate and reward employees and other individuals to perform at the highest level and contribute significantly to the success of Clear Street Group Inc. (the "**Company**"), thereby furthering the best interests of the Company and its stockholders.

Section 2. *Definitions*. As used in the Plan, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award**" means any Option, SAR, Restricted Stock, RSU, Performance Award, Other Cash-Based Award or Other Stock-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement**" means any agreement, contract or other instrument or document (including in electronic form) evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Beneficiary**" means a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of a Participant's death. If no such Person can be named or is named by a Participant, or if no Beneficiary designated by a Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at a Participant's death, such Participant's Beneficiary shall be such Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cause**" means, unless expressly overridden in the Participant's Service Agreement, if any, or Award Agreement, the Participant's: (i) intentional wrongdoing, gross negligence or willful misconduct in the performance of the Participant's duties or otherwise in respect of the Company or its Affiliates, (ii) willful, deliberate or negligent conduct that is injurious to the Company or its Affiliates; (iii) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (iv) commission of an act of fraud, embezzlement or misappropriation, (v) material breach of any policies of the Company or its Affiliates or (vi) material breach of any applicable Service Agreement, Award Agreement, noncompetition, nondisclosure or nonsolicitation agreement to which the Participant is a party or by which the Participant is bound (which, for avoidance of doubt, shall exclude the Participant's exercise of whistleblower rights and protections under applicable laws, rules or regulations, including under SEC rules). A termination for Cause shall be deemed to include a determination by the Company following the

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Participant's Termination of Service that circumstances existing prior to such termination would have entitled the Company or one of its Subsidiaries to have terminated such Participant's employment for Cause. Unless otherwise determined by the Company, all rights a Participant has or may have under the Plan shall be suspended automatically during the pendency of any investigation by the Company or its designee, or during any negotiations between the Company or its designee and the Participant, regarding any actual or alleged act or omission by the Participant of the type described in the applicable definition of Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change of Control Transaction**" means any of the following events, in one or a series of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sale of 50% or more of the Company's Class A common stock and Class B common stock (excluding any common stock that does not entitle its holder to share in dividends or proceeds of a liquidation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any merger, consolidation, share exchange, business combination, liquidation, dissolution or other similar transaction involving (A) the Company or (B) any of its subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of the Company or to which 50% or more of the total revenue or operating income of the Company are attributable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any sale, exchange, transfer or other disposition of assets or businesses that constitute or represent 50% or more of the total revenue, operating income or assets of the Company and its subsidiaries, taken as a whole; and

Notwithstanding the foregoing, (A) no Change of Control Transaction shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (B) no Change of Control Transaction shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company. Notwithstanding the foregoing or any provision of any Award Agreement to the contrary, for any Award that provides for accelerated distribution on a Change of Control Transaction of amounts that constitute "deferred compensation" (as defined in Section 409A of the Code), if the event that constitutes such Change of Control Transaction does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed on such Change of Control Transaction but instead shall vest as of such Change of Control Transaction and shall be distributed on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award incurring interest or additional tax under Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Code**" means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Consultant**" means any individual, including an advisor, who is providing services to the Company or any Affiliate or Subsidiary or who has accepted an offer of service or consultancy from the Company or any Affiliate or Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Director**" means any member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Effective Date**" means the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Employee**" means any individual, including any officer, employed by the Company or any Affiliate or Subsidiary, or any prospective employee or officer who has accepted an offer of employment from the Company or any Affiliate or Subsidiary, with the status of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to any requirements of the Code or applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exchange Act**" means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Fair Market Value**" of a Share on a given date means (i) if the Shares are listed on a national securities exchange, the closing price on such date (or, if such date is not a trading day, on the last trading day immediately preceding such date), (ii) if the Shares are not so listed, the fair market value as reasonably determined in good faith by the Committee and (iii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Incentive Stock Option**" means an option representing the right to purchase Shares from the Company, granted pursuant to Section 6, that meets the requirements of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Intrinsic Value**" with respect to an Option or SAR Award means (i) the excess, if any, of the price or implied price per Share in a Change of Control Transaction or other event *over* (ii) the exercise or hurdle price of such Award *multiplied by* (iii) the number of Shares covered by such Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Non-Qualified Stock Option**" means an option representing the right to purchase Shares from the Company, granted pursuant to Section 6, that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Option**" means an Incentive Stock Option or a Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Other Cash-Based Award**" means an Award granted pursuant to Section 11, including cash awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Other Stock-Based Award**" means an Award granted pursuant to Section 11 that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, dividend rights or dividend equivalent rights or Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Participant**" means the recipient of an Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Performance Award**" means an Award granted pursuant to Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Performance Period**" means the period established by the Committee with respect to any Performance Award during which the performance goals specified by the Committee with respect to such Award are to be measured and which, for any Performance Award, shall generally be not less than three years, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Pre-IPO Award**" means an award granted prior to the Effective Date under the Pre-IPO Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Pre-IPO Plan**" means the Clear Street Group Inc. Amended and Restated 2021 Stock Incentive Plan (as may be amended and restated from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Restricted Stock**" means any Share subject to certain restrictions and forfeiture conditions, granted pursuant to Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**RSU**" means a contractual right granted pursuant to Section 9 that is denominated in Shares. Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**SAR**" means a right granted pursuant to Section 7 to receive upon exercise by the Participant or settlement, in cash, Shares or a combination thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise or hurdle price of the right on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Securities Act**" means the Securities Act of 1933, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Securities Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Service Agreement**" means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Share**" means a share of the Company's Class A common stock, $0.00001 par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Subsidiary**" means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or service with a Subsidiary is included within the scope of the Plan shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Substitute Award**" means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or other business acquired by the Company or with which the Company combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Termination of Service**" means, in the case of a Participant who is an Employee, cessation of the employment relationship such that the Participant is no longer an employee of the Company or any Subsidiary, or, in the case of a Participant who is a Consultant, non-employee Director or other service provider, the date the performance of services for the Company or any Subsidiary has ended; *provided*, *however*, that in the case of a Participant who is an Employee, the transfer of employment from the Company to a Subsidiary, from a Subsidiary to the Company, from one Subsidiary to another Subsidiary or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or a Subsidiary as a Director or Consultant shall not be deemed a cessation of service that would constitute a Termination of Service; *provided*, *further*, that a Termination of Service shall be deemed to occur for a Participant employed by, or performing services for, a Subsidiary when such Subsidiary ceases to be a Subsidiary unless such Participant's employment or service continues with the Company or another Subsidiary. Notwithstanding the foregoing, with respect to any Award subject to Section 409A of the Code (and not exempt therefrom), a Termination of Service occurs when a Participant experiences a "separation from service" (as such term is defined under Section 409A of the Code).

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Section 3. *Eligibility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Employee, non-employee Director or Consultant shall be eligible to be selected to receive an Award under the Plan, to the extent that an offer or receipt of an Award is permitted by applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders of equity compensation awards granted by a company that is acquired by the Company (or whose business is acquired by the Company) or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable regulations of any stock exchange on which the Company is listed.

Section 4. *Administration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Administration of the Plan*. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its stockholders, Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delegation of Authority*. To the extent permitted by applicable law, including under Section 152(b) and Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to one or more officers of the Company some or all of its authority under the Plan, including the authority to grant Options and SARs or other Awards in the form of Share rights (except that such delegation shall not apply to any Award for a Person then covered by Section 16 of the Exchange Act), and the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) some or all of its authority under the Plan, including the authority to grant all types of Awards, in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Authority of Committee*. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award and prescribe the form of each Award Agreement, which need not be identical for each Participant; (v) determine whether, to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise), or any combination thereof, or canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) amend terms or conditions of any outstanding Awards; (viii) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem desirable to carry the Plan into effect; (ix) interpret and administer the Plan and any

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instrument or agreement relating to, or Award made under, the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; (xi) adopt, amend and administer one or more subplans, supplements or appendices to the Plan, including for Participants outside the United States, to address applicable local legal and tax considerations and market practices and (xii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

Section 5. *Shares Available for Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided in Section 5(c) and except for Substitute Awards, the maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate [•] Shares. The total number of Shares available for issuance under the Plan shall be increased on each January 1 following the Effective Date up to and including January 1, 2036 in an amount equal to the lesser of (i) 5% of the aggregate number of Shares and shares of the Company's Class B common stock outstanding (on a fully diluted basis) on the last day of the immediately preceding fiscal year and (ii) such number of Shares as determined by the Committee in its discretion. Shares underlying Substitute Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines (whether by way of amalgamation, merger, sale and purchase of shares or other securities or otherwise), appropriately adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Award or Pre-IPO Award is forfeited, cancelled, expires, terminates or otherwise lapses or is settled in cash, in whole or in part, without the delivery of Shares, then the Shares covered by such forfeited, expired, terminated or lapsed Award or Pre-IPO Award shall again be available for grant under the Plan. The following shall become available for issuance under the Plan: (i) any Shares withheld in respect of taxes relating to any Award or Pre-IPO Award and (ii) any Shares tendered or withheld to pay the exercise price of Options or Pre-IPO Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or

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event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, subject to Section 19 and applicable law, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash), any or all of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate limits specified in Section 5(a) and Section 5(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number and type of Shares (or other securities) subject to outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards;

*provided*, *however*, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant who is a non-employee Director may not receive compensation from the Company for any calendar year in excess of $750,000 in the aggregate (or $1,000,000 in the case of the Chairman of the Board), including cash payments and Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to adjustment as provided in Section 5(c)(i), the maximum number of Shares available for issuance with respect to Incentive Stock Options shall be [•].

Section 6. *Options*. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The exercise price per Share under an Option shall be determined by the Committee at the time of grant; *provided*, *however*, that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. The Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee shall determine the methods by which, and the forms in which payment of the exercise price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No grant of Options may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such Options (except as provided under Section 5(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. Incentive Stock Options may be granted only to employees of the Company or of a parent or subsidiary corporation (as defined in Section 424 of the Code).

Section 7. *Stock Appreciation Rights*. The Committee is authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SARs may be granted under the Plan to Participants either alone ("freestanding") or in addition to other Awards granted under the Plan ("tandem") and may, but need not, relate to a specific Option granted under Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise or hurdle price per Share under a SAR shall be determined by the Committee; *provided*, *however*, that, except in the case of Substitute Awards, such exercise or hurdle price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. The Committee shall determine the time or times at which a SAR may be exercised or settled in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise or hurdle price of such SAR. The Company shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No grant of SARs may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such SARs (except as provided under Section 5(c)).

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Section 8. *Restricted Stock.* The Committee is authorized to grant Awards of Restricted Stock to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of Restricted Stock shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the restrictions set forth in the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder with respect to Awards of Restricted Stock, including the right to vote such Shares of Restricted Stock and the right to receive dividends, as long as the Participant is a holder of such Awards of Restricted Stock and provided that any dividends shall be subject to the same vesting conditions as the underlying Award and shall not be paid until the Award vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividends or other distributions paid on Awards of Restricted Stock prior to vesting be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividends or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as the underlying Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Award of Restricted Stock may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Committee may provide in an Award Agreement that an Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Restricted Stock, such Participant shall be required to file promptly a copy of such election with the Company and the applicable Internal Revenue Service office.

Section 9. *RSUs.* The Committee is authorized to grant Awards of RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule and the delivery schedule (which may include deferred delivery later than the vesting date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of RSUs shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An RSU shall not convey to a Participant any rights and privileges of a stockholder with respect to the Share subject to such RSU, such as the right to vote or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such RSU.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividend equivalents or other distributions paid on Awards of RSUs prior to vesting or settlement, as applicable, be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as such Awards. Notwithstanding the foregoing, no dividend equivalents shall be paid on unearned Performance Awards until the performance conditions are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares delivered upon the vesting and settlement of an RSU Award may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Committee may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made.

Section 10. *Performance Awards.* The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Performance Awards may be denominated as a cash amount, number of Shares or units or a combination thereof and are Awards that may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the grant to a Participant or the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award and any other terms and conditions of any Performance Award shall be determined by the Committee. Performance criteria may be measured on an absolute (*e.g.*, plan or budget) or relative basis, and may be established on a corporate-wide basis, with respect to one or more business units, divisions, Subsidiaries or business segments, or on an individual basis. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the

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performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable such that it does not provide any undue enrichment or harm. Performance measures may vary from Performance Award to Performance Award and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 10(b) as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Performance Award shall not convey to a Participant any rights and privileges of a stockholder with respect to the Share subject to such Performance Award, such as the right to vote (except as relates to Restricted Stock) or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such Performance Award. The Committee, in its sole discretion, may provide that a Performance Award shall convey the right to receive dividend equivalents on the Shares subject to such Performance Award with respect to any dividends declared during the period that such Performance Award is outstanding, in which case, such dividend equivalent rights shall accumulate and shall be paid in cash or Shares on the settlement date of the Performance Award, subject to the Participant's earning of the Shares with respect to which such dividend equivalents are paid upon achievement or satisfaction of performance conditions specified by the Committee. Shares delivered upon the vesting and settlement of a Performance Award may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration. For the avoidance of doubt, unless otherwise determined by the Committee, no dividend equivalent rights shall be provided with respect to any Shares subject to Performance Awards that are not earned or otherwise do not vest or settle pursuant to their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award.

Section 11. *Other Cash-Based Awards and Other Stock-Based Awards.* The Committee is authorized, subject to limitations under applicable law, to grant Other Cash-Based Awards (either independently or as an element of or supplement to any other Award under the Plan) and Other Stock-Based Awards. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, and paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property, net settlement, broker-assisted cashless exercise or any combination thereof, as the Committee shall determine; *provided* that the purchase price therefor shall not be less than the Fair Market Value of such Shares on the date of grant of such right.

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Section 12. *Effect of Termination of Service or a Change of Control Transaction on Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may provide, by rule or regulation or in any applicable Award Agreement, or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant's Termination of Service prior to the end of a Performance Period or vesting, exercise or settlement of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the last sentence of Section 2(jj), the Committee may determine, in its discretion, whether, and the extent to which, (i) an Award will vest during a leave of absence, (ii) a reduction in service level (for example, from full-time to part-time employment) will cause a reduction, or other change, to an Award and (iii) a leave of absence or reduction in service will be deemed a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a Change of Control Transaction, the Committee may, in its sole discretion, and on such terms and conditions as it deems appropriate, take any one or more of the following actions with respect to any outstanding Award, which need not be uniform with respect to all Participants and/or Awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) continuation or assumption of such Award by the Company (if it is the surviving corporation) or by the successor or surviving entity or its parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) substitution or replacement of such Award by the successor or surviving entity or its parent with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary thereof), with substantially the same terms and value as such Award (including any applicable performance targets or criteria with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acceleration of the vesting of such Award and the lapse of any restrictions thereon and, in the case of an Option or SAR Award, acceleration of the right to exercise such Award during a specified period (and the termination of such Option or SAR Award without payment of any consideration therefor to the extent such Award is not timely exercised), in each case, either (A) immediately prior to or as of the date of the Change of Control Transaction, (B) upon a Participant's involuntary Termination of Service (including upon a termination of the Participant's employment by the Company (or a successor corporation or its parent) without Cause, by a Participant for "good reason" and/or due to a Participant's death or "disability", as such terms may be defined in the applicable Award Agreement and/or a Participant's Service Agreement, as the case may be) on or within a specified period following the Change of Control Transaction or (C) upon the failure of the successor or surviving entity (or its parent) to continue or assume such Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Performance Award, determination of the level of attainment of the applicable performance condition(s); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancellation of such Award in consideration of a payment, with the form, amount and timing of such payment determined by the Committee in its sole discretion, subject to the following: (A) such payment shall be made in cash, securities, rights and/or other property; (B) the amount of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; *provided* that, in the case of an Option or SAR Award, if such value equals the Intrinsic Value of such Award, such value shall be deemed to be valid; *provided further* that, if the Intrinsic Value of an Option or SAR Award is equal to or less than zero, the Committee may, in its sole discretion, provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the event of a Change of Control Transaction, the Committee may, in its sole discretion, terminate any Option or SAR Awards for which the exercise or hurdle price is equal to or exceeds the per Share value of the consideration to be paid in the Change of Control Transaction without payment of consideration therefor); and (C) such payment shall be made promptly following such Change of Control Transaction or on a specified date or dates following such Change of Control Transaction; *provided* that the timing of such payment shall comply with Section 409A of the Code.

Section 13. *General Provisions Applicable to Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards shall be granted for such cash or other consideration, if any, as the Committee determines; *provided* that in no event shall Awards be issued for less than such minimal consideration as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant other than by will or pursuant to Section 13(e) and (ii) during a Participant's lifetime, each Award, and each right under any Award, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant's guardian or legal representative. The provisions of this Section 13(d) shall not apply to any Award that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant may designate a Beneficiary or change a previous Beneficiary designation only at such times as prescribed by the Committee, in its sole discretion, and only by using forms and following procedures approved or accepted by the Committee for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All certificates, if any, for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee may impose restrictions on any Award with respect to non-competition, non-solicitation, confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or appropriate in its sole discretion, which such restrictions may be set forth in any applicable Award Agreement or otherwise.

Section 14. *Amendments and Terminations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment or Termination of the Plan*. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; *provided*, *however*, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) stockholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) subject to

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Section 5(c) and Section 12, the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 18. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dissolution or Liquidation*. In the event of the dissolution or liquidation of the Company, each Award shall terminate immediately prior to the consummation of such action, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Awards*. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted (including by substituting another Award of the same or a different type), prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; *provided*, *however*, that, subject to Section 5(c) and Section 12, no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except (x) to the extent any such action is made to cause the Plan or Award to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with Section 18. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repricing*. The Committee may, without the approval of the Company's stockholders: (1) amend any outstanding Option, SAR or similar Award granted under the Plan to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option, SAR or similar Award, (2) cancel any outstanding Option, SAR or similar Award (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan covering the same or a different number of shares of Common Stock and having an exercise or measurement price per share lower than the then-current exercise price per share of the cancelled Option, (3) cancel in exchange for a cash payment any outstanding Option, SAR or similar Award with an exercise price per share above the then-current fair market value of the Common Stock (valued in the manner determined or approved by the Board) or (4) take any other action under the Plan that constitutes a "repricing" within the meaning of the rules of the applicable exchange on which the Company is listed.

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Section 15. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Employee, Consultant, non-employee Director, Participant, or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate. Further, the Company or any applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding on the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No payment pursuant to the Plan shall be taken into account in determining any benefits under any severance, pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate, except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, including the grant of options and other stock-based awards, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes and, unless otherwise determined by the Committee in its discretion, to the extent such withholding would not result in liability classification of such Award (or any portion thereof).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Awards may be granted to Participants who are non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the United States as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Participants on assignments outside their home country.

Section 16. *Effective Date of the Plan.* The Plan shall be effective as of the Effective Date.

Section 17. *Term of the Plan.* The Committee may suspend or terminate the Plan at any time. No Awards shall be granted under the Plan after the tenth anniversary of the earlier of (i) the date the Plan is adopted by the Board or (ii) the date the Plan is approved by the stockholders of the Company. In addition, no Award shall be granted under the Plan after the earlier to occur of (i) the maximum number of Shares available for issuance under the Plan have been issued; or (ii) the Board terminates the Plan in accordance with Section 14(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

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Section 18. *Cancellation or "Clawback" of Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may specify in an Award Agreement that a Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome), violation of material policies, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants, or requirements to comply with minimum share ownership requirements, that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary contained herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to any clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant or any Shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards.

Section 19. *Section 409A of the Code.* With respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Board considers a Participant to be a "specified employee" under Section 409A of the Code at the time of such Participant's "separation from service" (as defined in Section 409A of the Code), and any amount hereunder is "deferred compensation" subject to Section 409A of the Code, any distribution of such amount that otherwise would be made to such Participant with respect to an Award as a result of such "separation from service" shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Participant's incurring interest or additional tax under Section 409A of the Code. If an Award includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if an Award includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a Participant's right to such dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A of the Code.

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Section 20. *Successors and Assigns*. The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c).

Section 21. *Data Protection*. In connection with the Plan, the Company or its Affiliates, as applicable, may need to process personal data (as such term, "personal information," "personally identifiable information," or any other term of comparable intent is defined under applicable laws or regulations, in each case to the extent applicable) provided by the Participant to, or otherwise obtained by, the Company or its Affiliates, their respective third party service providers or others acting on the Company's or its Affiliates' behalf. Examples of such personal data may include, without limitation, the Participant's name, account information, social security number, tax number and contact information. The Company or its Affiliates may process such personal data for the performance of the contract with the Participant in connection with the Plan and in its legitimate business interests for all purposes relating to the operation and performance of the Plan, including but not limited to**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) administering and maintaining Participant records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) providing the services described in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing information to future purchasers or merger partners of the Company or any Affiliate, or the business in which such Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) responding to public authorities, court orders and legal or regulatory investigations and complying with laws and regulations, as applicable.

The Company or its Affiliates may share the Participant's personal data with (i) Affiliates, (ii) trustees of any employee benefit trust, (iii) registrars, (iv) brokers, (v) third party administrators of the Plan, (vi) third party service providers acting on the Company's or its Affiliates' behalf to provide the services described above, (vii) future purchasers or merger partners (as described above) or (viii) regulators and others, as required by applicable laws and regulations or in order to provide the services described in the Plan.

If necessary, the Company or its Affiliates may transfer the Participant's personal data to any of the parties mentioned above in a country or territory that may not provide the same protection for the information as the Participant's home country. Any transfer of the Participant's personal data to recipients in a third country will be made subject to appropriate safeguards or applicable derogations provided for, and to the extent required, under applicable law. Further information on those safeguards or derogations can be obtained through, and other questions regarding this Section 21 may be directed to, the contact set forth in the applicable employee privacy notice or other privacy policy that has previously been made available by the Company or its applicable Affiliate to the Participant (as applicable, and as updated from time to time by the Company or its

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applicable Affiliate upon notice to the Participant, the "**Employee Privacy Notice**").The terms set forth in this Section 21 are supplementary to the terms set forth in the Employee Privacy Notice (which, among other things, further describes the Company's and its Affiliates' processing activities, and the rights of the Participant with respect to the Participant's personal data); provided that, in the event of any conflict between the terms of this Section 21 and the terms of the Employee Privacy Notice, the terms of this Section 21 shall govern and control in relation to the Plan and any personal data of the Participant to the extent collected in connection therewith.

The Company and its Affiliates will keep personal data collected in connection with the Plan for as long as necessary to operate the Plan or as necessary to comply with any legal or regulatory requirements and in accordance with the Company and its Affiliates' backup and archival policies and procedures.

Certain Participants may have a right, as further described in the Employee Privacy Notice, to (i) request access to and rectification or erasure of the personal data provided, (ii) request the restriction of the processing of his or her personal data, (iii) object to the processing of his or her personal data, (iv) receive the personal data provided to the Company or its Affiliates and transmit such data to another party, and (v) to lodge a complaint with a supervisory authority.

Section 22. *Governing Documents*. In the event of any express action between the Plan and any Service Agreement or Award Agreement or any other written agreement between a Participant and the Company or any Affiliate, the express terms of the Plan shall govern, unless it is expressly specified in such Award Agreement or other written document that such express provision of the Plan shall not apply.

Section 23. *Governing Law*. The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

Section 24. *Severability*. In the event that any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

Section 25. *Conformity to Securities Laws*. The Plan is intended to conform to the extent necessary with all provisions of the Securities Act, the Exchange Act and any and all regulations and rules promulgated under any of the foregoing, as well as any similar laws, regulations and rules outside of the United States, to the extent the Company, any of its Affiliates or any Participant is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall be administered, and Awards shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and Awards granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

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Section 26. *Notices*. Except as provided otherwise in the Plan or an Award Agreement, all notices and other communications required or permitted to be given under this Plan or any Award Agreement shall be in writing and shall be deemed to have been given if delivered personally, sent by email or any other form of electronic transfer approved by the Committee, sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, (i) in the case of notices and communications to the Company, to its current business address and to the attention of the Corporate Secretary of the Company or (ii) in the case of a Participant, to the last known address, or email address or, where the Participant is an employee of the Company or one of its Subsidiaries, to the Participant's workplace address or email address or by other means of electronic transfer acceptable to the Committee. All such notices and communications shall be deemed to have been received on the date of delivery, if sent by email or any other form of electronic transfer, at the time of dispatch or on the third business day after the mailing thereof.

## Exhibit 10.5

**Exhibit 10.5** 

**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF NOTICE OF OPTION AWARD GRANT (EMPLOYEE)** 

The participant whose name appears below (the "**Participant**") has been granted an Award of Options (the "**Options**") under the Clear Street Group Inc. (the "**Company**") 2026 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Option Award Grant (the "**Notice of Grant**") and the attached Option Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

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| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Award Type** |  |
| **Date of Grant**: |  |
| **Exercise Price**: | $per Share |
| **Number of Shares Subject to Options**: |  |
| **Vesting Conditions**: | Except as set forth in Section 3 of the Agreement, the Options shall vest and become exercisable in three equal installments on each of the first three anniversaries of the Date of Grant (each such date, a "vesting date"), subject to the Participant's continuous service with the Company or one of its Affiliates or Subsidiaries through each applicable vesting date. For the avoidance of doubt, one-third (1/3) of the Options shall vest and become exercisable on the first anniversary of the Date of Grant (the "**Initial Vesting Date**"), one-third (1/3) of the Options shall vest and become exercisable on the second anniversary of the Date of Grant and the remaining one-third (1/3) of the Options shall vest and become exercisable on the third anniversary of the Date of Grant, in each case subject to the Participant's continuous service through such applicable vesting dates. |

---

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The Participant understands that their service relationship with the Company is for an unspecified duration and can be terminated at any time and that nothing in this Notice of Grant, the Agreement or the Plan changes the nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

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IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

---

| | | |
|:---|:---|:---|
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** | **PARTICIPANT** |
|  By: |  |  |
|  | Name: | Name: |
|  | Title: |  |

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**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF OPTION AWARD AGREEMENT** 

Section 1. *Grant of Options*. Each Option shall represent the right to purchase from the Company, upon exercise as set forth in Section 5, one Share, at the Exercise Price set forth above upon the vesting of such Option, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The number of Options is set forth in the Notice of Grant.

Section 2. *Vesting*. The Options shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company or any Subsidiary through each applicable vesting date.

Section 3. *Termination of Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Rule</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason other than due to death or Disability (as defined below) or for Cause, then (i) any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service and (ii) all vested but unexercised Options may be exercised by the Participant for a period of 90 days following the date of Termination of Service (or, if earlier, the Expiration Date (as defined below)). The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event that the Participant's status changes between full- and part-time status or in the event of a change in role to or from Employee, Director or Consultant in accordance with Company policies relating to work schedules and vesting of awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death; Disability</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service due to their death or Disability prior to the satisfaction of the Vesting Conditions, then, to the extent unvested, (i) if such Termination of Service occurs on or prior to the Initial Vesting Date, the Participant will vest in a prorated portion of the Options that would have vested had the Participant remained employed through the Initial Vesting Date, with such number of Options determined based on the number of months completed following the Date of Grant and (ii) if such Termination of Service occurs following the Initial Vesting Date, the Participant will vest in the next tranche of Options that would have vested had the Participant remained employed through the following monthly vesting date. Any Options that have not satisfied the Vesting Conditions shall be forfeited for no consideration. In the event of the Participant's Termination of Service due to death or Disability, the Participant (or the Participant's Beneficiary or other guardian or legal representative, if applicable) may exercise any vested Options until the first anniversary of the date of Termination of Service (or, if earlier, the Expiration Date).

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"Disability" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; *provided* that, for Incentive Stock Options, "Disability" shall mean total and permanent disability as defined in Section 22(e)(3) of the Code; *provided*, *further*, that, if and to the extent that the Participant's disability is a trigger for the payment of "deferred compensation" (as defined in Section 409A), "Disability" means that the Participant is "disabled" as defined in Section 409A(a)(2)(C) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination for Cause</u>. If the Participant experiences a Termination of Service for Cause, all outstanding Options, whether vested and unvested, will be immediately forfeited for no consideration and will not be eligible to be exercised upon such Termination of Service.

Section 4. *Term*. The term of the Options shall expire on the tenth anniversary of the Date of Grant (the "**Expiration Date**"), unless terminated earlier in accordance with this Agreement or the Plan. In no event may any portion of the Options be exercised after the Expiration Date.

Section 5. *Exercise*. To the extent that the Options have become vested and exercisable in accordance with Section 2 and Section 3, the Options may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the Expiration Date. To exercise the Options, the Participant must comply with Section 7 and (a) deliver to the Company a written notice specifying the number of Shares to be purchased; and (b) remit the aggregate Exercise Price to the Company in full, payable in the manner determined by the Committee from time to time in its sole discretion, which may include: (A) in cash or by check, bank draft or money order payable to the order of the Company; (B) through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon exercise of the Options and to deliver promptly to the Company an amount of the proceeds of such sale equal to the aggregate Exercise Price; (C) by a "net exercise" under which the Company reduces the number of Shares otherwise issuable to the Participant upon such exercise by the number of Shares with an aggregate Fair Market Value that equals the aggregate Exercise Price; or (D) any other method acceptable to the Committee.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the Options shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the Options as provided herein, unless and until payment is made in respect of vested Options in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder. During the lifetime of the Participant, the Options may be exercised only by the Participant or the Participant's guardian or legal representative.

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Section 7. *Tax Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or exercise of the Award, the subsequent sale of Shares acquired upon exercise of the Award and the receipt of any dividends and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company, or its respective agents, at its discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the Company from time to time, which may include: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company; (iii) through a procedure whereby the Participant delivers or is deemed to deliver irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon exercise of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a "net settlement" under which the Company reduces the number of Shares issued on exercise of the Award by the number of Shares with an aggregate Fair Market Value that equals the amount of the Tax-Related Items associated with such exercise; or (v) any other method of withholding determined by the Company and permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the exercised Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Participant fails to comply with the Participant's obligations in connection with the Tax-Related Items.

Section 8. *Rights as a Stockholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the Options prior to the exercise of the Options.

Section 9. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally, sent by email or any other form of electronic transfer approved by the Committee, sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

If to the Company:

Clear Street Group Inc.

150 Greenwich Street, 45th Floor

New York, NY 10007

Attention:

Email:

If to the Participant, to the address of the Participant on file with the Company.

Section 10. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the Options. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the Options to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the Options are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the Options granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the Options pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. The Company and the Participant hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with the Plan or this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the "**Delaware Court**"), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with the Plan or this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. Alternatively, any dispute, controversy or claim arising out of or related to the Plan or this Agreement may be submitted to and decided, at the Participant's option, by binding arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.6

**Exhibit 10.6** 

**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF NOTICE OF RESTRICTED STOCK UNIT AWARD GRANT** 

**(EMPLOYEE)** 

The participant whose name appears below (the "**Participant**") has been granted an Award of Restricted Stock Units (the "**RSUs**") under the Clear Street Group Inc. (the "**Company**") 2026 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Restricted Stock Unit Award Grant (the "**Notice of Grant**") and the attached Restricted Stock Unit Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

---

| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Date of Grant**: |  |
| **Number of RSUs**: |  |
| **Vesting Conditions**: | Except as set forth in Section 3 of the Agreement, the RSUs shall vest in three equal installments on each of the first three anniversaries of the Date of Grant (each such date, a "vesting date"), subject to the Participant's continuous service with the Company or one of its Affiliates or Subsidiaries through each applicable vesting date.<br>For the avoidance of doubt, one-third (1/3) of the RSUs shall vest on the first anniversary of the Date of Grant (the "**Initial Vesting Date**"), one-third (1/3) of the RSUs shall vest on the second anniversary of the Date of Grant and the remaining one-third (1/3) of the RSUs shall vest on the third anniversary of the Date of Grant, in each case subject to the Participant's continuous service through such applicable vesting dates. |

---

The Participant understands that their service relationship with the Company is for an unspecified duration and can be terminated at any time and that nothing in this Notice of Grant, the Agreement or the Plan changes the nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

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IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

---

| | | |
|:---|:---|:---|
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** | **PARTICIPANT** |
| By: |  |  |
|  | Name: | Name: |
|  | Title: |  |

---

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**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF EMPLOYEE RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Section 1. *Grant of RSUs*. Each RSU shall represent the right to receive one Share upon the vesting of such RSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The number of RSUs is set forth in the Notice of Grant.

Section 2. *Vesting*. The RSUs shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company or any Subsidiary through each applicable vesting date.

Section 3. *Termination of Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Rule</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason other than due to death or Disability (as defined below), then any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service. The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event that the Participant's status changes between full- and part-time status or in the event of a change in role to or from Employee, Director or Consultant in accordance with Company policies relating to work schedules and vesting of awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death; Disability</u>. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service due to their death or Disability prior to the satisfaction of the Vesting Conditions, then, to the extent unvested, (i) if such Termination of Service occurs on or prior to the Initial Vesting Date, the Participant will vest in a prorated portion of the RSUs that would have vested had the Participant remained employed through the Initial Vesting Date, with such number of RSUs determined based on the number of months completed following the Date of Grant and (ii) if such Termination of Service occurs following the Initial Vesting Date, the Participant will vest in the next tranche of RSUs that would have vested had the Participant remained employed through the following vesting date. Any RSUs that have not satisfied the Vesting Conditions shall be forfeited for no consideration.

"Disability" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided that, if and to the extent that the Participant's disability is a trigger for the payment of "deferred compensation" (as defined in Section 409A), "Disability" means that the Participant is "disabled" as defined in Section 409A(a)(2)(C) of the Code.

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Section 4. *Settlement*. Except as otherwise set forth in the Plan, the RSUs will be settled in Shares and the Participant shall receive Shares that correspond to the number of RSUs that have become vested as of the applicable vesting date, which shall be delivered on the date that as soon as reasonably practicable following the applicable vesting date, as determined in the sole discretion of the Committee, but in no event later than sixty (60) days following the applicable vesting date.

Section 5. *Dividend Equivalent Payments*. Until the RSUs settle in the manner set forth in Section 4, if the Company pays a dividend on Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Shares in respect of his or her vested and unvested RSUs held but not previously forfeited immediately prior to the record date of the dividend (a "**Dividend Equivalent**"). No such Dividend Equivalents will be paid to the Participant with respect to any RSU that is thereafter cancelled or forfeited prior to the applicable vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in cash, Shares, or a combination thereof. The Company will pay the Dividend Equivalents as soon as reasonably practicable following the vesting date of the RSUs to which such Dividend Equivalents relate, but in no event later than sixty (60) days following the applicable vesting date.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the RSUs shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder.

Section 7. *Tax Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company, or its respective agents, at its discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the Company from time to time, which may include: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company; (iii) through a procedure whereby the Participant delivers or is deemed to deliver irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon settlement of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a "net settlement" under which the Company reduces the number of Shares issued on settlement of the Award by the number of Shares with an aggregate Fair Market Value that equals the amount of the Tax-Related Items associated with such settlement; or (v) any other method of withholding determined by the Company and permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the settled Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Participant fails to comply with the Participant's obligations in connection with the Tax-Related Items.

Section 8. *Rights as a Stockholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the RSUs prior to the settlement of the RSUs other than the rights set forth herein.

Section 9. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally, sent by email or any other form of electronic transfer approved by the Committee, sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

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If to the Company:

Clear Street Group Inc.

150 Greenwich Street, 45th Floor

New York, NY 10007

Attention:

Email:

If to the Participant, to the address of the Participant on file with the Company.

Section 10. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the RSUs. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the RSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the RSUs are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the RSUs granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSU pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. The Company and the Participant hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with the Plan or this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the "**Delaware Court**"), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with the Plan or this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. Alternatively, any dispute, controversy or claim arising out of or related to the Plan or this Agreement may be submitted to and decided, at the Participant's option, by binding arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.7

**Exhibit 10.7** 

**CLEAR STREET GROUP INC.** 

**FORM OF 2026 EMPLOYEE STOCK PURCHASE PLAN** 

Section 1. *Purpose.* This Clear Street Group Inc. 2026 Employee Stock Purchase Plan (the "**Plan**") is intended to provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of Shares. The Plan has two components: (a) one component (the "**423 Component**") is intended to qualify as an "employee stock purchase plan" under Section 423(b) of the Code, and the Plan will be interpreted in a manner that is consistent with that intent, and (b) the other component (the "**Non-423 Component**"), which is not intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, authorizes the grant of options pursuant to rules, procedures or sub-plans adopted by the Committee that are designed to achieve tax, securities laws or other objectives for Eligible Employees. Offerings under the Non-423 Component may be made to Eligible Employees in non-U.S. jurisdictions or to any other employees as the Committee determines in its discretion. Rights granted under the Non-423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Committee and designed to achieve tax, securities laws or other objectives for Eligible Employees, the Company and Participating Subsidiaries but shall not be intended to qualify as an "employee stock purchase plan" under Section 423 of the Code. Except as otherwise provided herein or as may be determined by the Committee, the Non-423 Component will operate and be administered in the same manner as the 423 Component. Offerings intended to be made under the Non-423 Component will be designated as such by the Committee at or prior to the time of such Offering and unless designated as a Non-423 Component, any Offering will be deemed a 423 Component Offering. For purposes of this Plan, the Committee may designate separate Offerings under the Plan in which Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical; *provided* that the terms of participation are the same within each separate Offering under the 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous Offerings under the 423 Component and the Non-423 Component of the Plan.

Section 2. *Definitions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administrator**" means the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Board**" means the Board of Directors of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Change of Control Transaction**" means any of the following events, in one or a series of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sale of 50% or more of the Company's Class A common stock and Class B common stock (excluding any common stock that does not entitle its holder to share in dividends or proceeds of a liquidation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any merger, consolidation, share exchange, business combination, liquidation, dissolution or other similar transaction involving (A) the Company or (B) any of its subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of the Company or to which 50% or more of the total revenue or operating income of the Company are attributable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any sale, exchange, transfer or other disposition of assets or businesses that constitute or represent 50% or more of the total revenue, operating income or assets of the Company and its subsidiaries, taken as a whole; and

Notwithstanding the foregoing, (A) no Change of Control Transaction shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (B) no Change of Control Transaction shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company. Notwithstanding the foregoing or any provision of any Award Agreement to the contrary, for any Award that provides for accelerated distribution on a Change of Control Transaction of amounts that constitute "deferred compensation" (as defined in Section 409A of the Code), if the event that constitutes such Change of Control Transaction does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed on such Change of Control Transaction but instead shall vest as of such Change of Control Transaction and shall be distributed on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award incurring interest or additional tax under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Company**" means Clear Street Group Inc., a Delaware corporation, including any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Compensation**" means, unless otherwise determined by the Administrator, base salary, wages, annual bonuses and commissions paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary as reflected in the Company's payroll records, before deduction for any salary deferral contributions made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay and parental leave pay, but excluding education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, and income received in connection with equity-based awards. The Administrator, in its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of Compensation for a subsequent Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Designated Broker**" means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased Shares under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Effective Date**" means the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Eligible Employee**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the 423 Component, any Employee of the Company or a Participating Subsidiary, subject to the exclusions the Administrator may apply on a uniform and nondiscriminatory basis in accordance with Treas. Reg. §1.423-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to the Non-423 Component, such Employees as determined by the Committee.

The Administrator, in its discretion, from time to time may, prior to an Offering Date for all options to be granted on such Offering Date in an Offering, determine (for each Offering under the 423 Component, on a uniform and nondiscriminatory basis or as otherwise permitted by Treasury Regulation Section 1.423-2) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion); (ii) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion); (iii) customarily works not more than five (5) months per calendar

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year (or such lesser period of time as may be determined by the Administrator in its discretion); (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code; or (v) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act; *provided* the exclusion is applied with respect to each Offering under the 423 Component in an identical manner to all highly compensated individuals of the Employer whose Eligible Employees are participating in that Offering under the 423 Component. Each exclusion will be applied with respect to an Offering in a manner complying with U.S. Treasury Regulation Section 1.423-2(e)(2)(ii). Such exclusions may be applied with respect to an Offering under the Non-423 Component without regard to the limitations of Treasury Regulation Section 1.423-2. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Employee**" means any individual, including any officer, employed by the Company, Affiliate or any Participating Subsidiary or any prospective employee or officer who has accepted an offer of employment from the Company or any Participating Subsidiary, with the status of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to any requirements of the Code or applicable laws. With respect to the 423 Component, "**Employee**" means a person who is an employee within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time specified in Treasury Regulation Section 1.421-1(h)(2), and the individual's right to re-employment is not guaranteed by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Enrollment Form**" means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**ESPP Share Account**" means an account into which Shares purchased with accumulated payroll deductions at the end of an Offering Period are held on behalf of a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Fair Market Value**" of a Share on a given date means (i) if the Shares are listed on a national securities exchange, the closing price on such date (or, if such date is not a trading day, on the last trading day immediately preceding such date), (ii) if the Shares are not so listed, the fair market value as reasonably determined in good faith by the Committee and (iii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Offering Date**" means the first Trading Day of each Offering Period as designated by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Offering or Offering Period**" means, unless otherwise determined by the Committee, a period of approximately 6 months in duration beginning on the first Trading Day on or after each January 1 and July 1 of each year (or such other dates as the Committee may designate); *provided* that, pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months) and/or the start and end dates of future Offering Periods. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the 423 Component need not be identical; *provided* that the terms of the 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Participant**" means an Eligible Employee who is actively participating in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Participating Subsidiaries**" means the Subsidiaries that have been designated as eligible to participate in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. For purposes of the 423 Component, any Subsidiary of the Company from time to time may be a Participating Subsidiary; *provided*, *however*, that at any given time, a Subsidiary that is a Participating Subsidiary under the 423 Component will not be a Participating Subsidiary under the Non-423 Component. The Committee may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Plan**" means this Clear Street Group Inc. 2026 Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Purchase Date**" means one or more dates during an Offering selected by the Committee on which the Participant's option to purchase Shares will be exercised and on which purchases of shares will be carried out in accordance with such Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Purchase Price**" means a price that is not less than the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a Share on the Offering Date or (ii) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a Share on the Purchase Date, whichever is lower; *provided* that the Purchase Price per Share will in no event be less than the par value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Securities Act**" means the Securities Act of 1933, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Securities Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **"Share"** means a share of the Company's Class A common stock, $0.00001 par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Subsidiary**" means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity. In all cases, the determination of whether an entity is a Subsidiary shall be made in accordance with Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Trading Day**" means any day on which the national stock exchange upon which the Shares are listed is open for trading or, if the Shares are not listed on an established stock exchange or national market system, a business day, as determined by the Committee in good faith.

Section 3. *Administration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administration of the Plan</u>. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its stockholders, Participants and any beneficiaries thereof. All expenses of administering the Plan will be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delegation of Authority</u>. To the extent permitted by applicable law, the Committee may delegate to (i) one or more officers of the Company some or all of its authority under the Plan (except that such delegation shall not apply to any Employee then covered by Section 16 of the Exchange Act) and (ii) one or more committees of the Board (which may consist of solely one member of the Board) some or all of its authority under the Plan in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority of the Committee</u>. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) construe and interpret the Plan, prescribe, amend and rescind rules relating to the Plan's administration, and take any other actions necessary or desirable for the administration of the Plan, including without limitation adopting sub-plans or special rules applicable to Participants in particular Participating Subsidiaries or locations, which sub-plans or special rules may be designed to be outside the scope of Section 423 of the Code and under the Non-423 Component; (ii) correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan; (iii) notwithstanding anything in

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the Plan to the contrary and without limiting the generality of the foregoing, change the duration, frequency, start and end dates of any Offering Period pursuant to Section 5, the minimum and maximum amounts of Compensation for payroll deductions pursuant to Section 6(a), the frequency with which a Participant may elect to change his or her rate of payroll deductions pursuant to Section 6(b), the dates by which a Participant is required to submit an Enrollment Form pursuant to Section 6(b) and Section 10(a), the effective date of a Participant's withdrawal due to termination or transfer of employment or change in status pursuant to Section 11, and the withholding procedures pursuant to Section 18(m) and (iv) adopt, amend and administer one or more subplans, supplements or appendices to the Plan, including for Participants outside the United States, to address applicable local legal and tax considerations and market practices. With respect to the Non-423 Component, the rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 14 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan.

Section 4. *Eligibility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Eligibility Generally</u>. Unless otherwise determined by the Committee in a manner that is consistent with Section 423 of the Code, any individual who is an Eligible Employee as of the last day of the enrollment period designated by the Committee for a particular Offering Period will be eligible to participate in such Offering Period. In order to participate in an Offering, any individual who is an Eligible Employee must deliver a completed Enrollment Form to the Company no later than fifteen (15) calendar days (or such shorter period as the Administrator may permit) prior to the applicable Offering Date and must elect his or her payroll deduction as described in Section 6. For clarity, unless otherwise determined by the Committee, an individual who first becomes an Eligible Employee less than 15 calendar days prior to the Offering Date will not be eligible to participate in such Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitations on Participation</u>. Notwithstanding any provision of the Plan to the contrary, for the 423 Component of the Plan, no Eligible Employee shall be granted an option under the Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own stock of the Company or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit such Eligible Employee's rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds twenty-five thousand dollars ($25,000) of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such option is outstanding at any time, in accordance with the provisions of Section 423(b)(8) of the Code.

Section 5. *Offering Periods*. The Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods.

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Section 6. *Participation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Enrollment; Payroll Deductions</u>. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, which may be electronic, subject to Section 4(b) hereof, the Eligible Employee authorizes payroll deductions from his or her paycheck in an amount equal to at least one percent (1%), but not more than fifteen percent (15%) of his or her Compensation on each pay day occurring during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins), with an annual maximum aggregate limit of $25,000. Payroll deductions shall commence on the first payroll date following the Offering Date and end on the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments to the Plan. If payroll deductions for purposes of the Plan are prohibited or otherwise problematic under applicable law (as determined by the Committee in its discretion), the Committee may permit Participants to contribute to the Plan by such other means as determined by the Committee. Any reference to "payroll deductions" in this Section 6(a) (or in any other section of the Plan) will similarly cover contributions by other means made pursuant to this Section 6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Election Changes</u>. During an Offering Period, unless otherwise determined by the Committee, a Participant may decrease or increase) his or her rate of payroll deductions applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least 15 calendar days before the Purchase Date. A Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least 15 calendar days before the start of the next Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Re-enrollment</u>. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b), (ii) withdraws from the Plan in accordance with Section 10, or (iii) terminates employment or otherwise becomes ineligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-U.S. Employees</u>. In order to facilitate participation in the Plan, the Committee may provide for such special terms applicable to Participants who are citizens or residents of a non-U.S. jurisdiction, or who are employed by a Participating Subsidiary outside of the United States, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the 423 Component, such special terms may not

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be more favorable than the terms of rights granted under the 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under the 423 Component or the Non-423 Component, as determined by the Committee). With respect to the Non-423 Component only, to the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. Without limiting the foregoing, the Committee is specifically authorized to adopt rules and procedures, with respect to Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, the handling of payroll deductions or other contributions by Participants, the payment of interest, the conversion of local currency, data privacy security, payroll tax, withholding procedures, and the establishment of bank or trust accounts to hold payroll deductions or contributions.

Section 7. *Grant of Option*. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant's accumulated payroll deductions by the applicable Purchase Price. In connection with each Offering, the Committee may specify (a) a maximum number of Shares that may be purchased by any Participant on any Purchase Date in such Offering, (b) a maximum aggregate number of Shares that may be purchased by all Participants in such Offering, and (c) if such Offering contains more than one Purchase Date, a maximum aggregate number of Shares that may be purchased by all Participants on any Purchase Date in such Offering; *provided*, *however*, that in no event shall any Participant purchase more than 2,500 Shares during an Offering Period (or such other amount as may be determined by the Administrator in its discretion), subject to adjustment in accordance with Section 17 and the limitations set forth in Section 13 of the Plan.

Section 8. *Exercise of Option/Purchase of Shares*. A Participant's option to purchase Shares will be exercised automatically on the Purchase Date of each Offering Period. The Participant's accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be purchased with the amounts in the Participant's notional account. No fractional Shares may be purchased, but contributions unused in a given Offering Period due to being less than the cost of a Share will be carried forward to the next Offering Period; provided, however, that any cash remaining after the Purchase Date that is less than the cost of one Share shall be returned to the Participant (without interest) if the Participant has withdrawn or is no longer eligible, subject to earlier withdrawal by the Participant in accordance with Section 10 or termination of employment in accordance with Section 11.

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Section 9. *Transfer of Shares*. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant of the Shares purchased upon exercise of his or her option. The Committee may permit or require that the Shares be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require that the Shares be retained with such Designated Broker for a specified period of time. Participants will not have any voting, dividend or other rights of a stockholder with respect to the Shares subject to any option granted hereunder until such Shares have been delivered pursuant to this Section 9.

Section 10. *Withdrawal*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Withdrawal Procedure</u>. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating his or her election to withdraw no later than fifteen (15) calendar days prior to the Purchase Date (or such later date as the Administrator may permit). The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase Shares) shall be paid to the Participant promptly following receipt of the Participant's Enrollment Form indicating his or her election to withdraw and the Participant's option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect on Succeeding Offering Periods</u>. A Participant's election to withdraw from an Offering Period will not have any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws.

Section 11. *Termination of Employment; Change in Employment Status*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding Section 10, upon termination of a Participant's employment for any reason, including death, disability or retirement, or a change in the Participant's employment status following which the Participant is no longer an Eligible Employee, which in either case occurs at least 15 calendar days before the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant's notional account (that have not been used to purchase Shares) shall be returned to the Participant, or in the case of the Participant's death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the Participant's option shall be automatically terminated. If the Participant's termination of employment or change in status occurs within 15 calendar days before a Purchase Date, the accumulated payroll deductions shall be used to purchase Shares on the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Committee, a Participant whose employment transfers or whose employment terminates with an immediate rehire (with no break in service) by or between the Company or a Participating Subsidiary will not be treated as having terminated employment for purposes of participating in the Plan or an Offering; *provided*, *however*, if a Participant transfers from an Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant's option will be qualified under the 423 Component only to the extent that such exercise complies with Section 423 of the Code. If a Participant transfers from an Offering under the Non-423 Component to an Offering under the 423 Component, the exercise of the Participant's option will remain non-qualified under the Non-423 Component.

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Section 12. *Interest*. No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

Section 13. *Shares Reserved for Plan*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Number of Shares</u>. Subject to adjustment as provided in Section 17, the maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate [•] Shares (the "**Initial Share Pool**"). The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. The total number of Shares available for purchase under the Plan shall be increased on the first day of each Company fiscal year following the Effective Date for a period of up to ten (10) years, in an amount equal to the least of (i) one percent (1%) of the total number of shares of the Company's Class A and Class B common stock outstanding (on a fully diluted basis) as of the last completed fiscal year, (ii) such number of Shares as determined by the Board in its discretion and (iii) [•] Shares (subject to any adjustment in accordance with Section 17). If any option terminates for any reason without having been exercised, the Shares not purchased under such option will again become available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Over-Subscribed Offerings</u>. The number of Shares which a Participant may purchase in an Offering under the Plan may be reduced if the Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total number of Shares purchased by all other Participants in such Offering, would exceed the total number of Shares remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of Shares with respect to which options are to be exercised exceeds the number of Shares then available under the Plan, the Company shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.

Section 14. *Transferability*. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution) by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect.

Section 15. *Application of Funds*. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.

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Section 16. *Statements*. Participants will be provided with statements at least annually, which shall set forth the contributions made by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and any payroll deduction amounts remaining in the Participant's notional account.

Section 17. *Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Change of Control Transaction*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. In the event that any dividend or other distribution (other than an ordinary dividend or distribution and whether in the form of cash, Shares, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the Company's structure affecting the Shares occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price per Share and the number of Shares covered by each outstanding option under the Plan, and the numerical limits of Section 7 and Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dissolution or Liquidation</u>. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or liquidation. The new Purchase Date will be before the date of the Company's proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the Participant's option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change of Control Transaction</u>. In the event of a Change of Control Transaction, the Committee may, in its sole discretion, (i) accelerate the Purchase Date to a date prior to the Change of Control Transaction, (ii) cancel outstanding options and refund payroll deductions, or (iii) provide for assumption or substitution of options by the successor entity. If the successor entity refuses to assume or substitute the options, the Purchase Date shall be accelerated as described in clause (i).

Section 18. *General Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Equal Rights and Privileges Under the 423 Component</u>. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code, all Eligible Employees who are granted options under the 423 Component of the Plan shall have the same rights and privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Continued Service</u>. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue as an Employee or in any other capacity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights as Stockholder</u>. A Participant will become a stockholder with respect to the Shares that are purchased pursuant to options granted under the Plan when the Shares are transferred to the Participant's ESPP Share Account. A Participant will have no rights as a stockholder with respect to Shares for which an election to participate in an Offering Period has been made until such Participant becomes a stockholder as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Successors and Assigns</u>. The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Entire Plan</u>. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance with Law</u>. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued with respect to an option granted under the Plan unless the exercise of such option and the issuance and delivery of the Shares pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, the requirements of any stock exchange upon which the Shares may then be listed, as well as any similar laws, regulations and rules outside of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Disqualifying Dispositions</u>. Each Participant who participates in the 423 Component shall give the Company prompt written notice of any disposition or other transfer of Shares acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made within two (2) years after the Offering Date or within one (1) year after the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Term of Plan</u>. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 18(i), shall have a term of ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Amendment or Termination</u>. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated) or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 17). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Code Section</u> <u>409A.</u> The 423 Component of the Plan is exempt from the application of Code Section 409A and any ambiguities herein will be interpreted to so be exempt from Code Section 409A. The Non-423 Component is not intended to be subject to Section 409A, but to the extent any right under the Non-423 Component would be considered deferred compensation subject to Section 409A, the provisions of this Plan shall be interpreted to comply with Section 409A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Administrator determines that an option granted under the Plan may be subject to Code Section 409A or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A, the Administrator may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Administrator determines is necessary or appropriate, in each case, without the Participant's consent, to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Code Section 409A, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A. Notwithstanding the foregoing, the Company and any Parent, Subsidiary or Affiliate will have no liability to a Participant or any other party if the option to purchase Shares under the Plan that is intended to be exempt from or compliant with Code Section 409A is not so exempt or compliant or for any action taken by the Administrator with respect thereto. The Company makes no representation that the option to purchase Shares under the Plan is compliant with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Applicable Law</u>. The Plan shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Stockholder Approval</u>. The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Withholding</u>. To the extent required by applicable federal, state or local law, a Participant must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Severability</u>. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Headings</u>. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Electronic Delivery and Signatures</u>. Any reference to a written document or signature shall include electronic delivery and electronic signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Clawback/Recoupment</u>. All benefits under the Plan are subject to any clawback or recoupment policy maintained by the Company.

## Exhibit 10.8

**Exhibit 10.8** 

**CLEAR STREET GROUP INC.** 

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY** 

This document sets forth the Non-Employee Director Compensation Policy (the "<u>Policy</u>") of Clear Street Group Inc. (the "<u>Company</u>"), as adopted by the Board of Directors of the Company (the "<u>Board</u>"), effective as of the date on which the 2026 Plan (as defined below) becomes effective (the "<u>Effective Date</u>"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Clear Street Group Inc. 2026 Omnibus Incentive Plan (the "<u>2026 Plan</u>").

WHEREAS, the Board has determined that it is in the best interests of the Company to establish this Policy to set forth the compensation from the Company that will be payable to each member of the Board who is not an employee of the Company or of any subsidiary or affiliate and has been deemed independent by the Board (each, an "<u>Eligible Director</u>") as consideration for service on the Board.

NOW, THEREFORE, the Board hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>General</u>** . The cash compensation and restricted stock unit awards described in this Policy will be
paid or be made, as applicable, automatically and without further action of the Board, to each Eligible Director. For the avoidance of doubt, any member of the Board who is not an Eligible Director will not be entitled to cash, equity or any other
compensation from the Company in connection with service on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Annual Cash Compensation</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Cash Retainer</u>. Each Eligible Director serving as a member of the Board will receive an annual cash
retainer of $100,000 for service on the Board (the " <u>Cash Retainer</u> ") for the period beginning on January 1st of a given year and ending on December 31st of such year (each such period, a " <u>Compensation Year</u> "). In
addition, each Eligible Director serving as the Lead Independent Director during a Compensation Year will receive an annual cash retainer of $60,000 (the " <u>Lead Independent Director Cash Retainer</u> "). An Eligible Director may elect,
in accordance with procedures established by the Compensation Committee of the Board (the " <u>Compensation Committee</u> ") and a Non-Employee Director Restricted Stock Unit Election Form (the
" <u>Election Form</u> "), to receive any portion of the Cash Retainer or the Lead Independent Director Cash Retainer as a restricted stock unit award (" <u>RSU</u> ") pursuant to the 2026 Plan with a Fair Market Value of such
Elective RSUs on the grant date equal to the Cash Retainer or Lead Independent Director Cash Retainer (or portion thereof) payable on such date (the " <u>Elective RSUs</u> "). In the event an Eligible Director has ceased to serve as a
member of the Board on or prior to the applicable grant date, such Eligible Director shall not receive a grant of Elective RSUs and instead shall receive payment of the Cash Retainer or Lead Independent Director Cash Retainer in cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Committee Chairperson and Member Retainers</u>. Each Eligible Director is entitled to receive additional
annual cash compensation as set forth in this Section 2(b) for service during a Compensation Year as a chairperson of a committee of the Board or as a non-chair committee member (collectively, the
" <u>Committee Retainers</u> "), as set forth in the following table:

---

| | | |
|:---|:---|:---|
| **Position** | **Annual<br>Chairperson<br>Compensation** | **Annual<br>Member<br>Compensation** |
|  Audit Committee | $25000 | $12500 |
|  Compensation Committee | $25000 | $10000 |
|  Nominating and Governance Committee | $20000 | $10000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Payment Schedule for the Cash Retainer, Lead Independent Director Cash Retainer and Committee Retainers</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Payment Schedule</u>. The Cash Retainer, Lead Independent Director Cash Retainer and Committee Retainers for
each Eligible Director will be paid by the Company in equal quarterly installments in arrears during the calendar month immediately following the Compensation Year quarter to which such amount relates. Elective RSUs will vest and settle in
accordance with Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Proration of Retainers</u>. With respect to any Compensation Year quarter in which an Eligible
Director's service as a member of the Board is terminated, such Eligible Director will be entitled to receive a prorated portion of the Cash Retainer and any applicable Lead Independent Director Cash Retainer or Committee Retainer(s) for such
partial quarter of service, payable as soon as reasonably practicable following the date of the Eligible Director's termination of service. In the event a new Eligible Director is elected or appointed to the Board following the beginning of a
Compensation Year, such Eligible Director will be entitled to receive a Cash Retainer and any applicable Lead Independent Director Cash Retainer or Committee Retainer(s) for such Compensation Year, which will be prorated based on the date of
appointment or election and payable in accordance with the schedule set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Equity Compensation</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>RSU Grants</u>. Each Eligible Director serving as a member of the Board on the effective date of the
Company's initial public offering of shares of Class A common stock (the " <u>IPO</u> ") will receive an initial grant of RSUs pursuant to the 2026 Plan with a Fair Market Value on the date of grant equal to $150,000 (the
" <u>IPO RSUs</u> "). The IPO RSUs will be granted to each Eligible Director as of the effective date of the IPO.

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In addition, each Eligible Director serving as a member of the Board at the date immediately following the date of the annual meeting of the Company's stockholders (starting with the annual meeting of the Company that occurs during the 2027 Compensation Year) will receive an annual grant of RSUs pursuant to the 2026 Plan with a Fair Market Value on the date of grant equal to $150,000 (the "<u>Annual RSUs</u>"). The Annual RSUs will be granted to each Eligible Director as of the first business day following the date of the annual meeting of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Vesting and Settlement</u>. The Annual RSUs, IPO RSUs and Elective RSUs will vest in full on the first to
occur of (i) the one-year anniversary of the date of grant, (ii) the Eligible Director's "separation from service" (as defined in Section 409A of the Code) due to the Eligible
Director's death or "disability" (as defined in the applicable Award Agreement), and (iii) a Change of Control Transaction, subject in each case to the Eligible Director's continuous service with the Company through such
date. Unless otherwise elected by an Eligible Director in an Election Form or otherwise provided in the applicable Award Agreement, the Shares or the Fair Market Value thereof (as determined pursuant to the applicable Award Agreement) in respect of
vested RSUs will be delivered to the Eligible Director on the earlier of (A) thirty (30) days following the applicable vesting date, and (B) immediately prior to a Change of Control Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Newly Eligible Directors.</u> In the event a new Eligible Director is elected or appointed to the Board
following the effective date of the IPO, such Eligible Director will be eligible to receive, in connection with such election or appointment, an initial grant of RSUs pursuant to the 2026 Plan with a Fair Market Value on the date of grant equal to
$150,000 multiplied by a fraction, the numerator of which is the number of days between commencement of service as an Eligible Director and the date of the Company's annual meeting of the Company's stockholders following the appointment
date (inclusive of such meeting date), and the denominator of which is 365. The vesting terms applicable to the RSUs shall be determined in accordance with Section 4(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Expenses.</u>** <u> </u> The Company will reimburse each Eligible Director for all reasonable out-of-pocket expenses incurred by such Eligible Director for attending meetings of the Board or any committee thereof; *provided* that such Eligible Director timely
submits to the Company appropriate documentation substantiating such expenses in accordance with the Company's expense policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Section</u> <u>409A.</u>** <u> </u> This Policy and any compensation granted
hereunder is intended to comply with, or be exempt from, the provisions of Section 409A of the Code, and the provisions of the Policy shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the
Policy shall be operated accordingly. If any provision of the Policy would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. If any compensation
granted hereunder includes a "series of installment payments" (within the

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meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), an Eligible Director's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if any compensation granted hereunder includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), an Eligible Director's right to such dividend equivalents shall be treated separately from the right to other amounts under the compensation granted hereunder. Notwithstanding any other provision in this Policy, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) is necessary to avoid the application of an additional tax under Section 409A of the Code, any amounts hereunder that constitute "deferred compensation" subject to Section 409A of the Code that are otherwise issuable upon the Eligible Director's "separation from service" (as defined in Section 409A of the Code) shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Eligible Director incurring interest or additional tax under Section 409A of the Code. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Policy is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by any Eligible Director on account of noncompliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Amendments and Termination.</u>** <u> </u> This Policy may be amended, revised or terminated by the
Compensation Committee.

## Exhibit 10.9

**Exhibit 10.9** 

**SUPPORT SERVICES AND EQUITY AWARD AGREEMENT** 

This Support Services and Equity Award Agreement (this "**Agreement**") effective as of January 19, 2026 (the "**Effective Date**"), by and between Clear Street Group Inc., a Delaware corporation (the "**Company**"), and Clear Street Global Corp., a United States Virgin Islands corporation ("**CSGC**"). The Company and CSGC are referred to herein individually as a "**Party**" and collectively as the "**Parties**."

**RECITALS** 

A. The Company desires to receive certain operational, managerial, strategic consulting and other support services from CSGC and certain affiliates (together, the "**CSGC Group**") in connection with the Company's business, including in anticipation of and following the Company's initial public offering (the "**IPO**") of its Common Stock.

B. CSGC has provided significant support to the Company prior to the Effective Date and is willing to continue to provide such services on the terms and conditions set forth in this Agreement.

C. In consideration for such services, and in order to align CSGC's incentives with the long-term value creation of the Company, the Parties desire that the Company grant to CSGC equity awards consisting of Options, with vesting metrics intending to continue to incentivize CSGC to contribute toward the appreciation in the value of the Shares after the Effective Date.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**1.** **DEFINITIONS** 

As used in this Agreement, the following terms have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. "**Administrator**" means the Compensation Committee of the Board (*provided* that any
member of the Compensation Committee who is not a Disinterested Director shall not be permitted to deliberate or otherwise participate in decisions with respect to this Agreement), or such other committee composed solely of Disinterested Directors
delegated authority by the Board to administer this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. "**Affiliate**" means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such Person, where "control" has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Applicable Law**" means any U.S. or non-U.S. law, statute, code, regulation, ruling, order,
decree, judgment, injunction or other requirement of any governmental or regulatory body or self-regulatory organization applicable to the relevant Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. "**Award**" means the Options set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. "**Board**" means the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. "**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial
banks in New York, New York are authorized or required by law to close.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. "**Cause**" means the occurrence of any one of the following events: (a) CSGC, in carrying
out the Services hereunder, acts or fails to act in a manner that is determined, in the sole discretion of the Disinterested Directors, after written notice of any such act or failure to act and a reasonable opportunity to cure the deficiency has
been provided to CSGC, to be gross negligence, willful misconduct or fraud resulting, in any such case, in material harm to the Company unless such act, or failure to act, was reasonably believed by CSGC, in good faith, to be in the best interests
of the Company and (b) the continuous, willful failure by CSGC to follow the reasonable directives of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. "**Change of Control Transaction**" means any of the following events, in one or a series of
related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.1. any sale of 50% or more of the Common Stock and the Class B Common Stock (excluding any common stock that
does not entitle its holder to share in dividends or proceeds of a liquidation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.2. any merger, consolidation, share exchange, business combination, liquidation, dissolution or other similar
transaction involving (a) the Company or (b) any of its subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of the Company or to which 50% or more of the total revenue or operating
income of the Company are attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.3. any sale, exchange, transfer or other disposition of assets or businesses that constitute or represent 50% or
more of the total revenue, operating income or assets of the Company and its subsidiaries, taken as a whole.

Notwithstanding the foregoing, (a) no Change of Control Transaction shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (b) no Change of Control Transaction shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company. Notwithstanding the foregoing or any provision of herein to the contrary, if any Award granted under this Agreement constitutes "deferred compensation" (as defined in Section 409A of the Code), and if the event that constitutes such Change of Control Transaction does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed on such Change of Control Transaction but instead shall vest as of such Change of Control Transaction and shall be distributed on the scheduled payment date specified in such Award, except to the extent that earlier distribution would not result in any Person incurring interest or additional tax under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. "**Class B Common Stock**" means the Company's Class B common
stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. "**Closing Price**" means, with respect to any trading day, the closing price per Share as of
the close of trading, as reported by the Primary Exchange (or other reliable source selected by the Administrator if the Primary Exchange is not reporting a closing price for such trading day).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. "**Code**" means the U.S. Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12. "**Common Stock**" means the Company's Class A common stock, par value $0.00001 per
share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13. "**Company Group**" means, collectively, the Company and its direct and indirect subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14. "**Disinterested Director**" means a member of the Board who (a) is not an employee,
director or equityholder (other than through passive investment) of CSGC or its Affiliates and (b) otherwise qualifies as "independent" under applicable stock exchange rules, in each case as determined in good faith by the Board or
its Nominating & Governance Committee (or such other committee as may be responsible for determining the qualifications and independence of directors from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15. "**Eligible Services**" means that CSGC is actively providing Services (or has provided Services
through a date within the last ninety (90) calendar days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16. "**Exercise Price**" means, for each Option granted under this Agreement, the offering price per
Share on the Grant Date. For the avoidance of doubt, the Exercise Price per Share underlying an Option shall be no less than the Fair Market Value on the date of such Option's grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17. "**Fair Market Value**" of a Share on a given date means (a) if the Shares are listed on a
national securities exchange, the Closing Price on such date (or, if such date is not a trading day, on the last trading day immediately preceding such date) or (b) if the Shares are not so listed, the fair market value as reasonably determined
in good faith by the Administrator. With respect to the Exercise Price, the Fair Market Value of the Shares will be equal to the IPO Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18. "**Grant Date**" means the date of the pricing of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19. "**IPO Price**" means the price per Share as of the date of pricing of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20. "**Milestone Metrics Table**" means the table set forth on Schedule 1 attached hereto which
specifies, for each Tranche, the number of Shares subject thereto and the corresponding Share Price Milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21. "**Option**" means an option representing the right to purchase Shares from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22. "**Performance Period**" means the period commencing on the date of this Agreement and ending on
the tenth (10th) anniversary hereof, or such shorter period as may apply upon a Change of Control Transaction pursuant to Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23. "**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act
and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24. "**Primary Exchange**" means the primary stock exchange or national market system on which the
Common Stock trades (or on which it last traded if the Common Stock is no longer listed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25. "**Service Condition**" has the meaning given in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26. "**Services**" has the meaning given in Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27. "**Share**" means one share of Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28. "**Share Price Milestone**" means, on a particular day (each, a "**Determination Date** "), the "Ninety-day Share Price" determined in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28.1. A trading day refers to a day on which the Primary Exchange is open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28.2. The "**Ninety-day Share Price**" is equal to the volume
weighted average Closing Price for the ninety (90)-trading days immediately prior to and including the Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29. "**Tranche**" means a subset of the Award consisting of a specified number of Shares and
associated Share Price Milestones as set forth in the Milestone Metrics Table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30. "**Vested Options**" has the meaning given in Section 3.4.1.

Other capitalized terms are defined elsewhere in this Agreement.

**2.** **APPOINTMENT; SUPPORT AND SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Appointment; Services</u>. Subject to the terms and conditions of this Agreement, the Company hereby engages
CSGC, and CSGC hereby agrees, to provide to the Company such operational, managerial, strategic, financial, technology, risk, compliance and other advisory and support services as are reasonably requested by the Company from time to time and agreed
by CSGC (the "**Services** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Authority; Oversight</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. In performing the Services, CSGC shall act solely in an advisory or delegated-authority capacity on behalf of
the Company Group and shall comply with the Company's written policies and procedures of general applicability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. The activities of CSGC under this Agreement shall be under the oversight of the Disinterested Directors, or
such committee or individual as the Disinterested Directors may determine. CSGC shall provide periodic written reports, at least annually and more frequently at the Company's reasonable request, summarizing material activities undertaken in
connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Standard of Performance</u>. CSGC shall perform the Services in good faith and with a level of care, skill
and diligence no less than that applied to comparable matters for itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>No Exclusivity</u>. The Company acknowledges that the CSGC Group is engaged in a broad range of investing
and advisory activities and that nothing in this Agreement limits CSGC's ability to engage in any other businesses or activities, including businesses that may be competitive with the Company.

**3.** **EQUITY AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Grant of Options</u>. In consideration of the Services provided hereunder, and subject to the terms and
conditions of this Agreement and Applicable Law, as of the Grant Date, the Company hereby grants to CSGC the Award, which consists of Options which initially shall be unvested. Each Option shall be subject to (i) the Service Condition (as set
forth in Section 3.2) and (ii) the Share Price Milestones (as set forth in Section 3.3). Both the Service Condition and the Share Price Milestone must be satisfied in order for the applicable Option to vest in accordance with
Section 3.4. Each Tranche is numbered from one through five and represents a portion of this Award covering the number of Shares specified next to the applicable Tranche number in the Milestone Metrics Table.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Service Condition</u>. Each Option shall vest with respect to service as follows (the "**Service Condition** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. If the applicable Share Price Milestone is satisfied on or prior to the five (5) year anniversary of the
Grant Date, the Options will service vest ratably on a monthly basis from the date of Certification (as defined below) through the five (5) year anniversary of the Grant Date, subject to CSGC continuing to provide Eligible Services through each
applicable monthly anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. If the applicable Share Price Milestone is satisfied following the five (5) year anniversary of the Grant
Date, subject to CSGC continuing to provide Eligible Services through the applicable date of Certification for such Tranche, the Options will service vest on the date of Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. Except as set forth in Section 6.2.3, in the event of a termination of the Eligible Services for any
reason prior to the completion of the Service Condition or a termination of this Agreement, all unvested Options shall be forfeited for no consideration regardless of the satisfaction of the Share Price Milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Share Price Milestones</u>. The Share Price Milestone set forth in the Milestone Metrics Table for a
particular Tranche is met if the Ninety-day Share Price is equal to or exceeds such applicable Share Price Milestone on the applicable Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Vesting of Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1. Each Tranche of Options shall vest and become exercisable and become "**Vested Options**" as of
the date the Administrator determines that the applicable Share Price Milestone has been satisfied through the Certification (as defined below) process described below, so long as CSGC continues to provide Eligible Services through the date of
Certification as determined by the Administrator and satisfaction of the Service Condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2. The Options underlying a Tranche shall become Vested Options only upon the Administrator's determination,
approval and written certification (a "**Certification**") that the Share Price Milestone applicable to such Tranche has been satisfied during the Performance Period and the satisfaction of the Service Condition. The Administrator
shall, periodically, including upon the written request of CSGC, assess whether the requisite Share Price Milestones have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3. Upon the satisfaction of the Service Condition and the Share Price Milestone and subsequent Certification, the
Vested Options shall become exercisable following the date of the Certification. For the avoidance of doubt, if the Share Price Milestone has not been achieved on or prior to the end of the Performance Period, such unvested Options shall be
forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Adjustments</u>. In the event that the Administrator determines that, as a result of any dividend or other
distribution (other than an ordinary dividend or distribution), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to
the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is

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necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Agreement, then the Administrator shall, subject to applicable law and Section 409A of the Code, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash) (i) the number and type of Shares (or other securities) which thereafter may be made the subject this Award, (ii) the Exercise Price or (iii) the Share Price Milestones.

**4.** **CHANGE OF CONTROL TRANSACTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. In the event of a Change of Control Transaction, (i) the Share Price Milestone shall be determined based
on the per Share price (plus the per Share value of any other consideration) received by the Company's shareholders in the Change of Control Transaction and (ii) the Service Condition shall be deemed satisfied if CSGC continues to provide
Eligible Services through the effective time of the Change of Control Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. For the purposes of Certification, the Administrator shall assess in accordance with Section 4.1 the
extent to which the Share Price Milestones have been satisfied as a result of the Change of Control Transaction. To the extent that the Shares allocated to a Tranche have not become vested in connection with the effective time of the Change of
Control Transaction and otherwise do not satisfy the applicable Share Price Milestones as a result of the Change of Control Transaction, such Tranche shall be forfeited automatically as of the effective time of the Change of Control Transaction.

**5.** **TAXES; EXERCISE PRICE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Tax Withholding and Reporting</u>. CSGC shall be responsible for its own tax liabilities arising out of or
relating to the Award and the Services. The Company may deduct or withhold from any Shares or amounts otherwise deliverable or payable to CSGC such amounts as the Company determines it is required to withheld under Applicable Law in respect of any
taxes, and the Company shall file such tax returns or information returns with respect to such Shares or amounts as the Company determines is required under Applicable Law. The Parties shall reasonably cooperate to provide information and
documentation as may be reasonably necessary for tax reporting and compliance purposes. In furtherance of the foregoing, (a) CSGC shall provide to the Company, promptly after the effective date of this Agreement and at such other times as the
Company may reasonably request, an IRS Form W-8BEN-E and (b) such information and documentation as the Company may reasonably request from time to time with respect
to the performance by CSGC, including its Affiliates and employees, of the Services, including information and documentation relating to the location(s) where the Services are performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Exercise Price</u>. With respect to any Options that vest in connection with this Agreement, CSGC shall be
responsible for the payment of the Exercise Price, and the Company shall not be responsible for such amounts related to the exercise of the Options. Upon exercise, CSGC shall pay to the Company in cash the amount of such Exercise Price underlying
the Shares underlying the exercised Option. Such exercise shall be conducted in such manner as determined by the Administrator in its sole discretion. Notwithstanding the foregoing, the Administrator may, in its sole discretion, provide that the
Vested Options may be exercised through a "net exercise" arrangement by which the Company shall reduce the number of Shares issued upon exercise of the Vested Options by the largest whole number of Shares with a market price that does
not exceed the aggregate exercise price; *provided*, *however*, that the Company shall accept a cash or other payment from CSGC to the extent of any remaining

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balance of the aggregate exercise price not satisfied by such reduction in the number of whole Shares to be issued; *provided*, *further*, that Shares will no longer be outstanding under the Vested Option and will not be exercisable thereafter to the extent that (i) the Shares are used to pay the Exercise Price pursuant to the "net exercise" and (ii) Shares are delivered to CSGC as a result of such exercise.

**6.** **TERM; TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Term</u>. This Agreement shall commence on the Effective Date and, unless earlier terminated as provided
herein, shall continue in effect until the earlier of (a) the end of the Performance Period and (b) such date as all Options subject to the Award have become Vested Options or have been forfeited; *provided* that any Vested Options
shall remain exercisable for a period of ninety (90) calendar days following a termination of service for any reason as set forth in Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Termination by the Company.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. If CSGC ceases Eligible Services for any reason except as set forth in Section 6.2.3 below, then any
portion of this Award that has not vested by the date of such cessation of Eligible Services shall be forfeited automatically as of such date and shall not become vested. Any Vested Option granted hereunder must be exercised within ninety
(90) calendar days following the date of such cessation of Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2. The Company may terminate this Agreement (and the engagement of CSGC) at any time if Cause exists. If the
Company terminates this Agreement and/or the Services for Cause (following any applicable cure period, if applicable), all unvested Options shall be automatically forfeited effective as of the date of termination of this Agreement and shall not
become vested, and any Vested Options must be exercised within ninety (90) calendar days following the date of such termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3. If the Company terminates this Agreement and/or the Services without Cause (and not in connection with a Change
of Control Transaction) prior to such Options becoming Vested Options, then (i) the Service Condition shall be deemed satisfied as of the date of such termination of Services and (ii) such unvested portion of the Award shall remain
outstanding and eligible to vest subject to the terms herein as if Eligible Services had continued through the last day of the Performance Period. Each Vested Option must be exercised within ninety (90) calendar days following the date of such
termination of this Agreement (or, if such Option becomes a Vested Option following the termination of this Agreement, within ninety (90) calendar days following Certification). For the avoidance of doubt, if the applicable Share Price
Milestones are not satisfied on or prior to the last day of the Performance Period, all such unvested Options shall be forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Termination by CSGC</u>. CSGC may terminate this Agreement at any time upon ninety (90) calendar
days' prior written notice to the Company. All unvested Options shall be forfeited automatically as of the effective time of such termination and shall not become vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Effect of Termination</u>. Upon termination of this Agreement for any reason, CSGC shall cooperate
reasonably with the Company to transition the Services in an orderly manner. CSGC shall have no further rights to the Award under this Agreement other than as specifically set forth herein.

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**7.** **CONFIDENTIALITY; INFORMATION SHARING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Confidentiality</u>. CSGC and its Affiliates shall hold in confidence, and not disclose or use (except as
necessary to perform the Services or as otherwise permitted herein), any non-public information regarding the Company Group, subject to customary exceptions for information that (a) is or becomes public other than as a result of a breach by
CSGC, (b) is received from a third party not in breach of a confidentiality obligation or (c) is independently developed without reference to confidential information of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Compelled Disclosure</u>. If CSGC is required by Applicable Law or legal process to disclose any
confidential information, it shall (to the extent legally permitted) provide the Company with prompt notice of such requirement and reasonably cooperate with the Company, at the Company's expense, in seeking a protective order or other remedy.

**8.** **INDEMNIFICATION; LIMITATION OF LIABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Indemnification of CSGC</u>. To the fullest extent permitted by Applicable Law, the Company shall indemnify
and hold harmless CSGC, its Affiliates and their respective directors, officers, partners, members, employees and agents (each, an "**Indemnified Party**") from and against any and all losses, claims, damages, liabilities, costs and
expenses (including reasonable attorneys' fees) arising out of or relating to this Agreement, the Services or the Award, except to the extent resulting from the gross negligence, willful misconduct or fraud of such Indemnified Party as finally
determined by a court of competent jurisdiction. For the avoidance of doubt, the Company shall not be obligated to indemnify or otherwise gross up any Indemnified Party for any tax liabilities arising out of or relating to the Award or the Services,
including as a result of any tax withholding or reporting performed by the Company pursuant to Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Advancement</u>. The Company shall advance reasonable costs and expenses (including reasonable
attorneys' fees) incurred by any Indemnified Party in connection with any claim subject to indemnification hereunder, upon receipt of an undertaking by such Indemnified Party to repay such amounts if it is ultimately determined that such
Indemnified Party was not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Limitation of Liability</u>. To the fullest extent permitted by Applicable Law, no event shall CSGC or any
other Indemnified Party be liable to the Company Group for any special, indirect, consequential or punitive damages (including lost profits), whether in contract, tort or otherwise, arising out of or relating to this Agreement, the Services or the
Award, except to the extent resulting from the gross negligence, willful misconduct or fraud of such Indemnified Party as finally determined by a court of competent jurisdiction. In no event shall the aggregate liability of CSGC and the other
Indemnified Parties to the Company Group arising out of or relating to this Agreement exceed the aggregate Fair Market Value (at the time of grant) of the Award plus any cash fees actually paid to CSGC hereunder.

**9.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Further</u> <u>Assurances</u>. Each Party shall execute and deliver such additional documents and take such
further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers, and other communications under this
Agreement (each, a "**Notice**") in writing, using the communications methods set out below, and addressed to the other party at its address set out below (or to any other address that the receiving party may designate from time to
time in accordance with this section).

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Notices by personal delivery, nationally recognized same day or overnight courier (with all fees prepaid), email (with confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). A Notice is deemed to have been validly and effectively given: (a) if sent by personal delivery or by courier (all fees prepaid) on the date of receipt, (b) if sent by email, upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "read receipt" function, as available, return email or other form of written acknowledgment) or (c) if sent by certified or registered mail, return receipt requested, postage prepaid on the third day after the date mailed.

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| | |
|:---|:---|
| If to the Company: | Clear Street Group Inc.<br> 4 World Trade Center<br> 150 Greenwich St Floor 45<br> New York, NY 10007<br> Email:<br> Attention: |
| with a copy to: | Davis Polk & Wardwell LLP<br> Email:<br> Attention: |
| If to CSGC: | Clear Street Global Corp.<br> 5150 Norre Gade, Charlotte Amalie<br> St Thomas 00802<br> Email:<br> Attention: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Interpretation</u>. For purposes of this Agreement, (a) the words "include,"
"includes," and "including" are deemed to be followed by the words "without limitation," (b) the word "or" is not exclusive and (c) the words "herein," "hereof,"
"hereby," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, <u>references</u> herein: (x) to sections, schedules, and exhibits mean the sections of, and
schedules and exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the
provisions thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The schedules and exhibits referred to herein shall be construed with, and as an integral part of, this
Agreement to the same extent as if they were set forth verbatim herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Headings</u>. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any
jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Entire Agreement</u>. This Agreement and all related exhibits and schedules, constitutes the sole and entire
agreement of the Parties with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject
matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Amendment and Modification</u> <u>; Dissolution</u>. This Agreement may only be amended, modified or
supplemented by an agreement in writing signed by each Party. In the event of the dissolution or liquidation of the Company, this Agreement and the Award shall terminate immediately prior to the consummation of such action, unless otherwise
determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Repricing</u>. The Administrator may, without the approval of the Company's stockholders:
(1) amend any outstanding Option to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option, or (2) take any other action under this Agreement that constitutes a
"repricing" within the meaning of the rules of the applicable exchange on which the Company is listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. <u>No Trust or Separate Account</u>. Nothing in this Agreement shall create or be construed to create a trust
or separate fund of any kind or a fiduciary relationship between the Company and CGSC or its Affiliates except as set forth herein. To the extent that any person acquires a right to receive payments from the Company pursuant to an Agreement, such
right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. <u>Conformity with Securities Laws</u>. This Agreement is intended to conform to the extent necessary with all
provisions of the Securities Act of 1933, as amended, the Exchange Act and any and all regulations and rules promulgated under any of the foregoing, as well as any similar laws, regulations and rules outside of the United States, to the extent the
Company, any of its Affiliates or CSGC and its Affiliates is subject to the provisions thereof. Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the Award shall be granted and may be exercised, only in such
a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement and the Award shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. <u>Waiver</u>. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set
forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different
character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. <u>Cumulative Remedies</u>. The rights and remedies under this Agreement are cumulative and are in addition to
and not in substitution for any other rights and remedies available at law or in equity or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13. <u>Equitable Remedies</u>. The parties agree that irreparable damage would occur if any provision of this
Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to equitable relief, including injunctive relief or specific performance of the terms hereof, in addition to any other remedy to which they are
entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14. <u>Assignment</u>. Neither party may assign any of its rights or delegate any of its obligations hereunder
without the prior written consent of the other party. No assignment or delegation shall relieve the assigning or delegating party of any of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15. <u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective permitted successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16. <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the Parties and their respective
successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18. <u>Submission to Jurisdiction</u>. Any legal suit, action, or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby or may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in the City of Manhattan and County of Manhattan, and each party
irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by certified mail in accordance with Section 9.2 shall be effective service of
process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to venue of any suit, action, or proceeding in such courts and irrevocably waive and agree not to plead or
claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENTOR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21. <u>Force Majeure</u>. No party shall be liable or responsible to the other party, or be deemed to have
defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent such failure or delay is caused by or results from acts beyond the affected party's reasonable
control, including, without limitation: (a) acts of God, (b) flood, fire, earthquake or explosion, (c) war, invasion,

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hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest, (d) government order or law, (e) action by any governmental authority, (f) national or regional emergency, (g) telecommunication breakdowns, power outages or shortages and (h) other similar events beyond the reasonable control of the affected party (each of (a)-(h), a "**Force Majeure Event**"). The party suffering a Force Majeure Event shall give notice of the Force Majeure Event to the other party, stating the period of time the occurrence is expected to continue and shall use diligent efforts to end the failure or delay and ensure the effects of such Force Majeure Event are minimized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22. <u>Business</u> <u>Days</u>. If any date on which a party is required to make a payment or a delivery pursuant
to the terms hereof is not a Business Day, then such party shall make such payment or delivery on the next succeeding Business Day.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| CLEAR STREET GROUP INC. | CLEAR STREET GROUP INC. |
| By: | /s/ Ed Tilly |
| Name: Ed Tilly | Name: Ed Tilly |
| Title: President | Title: President |

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| | |
|:---|:---|
| CLEAR STREET GLOBAL CORP. | CLEAR STREET GLOBAL CORP. |
| By: | /s/ Uriel Cohen |
| Name: Uriel Cohen | Name: Uriel Cohen |
| Title: President | Title: President |

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**<u>Schedule 1</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tranche

#** | **Number of<br>Shares<br>Subject<br>to Tranche** | **Share Price<br>Milestones** | **Type of Award** | **Exercise Price** |
| 1 | 8341397 | 135% of IPO Price | Options | IPO Price |
| 2 | 8341397 | 135% of price set forth in Tranche 1 | Options | IPO Price |
| 3 | 8341397 | 135% of price set forth in Tranche 2 | Options | IPO Price |
| 4 | 4170698 | 140% of price set forth in Tranche 3 | Options | IPO Price |
| 5 | 4170698 | 140% of price set forth in Tranche 4 | Options | IPO Price |
| **Total** | 33365587 |  |  |  |

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## Exhibit 10.10

**Exhibit 10.10** 

**CLEAR STREET GROUP INC.** 

**<u>GLOBAL CORP. RESTRICTED STOCK UNIT ISSUANCE AGREEMENT</u>**

THIS GLOBAL CORP. RESTRICTED STOCK UNIT ISSUANCE AGREEMENT (the "<u>Agreement</u>"), dated as of January 19, 2026 (the "<u>Grant Date</u>"), is made by and between Clear Street Group Inc., a Delaware corporation (the "<u>Corporation</u>"), and Clear Street Global Corp., a United States Virgin Islands corporation (the "<u>Grantee</u>").

The Board has determined that it is in the best interests of the Corporation and its stockholders to grant to the Grantee an award of restricted stock units as set forth in this Agreement.

The Corporation and the Grantee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of RSUs</u>**. The Corporation hereby grants to the Grantee, as of the Grant Date, an award of restricted stock units ("<u>RSUs</u>") (the "<u>Award</u>"). Each RSU represents the right to receive one Share on the specified issuance date following the vesting of that RSU. The number of RSUs subject to the Award, the applicable Vesting Schedule for those RSUs, the date on which Shares underlying those vested RSUs shall become issuable to the Grantee, and the remaining terms and conditions governing the Award shall be as set forth in this Agreement.

**AWARD SUMMARY** 

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| | |
|:---|:---|
| **Number of RSUs Subject to Award:** | 8400000 |
| **Expiration Date** | The 11th anniversary of the Grant Date. |
| **Issuance Schedule:** | The Shares underlying the RSUs in which the Grantee vests in accordance with the Vesting Schedule set forth below (the "<u>Issued Shares</u>") shall be issued no later than 2 <sup>1</sup>⁄<sub>2</sub> months following the year in which the Vesting Date (as defined below in this Award Summary) occurs (the "<u>Issue Date</u>"). |
| **Vesting Schedule:** | The RSUs shall be subject to two vesting requirements, which must be satisfied on or before the Expiration Date specified above in order for the RSUs to vest – the "Time Requirement" and the "Liquidity Event Requirement." The RSUs will not vest (in whole or in part) if only one (or if neither) of such vesting requirements is satisfied on or before the Expiration Date. The vesting date (the "<u>Vesting Date</u>") for each RSU shall be first date on which both the Time Requirement and the Liquidity Event Requirement are satisfied, provided that such date is prior to the Expiration Date. For the avoidance of doubt, if a Liquidity Event occurs prior to the Time Requirement having been satisfied for one or more RSUs, such RSUs shall continue to vest in accordance with the Time Requirement, subject to the Grantee's continued service. |

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| | |
|:---|:---|
| **Time Requirement:** | The Time Requirement shall be as follows:<br>All of the RSUs shall time-vest on the six (6) month anniversary of the Grant Date, subject to the Grantee's continued Service.<br><u>Cessation of Service</u>: In the event the Grantee's service to the Corporation is terminated for any reason, all RSUs with respect to which the Time Requirement has not been satisfied as of the date of the Grantee's termination of service shall automatically be forfeited upon such termination of service and the Grantee shall have no further rights with respect to such forfeited RSUs. Upon termination of the Grantee's service, any RSUs with respect to which the Time Requirement has been satisfied shall (if a Liquidity Event has not previously occurred) remain outstanding until the first to occur of a Liquidity Event or the Expiration Date. |
| **Liquidity Event Requirement:** | The Liquidity Event Requirement shall be satisfied on the first to occur of: (i) a Change in Control (excluding any initial public offering or business combination with a special purpose acquisition company (a "<u>SPAC</u>")); or (ii) (x) the consummation by the Corporation of an initial public offering or a business combination with a SPAC as a result of which, the common stock of the Corporation or of a direct or indirect parent entity of the Corporation become listed on a Stock Exchange and (y) expiration of the 180-day lock-up period following an event described in (ii), or any such other lock-up period as may be imposed or requested by the Corporation's underwriters, SPAC sponsor, or other similar parties. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Restrictions on Transfer of Award</u>**. Prior to the actual issuance of the Shares pursuant to RSUs that vest hereunder, the Grantee may not transfer any interest in the Award or the underlying Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Adjustment to Award</u>**. In the event of any of the following transactions affecting the outstanding Common Stock as a class without the Corporation's receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the Common Stock without the Corporation's receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock as a result of a spin-off transaction or extraordinary distribution or should there occur any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall be made to the total number and/or class of securities issuable pursuant to this Award. The adjustments shall be made by the Administrator in such manner as the Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Stockholder Rights</u>**. The Grantee shall not have any stockholder rights with respect to the Shares underlying the RSUs subject to the Award until the Grantee becomes the record holder of those Shares following their actual issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>US Securities Law Compliance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restricted Securities</u>. The Issued Shares may not be registered under the 1933 Act (or comparable foreign statute) in which case they will be issued to the Grantee in reliance upon the exemption from such registration. The Grantee hereby confirms that the Grantee has been informed that the Issued Shares will be restricted securities under the 1933 Act and may not be resold or transferred unless the Issued Shares are first registered under the US Federal securities laws or unless an exemption from such registration is available. Accordingly, the Grantee hereby acknowledges that the Grantee will hold the Issued Shares for investment purposes only and not with a view to resale and is prepared to hold the Issued Shares for an indefinite period and that the Grantee is aware that SEC Rule 144 issued under the 1933 Act, which exempts certain resales of unrestricted securities, is not presently available to exempt the resale of the Issued Shares from the registration requirements of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictive Legends</u>. The share certificates for the Issued Shares shall be endorsed with one or more of the following restrictive legends:

"The shares represented by this certificate have not been registered under the Securities Act of 1933 (or comparable foreign statute). The shares may not be sold or offered for sale in the absence of (a) an effective registration statement for the shares under such Act (or comparable foreign statute), (b) a 'no action' letter of the Securities and Exchange Commission (or comparable foreign governmental authority) with respect to such sale or offer or (c) satisfactory assurances to the Corporation that registration under such Act (or comparable foreign statute) is not required with respect to such sale or offer."

"The shares represented by this certificate may not be sold, assigned, transferred, encumbered, or in any manner disposed of except in conformity with the terms of a written agreement dated January 19, 2026 between the Corporation and the registered holder of the shares (or the predecessor in interest to the shares). A copy of such agreement is maintained at the Corporation's principal corporate offices."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All certificates, if any, for Shares and/or other securities delivered under this Agreement pursuant to any award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Administrator may deem advisable under this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Administrator may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation will not be obligated to deliver any Shares under this Agreement or remove restrictions from Shares previously delivered under this Agreement until (i) all award conditions have been met or removed to the Administrator's satisfaction, (ii) as determined by the Administrator, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Grantee has executed and delivered to the Corporation such representations or agreements as the Administrator deems necessary or appropriate to satisfy any applicable laws. The Corporation's inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any Shares, will relieve the Corporation of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Issuance of the Shares; Taxation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the applicable Issue Date, the Corporation shall issue to, or on behalf of, the Grantee a certificate (which may be in electronic form) for the applicable number of Shares. The settlement of all RSUs that vest under the Award shall be made solely in Shares. In no event, however, shall any fractional Shares be issued. Accordingly, the total number of Shares to be issued pursuant to the Award shall, to the extent necessary, be rounded down to the next whole Share in order to avoid the issuance of a fractional Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Grantee shall be solely responsible for all reporting obligations and payment of all applicable taxes in connection with the grant and vesting of the Award and the sale of any Shares issued under the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Compliance with Laws and Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The issuance of Shares pursuant to the Award shall be subject to compliance by the Corporation and the Grantee with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the Shares may be listed for trading at the time of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The inability of the Corporation to obtain approval from any regulatory body having authority deemed by the Corporation to be necessary to the lawful issuance and sale of any Shares pursuant to this Award shall relieve the Corporation of any liability with respect to the non-issuance or sale of the Shares as to which such approval shall not have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Successors and Assigns</u>**. Except to the extent otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and the Grantee, the Grantee's assigns and the legal representatives, heirs and legatees of the Grantee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Notices</u>**. All notices, requests, consents, claims, demands, waivers, and other communications under this Agreement (each, a "**Notice**") in writing, using the communications methods set out below, and addressed to the other party at its address set out below (or to any other address that the receiving party may designate from time to time in accordance with this section). Notices by personal delivery, nationally recognized same day or overnight courier (with all fees prepaid), email (with confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). A Notice is deemed to have been validly and effectively given: (a) if sent by personal delivery or by courier (all fees prepaid) on the date of receipt, (b) if sent by email, upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "read receipt" function, as available, return email or other form of written acknowledgment) or (c) if sent by certified or registered mail, return receipt requested, postage prepaid on the third day after the date mailed.

---

| | |
|:---|:---|
| If to the Corporation: | Clear Street Group Inc.<br> 4 World Trade Center<br> 150 Greenwich St Floor 45<br> New York, NY 10007<br> Email:<br> Attention: |
| with a copy to: | Davis Polk & Wardwell LLP<br> Email:<br> Attention: |
| If to Grantee: | Clear Street Global Corp.<br> 5150 Norre Gade, Charlotte Amalie<br> St Thomas 00802<br> Email:<br> Attention: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Construction</u>**. All decisions of the Administrator with respect to any question or issue arising under this Agreement shall be conclusive and binding on all persons having an interest in this Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Governing Law</u>**. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware without resort to that state's conflict-of-laws rules.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Electronic Delivery</u>**. The Corporation may, in its sole discretion, decide to deliver by email or other electronic means any documents related to this Award, the Shares, any other securities of the Corporation or any other Corporation-related documents, including notices to stockholders required by applicable law, the Corporation's Certificate of Incorporation and/or Bylaws. The Grantee hereby (i) consents to receive such documents by email or other electronic means, (ii) consents to the use of electronic signatures, and (iii) if applicable, agrees to receive any such documents related to the Award through an on-line or electronic system established and maintained by the Corporation or a third party designated by the Corporation. The Corporation may deliver the above-described documents to the Grantee by sending a communication to the Grantee's email address set forth under the Grantee's signature below or, if no email address is set forth below, to the last email address for the Grantee the Corporation has on file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Definitions</u>**. The following definitions shall be in effect under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>1933 Act</u>** shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>1934 Act</u>** shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Administrator</u>** shall mean the Compensation Committee of the Board (*provided* that any member of the Compensation Committee who is not a Disinterested Director shall not be permitted to deliberate or otherwise participate in decisions with respect to this Agreement), or such other committee composed solely of Disinterested Directors delegated authority by the Board to administer this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Affiliate</u>** shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person, where "control" has the meaning ascribed to it in Rule 12b-2 under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Agreement</u>** shall mean this Global Corp. Restricted Stock Unit Issuance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Award</u>** shall mean the award of RSUs made to the Grantee pursuant to the terms of this Agreement, as defined in Paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Board</u>** shall mean the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Change in Control</u>** shall mean a change in ownership or control of the Corporation effected through any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger, consolidation or other reorganization approved by the Corporation's stockholders, <u>unless</u> securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Corporation's outstanding voting securities immediately prior to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation's assets in liquidation or dissolution of the Corporation; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the acquisition, directly or indirectly by any person or related group of persons (other than the Corporation or a person that directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation's outstanding securities pursuant to a tender or exchange offer made directly to the Corporation's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In no event shall any public offering of the Corporation's securities be deemed to constitute a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Code</u>** shall mean the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Common Stock</u>** shall mean the Corporation's Class A common stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Corporation</u>** shall mean Clear Street Group Inc., a Delaware corporation, and any successor corporation to all or substantially all of the assets or voting stock of Clear Street Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>Disinterested Director</u>** shall mean a member of the Board who (a) is not an employee, director or equityholder (other than through passive investment) of Grantee or its Affiliates and (b) otherwise qualifies as "independent" under applicable stock exchange rules, in each case as determined in good faith by the Board or its Nominating & Governance Committee (or such other committee as may be responsible for determining the qualifications and independence of directors from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **<u>Grant Date</u>** shall mean the date of grant of the RSUs as specified in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **<u>Grantee</u>** shall mean the person to whom the Award is granted as specified in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **<u>Issue Date</u>** shall have the meaning indicated in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **<u>Issued Shares</u>** shall have the meaning set forth in Paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **<u>Person</u>** has the meaning ascribed to such term in Section 3(a)(9) of the 1934 Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **<u>RSU</u>** shall have the meaning set forth in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **<u>Share</u>** shall mean a share of Common Stock.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **<u>Stock Exchange</u>** shall mean the American Stock Exchange, the Nasdaq Capital, Global or Global Select Market or the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Vesting Schedule</u>** shall mean the vesting schedule specified in the Paragraph 1 of this Agreement pursuant to which the RSUs are to vest.

**IN WITNESS WHEREOF**, the parties have executed this Agreement on the respective dates indicated below.

---

| | |
|:---|:---|
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** |
| By: | /s/ Ed Tilly |
| Name: Ed Tilly | Name: Ed Tilly |
| Title: President | Title: President |

---

---

| | |
|:---|:---|
| <br> **GRANTEE NAME:** Clear Street Global Corp., a United States Virgin Islands corporation | <br> **GRANTEE NAME:** Clear Street Global Corp., a United States Virgin Islands corporation |
| By: | /s/ Elli Ausubel |
| Name: Elli Ausubel | Name: Elli Ausubel |
| Title: Treasurer | Title: Treasurer |

---

## Exhibit 10.11

**Exhibit 10.11**![LOGO](g39893snap1.jpg)

**<u>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</u>**

This Amended and Restated Employment Agreement (this "**Agreement**"), dated August 8, 2022, is entered into by and between Chris Pento ("**Employee**") and Clear Street Management LLC, a Delaware limited liability company (the "**Company**"), and amends and restates that certain Employment Agreement, dated June 18, 2018, between Employee and the Company (f/k/a Summit Management, LLC) (the "**Original Agreement**").

The Company desires to continue to employ the Employee on a full-time basis, at-will, and Employee desires to accept such employment subject to the terms and conditions set forth in this Agreement, which amends and restates the Original Agreement in its entirety; therefore, in consideration of the mutual agreements and covenants set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commencement Date</u>. This Agreement shall be effective as of August 8, 2022 (the
" **Commencement Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Title and Duties; Location; Supervisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee will serve as an Officer of the Company and as Chief Executive Officer of Clear Street Group Inc.,
Clear Street Holdings LLC and Clear Street LLC, each an affiliate of the Company, and will have duties and responsibilities typically associated with such titles, together with such other duties and responsibilities consistent with the position as
reasonably assigned to Employee from time to time by the board of directors of Clear Street Group Inc. The Employee may be assigned to perform additional services for wholly owned entities or affiliates of the Company and such assignment will be
consistent with the Employee's title, duties and responsibilities as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Employee will be employed at the Company's offices located in New York, NY or such other locations as the
Company may reasonably designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conduct During Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Employee shall comply fully with all reasonable policies and procedures of the Company, or its relevant wholly
owned entity or affiliate, in effect as the same now exist or may be hereafter implemented from time to time, including, but not limited to, all terms and conditions set forth in the Company's handbook, compliance manual and any other
memoranda or communication applicable to Employee pertaining to policies, procedures, rules and regulations as the same may be in effect from time to time. Failure to comply with such policies and procedures shall be grounds for disciplinary action
by the Company, up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Employee shall observe and comply with all applicable laws, rules, and regulations imposed by any governmental
or self-regulatory organization as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Employee shall not trade any Company strategies in Employee's personal trading accounts and shall provide
the Company on a monthly basis with statements of all securities accounts in which the Employee has a personal or financial interest (or otherwise controlled by the Employee, including relatives residing with the Employee or supported by the
Employee).

150 Greenwich Street, 45th floor, New York, NY 10007

Clear Street Management LLC

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Employee shall remain loyal to the Company at all times, avoid conflicts of interest and promptly inform the
Company of related business opportunities offered to Employee, whether in her/his capacity as an employee of the Company or otherwise and whether offered to Employee as an individual or on behalf of the Company, in the field of securities trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusivity.</u> The Employee shall: (i) devote Employee's full business time, attention, skill
and best efforts to the performance of Employee's duties; (ii) not engage in or prepare to engage in any business activity as an individual or with any other person, firm, corporation or business other than on the Company's behalf,
except with the express prior written consent of the Company; (iii) not engage in any activity that could create a conflict of interest between Employee and the Company or any of its affiliates and (iv) have no interest or affiliation
directly or indirectly in any other person, firm, corporation or business whose business is related to or competitive with the business of the Company, except with the express prior written consent of the Company; <u>provided</u>, <u>however</u>,
Employee may own, directly or indirectly, solely as a passive investment, any securities if Employee (a) is not a controlling person of, or a member of a group which controls, such entity and (b) does not, directly or indirectly, own three
percent or more of any class of securities of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Base Salary.</u> The annual base salary to be paid to Employee shall be $350,000, payable in equal
semi-monthly installments in accordance with the Company's regular payroll practices. All compensation will be subject to customary withholding tax and other employment taxes and deductions as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Performance Bonus</u>. Employee shall be eligible to receive an annual discretionary performance bonus,
payable in a manner consistent with the Company's practices and procedures ()"**Performance Bonus** "). The amount of the Performance Bonus, if any, will be decided by the Company in its sole discretion and will be paid not later
than March 15 following the calendar year for which the Performance Bonus has been attributed, if at all. A Performance Bonus, if awarded, will be based on factors determined by the Company, at its sole and absolute discretion, which may
include, but are not limited to Employee's performance and the performance of the Company. In no event shall Employee earn or have any entitlement to a Performance Bonus until it is paid. Employee will not be eligible to receive any
Performance Bonus if the Employee's employment has been terminated for any reason, if the Employee provided notice of resignation or if the Employee received notice of termination, prior to the Performance Bonus payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Restricted Stock Unit Award</u>. Following the Commencement Date, subject to the approval of the Board of
Directors of Clear Street Group Inc. ()"**Clear Street**") and the Employee's execution of Clear Street's standard-form Restricted Stock Unit Issuance Agreement, which will be executed digitally through Carta, Clear
Street's transfer agent and digital capitalization table management software (the "**Issuance Agreement** "), Employee will be eligible to be awarded 1,567,852 Restricted Stock Units of Clear Street Group Inc. (the
" **RSUs** "). All of the RSUs will be unvested as of the date of grant and shall vest in accordance with the Issuance Agreement, which shall reflect pro rata

![LOGO](g39893snap2.jpg)

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monthly vesting over a three-year period beginning on May 15, 2022 (the "**Grant Date**"). In addition, the time-vesting component of the RSUs shall accelerate upon a Change of Control (as defined below) of Clear Street. Notwithstanding anything in this Agreement to the contrary: (i) the RSUs will be issued to Employee subject to all of the provisions of the Issuance Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Issuance Agreement); and (ii) Employee will have no entitlement to receive the RSUs until (A) the grant of the RSUs have been approved by the Board of Directors of Clear Street Group Inc.; and (B) Employee and Clear Street Group Inc. have executed the Issuance Agreement. For these purposes, "**Change of Control**" means a change in ownership or control of Clear Street effected through any of the following transactions: (x) a merger, consolidation or other reorganization approved by Clear Street's stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned Clear Street's outstanding voting securities immediately prior to such transaction; (y) a stockholder-approved sale, transfer or other disposition of all or substantially all of Clear Street's assets in liquidation or dissolution of Clear Street; or (z) the acquisition, directly or indirectly by any person or related group of persons (other than Clear Street or a person that directly or indirectly controls, is controlled by, or is under common control with, Clear Street, it being understood that this carve-out shall apply to, without limitation, affiliates of Uriel Cohen and/or Clear Street Holdings USVI Inc.), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent (50%) of the total combined voting power of Clear Street's outstanding securities or Clear Street Holdings LLC's outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Benefits</u>. Employee will be provided benefits, including vacation days, as specified in the
Company's employee handbook. In addition, the Company shall pay or reimburse Employee (in Employee's discretion) for a gym membership and up to $15,000 per month for transportation and/or an apartment in the New York metropolitan area
for as long as Employee remains employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Business Expenses</u>. The Company shall reimburse Employee for all reasonable and necessary business
expenses incurred by Employee as detailed in the Company's Travel and Expense Reimbursement Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties</u>. By signing this agreement, Employee warrants and represents the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. If applicable, Employee has or will obtain all governmental, regulatory and exchange licenses, registrations
and approvals required by law and as may be necessary to perform Employee's obligations under this Agreement and duties as an employee of the Company and shall maintain all such licenses in good standing at all times during the course of
employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Employee is free from all contractual obligations or other possible restrictions preventing Employee from
entering into this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Employee shall not disclose to the Company, or use for the Company's benefit, or induce the Company to
use, any trade secrets, proprietary information, confidential information, intellectual property, or other property that belongs to any former employer of Employee or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Regulatory Requirements.</u> If applicable, Employee shall be required to meet and maintain certain
registration and qualification requirements as established or determined by the Company and/or as prescribed by applicable regulation from time to time. These registrations and qualifications must be current at all times and failure to meet or
maintain these registrations or qualifications may result in immediate suspension or termination. These registration and qualification requirements are subject to change at any time but currently may include: (i) registering as an Associated
Person of the Company and completing all required documentation including but not limited to: Form U-4, fingerprint cards, and background review releases; (ii) providing proof of prior experience and
holding valid securities registrations required for Employee's position; (iii) completing all compliance attestations including the authorization for the submission of outside brokerage statements to the Company; (iv) attending
Company in house education seminars as reasonably practicable; (v) successful completion of industry required continuing education; (vi) immediate notification of changes in address, financial status or any events that require amendments
to Employee's Form U-4; and (vii) compliance with all applicable rules, regulations, guidance and compliance and regulatory policies of the Securities and Exchange Commission, the Commodity Futures
Trading Commission, and all other applicable (as may be determined by the Company from time to time) self-regulatory organizations, including all required notifications to such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement</u>. By executing this Agreement, the Employee hereby confirms and agrees to comply with the provisions of the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement attached hereto as  **<u>Exhibit A</u>** which the parties entered into contemporaneously herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute among Employee and the Company which cannot be amicably settled and is a dispute that arises out of the Company's securities business activities shall be
submitted for binding arbitration in accordance with the rules of FINRA. All other disputes which do not arise out of the Company's securities business activities shall be submitted for binding arbitration administered by the American
Arbitration Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit the company from obtaining immediate injunctive relief
pursuant to the Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory charge against the Company. Any party may commence arbitration by sending a written demand for arbitration to the other parties. Such demand shall set forth the
nature of the matter to be resolved by arbitration. The parties shall share equally all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in
accordance with applicable law in any court having jurisdiction thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Employment At-Will.</u> Employee's employment with the Company
is on an at-will basis, as defined by applicable law, meaning that the Company will be free to terminate Employee's employment at any time, with or without cause and that Employee will be free to resign
from her/his employment with the Company at any time subject to Employee's prior notice as detailed in Section 12.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>Further Payment.</u> Except as otherwise specified in  **<u>Exhibit A</u>** and as set forth in
Section 12.3 below, upon termination of employment for any reason no further payments by the Company to Employee will be due other than accrued but unpaid base salary through the applicable date of termination and any other accrued benefits to
which Employee may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>Resignation Notice.</u> The Company requests that Employee provide at least 60 days' prior written
notice of resignation to the Company. Vacation days shall not be counted towards days of prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Indemnification</u>. The Company will indemnify Employee against any actual or threatened action, suit or
proceeding against Employee, whether civil, criminal, administrative or investigative, arising by reason of Employee's status as a director, officer, employee and/or agent of the Company or any of its affiliates during Employee's
employment. In addition, to the extent permitted by law, the Company will advance or reimburse any expenses, including reasonable attorney's fees, Employee incurs in investigating and defending any actual or threatened action, suit or
proceeding for which the Employee may be entitled to indemnification under this Section 13. In the event the Company shall be obligated under this Section 13 to provide indemnification or make any advance reimbursement or expense payments,
the Company, at its discretion, shall be entitled to assume the defense of such proceeding, with counsel selected by the Company, upon the delivery to Employee of written notice of its election so to do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. <u>Taxes</u>. The Company may withhold from any payments made under this Agreement amounts as shall be required
by law, as reasonably determined by the Company. Employee acknowledges and represents that the Company has not provided any tax advice in connection with this Agreement and that Employee has been advised by the Company to seek tax advice from
Employee's own tax advisors regarding this Agreement and payments and benefits that may be made to Employee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. <u>Non-Disclosure</u>. Employee agrees to keep the contents, terms and
conditions of this Agreement confidential; provided, however that Employee may disclose this Agreement to Employee's spouse, attorneys, and accountants, or pursuant to subpoena or court order, or as otherwise allowed or required by law, in
each case after notifying such person of the restrictions in this Section. Any breach of this non-disclosure paragraph is a material breach of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. <u>Entire Agreement</u>. This Agreement, together with its exhibits (including the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement), forms the complete and exclusive
statement of the terms and conditions of Employee's employment with the Company. It supersedes the Original Agreement and any other representations or promises made to Employee by anyone, whether oral or written, and it can only be modified in
a written agreement signed by an authorized officer of the Company. For the avoidance of doubt, this Agreement does not amend that certain Class B Contribution and Member Agreement, dated as of December 31, 2020, by and between Employee
and Clear Street Members LLC and acknowledged and agreed to by Clear Street Holdings LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. <u>Notices</u>. All notices and other communications required or permitted under this Agreement shall be
delivered personally, via electronic mail, via certified or registered mail (return receipt requested) or next day express mail or overnight, nationally recognized courier service (postage prepaid with proof of receipt). Any such notice shall be
deemed given (i) when delivered if delivered personally or via electronic mail, (ii) the day after deposit with the express or courier service when sent by next day express mail or overnight courier, or (iii) three (3) days after
deposit with the postal service when sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5. <u>Waiver of Jury Trial</u>. It is mutually agreed by and between the Company and Employee that, to the maximum
extent permissible under applicable law, they shall, and they hereby do, waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of, or in any way
connected with, this Agreement and Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6. <u>Assignment; Benefit</u>. The Company shall have the right to assign this Agreement and all or any part of
its rights and obligations under this Agreement to any subsidiary, holding company or affiliate of the Company or any surviving entity following any merger, reorganization or consolidation of any of those entities with any entity other than the
Company. This Agreement is personal and may not be assigned by Employee; *provided*, *however*, that if Employee dies, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to
Employee's devisee, legatee, or other designee, or if there be no such designee, to Employee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7. <u>Survival</u>. The provisions of this Agreement together with its exhibits (including the Proprietary
Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement) shall survive any
termination of Employee's employment to the extent necessary to give effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8. <u>Amendments and Modification.</u> Modifications and amendments to the terms of this Agreement may be made
from time to time, subject to a written agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9. <u>Headings</u>. The section headings herein are inserted for the convenience of the parties only and are not
to be construed as part of the terms of this Agreement or to be taken into account in the construction or interpretation of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10. <u>Severability</u>. If any provision of this Agreement is, or is held to be, inconsistent with or
unenforceable under any law or regulation, such provision shall be deemed rescinded or modified in accordance with such law or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by actual or electronic signature in conformity with the U.S. federal ESIGN Act of 2000 (e.g., Adobe Sign, DocuSign,
HelloSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and
original signature of the party delivering the electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12. <u>Non-Waiver.</u> The failure of either party, whether purposeful or
otherwise, to exercise in any instance any right, power, or privilege under this Agreement or under applicable law shall not constitute a waiver of the same or any other right, power, or privilege in any other instance. Any waiver by the Company or
by Employee must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13. <u>Independent Legal Advice</u>. By signing below, Employee expressly acknowledges that Employee has had the
opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that Employee failed to obtain independent legal advice, Employee acknowledges that such failure will not be used as a defense to the enforcement
of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Amended and Restated Employment Agreement effective as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Elli Ausubel | By: | /s/ Chris Pento |
|  | Name: Elli Ausubel<br> Title: Treasurer and Secretary<br>Date: August 8, 2022 |  | Name: Chris Pento<br>Date: August 8, 2022 |

---

[Signature page to Amended and Restated Employment Agreement]

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**<u>Exhibit A</u>**

PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS, NON-COMPETITION,

NON-SOLICITATION AND NON-DISPARAGEMENT AGREEMENT

This Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement ("**Agreement**"), dated August 8, 2022, is by and between Clear Street Management LLC, a Delaware limited liability company (the "**Company**"), and Chris Pento (the "**Employee**") and amends and restates that certain Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement, dated as of the date of the Original Agreement by and between the parties hereto.

Terms not defined herein shall have the meaning ascribed to them in the Amended and Restated Employment Agreement to which this Exhibit is attached ("**Employment Agreement**"). For purposes of any undertaking of the Employee toward the Company herein, the term "Company" shall include any parent company, subsidiaries and affiliates of the Company.

In consideration and as a condition of the Employee's employment with the Company, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Proprietary Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights</u>. Employee acknowledges that Employee's employment with the
Company creates a relationship of confidence and trust between the Employee and the Company with respect to Proprietary Information (as defined below) of the Company, its subsidiaries, its affiliates, its existing or potential investors or its
customers which may be learned by the Employee during the period of Employee's employment with the Company. Accordingly, Employee acknowledges and agrees that all Proprietary Information and all patents, copyrights, trade secret rights and
other rights (including throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of the Company or of any such entity the Company otherwise
determines and Employee hereby assigns to the Company any rights Employee may have or acquire in such Proprietary Information and all patents, copyrights, trade secret rights and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Non-disclosure; Protection of Proprietary Information</u>. At all
times, both during the Employee's employment with the Company and after the termination of employment with the Company, the Employee will safeguard and keep in the strictest confidence and trust and will not use, disclose or publish any
Proprietary Information or anything relating to it to any unauthorized person or otherwise without the prior written consent of the Company. Employee will take all reasonable precautions to prevent the inadvertent or accidental disclosure of
Proprietary Information and will take care to maintain at Employee's desk only such Proprietary Information as Employee has a current "need to know" in the furtherance of Company's businesses, and shall take care to shield
Proprietary Information from other Company personnel who do not have a "need to know" such information. Employee may not store any Company data, including but not limited to Proprietary Information, on any electronic storage device

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or service that is not owned by the Company without prior written consent of the Company. Employee may not remove any Company data, including, but not limited to Proprietary Information, from the premises of the Company without prior consent of the Company. Nothing in this Section 1 shall prevent the Employee from utilizing Employee's professional skill and expertise in any future employment or association, provided such utilization does not involve unauthorized use or disclosure of Proprietary Information as detailed herein or violate the provisions of Section 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Proprietary Information**" is any and all confidential and/or proprietary knowledge, data,
trade secret or information of the Company, its affiliates, parents and subsidiaries, whether having existed, now existing or to be developed during the term of the Employee's employment with the Company. By way of illustration but not
limitation, Proprietary Information includes: operations, systems, services, personnel, financial affairs, clients, and counterparties; investment, marketing and trading philosophies, techniques and performance; existing and planned or prospective
business development programs, proposals, projects, and plans; trading systems or programs; trading positions and strategies; trading indicators, mathematical approaches, computational algorithms, parameter settings and configurations used to obtain
price predictions; trading styles and/or investment strategies; specific assumptions and approximations for estimating the expected return for a given order and simulating order execution; identities and names of existing or potential traders, or
existing or potential investors; metrics used for performance analysis and real-time-monitoring of individual sub-strategies, including metrics that create accurate "back-testing" engines; specific
portfolio optimization methodology used in running the strategy, including specific design, logic, and software architecture used for fitting models, generating price predictions, translating price predictions into trading decisions, trading
strategy back-testing, performance monitoring and analysis; algorithms and approaches used to generate indicators based on exchange book information and combination of different books coming from different trading venues; computer hardware and
systems, computer programs, software, software designs and documentations, codes, schematics, know-how and data; strategies, practices, or techniques for market-making, agency trading, order crossing, or
customer execution developed or engaged in by the Company or an affiliate thereof; any information relating to the personal affairs or business activities of the partners, managers, members, owners, employees, consultants, suppliers, officers,
directors, and investors of the Company or its affiliates; all forms, contracts, agreements (including this Agreement), literature or other documents designed, developed or written by, for, with or on behalf of the Company or its affiliates;
Inventions (as defined below), and any other confidential or proprietary information of the Company, its affiliates, its investors or clients which Employee has been, or may be exposed to, or has learned or may learn of from time to time in
connection with or as a result of Employee's capacity as an Employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Permitted Disclosures</u>. Notwithstanding the foregoing, Employee may disclose Proprietary Information
(1) to the extent required by law or pursuant to subpoenas or other court order or legal process (provided that Employee must apprise the Company of the subpoena, court order or legal process immediately upon learning of the same and give the
Company a reasonable opportunity to limit the scope of such required disclosure); (2) to the extent such disclosure is explicitly approved in writing by the

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Company; or (3) in furtherance of Employee's professional duties for the Company. In addition, Employee acknowledges that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose trade secret information to a government official or to an attorney and use it in certain court proceedings without fear of prosecution, liability, or retaliation, provided Employee does so in compliance with 18 U.S.C. § 1833. Under the federal Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this agreement prohibits Employee from disclosing or discussing Employee's or other employees' compensation or working conditions with other employees or with third parties who are not future employers or competitors of the Company, or other information governed by the provisions of applicable state law or the National Labor Relations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Third Party Information</u>. Employee acknowledges that the Company has received, and in the future will
receive, from the Company's affiliates, subsidiaries and from third parties confidential and/or proprietary knowledge, data, or information ()"**Third Party Information** "). During the Employee's employment with the Company
and thereafter, Employee shall hold the Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work with the Company) or use,
except in connection with the Employee's employment with the Company, the Third Party Information unless expressly authorized by an officer of the Company or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Return of Property</u>. In the event of the termination of Employee's employment with the Company for
any reason, Employee shall immediately return to the Company all documents, records, apparatus, equipment and other physical property, or any reproduction of such property, whether or not pertaining to Proprietary Information, furnished to Employee
by the Company or furnished to the Employee by any affiliate or subsidiary of the Company or produced by Employee or others in connection with the Employee's employment. If requested by the Company, Employee shall provide written confirmation
that all such property has been delivered to the Company as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Duty to Report.</u> Employee further agrees that Employee shall report immediately to the Company's
Chief Executive Officer (i) any and all unauthorized disclosures, revelations or uses of any Proprietary Information by any person or employee of the Company, and (ii) any and all requests made to Employee that Employee disclose, reveal or
misuse any Proprietary Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Term of Proprietary Information Undertaking</u>. Subject to the foregoing, Employee acknowledges and agrees
that Proprietary Information and Third Party Information is never to be used or disclosed by the Employee other than as expressly permitted in this Agreement and that this undertaking shall not be limited in time. The Company understands, however,
that under the laws of certain states, restrictions on the use or disclosure of Proprietary Information must be of a finite duration. Accordingly, Employee agrees that, should the law of such a state be applied to this Agreement, the restrictions on
the use or disclosure of Proprietary Information that is not a trade secret (the restriction on the use or disclosure of which shall be unlimited by time) shall apply for a period of five (5) years after his/her employment with Company ends,
which Employee acknowledges is reasonable under the circumstances at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Inventions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Assignment and Ownership of Inventions</u>. Employee agrees that all Inventions (as defined below) which
Employee makes, conceives, develops, reduces to practice or otherwise creates (in whole or in part, either as an individual or jointly with others) during the Employee's employment with the Company shall be the sole property of the Company, or
any other entity to which the Company assigns such Inventions, to the maximum extent permitted by law, and, to the extent permitted by law, shall be "works made for hire". The Company shall be the sole owner of all patents, copyrights,
trademarks, trade secret rights, and other intellectual property rights and other rights in connection therewith. To the extent any such Inventions are not considered "works made for hire" or otherwise the exclusive intellectual property
of the Company, Employee hereby assigns to the Company any and all rights, title, and interest Employee may have or may acquire in such Inventions and all proprietary rights with respect thereto. In addition, Employee hereby waives any and all
"moral rights," including, but not limited to, any right to identification of authorship, right of approval on modifications or limitation on subsequent modifications that Employee may have in respect of any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Designation</u>. Employee agrees to perform, during and after the employment term, all acts deemed necessary
or desirable by the Company to permit and assist the Company, at the Company's expense, in obtaining and enforcing patents, copyrights, trade secret rights or other rights on such Inventions. Such acts may include, but are not limited to,
execution of documents and assistance or cooperation in legal proceedings. With respect to any and all matters arising out of or relating to employment with the Company, Employee hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents, as Employee's agents and attorneys-in-fact to act for and on Employee's behalf and instead of the Employee, to execute and
file any applications or related filings and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or other rights thereon with the same legal force and effect as if executed by
Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Inventions**" means all inventions, developments, concepts, ideas, discoveries, improvements,
formulas, works of authorship, designs, trade secrets, technical specifications and technical data, processes, computer programs and software (including without limitation source code and object code), software designs and documentation, algorithms,

alone or jointly with others, during the Employee's employment with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Unassigned or Non-assignable Inventions</u>. Employee recognizes
that this Agreement will not be deemed to require assignment of any invention that Employee developed entirely on Employee's own time without using the Company's equipment, supplies, facilities, trade secrets or Proprietary Information,
except for those inventions that either (i) relate to the Company's actual or anticipated business, research or development, or (ii) result from or are connected with work performed by the Employee for the Company or training
received by Employee from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Prior Inventions</u>. The following is a complete list of all inventions or improvements created prior to
the date of this Agreement to which Employee claims ownership and/or that Employee desires to remove from the operation of this Agreement, and Employee represents and warrants that such list is complete: <u>None</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Competition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Acknowledgement</u>. Employee acknowledges and agrees that the Company is engaged in a highly competitive
business and that by virtue of Employee's position, association and responsibilities with the Company and Employee's access to Proprietary Information, engaging in any business which is competitive with the Company will cause it great
and irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Non-Compete Undertaking</u>. Therefore, Employee hereby agrees that,
so long as Employee is employed by the Company and for the period of two (2) years after the termination of employment with the Company for any reason, whether voluntarily or involuntarily, (the
" **Non-Compete Period** "), Employee shall not, directly or indirectly, participate in, engage in or prepare to engage in any Competitive Business Activity (as defined below), whether as an
individual, employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent, equity owner, or in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. "**Competitive Business Activity**" shall mean (i) activity that is similar in nature to
the services the Employee provided to the Company during the last two (2) years preceding the termination of the Employee's employment with the Company; (ii) activity which utilizes Proprietary Information the Employee acquired
during employment with the Company; (iii) controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to three percent of the securities of any given entity), providing other financial support to (subject
to the aforementioned three percent carve-out), participating in, engaging in or consulting for any person or Company in any: clearing business, clearing broker dealer, clearing and reporting technology
development, stock loan business, client agency execution services, principal execution services and prime brokerage services, or in any of the following trading strategies "Index Event Trading Strategies," "Event Driven Arbitrage
Trading Strategies," "Liquidity Based Strategies," "Mean Reversion/ Relative Value Based Strategies," "Options Arbitrage Strategies" or "Market Making Strategies" (as such terms are

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defined below), or in any trade of securities (equity or debt), derivatives, fixed income, cash, currency, or other financial instruments, whether or not the trades are automated using algorithms and/or software, in which the Company was engaged at the time Employee's employment with the Company terminates, or in which the Company engaged during the two (2) years preceding the termination of Employee's employment, or in which the Company has, at the time of the termination of the Employee's employment, plans to engage in and that the Employee was aware of, or possessed Proprietary Information about, at the time of the termination of the employment. "**Index Event Trading Strategies**" means any strategy that trades any ETF, index, or composite instrument, or their underlying securities, by utilizing predictive models, public information, or private research. "**Event Driven Arbitrage Trading Strategies**" means any strategy that is driven by catalyst market events, including, but not limited to, corporate actions, mergers and acquisitions, spin-offs, anti-trust or regulatory situations, bankruptcies, or other events generally viewed as or associated with economic indicators. "**Liquidity Based Strategies**" means any strategy that is driven by relative liquidity or illiquidity events, including, but not limited to, index events, corporate actions, mergers and acquisitions or order imbalances. "**Mean Reversion/Relative Value Based Strategies**" means any strategy that is driven by deviating price discrepancies between a pair of instruments or securities by utilizing predictive models, public information, or private research. "**Options Arbitrage Strategies**" means any strategy that is driven by an arbitrage between the underlying security and its associated options. "**Market Making Strategies**" means any strategy that seeks to capture the spread between the bid and ask price of one or more financial products and to provide liquidity for such financial products. Notwithstanding the foregoing, Employee shall have the right to engage in Competitive Business Activity by serving on the board of directors of a competing business (or taking another active role) or by investing more than three percent (3%) in a competing business, if and to the extent approved in advance, in each instance, by Uriel Cohen or the Executive Chairman of Clear Street.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Notice to Company</u>. If Employee accepts any employment or begins a business association or business
activity during the Non-Compete Period with any entity, Employee shall promptly advise the Company prior to the commencement of such subsequent employment or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Non-Compete Payments</u>. The Company will pay the Employee,
(a) in the case of either (i) a termination by the Company other than for Cause or (ii) a termination by the Employee for Good Reason, an amount equal to the quotient of Employee's average annual cash compensation from the
immediately preceding two completed calendar years divided by twenty-four (24), (b) in the case of a termination by the Employee other than for Good Reason, (i) for the first six (6) months of the Non-Compete Period, an amount equal to the Employee's base salary divided by twenty-four (24), (ii) for the next six (6) months of the Non-Compete Period (if
any), an amount equal to the greater of (x) $750,000 divided by twenty-four (24) and (y) the Employee's base salary divided by twenty-four (24) and (iii) for any portion of the Non-Compete Period following such initial 12-month period (if any), an amount equal to the greater of (x) the quotient of Employee's average annual cash compensation from the immediately preceding two completed
calendar years divided by twenty-four (24) and (y) $750,000 divided by

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twenty-four (24) or (c) in the case of any other termination of the Employee's employment by the Company or Employee, an amount equal to the Employee's base salary divided by twenty-four (24), in each case on a semi-monthly basis during any period of time in the Non-Compete Period which the Employee is unemployed as a result of the covenant not to compete following the termination of Employee's employment with the Company (any and all such payments, the "**Non-Compete Payments**"). If, for any reason it deems appropriate, the Company determines, in its sole discretion and at any time, to shorten or forgo the Non-Compete Period, the Company will cease to be obligated to make Non-Compete Payments on the date (the "**Release Date**") on which the Non-Compete Period terminates and will release Employee from the obligations set forth in this Section 3 effective as of such Release Date, provided that, if the Company enforces the non-competition restrictions in this Section 3 for any period of time, then the Company must provide thirty (30) days notice to the Employee prior to any early termination of the Non-Compete Period.

For these purposes: (A) "**Cause**" means (I) Employee's commission of an intentional fraud or reckless misstatement or omission materially affecting the Company or its affiliates, (II) any intentional or reckless act or omission by Employee that it is reasonable to expect would materially injure the reputation, business or business relationships of the Company or any of its affiliates, (III) Employee's conviction with respect to any felony involving fraud or dishonesty, or Employee's entry of a plea of nolo contendere with respect to any felony involving fraud or dishonesty, (IV) Employee's intentional breach of any securities, exchange, or self-regulatory organization's law, rule or regulation that materially injures the reputation, business, or business relationships of the Company or any of its affiliates, or (V) Employee's continued neglect, failure or refusal to perform Employee's duties hereunder or under the Employment Agreement and, if curable, Employee's failure to cure same within fifteen (15) business days following Employee's receipt of written notice to remedy the breach so long as the Company provided notice within thirty (30) business days after the Company was made aware of such event, either of its consideration of this event as a possible matter for which it could terminate for Cause or of its intention to terminate for Cause; and (B) "**Good Reason**" means, without Employee's consent, (I) a change by the Company in Employee's duties and responsibilities or an assignment by the Company of duties or responsibilities which are materially inconsistent with Employee's positions described in Section 2.1 of his Employment Agreement with the Company, dated as of the date hereof (as it may be amended from time to time), (II) a material change in geographic location of the Company where the Employee must perform services for the Company by greater than 100 miles from the current location of the Company, or (III) the material breach by the Company of this Agreement, provided that, notwithstanding anything to the contrary in the foregoing, (x) the Company shall have fifteen (15) business days following receipt of written notice from Employee to remedy the breach and (y) Employee provided notice to the Company of such breach within thirty (30) business days after the Employee first became aware of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Assumption of Risk</u>. Employee understands that without the representations and warranties contained in
this Section the Company would be required to assume additional risk that would otherwise be reflected in the base salary and/or other payments paid to Employee during Employee's employment with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Solicitation and No Hire</u>. Employee acknowledges and agrees
that so long as the Employee is employed by the Company and for twenty-four (24) months thereafter, Employee shall not, either individually or on behalf of any other person or entity, directly or indirectly: (1) employ, solicit, induce,
hire, offer to hire, or otherwise interfere with the employment or association of any current or former (within the prior twenty-four (24) months) director, member, officer or employee of the Company or its affiliates, or (2) induce, or
attempt to induce, any current or former (within the prior twenty-four (24) months) company investor, consultant or supplier to alter, limit or end its business dealings or relationship with the Company or any of its affiliates; or
(3) induce, or attempt to induce, any current or former (within the prior twenty-four (24) months) consultant or supplier of the Company to alter their relationship with, or to cease providing services for, the Company or any of its
affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Disparagement</u>. Employee hereby agrees that during the course
of employment and following the termination of employment with the Company for any reason, Employee shall not publish or make any negative or critical statement, whether written or oral, which is likely to adversely affect or otherwise malign the
business or reputation of the Company or any of its affiliates, any of their respective members, officers, directors or employees, or third parties with whom the Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies</u>. Employee agrees and acknowledges that the foregoing restrictions and the duration thereof as
set forth in this Agreement are reasonable and necessary for the protection of the Proprietary Information, business and goodwill of the Company and its affiliates. In the event that Employee shall breach any of the provisions of this Agreement, in
addition to and without limiting or waiving any other remedies available to the Company, at law or in equity, the Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief,
to restrain any such breach or threatened breach and to enforce the provisions of this Agreement. Recognizing the severity of the harm which could accrue to the Company or its affiliates, Employee agrees that monetary damages alone would not
sufficiently protect the Company or its affiliates, and thus Employee will not oppose injunctive relief on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Enforcement</u>. Employee consents to the Company's enforcement of the provisions of this Agreement on
behalf of the Company's managers, members, officers or partners, and those of its affiliates. Employee hereby expressly waives any objection Employee may have to the standing or capacity of the company to enforce the provisions of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reasonableness of Restrictions</u>. Employee acknowledges that the restrictions contained in this Agreement
are reasonable, proper and necessitated by the Company's legitimate business interests. The Employee represents and agrees that the Employee is entering into this Agreement freely and with knowledge of its contents with the intent to be bound
by the Agreement and the restrictions contained in it. In the event that a court finds this Agreement, or any of its restriction, to be ambiguous, unenforceable, or invalid, the parties hereto agree that this Agreement will be automatically modified
to provide the Company with the maximum protection of its business interests allowed by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute among Employee and the Company which cannot be amicably settled and is a dispute that arises out of the Company's securities business activities shall be
submitted for binding arbitration in accordance with the rules of FINRA. All other disputes which do not arise out of the Company's securities business activities shall be submitted for binding arbitration administered by the American
Arbitration Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit the company from obtaining immediate injunctive relief
pursuant to the Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory charge against the Company. Any party may commence arbitration by sending a written demand for arbitration to the other parties. Such demand shall set forth the
nature of the matter to be resolved by arbitration. The parties shall share equally all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in
accordance with applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival</u>. The provisions of this Agreement shall survive the termination of the Employee's
employment, regardless of the reason, and the assignment of this Agreement by the Company to any successor in interest or their assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modifications</u>. No modifications or amendments to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. This Agreement may be assigned by the Company without further notice to Employee and shall
inure to the benefit of and be binding upon the successors and assigns of the Company. This Agreement may not be assigned by the Employee.

[EXHIBIT A SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered this Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Elli Ausubel | By: | /s/ Chris Pento |
|  | Name: Elli Ausubel<br> Title: Treasurer and Secretary<br>Date: August 8, 2022 |  | Name: Chris Pento<br>Date: August 8, 2022 |

---

[Signature page to Exhibit A to Amended and Restated Employment Agreement]

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## Exhibit 10.12

**Exhibit 10.12**![LOGO](g39893snap1.jpg)

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (this "**Agreement**"), dated July 8, 2024, is entered into by and between Edward Tilly ("**Employee**") and Clear Street Management LLC, a Delaware limited liability company (the "**Company**").

Company desires to employ Employee on a full-time basis, at-will, and Employee desires to accept such employment subject to the terms and conditions set forth in this Agreement; therefore, in consideration of the mutual agreements and covenants set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commencement Date</u>. Employment with Company will commence on or around July 22, 2024 (the
" **Commencement Date**") contingent upon, if applicable, successful completion of the pre-employment check.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Title and Duties: Location: Applicability of Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee will serve as President with the Company and will have duties and responsibilities typically
associated with such title, together with such other duties and responsibilities consistent with the position as reasonably assigned to Employee from time to time by the Board of Directors of Clear Street Group Inc. ()"**CSG** "). Employee may be assigned to perform services for wholly owned entities or affiliates of Company, and such assignment will be consistent with Employee's title, duties, and responsibilities as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Employee will be employed at Company's offices in West Palm Beach, Florida, New York, New York, Chicago,
Illinois or such other locations as the Company may reasonably designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. For the avoidance of doubt, the parties acknowledge their intention to renegotiate Employee's agreement
with the Company at such time as a new chief executive officer of CSG is hired by the Company and that Employee will cease to serve as President of the Company in connection with such hiring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conduct During Employment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I. Employee shall comply fully with all policies and procedures of Company, or its relevant wholly owned entity
or affiliate, in effect as the same now exist or may be hereafter implemented from time to time, including, but not limited to, all terms and conditions set forth in Company's handbook, compliance manual and any other memoranda or
communication applicable to Employee pertaining to policies, procedures, rules and regulations as the same may be in effect from time to time. Failure to comply with such policies and procedures shall be grounds for disciplinary action by Company,
up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Employee shall observe and comply with all applicable laws, rules, and regulations imposed by any governmental
or self-regulatory organization as may be in effect from time to time.

150 Greenwich Street, 45th floor, New York, NY 10007

Clear Street Management LLC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Employee shall not trade any Company strategies in Employee's personal trading accounts and shall provide
Company on a monthly basis with statements of all securities accounts in which Employee has a personal or financial interest (or otherwise controlled by Employee,' including relatives residing with Employee or supported by Employee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Employee shall always remain loyal to Company, avoid conflicts of interest, and promptly inform Company of
related business opportunities offered to Employee, whether in her/his capacity as an employee of Company or otherwise and whether offered to Employee as an individual or on behalf of Company, in the field of securities trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusivity</u>. Employee ·shall: (i) devote Employee's full business time, attention,
skill and best efforts to the performance of Employee's duties; (ii) not engage in or prepare to engage in any business activity as an individual or with any other person, firm, corporation or business other than on Company's
behalf, except with the express prior written consent of Company; (iii) not engage in any activity that could create a conflict of interest between Employee and Company or any of its affiliates and (iv) have no interest or affiliation
directly or indirectly in any other person, firm, corporation or business whose business is related to or competitive with the business of Company, except with the express prior written consent of Company; <u>provided</u>, <u>however</u>, Employee
may own, directly or indirectly, solely as a passive investment, any securities if Employee (a) is not a controlling person of, or a member of a group which controls, such entity and (b) does not, directly or indirectly, own three percent
or more of any class of securities of such entity. The Company acknowledges that Employee is on the board of directors of the entities listed in Exhibit A and that Employee may continue to serve in such capacity, as long as such service does not
exceed fourteen (14) calendar days per year and does not hinder Employee's ability to perform his duties hereunder. Moreover, the Company acknowledges that Employee has non-board, non-controlling interest investments in the entities listed in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Base Salary</u>. The annual base salary to be paid to Employee in cash shall be $350,000, payable in equal
semi-monthly installments per Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Performance Bonus</u>. Employee shall be eligible to receive an annual discretionary performance bonus,
payable in a manner consistent with Company's practices and procedures ()"**Performance Bonus** "). The amount of the Performance Bonus, if any, will be decided by Company in its sole discretion and will be paid not later
than March 15 following the calendar year for which the Performance Bonus has been attributed, if at ,:ill. A Performance Bonus, if awarded, will be based on factors determined by Company, at its sole and absolute discretion, which may include, but
are not limited to Employee's performance and the performance of Company. In no event shall Employee earn or have any entitlement to a Performance Bonus until it is paid. Employee will not be eligible to receive any Performance Bonus if
Employee's employment has been terminated for any reason, if Employee provided notice of resignation, or if Employee received notice of termination before the Performance Bonus payment date. Notwithstanding the foregoing, if the
Employee's position changes in any manner, including but not limited to termination, prior to March 15 as a result of hiring of a new chief executive officer of CSG, Employee shall be entitled to receive, except if Employee was terminated for
Cause, the Performance Bonus for the previous calendar year. Moreover, if the Employee is terminated as a result of the hiring of a new chief executive officer of CSG, Employee shall be entitled, except if Employee was terminated for Cause, to the
pro rata share of the Performance Bonus for the calendar year in which the new chief executive officer was hired.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Change of Control Bonus</u>. In the event that the Company consummates a Change of Control (as defined
below) while Employee remains employed by the Company in any capacity and Employee's employment with the Company is terminated by the Company (other than for Cause) or by a successor in interest within six (6) months following the
consummation of such Change of Control, Employee shall be paid a cash bonus in an amount equal to two times the sum of the cash base salary and any cash Performance Bonus paid to Employee with respect to the immediately preceding complete fiscal
year. For these purposes, "**Change of Control**" means a change in ownership or control of CSG effected through any of the following transactions: (A) a merger, consolidation or other reorganization approved by CSG's
stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned CSG's outstanding voting securities immediately prior to such transaction; (B) a stockholder-approved sale, transfer or other
disposition of al I or substantially all of CSG's assets in liquidation or dissolution of CSG; or (C) the acquisition, directly or indirectly by any person or related group of persons (other than CSG or a person that directly or
indirectly controls, is controlled by, or is under common control with CSG, it being understood that this carve-out shall apply to, without limitation, affiliates of Uriel Cohen and/or Clear Street Holdings
USVI Inc.), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent (50%) of the total combined voting
power of CSG's outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Restricted Stock Unit Award</u>. Following the Commencement Date, subject to the approval of the Board of
Directors of CSG and Employee's execution of CSG's standard-form Restricted Stock Unit Issuance Agreement, which will be executed digitally through Carta, the transfer agent and digital capitalization table management software used by
CSG (the "**Issuance Agreement** "), Employee will be awarded 2,000,000 Restricted Stock Units of CSG (the **"RSUs**") subject to the following: all of the RSUs (1) will be unvested as of the date of
grant and shall time-vest over four years beginning on the grant date, assuming a 48-month pro rata vesting with 2.083% vesting on each monthly anniversary, in each case based on the grant date; and
(2) will also be subject to a second vesting requirement tied to the occurrence of a liquidity event (referred to and defined as the "Liquidity Event Requirement" in the RSU Award Agreement). Notwithstanding anything in this
Agreement to the contrary: (i) the RSUs will be issued to Employee subject to all of the provisions of the Issuance Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Issuance Agreement); and
(ii) Employee will have no entitlement to receive the RSUs until (A) the grant of the RSUs have been approved by the Board of Directors of CSG; and (B) Employee and CSG have executed the Issuance Agreement. In the event that,
following the six-month anniversary of the commencement of Employee's employment with the Company, the Company consummates a Change of Control (as defined above) while Employee remains employed by the
Company pursuant hereto in the capacity set forth herein and the buyer in such Change of Control either does not assume the RSU award contemplated by this Section 5.4 or terminates Employee's employment with the Company (other than for
Cause) within six (6) months following such Change of

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Control, time-vesting of the RSUs awarded under this paragraph will immediately accelerate, such that the RSUs will be fully time-vested. In addition, if, prior to the termination of Employee's employment with the Company, the Company hires a new chief executive officer for CSG, then the time-vesting of the RSUs awarded under this paragraph will immediately cease and the Employee shall forfeit all remaining unvested RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Stock Option Award</u>. Following the Commencement Date, subject to the approval of the Board of Directors
of CSG and the Employee's execution of CSG's standard-form Stock Option Agreement and related documentation, which will be executed digitally through Carta, the transfer agent and digital capitalization table management software used by
CSG (the "**Option Agreement** "), Employee will be awarded options to purchase 3,000,000 shares of Class A Common Stock of CSG (the "**Options**") at a strike price of $8.35. All of the Options will be
unvested as of the date of grant and shall time-vest over four years beginning on the grant date, assuming 48-month pro rata vesting with 2.083% vesting on each monthly anniversary, in each case, based on the
grant date; and (2) will also be subject to a second vesting requirement tied to the occurrence of a liquidity event (as defined above). Notwithstanding the foregoing, if CSG's Board of Directors determines, in reliance upon a third-party
valuation, that the fair market value of such shares is greater than $8.35 per share at the time of the grant, the strike price shall be equal to the fair market value determined by such third-party valuation.
Notwithstanding anything in this Agreement to the contrary: (i) the Options will be granted to Employee per all of the provisions of the Option Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Option
Agreement); and (ii) Employee will have no entitlement to receive the Options until (A) the Board of Directors have approved the grant of the Options; and (B) Employee and CSG have executed the Option Agreement. In the event that,
following the six-month anniversary of the commencement of Employee's employment with the Company, the Company consummates a Change of Control (as defined above) while Employee remains employed by the
Company pursuant hereto in the capacity set forth herein and the buyer in such Change of Control either does not assume the Option award contemplated by this Section 5.5 or terminates Employee's employment with the Company (other than for
Cause) within six (6) months following such Change of Control, time-vesting of the Options awarded under this paragraph will immediately accelerate, such that the Options will be fully time-vested. In addition, if, prior to the termination of
Employee's employment with the Company, the Company hires a new chief executive officer for CSG, then the time-vesting of the Options awarded under this paragraph will immediately cease and the Employee shall forfeit all remaining unvested
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Termination for Cause</u>. In addition to the terms of any RSUs or Options set forth in the grant documents
relating to such awards, in the event that Employee's employment with Company is terminated for Cause, all RSUs, Options and shares underlying such awards shall immediately and automatically be forfeited and Employee shall have no further
rights with respect to such forfeited RSUs, Options and shares, regardless of whether and the extent to which any vesting requirement has been satisfied as of such termination. The Plan Administrator under Company's stock incentive plan shall
have sole discretion to determine whether termination was for Cause. For these purposes, "**Cause**" means (i) Employee's refusal to perform, or repeated failure to undertake good faith efforts to perform, the duties or
responsibilities reasonably assigned to Employee

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by the Board, which, if curable, is not cured within thirty days after Employee's written receipt of notice thereof from the Company; (ii) Employee's engagement in gross misconduct or gross negligence in the course of carrying out his duties that it is reasonable to expect would result in material economic or reputational harm to the Company; (iii) Employee's conviction of or plea of guilty or nolo contendere to a felony or Employee's commission of an intentional fraud or reckless misstatement or omission adversely affecting Company or its affiliates; (iv) Employee's intentional breach of any securities, exchange or self-regulatory organization's law, rule or regulation that materially injures the reputation, business or business relationships of Company or any of its affiliates; or (v) after the Board of Directors of CSG conducts an investigation, the Board of Directors of CSG reasonably concludes that the facts that led to Employee's termination from CBOE Global Markets, Inc. ("**CBOE**") were materially different from the information publicly disclosed by CBOE in September 2023 regarding Employee's termination from CBOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Taxes and Withholding</u>. All compensation will be subject to customary withholding tax and other
employment taxes and deductions as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Section</u> <u>409A</u>. Notwithstanding anything herein to the contrary, this Agreement is
intended to be interpreted and applied so that the payment of the benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the
" **Code** "), and the published guidance thereunder ()"**Section 409A** "). A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment that are considered "nonqualified deferred compensation" under Section 409A unless such termination is also a "separation from
service" within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "Termination Date" or like terms shall mean "separation from
service." Notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" within the meaning of Section 409A on the date of Employee's "separation from service," any
payments or arrangements due upon a termination of Employee's employment under any arrangement that constitutes a "nonqualified deferral of compensation" within the meaning of Section 409A and which do not otherwise qualify
under the exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption or the permitted payments under Treas. Regs. Section l.409A- I (b)(9)(iii)(A)), shall be delayed and paid or provided on
the earlier of (a) the date which is six months after Employee's "separation from service" for any reason other than death, or (b) the date of Employee's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Benefits</u>. Employee benefits will be provided as specified in Company's employee handbook;
provided, that, as a senior executive of the Company, Employee shall be entitled to an unlimited number of vacation days; notwithstanding anything to the contrary herein or in the Company's employee handbook, Employee will not be entitled to
any payout for unused vacation days. In addition, Company shall reimburse Employee up to $15,000 per month for transportation and/or housing in the New York metropolitan area for as long as Employee remains employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Attorney's Fees. The Company shall reimburse Employee, promptly upon presentation of appropriate
supporting documentation, for all reasonable attorney's and other advisors' fees incurred by Employee in connection with the negotiation and execution of this Agreement; provided, that the maximum reimbursement under this paragraph shall
be $15,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Business Expenses</u>. Company shall reimburse Employee for all reasonable and necessary business expenses
incurred by Employee in compliance with Company's Travel and Expense Reimbursement Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties</u>. By signing this agreement, Employee warrants and represents the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Employee has fully disclosed and believes he is free from all contractual obligations or other possible
restrictions preventing Employee from entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Employee shall not disclose to Company, or use for Company's benefit, or induce Company to use, any trade
secrets, proprietary information, confidential information, intellectual property, or other property that belongs to any former employer of Employee or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Regulatory Requirements</u>. If applicable, Employee shall be required to meet and maintain certain
registration and qualification requirements as established or determined by Company and/or as prescribed by applicable regulation from time to time. These registrations and qualifications must always be current, and failure to meet or maintain these
registrations or qualifications may result in immediate suspension or termination. These registration and qualification requirements are subject to change at any time but currently may include: (i) registering as an Associated Person of Company
and completing all required documentation including but not limited to: Form U-4, fingerprint cards, and background review releases; (ii) providing proof of prior experience and holding valid securities
registrations required for Employee's position; (iii) completing all compliance attestations including the authorization for the submission of outside brokerage statements to Company; (iv) attending Company in house education
seminars as reasonably practicable; (v) successful completion of industry required continuing education; (vi) immediate notification of changes in address, financial status or any events that require amendments to Employee's Form U-4; and (vii) compliance with all applicable rules, regulations, guidance and compliance and regulatory policies of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and all
other applicable (as may be determined by Company from time to time) self-regulatory organizations, including all required notifications to such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement</u>. By executing this Agreement, Employee hereby confirms and agrees to comply with the provisions of the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement attached hereto as  **<u>Exhibit B</u>** , which the parties entered contemporaneously herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration per the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration Association (AAA),
unless the dispute is required to be submitted to FINRA. Arbitration shall

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be the exclusive dispute resolution process, although this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending the other party(ies) a written demand for arbitration. Such demand shall set forth the nature of the matter to be resolved by arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Employment -At-Will</u>.
Employee's employment with Company is on an at-will basis, as defined by applicable law, meaning that Company will be free to terminate Employee's employment at any time, with or without Cause, and that Employee will be free to resign
from her/his employment with Company at any time subject to Employee's prior notice as detailed in Section 13.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Further Payment</u>. Except as otherwise specified in  **<u>Exhibit B</u>** , upon the termination of
employment for any reason, no further payments by Company to Employee will be due other than accrued but unpaid base salary through the applicable date of termination and any other accrued benefits to which Employee may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>Resignation Notice</u>. Company requests that Employee provide at least 60 days prior written notice of
resignation to Company. Vacation days shall not be counted towards days of prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Indemnification; D&O Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. <u>Indemnification</u>. Employee and Company shall enter into an indemnification agreement that is in
substantially the same form as the indemnification agreements executed by the Company's Chief Executive Officer and members of the Board of Directors of CSG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. <u>D&O Insurance</u>. A directors' and officers' liability insurance policy or policies (or
similar tail coverage) shall be kept in place, during the Term and thereafter until the sixth anniversary of Employee's separation from employment with the Company, providing coverage to Employee that is no less favorable to Employee in any
respect than the coverage then being provided by the Company to any other current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Miscellaneous Provisions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. <u>Taxes</u>. Company may withhold from any payments made under this Agreement amounts as shall be required by
law, as reasonably determined by Company. Employee acknowledges and represents that Company has not provided any tax advice in connection with this Agreement and that Employee has been advised by Company to seek tax advice from Employee's own
tax advisors regarding this Agreement and payments and benefits that may be made to Employee pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. <u>Non-Disclosure</u>. Employee agrees to keep the contents, terms, and
conditions of this Agreement confidential; provided, however, that Employee may disclose this Agreement to Employee's spouse, attorneys, and accountants, or pursuant to subpoena or court order, or as otherwise allowed or required by law, in
each case after notifying such person of the restrictions in this Section. Any breach of this non-disclosure paragraph is a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. <u>Entire Agreement</u>. This Agreement, together with its exhibits (including the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement), forms the complete and exclusive statement of the terms and conditions of
Employee's employment with Company. It supersedes any other representations or promises made to Employee by anyone, whether oral or written, and it can only be modified in a written agreement signed by an authorized officer of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. <u>Notices</u>. All notices and other communications required or permitted under this Agreement shall be
delivered personally, via electronic mail, via certified or registered mail (return receipt requested), or next day express mail or overnight, nationally recognized courier service (postage prepaid with proof of receipt). Any such notice shall be
deemed given (i) when delivered if delivered personally or via electronic mail, (ii) the day after deposit with the express or courier service when sent by next day express mail or overnight courier, or (iii) three (3) days after
deposit with the postal service when sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. <u>Waiver of Jury Trial</u>. It is mutually agreed by and between Company and Employee that, to the maximum
extent permissible under applicable law, they shall, and they hereby do, waive trial by jury in any action, proceeding, or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of, or in any way
connected with, this Agreement and Employee's employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. <u>Assignment: Benefit</u>. Company shall have the right to assign this Agreement and all or any part of its
rights and obligations under this Agreement to any subsidiary, holding company, or affiliate of Company or any surviving entity following any merger, reorganization, or consolidation of any of those entities with any entity other than Company. This
Agreement is personal and may not be assigned by Employee; *provided, however,* that if Employee dies, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee's devisee,
legatee, or another designee, or if there be no such designee, to Employee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. <u>Survival</u>. The provisions of this Agreement, together with its exhibits (including the Proprietary
Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement), shall survive any termination of Employee's employment to the extent necessary to give effect
thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. <u>Amendments and Modification</u>. Modifications and amendments to the terms of this Agreement may be made
from time to time, subject to a written agreement between Employee and Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9. <u>Inconsistencies</u>. In the event of any contradiction between any provision of this Agreement and any
provision of any Company handbook or policy, the provisions of this Agreement shall control, unless Employee and the Company otherwise agree in a writing that expressly refers to the provision of this Agreement that is being waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10. <u>Headings</u>. The section headings herein are inserted for the convenience of the parties only and are not
to be construed as part of the terms of this Agreement or to be considered in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11. <u>Severability</u>. If any provision of this Agreement is, or is held to be, inconsistent with or
unenforceable under any law or regulation, such provision shall be deemed rescinded or modified in accordance with such law or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by actual or electronic signature in conformity with the U.S. federal ESIGN Act of 2000 (e.g., Adobe Sign, DocuSign,
HelloSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate, or other document delivered to the other party shall constitute a true and
original signature of the party delivering the electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13. <u>Non-Waiver</u>. The failure of either party, whether purposeful or
otherwise, to exercise in any instance any right, power, or privilege under this Agreement or under applicable law shall not constitute a waiver of the same or any other right, power, or privilege in any other instance. Any waiver by Company or by
Employee must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14. <u>Independent Legal Advice</u>. By signing below, Employee expressly acknowledges that Employee has had the
opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that Employee failed to obtain independent legal advice, Employee acknowledges that such failure will not be used as a defense to the enforcement
of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Employment Agreement effective as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Christopher Pento | By: | /s/ Edward Tilly |
|  | Name: Christopher Pento<br> Title: Officer<br>Date: July 8, 2024 |  | Name: Edward Tilly<br>Date: July 8, 2024 |

---

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**<u>Exhibit A</u>**

<u>Board of Directors Positions:</u> 

Erie Street Growth Partners

The Pepper Companies

<u>Non-Board, Non-Controlling Interest Investments:</u> 

Options Circle

100's

M31 Capital

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**<u>Exhibit B</u>**

PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS, NON-COMPETITION,

NON-SOLICITATION AND NON-DISPARAGEMENT AGREEMENT

This Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement ("**Agreement**"), dated July 8, 2024, by and between Clear Street Management LLC, a Delaware limited liability company (the "**Company**") and Edward Tilly (the "**Employee**").

Terms not defined herein shall have the meaning ascribed to them in the Employment Agreement to which this Exhibit is attached ("**Employment Agreement**"). For purposes of any undertaking of Employee toward Company herein, the term "Company" shall include any parent company, subsidiaries, and affiliates of Company.

In consideration and as a condition of Employee's employment with Company, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Proprietary Information.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights</u>. Employee acknowledges that Employee's employment with
Company creates a relationship of confidence and trust between Employee and Company with respect to Proprietary Information (as defined below) of Company, its subsidiaries, its affiliates, its existing or potential investors or its customers which
may be learned by Employee during the period of Employee's employment with Company. Accordingly, Employee acknowledges and agrees that all Proprietary Information and all patents, copyrights, trade secret rights and other rights (including
throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of Company or of any such entity Company otherwise determines and Employee hereby
assigns to Company any rights Employee may have or acquire in such Proprietary Information and all patents, copyrights, trade secret rights and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Non-disclosure; Protection of Proprietary Information</u>. At all
times, both during Employee's employment with Company and after the termination of employment with Company, Employee will safeguard and keep in the strictest confidence and trust and will not use, disclose, or publish any Proprietary
Information or anything relating to it to any unauthorized person or otherwise without the prior written consent of Company. Employee will take all reasonable precautions to prevent the inadvertent or accidental disclosure of Proprietary Information
and will take care to maintain at Employee's desk only such Proprietary Information as Employee has a current "need to know" in the furtherance of Company's businesses and shall take care to shield Proprietary Information
from other Company personnel who do not have a "need to know" such information. Employee may not store any Company data, including but not limited to Proprietary Information, on any electronic storage device or service that is not owned
by Company without the prior written consent of Company. Employee may not remove any Company data, including, but not limited to Proprietary Information, from the premises of Company without prior consent of Company. Nothing in this Section I shall
prevent Employee from utilizing Employee's professional skill and expertise in any future employment or association, provided such utilization does not involve unauthorized use or disclosure of Proprietary Information as detailed herein or
violate the provisions of Section 3 below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Proprietary Information**" is any confidential and/or proprietary knowledge, data, trade
secret or information of Company, its affiliates, parents, and subsidiaries, whether having existed, now existing, or to be developed during the term of Employee's employment with Company. By way of illustration but not limitation, Proprietary
Information includes: operations, systems, services, personnel, financial affairs, clients, and counterparties; investment, marketing and trading philosophies, techniques and performance; existing and planned or prospective business development
programs, proposals, projects, and plans; trading systems or programs; trading positions and strategies; trading indicators, mathematical approaches, computational algorithms, parameter settings and configurations used to obtain price predictions;
trading styles and/or investment strategies; specific assumptions and approximations for estimating the expected return for a given order and simulating order execution; identities and names of existing or potential traders, or existing or potential
investors; metrics used for performance analysis and real-time-monitoring of individual sub-strategies, including metrics that create accurate "back-testing" engines; specific portfolio optimization methodology used in running the
strategy, including specific design, logic, and software architecture used for fitting models, generating price predictions, translating price predictions into trading decisions, trading strategy back-testing, performance monitoring and analysis;
algorithms and approaches used to generate indicators based on exchange book information and combination of different books coming from different trading venues; computer hardware and systems, computer programs, software, software designs and
documentations, codes, schematics, know-how and data; strategies, practices, or techniques for market-making, agency trading, order crossing, or customer execution developed or engaged in by Company or an
affiliate thereof; any information relating to the personal affairs or business activities of the partners, managers, members, owners, employees, consultants, suppliers, officers, directors, and investors of Company or its affiliates; all forms,
contracts, agreements (including this Agreement), literature or other documents designed, developed or written by, for, with or on behalf of Company or its affiliates; Inventions (as defined below), and any other confidential or proprietary
information of Company, its affiliates, its investors or clients which Employee has been, or may be exposed to, or has learned or may learn of from time to time in connection with or as a result of Employee's capacity as an Employee of
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Permitted Disclosures</u>. Notwithstanding the foregoing, Employee may disclose Proprietary Information
(I) to the extent required by law or pursuant to subpoenas or other court order or legal process (provided that Employee must apprise Company of the subpoena, court order, or legal process immediately upon learning of the same and give Company
a reasonable opportunity to limit the scope of such required disclosure); (2) to the extent such disclosure is explicitly approved in writing by Company; or (3) in furtherance of Employee's professional duties for Company. In addition,
Employee acknowledges that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose trade secret information to a
government official or to an attorney and use it in certain court proceedings without fear of prosecution, liability, or retaliation, provided Employee does so in compliance with 18 U.S.C. § 1833. Under the federal Defend Trade Secrets Act of
2016, Employee shall not be held criminally or

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civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this agreement prohibits Employee from disclosing or discussing Employee's or other employees' compensation or working conditions with other employees or with third parties who are not future employers or competitors of Company, or other information governed by the provisions of applicable state law or the National Labor Relations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Third-Party Information</u>. Employee acknowledges that Company has received, and in the future will
receive, from Company's affiliates and subsidiaries and from third parties confidential and/or proprietary knowledge, data, or information ()"**Third Party Information** "). During Employee's employment with Company and
thereafter, Employee shall hold the Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work with Company) or use, except in
connection with Employee's employment with Company, the Third-Party Information unless expressly authorized by an officer of Company or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Return of Property</u>. In the event of the termination of Employee's employment with Company for any
reason, Employee shall immediately return to Company all documents, records, apparatus, equipment, and other physical property, or any reproduction of such property, whether or not pertaining to Proprietary Information, furnished to Employee by
Company, or furnished to Employee by any affiliate or subsidiary of Company or produced by Employee or others in connection with Employee's employment. If requested by Company, Employee shall provide written confirmation that all such property
has been delivered to Company as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Duty to Report</u>. Employee further agrees that Employee shall report immediately to Company's Chief
Executive Officer (i) any unauthorized disclosures, revelations, or uses of any Proprietary Information by any person or employee of Company, and (ii) any requests made to Employee that Employee disclose, reveal, or misuse any Proprietary
Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Term of Proprietary Information Undertaking</u>. Subject to the foregoing, Employee acknowledges and agrees
that Proprietary Information and Third-Party Information is never to be used or disclosed by Employee other than as expressly permitted in this Agreement and that this undertaking shall not be limited in time. Company understands, however, that
under the laws of certain states, restrictions on the use or disclosure of Proprietary Information must be of a finite duration. Accordingly, Employee agrees that, should the law of such a state be applied to this Agreement, the restrictions on the
use or disclosure of Proprietary Information that is not a trade secret (the restriction on the use or disclosure of which shall be unlimited by time) shall apply for a period of five (5) years after his/her employment with Company ends, which
Employee acknowledges is reasonable under the circumstances at the time of execution of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Inventions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Assignment and Ownership of Inventions</u>. Employee agrees that all Inventions (as defined below) which
Employee makes, conceives, develops, reduces to practice or otherwise creates (in whole or in part, either as an individual or jointly with others) during Employee's employment with Company shall be the sole property of Company, or any other
entity to which Company assigns such Inventions, to the maximum extent permitted by law, and, to the extent permitted by law, shall be "works made for hire." Company shall be the sole owner of all patents, copyrights, trademarks, trade
secret rights, and other intellectual property rights and other rights in connection therewith. To the extent any such Inventions are not considered "works made for hire" or otherwise the exclusive intellectual property of Company,
Employee hereby assigns to Company any rights, title, and interest Employee may have or may acquire in such Inventions and all proprietary rights with respect thereto. In addition, Employee hereby waives any "moral rights," including,
but not limited to, any right to identification of authorship, right of approval on modifications, or limitation on subsequent modifications that Employee may have in respect of any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Designation</u>. Employee agrees to perform, during and after the employment term, all acts deemed necessary
or desirable by Company to permit and assist Company, at Company's expense, in obtaining and enforcing patents, copyrights, trade secret rights or other rights on such Inventions. Such acts may include, but are not limited to, execution of
documents and assistance or cooperation in legal proceedings. With respect to any and all matters arising out of or relating to employment with Company, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and
agents as Employee's agents and attorneys-in-fact to act for and on Employee's behalf and instead of Employee, to execute and file any applications or
related filings and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or other rights thereon with the same legal force and effect as if executed by Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Inventions**" means all inventions, developments, concepts, ideas, discoveries, improvements,
formulas, works of authorship, designs, trade secrets, technical specifications and technical data, processes, computer programs and software (including without limitation source code and object code), software designs and documentation, algorithms,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Unassigned or Non-assignable Inventions</u>. Employee recognizes
that this Agreement will not be deemed to require assignment of any invention that Employee developed entirely on Employee's own time without using Company's equipment, supplies, facilities, trade secrets, or' Proprietary
information, except for those inventions that either (i) relate to Company's actual or anticipated business, research or development, or (ii) result from or are connected with work performed by Employee for Company or training
received by Employee from Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Prior Inventions</u>. The following is a complete list of all inventions or improvements created prior to
the date of this Agreement to which Employee claims ownership and/or that Employee desires to remove from the operation of this Agreement, and Employee represents and warrants that such list is complete: None.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Competition.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Acknowledgment. Employee acknowledges and agrees that Company is engaged in a highly competitive business and
that by virtue of Employee's position, association, and responsibilities with Company and Employee's access to Proprietary Information, engaging in any business which is competitive with Company will cause it great and irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Non-Compete Undertaking</u>. Therefore, Employee hereby agrees that,
so long as Employee is employed by Company and for the period of two (2) years after the termination of employment with Company for any reason, whether voluntarily or involuntarily, (the
" **Non-Compete Period** "), Employee shall not, directly or indirectly, participate in, engage in or prepare to engage in any Competitive Business Activity (as defined below), whether as an
individual, employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent, equity owner, or in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. "**Competitive Business Activity**" shall mean (i) activity that is similar in
nature to the services Employee provided to Company during the last two years preceding the termination of Employee's employment with Company; (ii) activity which utilizes Proprietary Information Employee acquired during employment with
Company; (iii) controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to three percent of the securities of any given entity), providing other financial support to participating in, engaging in or
consulting for any person or company in any: clearing business, clearing broker dealer, clearing and reporting technology development, stock loan business, client-agency execution services, principal execution services, and prime brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Notice to Company</u>. If Employee accepts any employment or begins a business association or business
activity during the Non-Compete Period with any entity, Employee shall promptly advise Company prior to the commencement of such subsequent employment or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Non-Compete Payments</u>. Company will pay Employee the equivalent
of Employee's base salary on a semi-monthly basis during any period in the Non-Compete Period which Employee is unemployed as a result of the covenant not to
compete following the termination of Employee's employment with Company (the "**Non-Compete Payments** "). If, for any, reason it deems appropriate, Company determines, in its sole
discretion, to shotten or forgo the Non-Compete Period, Company will cease making the Non-Compete Payments at such time and will cease to be obligated to make such payments and will release Employee from the obligations set forth in this
Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Assumption of Risk</u>. Employee understands that without the representations and warranties contained in
this Section, Company would be required to assume additional risk that would otherwise be reflected in the base salary and/or other payments paid to Employee during Employee's employment with Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non -Solicitation and No Hire</u>. Employee acknowledges and agrees that so long as Employee is employed by
Company and for twenty-four (24) months thereafter, Employee shall not, either individually or on behalf of any other person or entity, directly or indirectly: (1) employ, solicit, induce, hire, offer to hire, or otherwise interfere with
the employment or association of any current or former (within the prior twenty-four (24) months) director, member, officer, contractor, or employee of Company or its affiliates, or (2) induce, or attempt to induce, any current or former
(within the prior twenty-four (24) months) client or customer, company investor, consultant, or supplier to alter, limit or end its business dealings or relationship with Company or any of its affiliates; or (3) induce, or attempt to
induce, any current or former (within the prior twenty-four (24) months) consultant or supplier of Company to alter their relationship with, or to cease providing services for, Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Disparagement</u>. Employee hereby agrees that during the course
of employment and following the termination of employment with Company for any reason, Employee shall not publish or make any negative or critical statement, whether written or oral, which is likely to adversely affect or otherwise malign the
business or reputation of Company or any of its affiliates, any of their respective members, officers, directors or employees, or third parties with whom Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies</u>. Employee agrees and acknowledges that the foregoing restrictions and the duration thereof as
set forth in this Agreement are reasonable and necessary for the protection of the Proprietary Information, business, and goodwill of Company and its affiliates. In the event that Employee shall breach any of the provisions of this Agreement, in
addition to and without limiting or waiving any other remedies available to Company, at law or in equity, Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief, to
restrain any such breach or threatened breach and to enforce the provisions of this Agreement. Recognizing the severity of the harm which could accrue to Company or its affiliates, Employee agrees that monetary damages alone would not sufficiently
protect Company or its affiliates, and thus Employee will not oppose injunctive relief on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Enforcement</u>. Employee consents to Company's enforcement of the provisions of this Agreement on
behalf of Company's managers, members, officers, or partners, and those of its affiliates. Employee hereby expressly waives any objection Employee may have to the standing or capacity of Company to enforce the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reasonableness of Restrictions</u>. Employee acknowledges that the restrictions contained in this Agreement
are reasonable, proper, and necessitated by Company's legitimate business interests. Employee represents and agrees that Employee is entering into this Agreement freely and with knowledge of its contents with the intent to be bound by the
Agreement and its restrictions. If a court finds this Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, the parties hereto agree that this Agreement will be automatically modified to provide Company with the maximum
protection of its business interests allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration in accordance with the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration
Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the
Proprietary

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Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending the other part(ies) a written demand for arbitration. Such demand shall set forth the nature of the matter to be resolved by arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival</u>. The provisions of this Agreement shall survive the termination of Employee's employment,
regardless of the reason, and the assignment of this Agreement by Company to any successor in interest or their assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modifications</u>. No modifications or amendments to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. Company may assign this Agreement without further notice to Employee, and it shall inure to
the benefit of and be binding upon the successors and assigns of Company. Employee may not assign this Agreement.

[EXHIBIT B SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered this Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Christopher Pento | By: | /s/ Edward Tilly |
|  | Name: Christopher Pento<br> Title: Officer<br>Date: July 8, 2024 |  | Name: Edward Tilly<br>Date: July 8, 2024 |

---

[Signature page to Exhibit B to Employment Agreement]

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## Exhibit 10.13

**Exhibit 10.13**![LOGO](g39893snap1.jpg)

**<u>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</u>**

This Amended and Restated Employment Agreement (this "**Agreement**"), dated January 20, 2025 and effective as of January 1, 2025, is entered into by and between Edward Tilly ("**Employee**") and Clear Street Management LLC, a Delaware limited liability company (the "**Company**").

Company and Employee entered into that certain Employment Agreement, dated July 8, 2024, between Company and Employee (the "**Original Agreement**"), and Company and Employee desire to amend and restate the Original Agreement to reflect employment of Employee by the Company on the terms and conditions set forth in this Agreement; therefore, in consideration of the mutual agreements and covenants set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commencement Date</u>. Employee's employment with Company commenced on July 22, 2024 (the
" **Commencement Date** "), with Employee serving as President of the Company. As noted below, Employee's title and duties are being modified in connection with the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Title and Duties; Location; Applicability of Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee will serve as Co-Chief Executive Officer of the Company and of
Clear Street Group Inc. and Clear Street Holdings LLC and will have duties and responsibilities typically associated with such title, together with such other duties and responsibilities consistent with the position as reasonably assigned to
Employee from time to time by the Board of Directors of Clear Street Group Inc. ()"**CSG** "). Employee may be assigned to perform services for wholly owned entities or affiliates of Company, and such assignment will be consistent with
Employee's title, duties, and responsibilities as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Employee will be employed at Company's offices in West Palm Beach, Florida, New York, New York, Chicago,
Illinois or such other locations as the Company may reasonably designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conduct During Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Employee shall comply fully with all policies and procedures of Company, or its relevant wholly owned entity or
affiliate, in effect as the same now exist or may be hereafter implemented from time to time, including, but not limited to, all terms and conditions set forth in Company's handbook, compliance manual and any other memoranda or communication
applicable to Employee pertaining to policies, procedures, rules and regulations as the same may be in effect from time to time. Failure to comply with such policies and procedures shall be grounds for disciplinary action by Company, up to and
including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Employee shall observe and comply with all applicable laws, rules, and regulations imposed by any governmental
or self-regulatory organization as may be in effect from time to time.

150 Greenwich Street, 45th floor, New York, NY 10007

Clear Street Management LLC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Employee shall not trade any Company strategies in Employee's personal trading accounts and shall provide
Company on a monthly basis with statements of all securities accounts in which Employee has a personal or financial interest (or otherwise controlled by Employee, including relatives residing with Employee or supported by Employee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Employee shall always remain loyal to Company, avoid conflicts of interest, and promptly inform Company of
related business opportunities offered to Employee, whether in her/his capacity as an employee of Company or otherwise and whether offered to Employee as an individual or on behalf of Company, in the field of securities trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusivity.</u> Employee shall: (i) devote Employee's full business time, attention, skill and
best efforts to the performance of Employee's duties; (ii) not engage in or prepare to engage in any business activity as an individual or with any other person, firm, corporation or business other than on Company's behalf, except
with the express prior written consent of Company; (iii) not engage in any activity that could create a conflict of interest between Employee and Company or any of its affiliates and (iv) have no interest or affiliation directly or
indirectly in any other person, firm, corporation or business whose business is related to or competitive with the business of Company, except with the express prior written consent of Company; <u>provided</u>, <u>however</u>, Employee may own,
directly or indirectly, solely as a passive investment, any securities if Employee (a) is not a controlling person of, or a member of a group which controls, such entity and (b) does not, directly or indirectly, own three percent or more
of any class of securities of such entity. The Company acknowledges that Employee is on the board of directors of the entities listed in Exhibit A and that Employee may continue to serve in such capacity, as long as such service does not exceed
fourteen (14) calendar days per year and does not hinder Employee's ability to perform his duties hereunder. Moreover, the Company acknowledges that Employee has non-board, non-controlling interest investments in the entities listed in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Base Salary.</u> The annual base salary to be paid to Employee in cash shall be $500,000, payable in equal
semi-monthly installments per Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Performance Bonus</u>. Employee shall be eligible to receive an annual discretionary performance bonus,
payable in a manner consistent with Company's practices and procedures ()"**Performance Bonus** "). The amount of the Performance Bonus, if any, will be decided by Company in its sole discretion and will be paid not later than
March 15 following the calendar year for which the Performance Bonus has been attributed, if at all. A Performance Bonus, if awarded, will be based on factors determined by Company, at its sole and absolute discretion, which may include, but
are not limited to Employee's performance and the performance of Company. In no event shall Employee earn or have any entitlement to a Performance Bonus until it is paid. Employee will not be eligible to receive any Performance Bonus if
Employee's employment has been terminated for any reason, if Employee provided notice of resignation, or if Employee received notice of termination before the Performance Bonus payment date. Subject to the foregoing (including, without
limitation, the fact that the Performance Bonus is ultimately within the sole discretion of the Company), Employee's target bonus for the calendar year ending December 31, 2025 will be $1,500,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Change of Control Bonus</u>. In the event that the Company consummates a Change of Control (as defined
below) while Employee remains employed by the Company in any capacity and Employee's employment with the Company is terminated by the Company or by a successor in interest (in each case other than for Cause) within six (6) months
following the consummation of such Change of Control, Employee shall be paid, subject to Employee's compliance with the covenants set forth in  **<u>Exhibit B</u>** through the date of payment of the amounts set forth in this
Section 5.3 and Employee's execution of a release of claims in favor of Company, its affiliates and their respective officers, directors and managers in a form reasonably acceptable to Company, a cash bonus in an amount equal to two times
the sum of the cash base salary and any cash Performance Bonus paid to Employee with respect to the immediately preceding complete fiscal year. For these purposes, "**Change of Control**" means a change in ownership or control of CSG
effected through any of the following transactions: (A) a merger, consolidation or other reorganization approved by CSG's stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the
voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned CSG's outstanding voting securities
immediately prior to such transaction; (B) a stockholder-approved sale, transfer or other disposition of all or substantially all of CSG's assets in liquidation or dissolution of CSG; or (C) the acquisition, directly or indirectly by
any person or related group of persons (other than CSG or a person that directly or indirectly controls, is controlled by, or is under common control with CSG, it being understood that this carve-out shall
apply to, without limitation, affiliates of Uriel Cohen and/or Clear Street Holdings USVI Inc.), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of
securities possessing more than fifty percent (50%) of the total combined voting power of CSG's outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Restricted Stock Unit Award</u>. Following the Commencement Date, subject to the approval of the Board of
Directors of CSG, which was already obtained, and Employee's execution of CSG's standard-form Restricted Stock Unit Issuance Agreement, which was executed digitally through Carta, the transfer agent and digital capitalization table
management software used by CSG (the "**Issuance Agreement** "), Employee was awarded 2,000,000 Restricted Stock Units of CSG (the "**RSUs**") subject to the following: all of the RSUs (1) will be unvested as of the
date of grant and shall time-vest over four years beginning on the grant date, assuming a 48-month pro rata vesting with 2.083% vesting on each monthly anniversary, in each case based on the grant date; and
(2) will also be subject to a second vesting requirement tied to the occurrence of a liquidity event (referred to and defined as the "Liquidity Event Requirement" in the RSU Award Agreement). Notwithstanding anything in this
Agreement to the contrary: (i) the RSUs will be issued to Employee subject to all of the provisions of the Issuance Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Issuance Agreement); and
(ii) Employee will have no entitlement to receive the RSUs until (A) the grant of the RSUs have been approved by the Board of Directors of CSG (it being understood that such approval was already obtained, in this instance); and
(B) Employee and CSG have executed the Issuance Agreement. In the event that, following the six-month anniversary of the commencement of Employee's employment with the Company, the Company

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consummates a Change of Control (as defined above) while Employee remains employed by the Company pursuant hereto in the capacity set forth herein and the buyer in such Change of Control either does not assume the RSU award contemplated by this Section 5.4 or terminates Employee's employment with the Company (other than for Cause) within six (6) months following such Change of Control, time-vesting of the RSUs awarded under this paragraph will immediately accelerate, such that the RSUs will be fully time-vested. In addition, if, prior to the termination of Employee's employment with the Company, the Company hires a new chief executive officer for CSG, then the time-vesting of the RSUs awarded under this paragraph will immediately cease and the Employee shall forfeit all remaining unvested RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Stock Option Award</u>. Following the Commencement Date, subject to the approval of the Board of Directors
of CSG, which was already obtained, and the Employee's execution of CSG's standard-form Stock Option Agreement and related documentation, which were executed digitally through Carta, the transfer agent and digital capitalization table
management software used by CSG (the "**Option Agreement** "), Employee was awarded options to purchase 3,000,000 shares of Class A Common Stock of CSG (the "**Options**") at a strike price of $8.35 and subject to
the following: All of the Options will be unvested as of the date of grant and shall time-vest over four years beginning on the grant date, assuming 48-month pro rata vesting with 2.083% vesting on each
monthly anniversary, in each case, based on the grant date; and (2) will also be subject to a second vesting requirement tied to the occurrence of a liquidity event (as defined above). Notwithstanding the foregoing, if CSG's Board of
Directors determines, in reliance upon a third-party valuation, that the fair market value of such shares is greater than $8.35 per share at the time of the grant, the strike price shall be equal to the fair market value determined by such
third-party valuation. Notwithstanding anything in this Agreement to the contrary: (i) the Options will be granted to Employee per all of the provisions of the Option Agreement (with any conflicts with this Agreement being resolved in favor of
the terms of the Option Agreement); and (ii) Employee will have no entitlement to receive the Options until (A) the Board of Directors have approved the grant of the Options (it being understood that such approval was already obtained, in
this instance); and (B) Employee and CSG have executed the Option Agreement. In the event that, following the six-month anniversary of the commencement of Employee's employment with the Company, the
Company consummates a Change of Control (as defined above) while Employee remains employed by the Company pursuant hereto in the capacity set forth herein and the buyer in such Change of Control either does not assume the Option award contemplated
by this Section 5.5 or terminates Employee's employment with the Company (other than for Cause) within six (6) months following such Change of Control, time-vesting of the Options awarded under this paragraph will immediately
accelerate, such that the Options will be fully time-vested. In addition, if, prior to the termination of Employee's employment with the Company, the Company hires a new chief executive officer for CSG, then the time-vesting of the Options
awarded under this paragraph will immediately cease and the Employee shall forfeit all remaining unvested Options.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Termination for Cause</u>. In addition to the terms of any RSUs or Options set forth in the grant documents
relating to such awards, in the event that Employee's employment with Company is terminated for Cause, all RSUs, Options and shares underlying such awards shall immediately and automatically be forfeited and Employee shall have no further
rights with respect to such forfeited RSUs, Options and shares, regardless of whether and the extent to which any vesting requirement has been satisfied as of such termination. The Plan Administrator under Company's stock incentive plan shall
have sole discretion to determine whether termination was for Cause. For these purposes, "**Cause**" means (i) Employee's refusal to perform, or repeated failure to undertake good faith efforts to perform, the duties or
responsibilities reasonably assigned to Employee by the Board, which, if curable, is not cured within thirty days after Employee's written receipt of notice thereof from the Company; (ii) Employee's failure to comply with any legal
directive of the Board; (iii) Employee's engagement in gross misconduct or gross negligence in the course of carrying out his duties that it is reasonable to expect would result in material economic or reputational harm to the Company;
(iv) Employee's conviction of or plea of guilty or nolo contendere to a felony or Employee's commission of an intentional fraud or reckless misstatement or omission adversely affecting Company or its affiliates;
(v) Employee's intentional breach of any securities, exchange or self-regulatory organization's law, rule or regulation that materially injures the reputation, business or business relationships of Company or any of its affiliates;
or (vi) after the Board of Directors of CSG conducts an investigation, the Board of Directors of CSG reasonably concludes that the facts that led to Employee's termination from CBOE Global Markets, Inc. ()"**CBOE**") were
materially different from the information publicly disclosed by CBOE in September 2023 regarding Employee's termination from CBOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Taxes and Withholding</u>. All compensation will be subject to customary withholding tax and other
employment taxes and deductions as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Section</u> <u>409A</u>. Notwithstanding anything herein to the contrary, this Agreement is
intended to be interpreted and applied so that the payment of the benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the
" **Code** "), and the published guidance thereunder ()"**Section 409A** "). A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for
the payment of any amounts or benefits upon or following a termination of employment that are considered "nonqualified deferred compensation" under Section 409A unless such termination is also a "separation from service"
within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "Termination Date" or like terms shall mean "separation from service."
Notwithstanding any provision of this Agreement to the contrary, if Employee is a "specified employee" within the meaning of Section 409A on the date of Employee's "separation from service," any payments or
arrangements due upon a termination of Employee's employment under any arrangement that constitutes a "nonqualified deferral of compensation" within the meaning of Section 409A and which do not otherwise qualify under the
exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral exemption or the permitted payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided on the earlier of (a) the date which is six months after Employee's "separation from service" for any reason
other than death, or (b) the date of Employee's death.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Benefits</u>. Employee benefits will be provided as specified in Company's employee handbook;
provided, that, as a senior executive of the Company, Employee shall be entitled to an unlimited number of vacation days; notwithstanding anything to the contrary herein or in the Company's employee handbook, Employee will not be entitled to
any payout for unused vacation days. In addition, Company shall reimburse Employee up to $15,000 per month for transportation and/or housing in the New York metropolitan area for as long as Employee remains employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Attorney's Fees</u>. The Company shall reimburse Employee, promptly upon presentation of appropriate
supporting documentation, for all reasonable attorney's and other advisors' fees incurred by Employee in connection with the negotiation and execution of this Agreement; provided, that the maximum reimbursement under this paragraph shall
be $5,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Business Expenses</u>. Company shall reimburse Employee for all reasonable and necessary business expenses
incurred by Employee in compliance with Company's Travel and Expense Reimbursement Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties</u>. By signing this agreement, Employee warrants and represents the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Employee has fully disclosed and believes he is free from all contractual obligations or other possible
restrictions preventing Employee from entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Employee shall not disclose to Company, or use for Company's benefit, or induce Company to use, any trade
secrets, proprietary information, confidential information, intellectual property, or other property that belongs to any former employer of Employee or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Regulatory Requirements.</u> If applicable, Employee shall be required to meet and maintain certain
registration and qualification requirements as established or determined by Company and/or as prescribed by applicable regulation from time to time. These registrations and qualifications must always be current, and failure to meet or maintain these
registrations or qualifications may result in immediate suspension or termination. These registration and qualification requirements are subject to change at any time but currently may include: (i) registering as an Associated Person of Company
and completing all required documentation including but not limited to: Form U-4, fingerprint cards, and background review releases; (ii) providing proof of prior experience and holding valid securities
registrations required for Employee's position; (iii) completing all compliance attestations including the authorization for the submission of outside brokerage statements to Company; (iv) attending Company in house education
seminars as reasonably practicable; (v) successful completion of industry required continuing education; (vi) immediate notification of changes in address, financial status or any events that require amendments to Employee's Form U-4; and (vii) compliance with all applicable rules, regulations, guidance and compliance and regulatory policies of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and all
other applicable (as may be determined by Company from time to time) self-regulatory organizations, including all required notifications to such entities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement</u>. By executing this Agreement, Employee hereby confirms and agrees to comply with the provisions of the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement attached hereto as  **<u>Exhibit B,</u>** which the parties entered contemporaneously herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration per the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration Association (AAA),
unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement. Nor does this Section limit
Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending the other party(ies) a written demand for arbitration. Such demand shall set forth the nature of the matter to be resolved by
arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable law in any
court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Employment-At-Will.</u> Employee's employment with Company is on an at-will basis, as defined by applicable law, meaning that Company will be free to terminate Employee's employment at any time, with or without Cause, and
that Employee will be free to resign from her/his employment with Company at any time subject to Employee's prior notice as detailed in Section 13.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Further Payment.</u> Except as otherwise specified in  **<u>Exhibit B</u>** , upon the termination of
employment for any reason, no further payments by Company to Employee will be due other than (i) accrued but unpaid base salary through the applicable date of termination and any other accrued benefits to which Employee may be entitled,
(ii) only in the case of a termination of Employee's employment by the Company not for Cause (for the avoidance of doubt, excluding a voluntary resignation and a termination for Cause) and subject to Employee's compliance with the
covenants set forth in  **<u>Exhibit B</u>** through the date of payment of the Pro-Rated Bonus and Employee's execution of a release of claims in favor of Company, its affiliates and their
respective officers, directors and managers in a form reasonably acceptable to Company, a pro-rated bonus for the year in which such termination occurs (the "Pro-Rated Bonus"), with the amount of such Pro-Rated Bonus being equal to Employee's target bonus for the year in which such termination occurs
multiplied by a fraction, the numerator of which shall equal the number of calendar days Employee was employed by Company during the year in which Employee's employment terminates and the denominator of which shall equal three hundred
sixty-five (365), to be paid in a cash lump sum (with no portion of such amount being subject to Company's delayed payment program) at such time as

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Company pays its regular year-end bonuses for such fiscal year to its other employees, and (iii) other than as set forth in Section 5.6 in connection with a termination for Cause, Employee's time-vested RSUs and Options shall not be impacted by such termination of employment (including, without limitation, that such RSUs and Options shall not be forfeited as a result of such termination of employment) irrespective of whether or not a Liquidity Event occurred during or following Employee's employment with Company. The fact that a Liquidity Event does not occur during Employee's employment with Company will not, in and of itself, cause a forfeiture of such RSUs and Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>Resignation Notice.</u> Company requests that Employee provide at least 60 days prior written notice of
resignation to Company. Vacation days shall not be counted towards days of prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Indemnification; D&O Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. <u>Indemnification</u>. Employee and Company shall enter into an indemnification agreement that is in
substantially the same form as the indemnification agreements executed by the Company's Chief Executive Officer and members of the Board of Directors of CSG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. <u>D&O Insurance</u>. A directors' and officers' liability insurance policy or policies (or
similar tail coverage) shall be kept in place, during the Term and thereafter until the sixth anniversary of Employee's separation from employment with the Company, providing coverage to Employee that is no less favorable to Employee in any
respect than the coverage then being provided by the Company to any other current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. <u>Taxes</u>. Company may withhold from any payments made under this Agreement amounts as shall be required by
law, as reasonably determined by Company. Employee acknowledges and represents that Company has not provided any tax advice in connection with this Agreement and that Employee has been advised by Company to seek tax advice from Employee's own
tax advisors regarding this Agreement and payments and benefits that may be made to Employee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. <u>Non-Disclosure</u>. Employee agrees to keep the contents, terms, and
conditions of this Agreement confidential; provided, however, that Employee may disclose this Agreement to Employee's spouse, attorneys, and accountants, or pursuant to subpoena or court order, or as otherwise allowed or required by law, in
each case after notifying such person of the restrictions in this Section. Any breach of this non-disclosure paragraph is a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. <u>Entire Agreement</u>. This Agreement, together with its exhibits (including the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement), forms the complete and exclusive
statement of the terms and conditions of Employee's employment with Company. It supersedes any other representations or promises made to Employee by anyone, whether oral or written, and it can only be modified in a written agreement signed by
an authorized officer of Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. <u>Notices</u>. All notices and other communications required or permitted under this Agreement shall be
delivered personally, via electronic mail, via certified or registered mail (return receipt requested), or next day express mail or overnight, nationally recognized courier service (postage prepaid with proof of receipt). Any such notice shall be
deemed given (i) when delivered if delivered personally or via electronic mail, (ii) the day after deposit with the express or courier service when sent by next day express mail or overnight courier, or (iii) three (3) days after
deposit with the postal service when sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. <u>Waiver of Jury Trial</u>. It is mutually agreed by and between Company and Employee that, to the maximum
extent permissible under applicable law, they shall, and they hereby do, waive trial by jury in any action, proceeding, or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of, or in any way
connected with, this Agreement and Employee's employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. <u>Assignment; Benefit</u>. Company shall have the right to assign this Agreement and all or any part of its
rights and obligations under this Agreement to any subsidiary, holding company, or affiliate of Company or any surviving entity following any merger, reorganization, or consolidation of any of those entities with any entity other than Company. This
Agreement is personal and may not be assigned by Employee; *provided*, *however*, that if Employee dies, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee's
devisee, legatee, or another designee, or if there be no such designee, to Employee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. <u>Survival</u>. The provisions of this Agreement, together with its exhibits (including the Proprietary
Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement), shall survive any
termination of Employee's employment to the extent necessary to give effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. <u>Amendments and Modification.</u> Modifications and amendments to the terms of this Agreement may be made
from time to time, subject to a written agreement between Employee and Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9. <u>Inconsistencies</u>. In the event of any contradiction between any provision of this Agreement and any
provision of any Company handbook or policy, the provisions of this Agreement shall control, unless Employee and the Company otherwise agree in a writing that expressly refers to the provision of this Agreement that is being waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10. <u>Headings</u>. The section headings herein are inserted for the convenience of the parties only and are not
to be construed as part of the terms of this Agreement or to be considered in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11. <u>Severability</u>. If any provision of this Agreement is, or is held to be, inconsistent with or
unenforceable under any law or regulation, such provision shall be deemed rescinded or modified in accordance with such law or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by actual or electronic signature in conformity with the U.S. federal ESIGN Act of 2000 (e.g., Adobe Sign, DocuSign,
HelloSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate, or other document delivered to the other party shall constitute a true and
original signature of the party delivering the electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13. <u>Non-Waiver.</u> The failure of either party, whether purposeful or
otherwise, to exercise in any instance any right, power, or privilege under this Agreement or under applicable law shall not constitute a waiver of the same or any other right, power, or privilege in any other instance. Any waiver by Company or by
Employee must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14. <u>Independent Legal Advice</u>. By signing below, Employee expressly acknowledges that Employee has had the
opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that Employee failed to obtain independent legal advice, Employee acknowledges that such failure will not be used as a defense to the enforcement
of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Amended and Restated Employment Agreement effective as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Uriel Cohen | By: | /s/ Edward Tilly |
|  | Name: Uriel Cohen<br> Title: Co-Chief Executive Officer<br>Date: 23 January 2025 |  | Name: Edward Tilly<br>Date: 20 January 2025 |

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**<u>Exhibit A</u>**

<u>Board of Directors Positions:</u> 

Erie Street Growth Partners

The Pepper Companies

<u>Non-Board, Non-Controlling Interest Investments:</u> 

Options Circle

100's

M31 Capital

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**<u>Exhibit B</u>**

PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS, NON-COMPETITION,

NON-SOLICITATION AND NON-DISPARAGEMENT AGREEMENT

This Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement ("**Agreement**"), dated January 20, 2025 and effective as of July 8, 2024, is by and between Clear Street Management LLC, a Delaware limited liability company (the "**Company**") and Edward Tilly (the "**Employee**") and amends and restates that certain Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement, dated as of July 8, 2024, by and between the parties hereto.

Terms not defined herein shall have the meaning ascribed to them in the Employment Agreement to which this Exhibit is attached ("**Employment Agreement**"). For purposes of any undertaking of Employee toward Company herein, the term "Company" shall include any parent company, subsidiaries, and affiliates of Company.

In consideration and as a condition of Employee's employment with Company, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Proprietary Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights</u>. Employee acknowledges that Employee's employment with
Company creates a relationship of confidence and trust between Employee and Company with respect to Proprietary Information (as defined below) of Company, its subsidiaries, its affiliates, its existing or potential investors or its customers which
may be learned by Employee during the period of Employee's employment with Company. Accordingly, Employee acknowledges and agrees that all Proprietary Information and all patents, copyrights, trade secret rights and other rights (including
throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of Company or of any such entity Company otherwise determines and Employee hereby
assigns to Company any rights Employee may have or acquire in such Proprietary Information and all patents, copyrights, trade secret rights and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Non-disclosure; Protection of Proprietary Information</u>. At all
times, both during Employee's employment with Company and after the termination of employment with Company, Employee will safeguard and keep in the strictest confidence and trust and will not use, disclose, or publish any Proprietary
Information or anything relating to it to any unauthorized person or otherwise without the prior written consent of Company. Employee will take all reasonable precautions to prevent the inadvertent or accidental disclosure of Proprietary Information
and will take care to maintain at Employee's desk only such Proprietary Information as Employee has a current "need to know" in the furtherance of Company's businesses and shall take care to shield Proprietary Information
from other Company personnel who do not have a "need to know" such information. Employee may not store any Company data, including but not limited to Proprietary Information, on any electronic storage device or service that is not owned
by Company without the prior written consent of Company. Employee may not remove

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any Company data, including, but not limited to Proprietary Information, from the premises of Company without prior consent of Company. Nothing in this Section 1 shall prevent Employee from utilizing Employee's professional skill and expertise in any future employment or association, provided such utilization does not involve unauthorized use or disclosure of Proprietary Information as detailed herein or violate the provisions of Section 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Proprietary Information**" is any confidential and/or proprietary knowledge, data, trade
secret or information of Company, its affiliates, parents, and subsidiaries, whether having existed, now existing, or to be developed during the term of Employee's employment with Company. By way of illustration but not limitation, Proprietary
Information includes: operations, systems, services, personnel, financial affairs, clients, and counterparties; investment, marketing and trading philosophies, techniques and performance; existing and planned or prospective business development
programs, proposals, projects, and plans; trading systems or programs; trading positions and strategies; trading indicators, mathematical approaches, computational algorithms, parameter settings and configurations used to obtain price predictions;
trading styles and/or investment strategies; specific assumptions and approximations for estimating the expected return for a given order and simulating order execution; identities and names of existing or potential traders, or existing or potential
investors; metrics used for performance analysis and real-time-monitoring of individual sub-strategies, including metrics that create accurate "back-testing" engines; specific portfolio
optimization methodology used in running the strategy, including specific design, logic, and software architecture used for fitting models, generating price predictions, translating price predictions into trading decisions, trading strategy
back-testing, performance monitoring and analysis; algorithms and approaches used to generate indicators based on exchange book information and combination of different books coming from different trading venues; computer hardware and systems,
computer programs, software, software designs and documentations, codes, schematics, know-how and data; strategies, practices, or techniques for market-making, agency trading, order crossing, or customer
execution developed or engaged in by Company or an affiliate thereof; any information relating to the personal affairs or business activities of the partners, managers, members, owners, employees, consultants, suppliers, officers, directors, and
investors of Company or its affiliates; all forms, contracts, agreements (including this Agreement), literature or other documents designed, developed or written by, for, with or on behalf of Company or its affiliates; Inventions (as defined below),
and any other confidential or proprietary information of Company, its affiliates, its investors or clients which Employee has been, or may be exposed to, or has learned or may learn of from time to time in connection with or as a result of
Employee's capacity as an Employee of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Permitted Disclosures</u>. Notwithstanding the foregoing, Employee may disclose Proprietary Information
(1) to the extent required by law or pursuant to subpoenas or other court order or legal process (provided that Employee must apprise Company of the subpoena, court order, or legal process immediately upon learning of the same and give Company
a reasonable opportunity to limit the scope of such required disclosure); (2) to the extent such disclosure is explicitly approved in writing by Company; or (3) in furtherance of Employee's professional duties for Company. In addition,
Employee

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acknowledges that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose trade secret information to a government official or to an attorney and use it in certain court proceedings without fear of prosecution, liability, or retaliation, provided Employee does so in compliance with 18 U.S.C. § 1833. Under the federal Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit for retaliation against Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this agreement prohibits Employee from disclosing or discussing Employee's or other employees' compensation or working conditions with other employees or with third parties who are not future employers or competitors of Company, or other information governed by the provisions of applicable state law or the National Labor Relations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Third-Party Information</u>. Employee acknowledges that Company has received, and in the future will
receive, from Company's affiliates and subsidiaries and from third parties confidential and/or proprietary knowledge, data, or information ()"**Third Party Information** "). During Employee's employment with Company and
thereafter, Employee shall hold the Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work with Company) or use, except in
connection with Employee's employment with Company, the Third-Party Information unless expressly authorized by an officer of Company or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Return of Property</u>. In the event of the termination of Employee's employment with Company for any
reason, Employee shall immediately return to Company all documents, records, apparatus, equipment, and other physical property, or any reproduction of such property, whether or not pertaining to Proprietary Information, furnished to Employee by
Company, or furnished to Employee by any affiliate or subsidiary of Company or produced by Employee or others in connection with Employee's employment. If requested by Company, Employee shall provide written confirmation that all such property
has been delivered to Company as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Duty to Report.</u> Employee further agrees that Employee shall report immediately to the Chairman of the
Board of Directors of Clear Street Group Inc. (i) any unauthorized disclosures, revelations, or uses of any Proprietary Information by any person or employee of Company, and (ii) any requests made to Employee that Employee disclose,
reveal, or misuse any Proprietary Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Term of Proprietary Information Undertaking</u>. Subject to the foregoing, Employee acknowledges and agrees
that Proprietary Information and Third-Party Information is never to be used or disclosed by Employee other than as expressly permitted in this Agreement and that this undertaking shall not be limited in time. Company understands, however, that
under the laws of certain states, restrictions on the use or disclosure of

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Proprietary Information must be of a finite duration. Accordingly, Employee agrees that, should the law of such a state be applied to this Agreement, the restrictions on the use or disclosure of Proprietary Information that is not a trade secret (the restriction on the use or disclosure of which shall be unlimited by time) shall apply for a period of five (5) years after his/her employment with Company ends, which Employee acknowledges is reasonable under the circumstances at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Inventions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Assignment and Ownership of Inventions</u>. Employee agrees that all Inventions (as defined below) which
Employee makes, conceives, develops, reduces to practice or otherwise creates (in whole or in part, either as an individual or jointly with others) during Employee's employment with Company shall be the sole property of Company, or any other
entity to which Company assigns such Inventions, to the maximum extent permitted by law, and, to the extent permitted by law, shall be "works made for hire." Company shall be the sole owner of all patents, copyrights, trademarks, trade
secret rights, and other intellectual property rights and other rights in connection therewith. To the extent any such Inventions are not considered "works made for hire" or otherwise the exclusive intellectual property of Company,
Employee hereby assigns to Company any rights, title, and interest Employee may have or may acquire in such Inventions and all proprietary rights with respect thereto. In addition, Employee hereby waives any "moral rights," including,
but not limited to, any right to identification of authorship, right of approval on modifications, or limitation on subsequent modifications that Employee may have in respect of any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Designation</u>. Employee agrees to perform, during and after the employment term, all acts deemed necessary
or desirable by Company to permit and assist Company, at Company's expense, in obtaining and enforcing patents, copyrights, trade secret rights or other rights on such Inventions. Such acts may include, but are not limited to, execution of
documents and assistance or cooperation in legal proceedings. With respect to any and all matters arising out of or relating to employment with Company, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and
agents as Employee's agents and attorneys-in-fact to act for and on Employee's behalf and instead of Employee, to execute and file any applications or
related filings and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or other rights thereon with the same legal force and effect as if executed by Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Inventions**" means all inventions, developments, concepts, ideas, discoveries, improvements,
formulas, works of authorship, designs, trade secrets, technical specifications and technical data, processes, computer programs and software (including without limitation source code and object code), software designs and documentation, algorithms,

alone or jointly with others, during Employee's employment with Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Unassigned or Non-assignable Inventions</u>. Employee recognizes
that this Agreement will not be deemed to require assignment of any invention that Employee developed entirely on Employee's own time without using Company's equipment, supplies, facilities, trade secrets, or Proprietary Information,
except for those inventions that either (i) relate to Company's actual or anticipated business, research or development, or (ii) result from or are connected with work performed by Employee for Company or training received by
Employee from Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Prior Inventions</u>. The following is a complete list of all inventions or improvements created prior to
the date of this Agreement to which Employee claims ownership and/or that Employee desires to remove from the operation of this Agreement, and Employee represents and warrants that such list is complete: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Competition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Acknowledgment</u>. Employee acknowledges and agrees that Company is engaged in a highly competitive
business and that by virtue of Employee's position, association, and responsibilities with Company and Employee's access to Proprietary Information, engaging in any business which is competitive with Company will cause it great and
irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Non-Compete Undertaking</u>. Therefore, Employee hereby agrees that,
so long as Employee is employed by Company and for the period of two (2) years after the termination of employment with Company for any reason, whether voluntarily or involuntarily, (the
" **Non-Compete Period** "), Employee shall not, directly or indirectly, participate in, engage in or prepare to engage in any Competitive Business Activity (as defined below), whether as an
individual, employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent, equity owner, or in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. "**Competitive Business Activity**" shall mean (i) activity that is similar in nature to
the services Employee provided to Company during the last two years preceding the termination of Employee's employment with Company; (ii) activity which utilizes Proprietary Information Employee acquired during employment with Company;
(iii) controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to three percent of the securities of any given entity), providing other financial support to, participating in, engaging in or consulting
for any person or company in any: clearing business, clearing broker dealer, clearing and reporting technology development, stock loan business, client-agency execution services, principal execution services, and prime brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Notice to Company</u>. If Employee accepts any employment or begins a business association or business
activity during the Non-Compete Period with any entity, Employee shall promptly advise Company prior to the commencement of such subsequent employment or association.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Non-Compete Payments.</u> Company will pay Employee the equivalent
of Employee's base salary on a semi-monthly basis during any period in the Non-Compete Period which Employee is unemployed as a result of the covenant not to compete following the termination of
Employee's employment with Company (the "**Non-Compete Payments** "). If, for any reason it deems appropriate, Company determines, in its sole discretion, to shorten or forgo the Non-Compete Period, Company will cease making the Non-Compete Payments at such time and will cease to be obligated to make such payments and will release Employee from the
obligations set forth in this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Assumption of Risk</u>. Employee understands that without the representations and warranties contained in
this Section, Company would be required to assume additional risk that would otherwise be reflected in the base salary and/or other payments paid to Employee during Employee's employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Solicitation and No Hire.</u> Employee acknowledges and agrees
that so long as Employee is employed by Company and for twenty-four (24) months thereafter, Employee shall not, either individually or on behalf of any other person or entity, directly or indirectly: (1) employ, solicit, induce, hire,
offer to hire, or otherwise interfere with the employment or association of any current or former (within the prior twenty-four (24) months) director, member, officer, contractor, or employee of Company or its affiliates, or (2) induce, or
attempt to induce, any current or former (within the prior twenty-four (24) months) client or customer, company investor, consultant, or supplier to alter, limit or end its business dealings or relationship with Company or any of its
affiliates; or (3) induce, or attempt to induce, any current or former (within the prior twenty-four (24) months) consultant or supplier of Company to alter their relationship with, or to cease providing services for, Company or any of its
affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Disparagement.</u> Employee hereby agrees that during the course
of employment and following the termination of employment with Company for any reason, Employee shall not publish or make any negative or critical statement, whether written or oral, which is likely to adversely affect or otherwise malign the
business or reputation of Company or any of its affiliates, any of their respective members, officers, directors or employees, or third parties with whom Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies.</u> Employee agrees and acknowledges that the foregoing restrictions and the duration thereof as
set forth in this Agreement are reasonable and necessary for the protection of the Proprietary Information, business, and goodwill of Company and its affiliates. In the event that Employee shall breach any of the provisions of this Agreement, in
addition to and without limiting or waiving any other remedies available to Company, at law or in equity, Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief, to
restrain any such breach or threatened breach and to enforce the provisions of this Agreement. Recognizing the severity of the harm which could accrue to Company or its affiliates, Employee agrees that monetary damages alone would not sufficiently
protect Company or its affiliates, and thus Employee will not oppose injunctive relief on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Enforcement.</u> Employee consents to Company's enforcement of the provisions of this Agreement on
behalf of Company's managers, members, officers, or partners, and those of its affiliates. Employee hereby expressly waives any objection Employee may have to the standing or capacity of Company to enforce the provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reasonableness of Restrictions.</u> Employee acknowledges that the restrictions contained in this Agreement
are reasonable, proper, and necessitated by Company's legitimate business interests. Employee represents and agrees that Employee is entering into this Agreement freely and with knowledge of its contents with the intent to be bound by the
Agreement and its restrictions. If a court finds this Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, the parties hereto agree that this Agreement will be automatically modified to provide Company with the maximum
protection of its business interests allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration in accordance with the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration
Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the
Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement. Nor does
this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending the other part(ies) a written demand for arbitration. Such demand shall set forth the nature of the matter to be
resolved by arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable
law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival</u>. The provisions of this Agreement shall survive the termination of Employee's employment,
regardless of the reason, and the assignment of this Agreement by Company to any successor in interest or their assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modifications</u>. No modifications or amendments to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. Company may assign this Agreement without further notice to Employee, and it shall inure to
the benefit of and be binding upon the successors and assigns of Company. Employee may not assign this Agreement.

[EXHIBIT B SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered this Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Uriel Cohen | By: | /s/ Edward Tilly |
|  | Name: Uriel Cohen<br> Title: Co-Chief Executive Officer<br>Date: 23 January 2025 |  | Name:Edward Tilly<br>Date: 20 January 2025 |

---

[Signature page to Exhibit B to Employment Agreement]

![LOGO](g39893snap2.jpg)

## Exhibit 10.14

**Exhibit 10.14**![LOGO](g39893snap1.jpg)

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (this "**Agreement**"), dated July 3, 2023, is entered into by and between Jonathan Daplyn ("**Employee**") and Clear Street Management LLC, a Delaware limited liability company (the "**Company**").

The Company desires to employ the Employee on a full-time basis, at-will, and Employee desires to accept such employment subject to the terms and conditions set forth in this Agreement; therefore, in consideration of the mutual agreements and covenants set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commencement Date</u>. Employment with the Company will commence on or around October 9, 2023 (the
" **Commencement Date**") contingent upon, if applicable, successful completion of the pre-employment check.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Title and Duties; Location; Sup</u> <u>ervisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee will serve as Chief Information Officer with the Company and will have duties and responsibilities
typically associated with such title, together with such other duties and responsibilities consistent with the position as reasonably assigned to Employee from time to time by Employee's direct supervisor. The Employee may be assigned to
perform services for wholly owned entities or affiliates of the Company and such assignment will be consistent with the Employee's title, duties and responsibilities as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Employee will be employed at the Company's offices located in New York, NY or such other locations as the
Company may reasonably designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Employee's supervisor during the term hereof is Chris Pento or as otherwise determined by the Company
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conduct During Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Employee shall comply fully with all policies and procedures of the Company, or its relevant wholly owned
entity or affiliate, in effect as the same now exist or may be hereafter implemented from time to time, including, but not limited to, all terms and conditions set forth in the Company's handbook, compliance manual and any other memoranda or
communication applicable to Employee pertaining to policies, procedures, rules and regulations as the same may be in effect from time to time. Failure to comply with such policies and procedures shall be grounds for disciplinary action by the
Company, up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Employee shall observe and comply with all applicable laws, rules, and regulations imposed by any governmental
or self-regulatory organization as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Employee shall not trade any Company strategies in Employee's personal trading accounts and shall provide
the Company on a monthly basis with statements of all securities accounts in which the Employee has a personal or financial interest (or otherwise controlled by the Employee, including relatives residing with the Employee or supported by the
Employee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Employee shall remain loyal to the Company at all times, avoid conflicts of interest and promptly inform the
Company of related business opportunities offered to Employee, whether in her/his capacity as an employee of the Company or otherwise and whether offered to Employee as an individual or on behalf of the Company, in the field of securities trading.

150 Greenwich Street, 45th floor, New York, NY 10007

Clear Street Management LLC

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusivity</u>. The Employee shall: (i) devote Employee's full business time, attention, skill
and best efforts to the performance of Employee's duties; (ii) not engage in or prepare to engage in any business activity as an individual or with any other person, firm, corporation or business other than on the Company's behalf,
except with the express prior written consent of the Company; (iii) not engage in any activity that could create a conflict of interest between Employee and the Company or any of its affiliates and (iv) have no interest or affiliation
directly or indirectly in any other person, firm, corporation or business whose business is related to or competitive with the business of the Company, except with the express prior written consent of the Company; <u>provided</u>, <u>however</u>,
Employee may own, directly or indirectly, solely as a passive investment, any securities if Employee (a) is not a controlling person of, or a member of a group which controls, such entity and (b) does not, directly or indirectly, own three
percent or more of any class of securities of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Base Salary.</u> The annual base salary to be paid to Employee shall be $400,000, payable in equal
semi-monthly installments in accordance with the Company's regular payroll practices. All compensation will be subject to customary withholding tax and other employment taxes and deductions as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Guaranteed Bonus.</u> Notwithstanding Section 5.3 below, the Employee shall receive a guaranteed bonus
for the annual year 2023 equaling $600,000 (the "**Guaranteed Bonus**") payable in accordance with standard Company practice, provided that Employee is still employed by the Company at the time of such payment. Employee agrees to
reimburse Company for the Guaranteed Bonus no later than seven (7) days following termination for Cause. "**Cause**" shall mean: (i) Employee's commission of fraud or reckless misstatement or omission materially
affecting the Company or its affiliates, (ii) any act or omission by Employee that it is reasonable to expect would materially injure the reputation, business or business relationships of Company or any of its affiliates,
(iii) Employee's indictment or conviction with respect to any felony or other crime or violation of law involving fraud or dishonesty, or Employee's entry of a plea of nolo contendere with respect to any felony involving fraud or
dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Performance Bonus</u>. Employee shall be eligible to receive an annual discretionary performance bonus,
payable in a manner consistent with the Company's practices and procedures ()"**Performance Bonus** "). The amount of the Performance Bonus, if any, will be decided by the Company in its sole discretion and will be paid not later
than March 15 following the calendar year for which the Performance Bonus has been attributed, if at all. A Performance Bonus, if awarded, will be based on factors determined by the Company, at its sole and absolute discretion, which may
include, but are not limited to Employee' performance and the performance of the Company. In no event shall Employee earn or have any entitlement to a Performance Bonus until it is paid. Employee will not be eligible to receive any Performance
Bonus if the Employee's employment has been terminated for any reason, if the Employee provided notice of resignation or if the Employee received notice of termination, in each case prior to the Performance Bonus payment date. Notwithstanding
the foregoing provisions of this Section 5.3, in respect of the annual year 2023, there is no assurance of payment to Employee of any Performance Bonus to the Employee in view of the payment of the Guaranteed Bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Restricted Stock Unit Awards</u>. Following the Commencement Date, subject to the approval of the Board of
Directors of Clear Street Group Inc. ()"**Clear Street**") and the Employee's execution of Clear Street's standard-form Restricted Stock Unit Issuance Agreement, which will be executed digitally through Carta, Clear
Street's transfer agent and digital capitalization table management software (the "**Issuance Agreement** "), Employee will be eligible to be awarded

![LOGO](g39893snap3.jpg)

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970,060 Restricted Stock Units of Clear Street (the "**RSUs**"). All such RSUs will be unvested as of the date of grant and shall time-vest over a 3-year period beginning on the Commencement Date, with one-third of such RSUs vesting on the first anniversary of the Commencement Date, one-third of such RSUs vesting on the second anniversary of the Commencement Date and one-third of such RSUs vesting on the third anniversary of the Commencement Date. All of such RSUs will also be subject to a second vesting requirement tied to the occurrence of a liquidity event. Notwithstanding anything in this Agreement to the contrary: (i) such RSUs will be issued to Employee subject to all of the provisions of the Issuance Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Issuance Agreement); and (ii) Employee will have no entitlement to receive such RSUs until (A) the grant of the RSUs have been approved by the Board of Directors of Clear Street; and (B) Employee and Clear Street have executed the Issuance Agreement.

In addition, following the Commencement Date, subject to the approval of the Board of Directors of Clear Street and the Employee's execution of a second of Clear Street's standard-form Restricted Stock Unit Issuance Agreement, which will be executed digitally through Carta, Clear Street's transfer agent and digital capitalization table management software (the "**Second Issuance Agreement**"), Employee will be eligible to be awarded 120,974 RSUs. All such RSUs will be unvested as of the date of grant and shall time-vest as follows: 43,518 of such RSUs shall time vest on January 27, 2024; 42,885 of such RSUs shall time vest on January 27, 2025; and 34,571 of such RSUs shall time vest on January 27, 2026. All of such RSUs will also be subject to a second vesting requirement tied to the occurrence of a liquidity event. Notwithstanding anything in this Agreement to the contrary: (i) such RSUs will be issued to Employee subject to all of the provisions of the Second Issuance Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Second Issuance Agreement); and (ii) Employee will have no entitlement to receive such RSUs until (A) the grant of the RSUs have been approved by the Board of Directors of Clear Street; and (B) Employee and Clear Street have executed the Second Issuance Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Stock Option Award</u>. Following the Commencement Date, subject to the approval of the Board of Directors
of Clear Street and the Employee's execution of Clear Street's standard-form Stock Option Agreement and related documentation, which will be executed digitally through Carta, the transfer agent and digital capitalization table management
software used by Clear Street (the "**Option Agreement** "), Employee will be awarded options to purchase 479,075 shares of Class A Common Stock of Clear Street (the "**Options**") at a strike price of $8.35. All of
the Options will be unvested as of the date of grant and shall time-vest over a 4-year period beginning on the Commencement Date, assuming one-year cliff for 25% of the
grant, and 36-month vesting thereafter (with 2.083% vesting on each monthly anniversary thereafter), in each case based on the Commencement Date. All of the Options will also be subject to a second vesting
requirement tied to the occurrence of a liquidity event. Notwithstanding the foregoing, in the event that Clear Street's Board of Directors determines, in reliance upon a third-party valuation, that the fair market value of such shares is
greater than $8.35 per share at the time of the grant, the strike price shall be equal to the fair market value determined by such third-party valuation. Notwithstanding anything in this Agreement to the contrary: (i) the Options will be
granted to Employee in accordance with all of the provisions of the Option Agreement (with any conflicts with this Agreement being resolved in favor of the terms of the Option Agreement); and (ii) Employee will have no entitlement to receive
the Options until (A) the Board of Directors has approved the grant of the Options; and (B) Employee and Clear Street have executed the Option Agreement.

![LOGO](g39893snap3.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Benefits</u>. Employee will be provided benefits, including vacation days, as specified in the
Company's employee handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Business Expenses</u>. The Company shall reimburse Employee for all reasonable and necessary business
expenses incurred by Employee as detailed in the Company's Travel and Expense Reimbursement Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties</u>. By signing this agreement, Employee warrants and represents the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. If applicable, Employee has or will obtain all governmental, regulatory and exchange licenses, registrations
and approvals required by law and as may be necessary to perform Employee's obligations under this Agreement and duties as an employee of the Company and shall maintain all such licenses in good standing at all times during the course of
employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Employee is free from all contractual obligations or other possible restrictions preventing Employee from
entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Employee shall not disclose to the Company, or use for the Company's benefit, or induce the Company to
use, any trade secrets, proprietary information, confidential information, intellectual property, or other property that belongs to any former employer of Employee or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Regulatory Requirements</u>. If applicable, Employee shall be required to meet and maintain certain
registration and qualification requirements as established or determined by the Company and/or as prescribed by applicable regulation from time to time. These registrations and qualifications must be current at all times and failure to meet or
maintain these registrations or qualifications may result in immediate suspension or termination. These registration and qualification requirements are subject to change at any time but currently may include: (i) registering as an Associated
Person of the Company and completing all required documentation including but not limited to: Form U-4, fingerprint cards, and background review releases; (ii) providing proof of prior experience and
holding valid securities registrations required for Employee's position; (iii) completing all compliance attestations including the authorization for the submission of outside brokerage statements to the Company; (iv) attending
Company in house education seminars as reasonably practicable; (v) successful completion of industry required continuing education; (vi) immediate notification of changes in address, financial status or any events that require amendments
to Employee's Form U-4; and (vii) compliance with all applicable rules, regulations, guidance and compliance and regulatory policies of the Securities and Exchange Commission, the Commodity Futures
Trading Commission, and all other applicable (as may be determined by the Company from time to time) self-regulatory organizations, including all required notifications to such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and NonDisparagement</u>. By executing this Agreement, the Employee hereby confirms and agrees to comply with the provisions of the Proprietary Information, Assignment of Inventions,
NonCompetition, Non-Solicitation, and Non-Disparagement Agreement attached hereto as  **<u>Exhibit A</u>** which the parties entered into contemporaneously herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute among Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be submitted
for binding arbitration in accordance with the rules of FINRA. All other disputes which do not arise out of Company's securities business activities shall be submitted for

![LOGO](g39893snap3.jpg)

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binding arbitration administered by the American Arbitration Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending a written demand for arbitration to the other parties. Such demand shall set forth the nature of the matter to be resolved by arbitration. The parties shall share equally all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Employment At-Will.</u> Employee's employment with the Company
is on an at-will basis, as defined by applicable law, meaning that the Company will be free to terminate Employee's employment at any time, with or without cause and that Employee will be free to resign
from her/his employment with the Company at any time subject to Employee's prior notice as detailed in Section 12.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>Further Payment.</u> Except as otherwise specified in  **<u>Exhibit A</u>** , upon termination of
employment for any reason no further payments by the Company to Employee will be due other than accrued but unpaid base salary through the applicable date of termination and any other accrued benefits to which Employee may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>Resignation Notice.</u> The Company requests that Employee provide at least 30 days' prior written
notice of resignation to the Company. Vacation days shall not be counted towards days of prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous Provisions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Taxes</u>. The Company may withhold from any payments made under this Agreement amounts as shall be required
by law, as reasonably determined by the Company. Employee acknowledges and represents that the Company has not provided any tax advice in connection with this Agreement and that Employee has been advised by the Company to seek tax advice from
Employee's own tax advisors regarding this Agreement and payments and benefits that may be made to Employee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Non-Disclosure</u>. Employee agrees to keep the contents, terms and
conditions of this Agreement confidential; provided, however that Employee may disclose this Agreement to Employee's spouse, attorneys, and accountants, or pursuant to subpoena or court order, or as otherwise allowed or required by law, in
each case after notifying such person of the restrictions in this Section. Any breach of this non-disclosure paragraph is a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>Entire Agreement</u>. This Agreement, together with its exhibits (including the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation and NonDisparagement Agreement), forms the complete and exclusive statement of the terms and conditions of
Employee's employment with the Company. It supersedes any other representations or promises made to Employee by anyone, whether oral or written, and it can only be modified in a written agreement signed by an authorized officer of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. <u>Notices</u>. All notices and other communications required or permitted under this Agreement shall be
delivered personally, via electronic mail, via certified or registered mail (return receipt requested) or next day express mail or overnight, nationally recognized courier service (postage prepaid with proof of receipt). Any such notice shall be
deemed given (i) when delivered if delivered personally or via electronic mail, (ii) the day after deposit with the express or courier service when sent by next day express mail or overnight courier, or (ii) three (3) days after
deposit with the postal service when sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. <u>Waiver of Jury Trial</u>. It is mutually agreed by and between the Company and Employee that, to the maximum
extent permissible under applicable law, they shall, and they hereby do, waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of, or in any way
connected with, this Agreement and Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. <u>Assignment; Benefit</u>. The Company shall have the right to assign this Agreement and all or any part of
its rights and obligations under this Agreement to any subsidiary, holding company or affiliate of the Company or any surviving entity following any merger, reorganization, or consolidation of any of those entities with any entity other than the
Company. This Agreement is personal and may not be assigned by Employee; *provided*, *however*, that if Employee dies, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to
Employee's devisee, legatee, or other designee, or if there be no such designee, to Employee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7. <u>Survival</u>. The provisions of this Agreement together with its exhibits (including the Proprietary
Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement) shall survive any
termination of Employee's employment to the extent necessary to give effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8. <u>Amendments and Modification.</u> Modifications and amendments to the terms of this Agreement may be made
from time to time, subject to a written agreement between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9. <u>Headings</u>. The section headings herein are inserted for the convenience of the parties only and are not
to be construed as part of the terms of this Agreement or to be taken into account in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10. <u>Severability</u>. If any provision of this Agreement is, or is held to be, inconsistent with or
unenforceable under any law or regulation, such provision shall be deemed rescinded or modified in accordance with such law or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by actual or electronic signature in conformity with the U.S. federal ESIGN Act of 2000 (e.g., Adobe Sign, DocuSign,
HelloSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and
original signature of the party delivering the electronic signature.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12. <u>Non-Waiver.</u> The failure of either party, whether purposeful or
otherwise, to exercise in any instance any right, power, or privilege under this Agreement or under applicable law shall not constitute a waiver of the same or any other right, power, or privilege in any other instance. Any waiver by the Company or
by Employee must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13. <u>Independent Legal Advice</u>. By signing below, Employee expressly acknowledges that Employee has had the
opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that Employee failed to obtain independent legal advice, Employee acknowledges that such failure will not be used as a defense to the enforcement
of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Employment Agreement effective as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Chris Pento | By: | /s/ Jonathan Daplyn |
|  | Name: Chris Pento<br> Title: Officer<br>Date: July 4, 2023 |  | Name: Jonathan Daplyn<br>Date: July 4, 2023 |

---

[Signature page to Employment Agreement]

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**Exhibit A** 

PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS, NON-COMPETITION, NON-SOLICITATION AND NON-DISPARAGEMENT AGREEMENT

This Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and NonDisparagement Agreement ("**Agreement**"), dated July 3, 2023, by and between Clear Street Management LLC, a Delaware limited liability company (the "**Company**") and Jonathan Daplyn (the "**Employee**").

Terms not defined herein shall have the meaning ascribed to them in the Employment Agreement to which this Exhibit is attached ("**Employment Agreement**"). For purposes of any undertaking of the Employee toward the Company herein, the term "Company" shall include any parent company, subsidiaries, and affiliates of the Company.

In consideration and as a condition of the Employee's employment with the Company, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Proprietary Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights</u>. Employee acknowledges that Employee's employment with the
Company creates a relationship of confidence and trust between the Employee and the Company with respect to Proprietary Information (as defined below) of the Company, its subsidiaries, its affiliates, its existing or potential investors or its
customers which may be learned by the Employee during the period of Employee's employment with the Company. Accordingly, Employee acknowledges and agrees that all Proprietary Information and all patents, copyrights, trade secret rights and
other rights (including throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of the Company or of any such entity the Company otherwise
determines and Employee hereby assigns to the Company any rights Employee may have or acquire in such Proprietary Information and all patents, copyrights, trade secret rights and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Non-disclosure; Protection of Proprietary Information</u>. At all
times, both during the Employee's employment with the Company and after the termination of employment with the Company, the Employee will safeguard and keep in the strictest confidence and trust and will not use, disclose, or publish any
Proprietary Information or anything relating to it to any unauthorized person or otherwise without the prior written consent of the Company. Employee will take all reasonable precautions to prevent the inadvertent or accidental disclosure of
Proprietary Information and will take care to maintain at Employee's desk only such Proprietary Information as Employee has a current "need to know" in the furtherance of Company's businesses, and shall take care to shield
Proprietary Information from other Company personnel who do not have a "need to know" such information. Employee may not store any Company data, including but not limited to Proprietary Information, on any electronic storage device or
service that is not owned by the Company without prior written consent of the Company. Employee may not remove any Company data, including, but not limited to Proprietary Information, from the premises of the Company without prior consent of the
Company. Nothing in this Section 1 shall prevent the Employee from utilizing Employee's professional skill and expertise in any future employment or association, provided such utilization does not involve unauthorized use or disclosure of
Proprietary Information as detailed herein or violate the provisions of Section 3 below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Proprietary Information**" is any and all confidential and/or proprietary knowledge, data,
trade secret or information of the Company, its affiliates, parents, and subsidiaries, whether having existed, now existing or to be developed during the term of the Employee's employment with the Company. By way of illustration but not
limitation, Proprietary Information includes: operations, systems, services, personnel, financial affairs, clients, and counterparties; investment, marketing and trading philosophies, techniques and performance; existing and planned or prospective
business development programs, proposals, projects, and plans; trading systems or programs; trading positions and strategies; trading indicators, mathematical approaches, computational algorithms, parameter settings and configurations used to obtain
price predictions; trading styles and/or investment strategies; specific assumptions and approximations for estimating the expected return for a given order and simulating order execution; identities and names of existing or potential traders, or
existing or potential investors; metrics used for performance analysis and real-time-monitoring of individual sub-strategies, including metrics that create accurate "back-testing" engines; specific
portfolio optimization methodology used in running the strategy, including specific design, logic, and software architecture used for fitting models, generating price predictions, translating price predictions into trading decisions, trading
strategy back-testing, performance monitoring and analysis; algorithms and approaches used to generate indicators based on exchange book information and combination of different books coming from different trading venues; computer hardware and
systems, computer programs, software, software designs and documentations, codes, schematics, know-how and data; strategies, practices, or techniques for market-making, agency trading, order crossing, or
customer execution developed or engaged in by the Company or an affiliate thereof; any information relating to the personal affairs or business activities of the partners, managers, members, owners, employees, consultants, suppliers, officers,
directors, and investors of the Company or its affiliates; all forms, contracts, agreements (including this Agreement), literature or other documents designed, developed or written by, for, with or on behalf of the Company or its affiliates;
Inventions (as defined below), and any other confidential or proprietary information of the Company, its affiliates, its investors or clients which Employee has been, or may be exposed to, or has learned or may learn of from time to time in
connection with or as a result of Employee's capacity as an Employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Permitted Disclosures</u>. Notwithstanding the foregoing, Employee may disclose Proprietary Information
(1) to the extent required by law or pursuant to subpoenas or other court order or legal process (provided that Employee must apprise the Company of the subpoena, court order or legal process immediately upon learning of the same and give the
Company a reasonable opportunity to limit the scope of such required disclosure); (2) to the extent such disclosure is explicitly approved in writing by the Company; or (3) in furtherance of Employee's professional duties for the Company.
In addition, Employee acknowledges that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose trade secret information
to a government official or to an attorney and use it in certain court proceedings without fear of prosecution, liability, or retaliation, provided Employee does so in compliance with 18 U.S.C. § 1833. Under the federal Defend Trade Secrets Act
of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit for retaliation against Employee
for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this agreement prohibits Employee from disclosing or discussing
Employee's or other employees' compensation or working conditions with other employees or with third parties who are not future employers or competitors of the Company, or other information governed by the provisions of applicable state
law or the National Labor Relations Act.

![LOGO](g39893snap3.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Third Party Information</u>. Employee acknowledges that the Company has received, and in the future will
receive, from the Company's affiliates, subsidiaries and from third parties confidential and/or proprietary knowledge, data, or information ()"**Third Party Information** "). During the Employee's employment with the Company
and thereafter, Employee shall hold the Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work with the Company) or use,
except in connection with the Employee's employment with the Company, the Third Party Information unless expressly authorized by an officer of the Company or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Return of Property</u>. In the event of the termination of Employee's employment with the Company for
any reason, Employee shall immediately return to the Company all documents, records, apparatus, equipment and other physical property, or any reproduction of such property, whether or not pertaining to Proprietary Information, furnished to Employee
by the Company or furnished to the Employee by any affiliate or subsidiary of the Company or produced by Employee or others in connection with the Employee's employment. If requested by the Company, Employee shall provide written confirmation
that all such property has been delivered to the Company as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Duty to Report.</u> Employee further agrees that Employee shall report immediately to the Company's
Chief Executive Officer (i) any and all unauthorized disclosures, revelations, or uses of any Proprietary Information by any person or employee of the Company, and (ii) any and all requests made to Employee that Employee disclose, reveal
or misuse any Proprietary Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Term of Proprietary Information Undertaking</u>. Subject to the foregoing, Employee acknowledges and agrees
that Proprietary Information and Third Party Information is never to be used or disclosed by the Employee other than as expressly permitted in this Agreement and that this undertaking shall not be limited in time. The Company understands, however,
that under the laws of certain states, restrictions on the use or disclosure of Proprietary Information must be of a finite duration. Accordingly, Employee agrees that, should the law of such a state be applied to this Agreement, the restrictions on
the use or disclosure of Proprietary Information that is not a trade secret (the restriction on the use or disclosure of which shall be unlimited by time) shall apply for a period of five (5) years after his/her employment with Company ends,
which Employee acknowledges is reasonable under the circumstances at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Inventions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Assignment and Ownership of Inventions</u>. Employee agrees that all Inventions (as defined below) which
Employee makes, conceives, develops, reduces to practice or otherwise creates (in whole or in part, either as an individual or jointly with others) during the Employee's employment with the Company shall be the sole property of the Company, or
any other entity to which the Company assigns such Inventions, to the maximum extent permitted by law, and, to the extent permitted by law, shall be "works made for hire". The Company shall be the sole owner of all patents, copyrights,
trademarks, trade secret rights, and other intellectual property rights and other rights in connection therewith. To the extent any such Inventions are not considered "works made for hire" or otherwise the exclusive intellectual property
of the Company, Employee hereby assigns to the Company any and all rights, title, and interest Employee may have or may acquire in such Inventions and all proprietary rights with respect thereto. In addition, Employee hereby waives any and all
"moral rights," including, but not limited to, any right to identification of authorship, right of approval on modifications or limitation on subsequent modifications that Employee may have in respect of any Inventions.

![LOGO](g39893snap3.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Designation</u>. Employee agrees to perform, during and after the employment term, all acts deemed necessary
or desirable by the Company to permit and assist the Company, at the Company's expense, in obtaining and enforcing patents, copyrights, trade secret rights or other rights on such Inventions. Such acts may include, but are not limited to,
execution of documents and assistance or cooperation in legal proceedings. With respect to any and all matters arising out of or relating to employment with the Company, Employee hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents, as Employee's agents and attorneys-in-fact to act for and on Employee's behalf and instead of the Employee, to execute and
file any applications or related filings and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or other rights thereon with the same legal force and effect as if executed by
Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Inventions**" means all inventions, developments, concepts, ideas, discoveries, improvements,
formulas, works of authorship, designs, trade secrets, technical specifications and technical data, processes, computer programs and software (including without limitation source code and object code), software designs and documentation, algorithms,

Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Unassigned or Non-assignable Inventions</u>. Employee recognizes
that this Agreement will not be deemed to require assignment of any invention that Employee developed entirely on Employee's own time without using the Company's equipment, supplies, facilities, trade secrets or Proprietary Information,
except for those inventions that either (i) relate to the Company's actual or anticipated business, research or development, or (ii) result from or are connected with work performed by the Employee for the Company or training
received by Employee from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Prior Inventions</u>. The following is a complete list of all inventions or improvements created prior to
the date of this Agreement to which Employee claims ownership and/or that Employee desires to remove from the operation of this Agreement, and Employee represents and warrants that such list is complete: **None**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Competition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Acknowledgement</u>. Employee acknowledges and agrees that the Company is engaged in a highly competitive
business and that by virtue of Employee's position, association and responsibilities with the Company and Employee's access to Proprietary Information, engaging in any business which is competitive with the Company will cause it great
and irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Non-Compete Undertaking</u>. Therefore, Employee hereby agrees that,
so long as Employee is employed by the Company and for the period of nine (9) months after the termination of employment with the Company for any reason, whether voluntarily or involuntarily, (the
" **Non-Compete Period** "), Employee shall not, directly or indirectly, participate in, engage in or prepare to engage in any Competitive Business Activity (as defined below), whether as an
individual, employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent, equity owner, or in any other capacity.

![LOGO](g39893snap3.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. "**Competitive Business Activity**" shall mean (i) activity that is similar in nature to
the services the Employee provided to the Company during the last two (2) years preceding the termination of the Employee's employment with the Company; (ii) activity which utilizes Proprietary Information the Employee acquired
during employment with the Company; (iii) controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to three percent of the securities of any given entity), providing other financial support to
participating in, engaging in or consulting for any person or Company in any: clearing business, clearing broker dealer, clearing and reporting technology development, stock loan business, client agency execution services, principal execution
services and prime brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Notice to Company</u>. If Employee accepts any employment or begins a business association or business
activity during the Non-Compete Period with any entity, Employee shall promptly advise the Company prior to the commencement of such subsequent employment or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Non-Compete Payments.</u> The Company will pay the Employee the
equivalent of Employee's base salary on a semi-monthly basis during any period of time in the NonCompete Period which the Employee is unemployed as a result of the covenant not to compete following the termination of Employee's
employment with the Company (the "**Non-Compete Payments** "). If, for any reason it deems appropriate, the Company determines, in its sole discretion, to shorten or forgo the Non-Compete Period, the Company will cease making the Non-Compete Payments at such time and will cease to be obligated to make such payments and will release Employee from the
obligations set forth in this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Assumption of Risk</u>. Employee understands that without the representations and warranties contained in
this Section the Company would be required to assume additional risk that would otherwise be reflected in the base salary and/or other payments paid to Employee during Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Solicitation and No Hire</u>. Employee acknowledges and agrees
that so long as the Employee is employed by the Company and for twenty-four (24) months thereafter, Employee shall not, either individually or on behalf of any other person or entity, directly or indirectly: (1) employ, solicit, induce,
hire, offer to hire, or otherwise interfere with the employment or association of any current or former (within the prior twenty-four (24) months) director, member, officer, contractor or employee of the Company or its affiliates, or
(2) induce, or attempt to induce, any current or former (within the prior twenty-four (24) months) client or customer, company investor, consultant or supplier to alter, limit or end its business dealings or relationship with the Company
or any of its affiliates; or (3) induce, or attempt to induce, any current or former (within the prior twenty- four (24) months) consultant or supplier of the Company to alter their relationship with, or to cease providing services for,
the Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Disparagement.</u> Employee hereby agrees that during the course
of employment and following the termination of employment with the Company for any reason, Employee shall not publish or make any negative or critical statement, whether written or oral, which is likely to adversely affect or otherwise malign the
business or reputation of the Company or any of its affiliates, any of their respective members, officers, directors or employees, or third parties with whom the Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies.</u> Employee agrees and acknowledges that the foregoing restrictions and the duration thereof as
set forth in this Agreement are reasonable and necessary for the protection of the Proprietary Information, business and goodwill of the Company and its affiliates. In the event that Employee shall breach any of the provisions of this Agreement, in
addition to and without limiting or waiving any other remedies available to the Company, at law or in equity, the Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief,
to restrain any such breach or threatened breach and to enforce the provisions of this Agreement. Recognizing the severity of the harm which could accrue to the Company or its affiliates, Employee agrees that monetary damages alone would not
sufficiently protect the Company or its affiliates, and thus Employee will not oppose injunctive relief on that basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Enforcement.</u> Employee consents to the Company's enforcement of the provisions of this Agreement on
behalf of the Company's managers, members, officers, or partners, and those of its affiliates. Employee hereby expressly waives any objection Employee may have to the standing or capacity of the company to enforce the provisions of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reasonableness of Restrictions.</u> Employee acknowledges that the restrictions contained in this Agreement
are reasonable, proper, and necessitated by the Company's legitimate business interests. The Employee represents and agrees that the Employee is entering into this Agreement freely and with knowledge of its contents with the intent to be bound
by the Agreement and the restrictions contained in it. In the event that a court finds this Agreement, or any of its restriction, to be ambiguous, unenforceable, or invalid, the parties hereto agree that this Agreement will be automatically modified
to provide the Company with the maximum protection of its business interests allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute among Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be submitted
for binding arbitration in accordance with the rules of FINRA. All other disputes which do not arise out of Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration
Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the
Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement. Nor does
this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending a written demand for arbitration to the other parties. Such demand shall set forth the nature of the matter to
be resolved by arbitration. The parties shall share equally all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with
applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival</u>. The provisions of this Agreement shall survive the termination of the Employee's
employment, regardless of the reason, and the assignment of this Agreement by the Company to any successor in interest or their assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modifications.</u> No modifications or amendments to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. This Agreement may be assigned by the Company without further notice to Employee and shall
inure to the benefit of and be binding upon the successors and assigns of the Company. This Agreement may not be assigned by the Employee.

[EXHIBIT A SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Chris Pento | By: | /s/ Jonathan Daplyn |
|  | Name: Chris Pento<br> Title: Officer<br>Date: July 4, 2023 |  | Name: Jonathan Daplyn<br>Date: July 4, 2023 |

---

[Signature page to Exhibit A to Employment Agreement]

![LOGO](g39893snap3.jpg)

## Exhibit 10.15

**Exhibit 10.15**![LOGO](g39893snap1.jpg)

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (this "**Agreement**"), dated **February 12, 2025**, is entered into by and between **John Levene** ("**Employee**") and Clear Street Management LLC, a Delaware limited liability company (the "**Company**").

Company desires to employ Employee on a full-time basis, at-will, and Employee desires to accept such employment subject to the terms and conditions set forth in this Agreement; therefore, in consideration of the mutual agreements and covenants set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commencement Date</u>. Employment with Company will commence on or around **April 22, 2025** (the "**Commencement Date**") contingent upon, if applicable, successful completion of the preemployment check.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Title and Duties; Location; Supervisor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Employee will serve as **Head of Institutional** with Company and will have duties and responsibilities
typically associated with such title, together with such other duties and responsibilities consistent with the position as reasonably assigned to Employee from time to time by Employee's direct supervisor. Employee may be assigned to perform
services for wholly owned entities or affiliates of Company, and such assignment will be consistent with Employee's title, duties, and responsibilities as mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Employee will be employed at Company's offices in **New York City**, or such other locations as
Company may reasonably designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Employee's supervisor during the term hereof is **Ed Tilly** or as otherwise determined by Company
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conduct During Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Employee shall comply fully with all policies and procedures of Company, or its relevant wholly owned entity or
affiliate, in effect as the same now exist or may be hereafter implemented from time to time, including, but not limited to, all terms and conditions set forth in Company's handbook, compliance manual and any other memoranda or communication
applicable to Employee pertaining to policies, procedures, rules and regulations as the same may be in effect from time to time. Failure to comply with such policies and procedures shall be grounds for disciplinary action by Company, up to and
including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Employee shall observe and comply with all applicable laws, rules, and regulations imposed by any governmental
or self-regulatory organization as may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Employee shall not trade any Company strategies in Employee's personal trading accounts and shall provide
Company on a monthly basis with statements of all securities accounts in which Employee has a personal or financial interest (or otherwise controlled by Employee, including relatives residing with Employee or supported by Employee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Employee shall always remain loyal to Company, avoid conflicts of interest, and promptly inform Company of
related business opportunities offered to Employee, whether in her/his capacity as an employee of Company or otherwise and whether offered to Employee as an individual or on behalf of Company, in the field of securities trading.

150 Greenwich Street, 45th floor, New York, NY 10007

Clear Street Management LLC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusivity.</u> Employee shall: (i) devote Employee's full business time, attention, skill and
best efforts to the performance of Employee's duties; (ii) not engage in or prepare to engage in any business activity as an individual or with any other person, firm, corporation or business other than on Company's behalf, except
with the express prior written consent of Company; (iii) not engage in any activity that could create a conflict of interest between Employee and Company or any of its affiliates and (iv) have no interest or affiliation directly or
indirectly in any other person, firm, corporation or business whose business is related to or competitive with the business of Company, except with the express prior written consent of Company; <u>provided</u>, <u>however</u>, Employee may own,
directly or indirectly, solely as a passive investment, any securities if Employee (a) is not a controlling person of, or a member of a group which controls, such entity and (b) does not, directly or indirectly, three percent or more of
any class of securities of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Base Salary.</u> The annual base salary to be paid to Employee in cash shall be **$400,000.00**, payable
in equal semi-monthly installments per Company's regular payroll practices ()"**Base Salary** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Guaranteed Bonus.</u> Employee shall receive a guaranteed cash bonus for the annual year **2025 (payable in 2026)** equaling **$600,000.00** (the "**Guaranteed Bonus**") payable per standard Company practice, unless Employee's employment has been terminated by Employee's resignation for any reason or by Company for Cause
(as defined below), in each case before such payment is made. "**Cause**" means (i) Employee's commission of fraud or reckless misstatement or omission materially affecting Company or its affiliates, (ii) any act or
omission by Employee that it is reasonable to expect would materially injure the reputation, business or business relationships of Company or any of its affiliates, (iii) Employee's indictment or conviction with respect to any felony or
other crime or violation of law involving fraud or dishonesty, or Employee's entry of a plea of nolo contendere concerning any felony involving fraud or dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Performance Bonus</u>. In view of the payment of the Guaranteed Bonus in Section 5.2 for calendar year
2025, there will be no payment to Employee of any Performance Bonus (as defined below) for such calendar year. For subsequent years, Employee shall be eligible to receive an annual discretionary performance bonus, as determined by Company, which
will be targeted at an amount similar to the Guaranteed Bonus, based upon factors determined by Company, at its sole and absolute discretion, which may include but are not limited to your performance and Company's overall performance and will
be payable in a manner consistent with Company's practices and procedures ()"**Performance Bonus** "). The amount of the Performance Bonus, if any, will be decided by Company in its sole discretion and will be paid not later than
March 15 following the calendar year for which the Performance Bonus has been attributed, if at all. In no event shall Employee earn or have any entitlement to a Performance Bonus until it is paid. Employee will not be eligible to receive any
Performance Bonus if Employee's employment has been terminated for any reason, if Employee provided notice of resignation, or if Employee received notice of termination before the Performance Bonus payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Commencement Bonus</u>. Employee will receive a one-time commencement bonus of $**750,000.00**. The cash commencement bonus will be paid on the first paycheck following the Commencement Date. If your employment with the Company is terminated: (i) by the Company for Cause or (ii) by your
resignation for any reason within 12 months of receipt of the commencement bonus, you shall be liable upon termination of employment to repay to the Company 1/12th of the commencement bonus (based upon the payment received, i.e. after customary
withholding tax and other employment taxes and deductions as required by law) for each remaining month or part thereof prior to the first anniversary of receipt the commencement bonus. Employee agrees that Company may deduct such amounts from
Employee's last paycheck and that Employee will remain responsible for any additional amounts that remain due and owing from Employee to Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Restricted Stock Unit Award</u>. Subject in each case to the approval of the Board of Directors of Clear
Street Group Inc. ()"**CSG** "), Employee's execution of CSG's standard-form Restricted Stock Unit Issuance Agreement, which will be executed digitally through Carta, the transfer agent and digital capitalization table
management software used by CSG (the "**Issuance Agreement** "), and Employee's continued employment with the Company and subject to Section 5.7, Employee will be awarded such Restricted Stock Units of CSG (the
" **RSUs**") as are noted below in this Section 5.5 subject to the following: all of the RSUs (1) will be unvested as of the date of grant and will time-vest as set forth below with respect to each such grant of RSUs; and
(2) will also be subject to a second vesting requirement tied to the satisfaction of the Liquidity Event Requirement (as defined in the Issuance Agreement). Notwithstanding anything in this Agreement to the contrary: (i) the RSUs will be
issued to Employee subject to all of the provisions of the Issuance Agreements (with any conflicts with this Agreement being resolved in favor of the terms of the Issuance Agreements); and (ii) Employee will have no entitlement to receive any
RSUs until (A) the grant of such RSUs has been approved by the Board of Directors of CSG; and (B) Employee and CSG have executed the Issuance Agreement with respect to such RSUs. To the extent that RSUs fully vest on a day that is not a
business day, CSG will not be obligated to issue shares in respect of such vested RSUs to Employee until the next succeeding business day following such vesting date.

Subject to the first paragraph of this Section 5.5, effective as of the fifteenth (15<sup>th</sup>) of the first month that immediately follows the Commencement Date (or on the next business day if the 15<sup>th</sup> of the month is not a business day) or as soon as reasonably practicable thereafter (the **"Initial Grant Date")**, Employee will be awarded 1,000,000 RSUs. All of the foregoing RSUs will be unvested on the Initial Grant Date and will time-vest over four years beginning on the Initial Grant Date, with a one-year cliff for 25% of the grant and 36-month time-vesting thereafter (with 2.083% time-vesting on each monthly anniversary thereafter).

Subject to the first paragraph of this Section 5.5 and the last sentence of this paragraph, on the Initial Grant Date or as soon as reasonably practicable thereafter, Employee will be awarded 224,623 RSUs. Such RSUs will time-vest on the following schedule: (I) 23,952 RSUs will time-vest on December 31, 2025; (II) 103,299 RSUs will time-vest on January 31, 2026; (III) 11,976 RSUs will time-vest on December 31, 2026; (IV) 61,886 RSUs will time-vest on January 31, 2027; and (V) 23,510 RSUs will time-vest on January 31, 2028. Notwithstanding the foregoing in this paragraph, (a) to the extent that any of Employee's equity in his current employer (or its affiliates) vests following the date hereof, there will be a dollar-for-dollar reduction in the above-listed RSU grant(s) that corresponds to such vested equity at Employee's current employer, and (b) if the time-vesting date set forth in this paragraph for any RSUs is prior to the Initial Grant Date and Employee doesn't forfeit such applicable RSUs pursuant to clause (a) above, such RSUs will time-vest on the Initial Grant Date in lieu of the time-vesting date set forth above.

Employee represents and warrants to CSG and the Company that (a) Employee owns 1,327 restricted stock units of Goldman Sachs that are scheduled to time vest on January 31, 2026, 795 restricted stock units of Goldman Sachs that are scheduled to time vest on January 31, 2027 and 302 restricted stock units of Goldman Sachs that are scheduled to time vest on January 31, 2028 and that all such restricted stock units of Goldman Sachs have a value that is approximately equal to the stock price of a common share of Goldman Sachs and (b) Employee owns a carry interest in Goldman Sachs private funds with a value of $200,000 as of the date hereof that is scheduled to time vest on December 31, 2025 and a carry interest in Goldman Sachs private funds with a value of $100,000 as of the date hereof that is scheduled to time vest on December 31, 2026, and (c) all of the equity interests referenced in clauses (a) and (b) above will be forfeited as a result of Employee's employment by the Company. Employee covenants to provide copies to the Company of any statements, letters or other documentation received by Employee from Goldman Sachs or its affiliates in connection with the vesting or forfeiture of any equity that Employee owns in Goldman Sachs or its affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Stock Option Award</u>. Subject in each case to the approval of the Board of Directors of CSG,
Employee's execution of CSG's standard-form Stock Option Agreement and related documentation, which will be executed digitally through Carta, the transfer agent and digital capitalization table management software used by CSG (the
" **Option Agreement** "), and Employee's continued employment with the Company and subject to Section 5.7, Employee will be awarded such options to purchase shares of Class A Common Stock of CSG (the
" **Options**") as are noted below in this Section 5.6 subject to the following: all of the Options (1) will be unvested as of the date of grant and will timevest as set forth below with respect to each such grant of Options;
and (2) will also be subject to a second vesting requirement tied to the satisfaction of the Liquidity Event Requirement (as defined in the Option Agreement). Notwithstanding anything in this Agreement to the contrary: (i) the Options will
be issued to Employee subject to all of the provisions of the Option Agreements (with any conflicts with this Agreement being resolved in favor of the terms of the Option Agreements); and (ii) Employee will have no entitlement to receive any
Options until (A) the grant of such Options has been approved by the Board of Directors of CSG and (B) Employee and CSG have executed the Option Agreement with respect to such Options.

Subject to the first paragraph of this Section 5.6, effective as of the Initial Grant Date (or on the next business day if the 15<sup>th</sup> of the month is not a business day) or as soon as reasonably practicable thereafter, Employee will be awarded options to purchase 500,000 shares of Class A Common Stock of CSG (the **"Options")** at a strike price equal to the then-current Common Stock Value. Subject to the immediately succeeding sentence, for these purposes, the "**Common Stock Value**" will be deemed to equal $10.50 as of the date hereof and will be subject to adjustments prior to the Initial Grant Date as follows: (x) if CSG issues common stock (or securities convertible into or exercisable for common stock) in a bona fide transaction for a price per share of common stock (or, if applicable, for a price per share of common stock on an as-converted basis) (such price per share, the "**Equity Issuance Price**") in excess of the then-current Common Stock Value, then the Common Stock Value will thereafter be deemed to be equal to the Equity Issuance Price; (y) if a holder of common stock of CSG (or securities convertible into or exercisable for common stock) sells shares of such common stock (or securities convertible into or exercisable for common stock) in a bona fide transaction for a price per share of common stock (or, if applicable, for a price per share of common stock on an as-converted basis) (such price per share, the "**Equity Transfer Price**") in excess of the then-current Common Stock Value, then the Common Stock Value will thereafter be deemed to be equal to the Equity Transfer Price; and (z) if CSG's Board of Directors determines that the fair market value of a share of Class A Common Stock of CSG **("Valuation-Based Common Stock Value")** is greater than the then-current Common Stock Value at the time of the grant, then the Common Stock Value will thereafter be deemed to be equal to the Valuation-Based Common Stock Value. Notwithstanding the immediately preceding sentence, if the common stock of CSG is publicly listed on an applicable grant date, then the Common Stock Value on such grant date shall be deemed to be equal to the market price of a share of common stock of CSG, as reasonably determined by the Board of Directors of CSG (or its designee) on such grant date. All of the foregoing Options will be unvested on the Initial Grant Date and will time-vest over four years beginning on the Initial Grant Date, with a one-year cliff for 25% of the grant and 36-month time-vesting thereafter (with 2.083% time-vesting on each monthly anniversary thereafter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Incentive Plan</u>. Awards described in Section 5.5 and Section 5.6 will be granted pursuant to
CSG's Amended and Restated 2021 Stock Incentive Plan, as amended from time to time, or any successor stock incentive plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Taxes and Withholding</u>. All compensation will be subject to customary withholding tax and other
employment taxes and deductions as required by law. All executive compensation is covered by Company's deferred compensation practices and plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Benefits</u>. Employee benefits, including vacation days, will be provided as specified in Company's
employee handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Business Expenses</u>. Company shall reimburse Employee for all reasonable and necessary business expenses
incurred by Employee in compliance with Company's Travel and Expense Reimbursement Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties</u>. By signing this agreement, Employee warrants and represents the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. If applicable, Employee has or will obtain all governmental, regulatory, and exchange licenses, registrations,
and approvals required by law and as may be necessary to perform Employee's obligations under this Agreement and duties as an employee of Company and shall always maintain all such licenses in good standing during employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Employee is free from all contractual obligations or other possible restrictions preventing Employee from
entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Employee shall not disclose to Company, or use for Company's benefit, or induce Company to use, any trade
secrets, proprietary information, confidential information, intellectual property, or other property that belongs to any former employer of Employee or any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Regulatory Requirements.</u> If applicable, Employee shall be required to meet and maintain certain
registration and qualification requirements as established or determined by Company and/or as prescribed by applicable regulation from time to time. These registrations and qualifications must always be current, and failure to meet or maintain these
registrations or qualifications may result in immediate suspension or termination. These registration and qualification requirements are subject to change at any time but currently may include: (i) registering as an Associated Person of Company
and completing all required documentation including but not limited to: Form U-4, fingerprint cards, and background review releases; (ii) providing proof of prior experience and holding valid securities
registrations required for Employee's position; (iii) completing all compliance attestations including the authorization for the submission of outside brokerage statements to Company; (iv) attending Company in house education
seminars as reasonably practicable; (v) successful completion of industry required continuing education; (vi) immediate notification of changes in address, financial status or any events that require amendments to Employee's Form U-4; and (vii) compliance with all applicable rules, regulations, guidance and compliance and regulatory policies of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and all
other applicable (as may be determined by Company from time to time) self-regulatory organizations, including all required notifications to such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and NonDisparagement</u>. By executing this Agreement, Employee hereby confirms and agrees to comply with the provisions of the Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement attached hereto as  **<u>Exhibit A,</u>** which the parties
entered contemporaneously herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration per the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration Association (AAA),
unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the Proprietary Information,
Assignment of Inventions, NonCompetition, Non-Solicitation, and Non-Disparagement Agreement. Nor does this Section limit Employee's ability to file any regulatory
charge against Company. Any party may

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commence arbitration by sending the other party(ies) a written demand for arbitration. Such demand shall set forth the nature of the matter to be resolved by arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Employment-At-Will.</u> Employee's employment with Company is on an at-will basis, as defined by applicable law, meaning that Company will be free to terminate Employee's employment at any time, with or without cause, and
that Employee will be free to resign from her/his employment with Company at any time subject to Employee's prior notice as detailed in Section 12.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>Further Payment.</u> Except as otherwise specified in  **<u>Exhibit A</u>** , upon the termination of
employment for any reason, no further payments by Company to Employee will be due other than accrued but unpaid base salary through the applicable date of termination and any other accrued benefits to which Employee may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>Resignation Notice.</u> Company requests that Employee provide at least 30 days prior written notice of
resignation to Company. Vacation days shall not be counted towards days of prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous Provisions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Taxes</u>. Company may withhold from any payments made under this Agreement amounts as shall be required by
law, as reasonably determined by Company. Employee acknowledges and represents that Company has not provided any tax advice in connection with this Agreement and that Employee has been advised by Company to seek tax advice from Employee's own
tax advisors regarding this Agreement and payments and benefits that may be made to Employee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Non-Disclosure</u>. Employee agrees to keep the contents, terms, and
conditions of this Agreement confidential; provided, however, that Employee may disclose this Agreement to Employee's spouse, attorneys, and accountants, or pursuant to subpoena or court order, or as otherwise allowed or required by law, in
each case after notifying such person of the restrictions in this Section. Any breach of this non-disclosure paragraph is a material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>Entire Agreement</u>. This Agreement, together with its exhibits (including the Proprietary Information,
Assignment of Inventions, Non-Competition, Non-Solicitation, and NonDisparagement Agreement), forms the complete and exclusive statement of the terms and conditions of
Employee's employment with Company. It supersedes any other representations or promises made to Employee by anyone, whether oral or written, and it can only be modified in a written agreement signed by an authorized officer of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. <u>Notices</u>. All notices and other communications required or permitted under this Agreement shall be
delivered personally, via electronic mail, via certified or registered mail (return receipt requested), or next day express mail or overnight, nationally recognized courier service (postage prepaid with proof of receipt). Any such notice shall be
deemed given (i) when delivered if delivered personally or via electronic mail, (ii) the day after deposit with the express or courier service when sent by next day express mail or overnight courier, or)(iii) hree (3) days after
deposit with the postal service when sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. <u>Waiver of Jury Trial</u>. It is mutually agreed by and between Company and Employee that, to the maximum
extent permissible under applicable law, they shall, and they hereby do, waive trial by jury in any action, proceeding, or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of, or in any way
connected with, this Agreement and Employee's employment with Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. <u>Assignment; Benefit</u>. Company shall have the right to assign this Agreement and all or any part of its
rights and obligations under this Agreement to any subsidiary, holding company, or affiliate of Company or any surviving entity following any merger, reorganization, or consolidation of any of those entities with any entity other than Company. This
Agreement is personal and may not be assigned by Employee; *provided*, *however*, that if Employee dies, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee's
devisee, legatee, or another designee, or if there be no such designee, to Employee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7. <u>Survival</u>. The provisions of this Agreement, together with its exhibits (including the Proprietary
Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement), shall survive any
termination of Employee's employment to the extent necessary to give effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8. <u>Amendments and Modification.</u> Modifications and amendments to the terms of this Agreement may be made
from time to time, subject to a written agreement between Employee and Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9. <u>Headings</u>. The section headings herein are inserted for the convenience of the parties only and are not
to be construed as part of the terms of this Agreement or to be considered in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10. <u>Severability</u>. If any provision of this Agreement is, or is held to be, inconsistent with or
unenforceable under any law or regulation, such provision shall be deemed rescinded or modified in accordance with such law or regulation. In all other respects, this Agreement shall continue to remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11. <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by actual or electronic signature in conformity with the U.S. federal ESIGN Act of 2000 (e.g., Adobe Sign, DocuSign,
HelloSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate, or other document delivered to the other party shall constitute a true and
original signature of the party delivering the electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12. <u>Non-Waiver.</u> The failure of either party, whether purposeful or
otherwise, to exercise in any instance any right, power, or privilege under this Agreement or under applicable law shall not constitute a waiver of the same or any other right, power, or privilege in any other instance. Any waiver by Company or by
Employee must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13. <u>Independent Legal Advice</u>. By signing below, Employee expressly acknowledges that Employee has had the
opportunity to obtain independent legal advice about this Agreement prior to execution. To the extent that Employee failed to obtain independent legal advice, Employee acknowledges that such failure will not be used as a defense to the enforcement
of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered into this Employment Agreement effective as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Ed Tilly | By: | /s/ John Levene |
|  | Name: Ed Tilly<br> Title: Officer<br>Date: February 12, 2025 |  | Name: John Levene<br>Date: February 12, 2025 |

---

[Signature page to Employment Agreement]

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**Exhibit A** 

PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS, NON-COMPETITION, NON-SOLICITATION AND NON-DISPARAGEMENT AGREEMENT

This Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and NonDisparagement Agreement ("**Agreement**"), dated **February 12, 2025**, by and between Clear Street Management LLC, a Delaware limited liability company (the "**Company**") and **John Levene** (the "**Employee**").

Terms not defined herein shall have the meaning ascribed to them in the Employment Agreement to which this Exhibit is attached ("**Employment Agreement**"). For purposes of any undertaking of Employee toward Company herein, the term "Company" shall include any parent company, subsidiaries, and affiliates of Company.

In consideration and as a condition of Employee's employment with Company, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Proprietary Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights</u>. Employee acknowledges that Employee's employment with
Company creates a relationship of confidence and trust between Employee and Company with respect to Proprietary Information (as defined below) of Company, its subsidiaries, its affiliates, its existing or potential investors or its customers which
may be learned by Employee during the period of Employee's employment with Company. Accordingly, Employee acknowledges and agrees that all Proprietary Information and all patents, copyrights, trade secret rights and other rights (including
throughout, without limitation, any extensions, renewals, continuations or divisions of any of the foregoing) in connection therewith shall be the sole property of Company or of any such entity Company otherwise determines and Employee hereby
assigns to Company any rights Employee may have or acquire in such Proprietary Information and all patents, copyrights, trade secret rights and other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Non-disclosure; Protection of Proprietary Information</u>. At all
times, both during Employee's employment with Company and after the termination of employment with Company, Employee will safeguard and keep in the strictest confidence and trust and will not use, disclose, or publish any Proprietary
Information or anything relating to it to any unauthorized person or otherwise without the prior written consent of Company. Employee will take all reasonable precautions to prevent the inadvertent or accidental disclosure of Proprietary Information
and will take care to maintain at Employee's desk only such Proprietary Information as Employee has a current "need to know" in the furtherance of Company's businesses and shall take care to shield Proprietary Information
from other Company personnel who do not have a "need to know" such information. Employee may not store any Company data, including but not limited to Proprietary Information, on any electronic storage device or service that is not owned
by Company without the prior written consent of Company. Employee may not remove any Company data, including, but no limited to Proprietary Information, from the premises of Company without prior consent of Company. Nothing in this Section 1
shall prevent Employee from utilizing Employee's professional skill and expertise in any future employment or association, provided such utilization does not involve unauthorized use or disclosure of Proprietary Information as detailed herein
or violate the provisions of Section 3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Proprietary Information**" is any confidential and/or proprietary knowledge, data, trade
secret or information of Company, its affiliates, parents, and subsidiaries, whether having existed, now existing, or to be developed during the term of Employee's employment with Company. By way of illustration but not limitation, Proprietary
Information includes: operations, systems, services,

![LOGO](g39893snap3.jpg)

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personnel, financial affairs, clients, and counterparties; investment, marketing and trading philosophies, techniques and performance; existing and planned or prospective business development programs, proposals, projects, and plans; trading systems or programs; trading positions and strategies; trading indicators, mathematical approaches, computational algorithms, parameter settings and configurations used to obtain price predictions; trading styles and/or investment strategies; specific assumptions and approximations for estimating the expected return for a given order and simulating order execution; identities and names of existing or potential traders, or existing or potential investors; metrics used for performance analysis and real-time-monitoring of individual sub-strategies, including metrics that create accurate "back-testing" engines; specific portfolio optimization methodology used in running the strategy, including specific design, logic, and software architecture used for fitting models, generating price predictions, translating price predictions into trading decisions, trading strategy backtesting, performance monitoring and analysis; algorithms and approaches used to generate indicators based on exchange book information and combination of different books coming from different trading venues; computer hardware and systems, computer programs, software, software designs and documentations, codes, schematics, know-how and data; strategies, practices, or techniques for market-making, agency trading, order crossing, or customer execution developed or engaged in by Company or an affiliate thereof; any information relating to the personal affairs or business activities of the partners, managers, members, owners, employees, consultants, suppliers, officers, directors, and investors of Company or its affiliates; all forms, contracts, agreements (including this Agreement), literature or other documents designed, developed or written by, for, with or on behalf of Company or its affiliates; Inventions (as defined below), and any other confidential or proprietary information of Company, its affiliates, its investors or clients which Employee has been, or may be exposed to, or has learned or may learn of from time to time in connection with or as a result of Employee's capacity as an Employee of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Permitted Disclosures</u>. Notwithstanding the foregoing, Employee may disclose Proprietary Information
(1) to the extent required by law or pursuant to subpoenas or other court order or legal process (provided that Employee must apprise Company of the subpoena, court order, or legal process immediately upon learning of the same and give Company
a reasonable opportunity to limit the scope of such required disclosure); (2) to the extent such disclosure is explicitly approved in writing by Company; or (3) in furtherance of Employee's professional duties for Company. In addition,
Employee acknowledges that nothing in this Agreement prohibits Employee from reporting to any governmental authority information concerning possible violations of law or regulation and that Employee may disclose trade secret information to a
government official or to an attorney and use it in certain court proceedings without fear of prosecution, liability, or retaliation, provided Employee does so in compliance with 18 U.S.C. § 1833. Under the federal Defend Trade Secrets Act of
2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Employee's attorney in relation to a lawsuit for retaliation against Employee
for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this agreement prohibits Employee from disclosing or discussing
Employee's or other employees' compensation or working conditions with other employees or with third parties who are not future employers or competitors of Company, or other information governed by the provisions of applicable state law
or the National Labor Relations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Third-Party Information</u>. Employee acknowledges that Company has received, and in the future will
receive, from Company's affiliates, subsidiaries, and from third parties confidential and/or proprietary knowledge, data, or information ()"**Third Party Information** "). During Employee's employment with Company and
thereafter, Employee shall hold the Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work with Company) or use, except in
connection with Employee's employment with Company, the Third-Party Information unless expressly authorized by an officer of Company or as otherwise required by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Return of Property</u>. In the event of the termination of Employee's employment with Company for any
reason, Employee shall immediately return to Company all documents, records, apparatus, equipment, and other physical property, or any reproduction of such property, whether or not pertaining to Proprietary Information, furnished to Employee by
Company, or furnished to Employee by any affiliate or subsidiary of Company or produced by Employee or others in connection with Employee's employment. If requested by Company, Employee shall provide written confirmation that all such property
has been delivered to Company as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Duty to Report.</u> Employee further agrees that Employee shall report immediately to Company's Chief
Executive Officer (i) any unauthorized disclosures, revelations, or uses of any Proprietary Information by any person or employee of Company, and (ii) any requests made to Employee that Employee disclose, reveal, or misuse any Proprietary
Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Term of Proprietary Information Undertaking</u>. Subject to the foregoing, Employee acknowledges and agrees
that Proprietary Information and Third-Party Information is never to be used or disclosed by Employee other than as expressly permitted in this Agreement and that this undertaking shall not be limited in time. Company understands, however, that
under the laws of certain states, restrictions on the use or disclosure of Proprietary Information must be of a finite duration. Accordingly, Employee agrees that, should the law of such a state be applied to this Agreement, the restrictions on the
use or disclosure of Proprietary Information that is not a trade secret (the restriction on the use or disclosure of which shall be unlimited by time) shall apply for a period of five (5) years after his/her employment with Company ends, which
Employee acknowledges is reasonable under the circumstances at the time of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Ownership of Inventions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Assignment and Ownership of Inventions</u>. Employee agrees that all Inventions (as defined below) which
Employee makes, conceives, develops, reduces to practice or otherwise creates (in whole or in part, either as an individual or jointly with others) during Employee's employment with Company shall be the sole property of Company, or any other
entity to which Company assigns such Inventions, to the maximum extent permitted by law, and, to the extent permitted by law, shall be "works made for hire." Company shall be the sole owner of all patents, copyrights, trademarks, trade
secret rights, and other intellectual property rights and other rights in connection therewith. To the extent any such Inventions are not considered "works made for hire" or otherwise the exclusive intellectual property of Company,
Employee hereby assigns to Company any rights, title, and interest Employee may have or may acquire in such Inventions and all proprietary rights with respect thereto. In addition, Employee hereby waives any "moral rights," including,
but not limited to, any right to identification of authorship, right of approval on modifications, or limitation on subsequent modifications that Employee may have in respect of any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Designation</u>. Employee agrees to perform, during and after the employment term, all acts deemed necessary
or desirable by Company to permit and assist Company, at Company's expense, in obtaining and enforcing patents, copyrights, trade secret rights or other rights on such Inventions. Such acts may include, but are not limited to, execution of
documents and assistance or cooperation in legal proceedings. With respect to any and all matters arising out of or relating to employment with Company, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and
agents as Employee's agents and attorneys-in-fact to act for and on Employee's behalf and instead of Employee, to execute and file any applications or
related filings and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, trade secret rights or other rights thereon with the same legal force and effect as if executed by Employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Inventions**" means all inventions, developments, concepts, ideas, discoveries, improvements,
formulas, works of authorship, designs, trade secrets, technical specifications and technical data, processes, computer programs and software (including without limitation source code and object code), software designs and documentation, algorithms,

alone or jointly with others, during Employee's employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Unassigned or Non-assignable Inventions</u>. Employee recognizes
that this Agreement will not be deemed to require assignment of any invention that Employee developed entirely on Employee's own time without using Company's equipment, supplies, facilities, trade secrets, or Proprietary Information,
except for those inventions that either (i) relate to Company's actual or anticipated business, research or development, or (ii) result from or are connected with work performed by Employee for Company or training received by
Employee from Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Prior Inventions</u>. The following is a complete list of all inventions or improvements created prior to
the date of this Agreement to which Employee claims ownership and/or that Employee desires to remove from the operation of this Agreement, and Employee represents and warrants that such list is complete: **NONE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Competition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Acknowledgment. Employee acknowledges and agrees that Company is engaged in a highly competitive business and
that by virtue of Employee's position, association, and responsibilities with Company and Employee's access to Proprietary Information, engaging in any business which is competitive with Company will cause it great and irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Non-Compete Undertaking</u>. Therefore, Employee hereby agrees that,
so long as Employee is employed by Company and for the period of nine (9) months after the termination of employment with Company for any reason, whether voluntarily or involuntarily, (the
" **Non-Compete Period** "), Employee shall not, directly or indirectly, participate in, engage in or prepare to engage in any Competitive Business Activity (as defined below), whether as an
individual, employee, consultant, contractor, officer, director, shareholder, partner, member, joint venturer, representative, agent, equity owner, or in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. "**Competitive Business Activity**" shall mean (i) activity that is similar in nature to
the services Employee provided to Company during the last two years preceding the termination of Employee's employment with Company; (ii) activity which utilizes Proprietary Information Employee acquired during employment with Company;
(iii) controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to three percent of the securities of any given entity), providing other financial support to participating in, engaging in or consulting
for any person or Company in any: clearing business, clearing broker dealer, clearing and reporting technology development, stock loan business, client-agency execution services, principal execution services, and prime brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Notice to Company</u>. If Employee accepts any employment or begins a business association or business
activity during the Non-Compete Period with any entity, Employee shall promptly advise Company prior to the commencement of such subsequent employment or association.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Non-Compete Payments.</u> Company will pay Employee the equivalent
of Employee's Base Salary on a semi-monthly basis during any period in the Non-Compete Period which Employee is unemployed as a result of the covenant not to compete following the termination of
Employee's employment with Company (the "**Non-Compete Payments** "). If, for any reason it deems appropriate, Company determines, in its sole discretion, to shorten or forgo the Non-Compete Period, Company will cease making the Non-Compete Payments at such time and will cease to be obligated to make such payments and will release Employee from the
obligations set forth in this Section 3. Employee shall not be entitled to, and will not be paid, Non-Compete payments during the period covered by the Severance payments in Section 5.7 of the
Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Assumption of Risk</u>. Employee understands that without the representations and warranties contained in
this Section, Company would be required to assume additional risk that would otherwise be reflected in the base salary and/or other payments paid to Employee during Employee's employment with Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Non-Solicitation and No Hire.</u> Employee acknowledges and agrees
that so long as Employee is employed by Company and for twenty-four (24) months thereafter, Employee shall not, either individually or on behalf of any other person or entity, directly or indirectly: (1) employ, solicit, induce, hire,
offer to hire, or otherwise interfere with the employment or association of any current or former (within the prior twenty-four (24) months) director, member, officer, contractor, or employee of Company or its affiliates; (2) induce, or
attempt to induce, any current or former (within the prior twenty-four (24) months) client or customer, company investor, consultant, or supplier to alter, limit or end its business dealings or relationship with Company or any of its
affiliates; (3) induce, or attempt to induce, any current or former (within the prior twenty-four (24) months) consultant or supplier of Company to alter their relationship with, or to cease providing services for, Company or any of its
affiliates; or (4) solicit, contact, attempt to contact, or meet with Company's or its affiliates' current, former, or known prospective clients or customers for purposes of offering or accepting goods or services similar to, or
competitive with, those offered by Company and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Non-Disparagement.</u> Employee hereby agrees that during the course
of employment and following the termination of employment with Company for any reason, Employee shall not publish or make any negative or critical statement, whether written or oral, which is likely to adversely affect or otherwise malign the
business or reputation of Company or any of its affiliates, any of their respective members, officers, directors or employees, or third parties with whom Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies.</u> Employee agrees and acknowledges that the foregoing restrictions and the duration thereof as
set forth in this Agreement are reasonable and necessary for the protection of the Proprietary Information, business, and goodwill of Company and its affiliates. In the event that Employee shall breach any of the provisions of this Agreement, in
addition to and without limiting or waiving any other remedies available to Company, at law or in equity, Company shall be entitled to immediate injunctive relief in any court, domestic or foreign, having the capacity to grant such relief, to
restrain any such breach or threatened breach and to enforce the provisions of this Agreement. Recognizing the severity of the harm which could accrue to Company or its affiliates, Employee agrees that monetary damages alone would not sufficiently
protect Company or its affiliates, and thus Employee will not oppose injunctive relief on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Enforcement.</u> Employee consents to Company's enforcement of the provisions of this Agreement on
behalf of Company's managers, members, officers, or partners, and those of its affiliates. Employee hereby expressly waives any objection Employee may have to the standing or capacity of Company to enforce the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reasonableness of Restrictions.</u> Employee acknowledges that the restrictions contained in this Agreement
are reasonable, proper, and necessitated by Company's legitimate business interests. Employee represents and agrees that Employee is entering into this Agreement freely and with knowledge of its contents with the intent to be bound by the
Agreement and its restrictions. If a court finds this Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, the parties hereto agree that this Agreement will be automatically modified to provide Company with the maximum
protection of its business interests allowed by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law; Arbitration</u>. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to choice of law principles. Any dispute between Employee and Company which cannot be amicably settled and is a dispute that arises out of Company's securities business activities shall be
submitted for binding arbitration in accordance with the rules of FINRA. All other disputes that do not arise from Company's securities business activities shall be submitted for binding arbitration administered by the American Arbitration
Association (AAA), unless the dispute is required to be submitted to FINRA. Arbitration shall be the exclusive dispute resolution process, although, this shall in no way limit Company from obtaining immediate injunctive relief pursuant to the
Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation, and Non-Disparagement Agreement. Nor does
this Section limit Employee's ability to file any regulatory charge against Company. Any party may commence arbitration by sending the other party a written demand for arbitration. Such demand shall set forth the nature of the matter to be
resolved by arbitration. The parties shall equally share all costs of arbitration. All decisions of the arbitrator shall be final, binding, and conclusive on all parties. Judgment may be entered upon any such decision in accordance with applicable
law in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Survival</u>. The provisions of this Agreement shall survive the termination of Employee's employment,
regardless of the reason, and the assignment of this Agreement by Company to any successor in interest or their assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modifications</u>. No modifications or amendments to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing and signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. Company may assign this Agreement without further notice to Employee, and it shall inure to
the benefit of and be binding upon the successors and assigns of Company. Employee may not assign this Agreement.

[EXHIBIT A SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have entered this Proprietary Information, Assignment of Inventions, Non-Competition, Non-Solicitation and Non-Disparagement Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **CLEAR STREET MANAGEMENT LLC** | **CLEAR STREET MANAGEMENT LLC** | **EMPLOYEE:** | **EMPLOYEE:** |
| By: | /s/ Ed Tilly | By: | /s/ John Levene |
|  | Name: Ed Tilly<br> Title: Officer<br>Date: February 12, 2025 |  | Name: John Levene<br>Date: February 12, 2025 |

---

[Signature page to Exhibit A to Employment Agreement]

![LOGO](g39893snap3.jpg)

## Exhibit 10.19

**Exhibit 10.19** 

**CLEAR STREET GROUP INC.** 

**FORM OF INDEMNIFICATION AGREEMENT** 

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ____ day of ______, 2026, by and between Clear Street Group Inc., a Delaware corporation (the "**Company**") and _________ ("**Indemnitee**").

W I T N E S S E T H:

**WHEREAS**, highly competent persons have become more reluctant to serve publicly-held corporations as directors or officers or in other capacities in service to corporations unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation.

**WHEREAS**, the Board of Directors of the Company (the "**Board**") has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.

**WHEREAS**, the Company's Eighth Amended and Restated Certificate of Incorporation (the "**Certificate of Incorporation**") and the Amended and Restated Bylaws (the "**Bylaws**") of the Company provide that the Company shall indemnify and advance expenses to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Certificate of Incorporation provides for limitation of liability for directors and officers. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("**DGCL**"). The Certificate of Incorporation, the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and directors, officers and other persons with respect to indemnification.

**WHEREAS**, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

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**WHEREAS**, the Board has determined that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

**WHEREAS**, this Agreement shall be read as a supplement to and in furtherance of the Certificate of Incorporation and Bylaws of the Company and any resolutions adopted pursuant thereto and any liability insurance procured by the Company and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

**WHEREAS**, the protection available under the Certificate of Incorporation and Bylaws and insurance may not be adequate in the present circumstances, and Indemnitee may not be willing to serve as a director or officer or in another capacity in service of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.

**NOW, THEREFORE**, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

ARTICLE 1

CERTAIN DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement:

"**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Company.

"**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.

"**Change of Control**" means any one of the following circumstances occurring after the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Person shall have become, without prior approval of the Company's Board by approval of at least a majority of the Continuing Directors, the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company's then issued and outstanding voting securities (provided that, for purposes of this clause (ii), Person shall exclude (w) CSGC and its Affiliates, (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining issued and outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the approval by the stockholders of the Company of a complete liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

Notwithstanding anything contained herein, a transaction shall not constitute a "Change in Control" for the purposes of this definition if (1) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (2) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as holders of the Company's voting stock immediately prior to that transaction.

"**Continuing Director**" means (i) each director on the Board on the date hereof or (ii) any new director whose election or nomination for election by the Company's stockholders was approved by a vote of at least a majority of the directors then still in office who were directors on the date hereof or whose election or nomination was so approved.

"**Corporate Status**" means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent of the Company or of any other Enterprise.

"**CSGC**" means Clear Street Global Corp., a U.S. Virgin Islands corporation.

"**Determination"** means a determination, whether favorable (Indemnitee is entitled to indemnification) or adverse (Indemnitee is not entitled to indemnification), as to Indemnitee's entitlement to indemnification hereunder.

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"**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" means the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expenses**" means all direct and indirect costs (including attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Company's Certificate of Incorporation, Bylaws, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses shall not include any Liabilities.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Liabilities**" means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, excise taxes and penalties, penalties or amounts paid in settlement).

"**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

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"**Proceeding**" means any threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement:

References to "Company" shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

References to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this Agreement.

Reference to "including" shall mean "including, without limitation," regardless of whether the words "without limitation" actually appear, references to the words "herein," "hereof" and "hereunder" and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection or other subdivision.

ARTICLE 2

SERVICES BY INDEMNITEE

Section 2.01 *. Services By Indemnitee.* Indemnitee hereby agrees to serve or continue to serve as a director or officer or in another capacity in service of the Company or for so long as Indemnitee is duly elected or appointed until Indemnitee tenders his or her resignation or is removed. Nothing in this Agreement shall confer upon Indemnitee the right to continue in the employ of or service to the Company or affect the right of the Company to terminate Indemnitee's employment or service at any time, subject to any contractual rights of Indemnitee created or existing otherwise than under this Agreement.

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ARTICLE 3

INDEMNIFICATION

Section 3.01 *. Indemnity in Third-Party Proceedings.* (a) The Company will indemnify Indemnitee in accordance with the provisions of this Section 3.01(a) if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3.01(a), the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses and Liabilities, in each case, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, including, without limitation, any claims arising from alleged improper compensation payments (subject to the exclusions set forth in Section 3.02), if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnity in Proceedings by or in the Right of the Company*. The Company will Indemnify in accordance with the provisions of this Section 3.01(b) if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3.01(b), the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 3.01(b) related to any claim, issue, or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company for dishonesty, willful default or fraud in the performance of his or her duty to the Company, or for any breach of Indemnitee's duty of loyalty to the Company or its stockholders, for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or for any transaction from which Indemnitee derived an improper personal benefit, unless and only to the extent that the Court of Chancery of the State of Delaware (the "**Delaware Court**") or any court in which the Proceeding was brought determines upon application by the Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly reasonably entitled to indemnification.

For purposes of this Agreement, the meaning of the phrase "to the fullest extent permitted by applicable law" shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Witness Expenses*. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status and at the request of the Company (including, without limitation, at the request of the Board or the Executive Chairman), a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Expenses as a Party Where Wholly or Partly Successful*. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 3.02 *. Exclusions.* Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee (other than any cross claim or counterclaim asserted by Indemnitee), including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any reimbursement or clawback required by applicable law, regulation, or stock exchange rule (including under the Sarbanes-Oxley Act, Dodd-Frank Act, or SEC rules), except to the extent such reimbursement is covered by insurance or otherwise indemnifiable.

Section 3.03. *Priority of Obligations*. The indemnification and advancement obligations of the Company under this Agreement shall be primary to, and not subordinate to, any similar obligations of any Affiliate, parent entity, or controlling stockholder of the Company, and the Company shall be the indemnitor of first resort.

ARTICLE 4

ADVANCEMENT OF EXPENSES; DEFENSE OF CLAIMS

Section 4.01 *. Advances.* Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of each statement requesting such advance from time to time, whether prior to or after final disposition of any Proceeding and upon receipt by the Company of a written undertaking by or on behalf of Indemnitee to repay such amounts if it shall ultimately be determined by final judgment or other final adjudication that Indemnitee is not entitled to be indemnified by the Company as authorized in this Agreement. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay such amounts and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.

Section 4.02 *. Repayment of Advances or Other Expenses.* Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses.

Section 4.03 *. Defense of Claims.* The Company shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Company to Indemnitee of written notice of the Company's election to do so. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to such Proceeding; *provided* that (i) Indemnitee shall have the right to employ separate counsel in respect of any Proceeding at Indemnitee's expense and (ii) if (A) the employment of

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counsel by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have reasonably concluded upon the advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding, then in each such case the fees and expenses of Indemnitee's counsel shall be at the Company's expense. The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee's prior written consent, such consent not to be unreasonably withheld. Indemnitee shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on the Company without the Company's prior written consent, such consent not to be unreasonably withheld.

ARTICLE 5

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

Section 5.01 *. Notification; Request For Indemnification.* (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee's entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Indemnitee's entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law.

Section 5.02 *. Determination of Entitlement.* (a) Where there has been a written request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than sixty (60) days) after final disposition of the relevant Proceeding, a Determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such Determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such Determination with respect to Indemnitee's entitlement to indemnification, including

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providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such Determination shall be borne by the Company (irrespective of the Determination as to Indemnitee's entitlement to indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this Agreement.

Section 5.03 *. Presumptions and Burdens of Proof; Effect of Certain Proceedings.* (a) In making any Determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such Determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and

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the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any Determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a Determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual Determination by any person, persons or entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a Determination within the sixty (60) day period referred to in Section 5.02(a), the requisite Determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; *provided*, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the Determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

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ARTICLE 6

REMEDIES OF INDEMNITEE

Section 6.01. *Adjudication or Arbitration*. (a) In the event of any dispute between Indemnitee and the Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a Determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days after a Determination has been made that Indemnitee is entitled to indemnification, (iv) no Determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement), then Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 6.01. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse Determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any Determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 4.02 until a final Determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such Determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within thirty (30) days after the Company's receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company's Certificate of Incorporation or Bylaws now or hereafter in effect or (ii) recovery or advances under any directors' and officers' liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary, no Determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein.

ARTICLE 7

DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

Section 7.01 *. D&O Liability Insurance.* To the extent that the Company maintains a policy or policies of insurance ("**D&O Liability Insurance**") providing liability insurance for directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any other director or officer under such policy or policies.

Section 7.02 *. Evidence of Coverage.* Upon request by Indemnitee, the Company shall provide copies of all policies of D&O Liability Insurance obtained and maintained in accordance with Section 7.01 of this Agreement.

ARTICLE 8

MISCELLANEOUS

Section 8.01 *. Nonexclusivity of Rights.* The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company's Certificate of Incorporation, the Company's Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

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Section 8.02 *. Insurance and Subrogation.* (a) Indemnitee shall be covered by the D&O Liability Insurance in accordance with its or their terms to the maximum extent of the coverage available for any director or officer under such policy or policies. If, at the time the Company receives notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall use commercially reasonable efforts to give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies, unless the Board (or a duly authorized committee thereof) reasonably determines in good faith that providing such notice would be materially adverse to the interests of the Company (including, without limitation, due to potential adverse effects on future insurance premiums, policy terms, coverage availability, or strategic considerations). The Company shall thereafter use commercially reasonable efforts to take such action as the Board reasonably determines appropriate to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies unless the Board reasonably determines in good faith otherwise. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision.

Section 8.03 The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors' committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

Section 8.04 *. Contribution.* To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

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Section 8.05 *. Amendment.* This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company's Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change or (ii) limits rights with respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

Section 8.06 *. Waivers.* The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Section 8.07 *. Entire Agreement.* This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 8.08 *. Severability.* If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

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Section 8.09 *. Notices.* All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by email or other electronic transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

Section 8.10 *. Binding Effect.* (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person.

Section 8.11 *. Governing Law.* This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

Section 8.12 *. Consent To Jurisdiction.* Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

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Section 8.13 *. Headings.* The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

Section 8.14 *. Counterparts.* This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form.

Section 8.15 *. Use of Certain Terms.* Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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| | |
|:---|:---|
| CLEAR STREET GROUP INC. | CLEAR STREET GROUP INC. |
| By: |  |
|  | Name: |
|  | Title: |
| Address:<br> Facsimile:<br> Attention:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: | Address:<br> Facsimile:<br> Attention:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: |
| [INDEMNITEE] | [INDEMNITEE] |
| Address:<br> Facsimile:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: | Address:<br> Facsimile:<br>With a copy to:<br>Address:<br> Facsimile:<br> Attention: |

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## Exhibit 10.27

**Exhibit 10.27** 

**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF NOTICE OF RESTRICTED STOCK UNIT AWARD GRANT (INDEPENDENT DIRECTOR)** 

The participant whose name appears below (the "**Participant**") has been granted an Award of Restricted Stock Units (the "**RSUs**") under the Clear Street Group Inc. (the "**Company**") 2026 Omnibus Incentive Plan (as may be amended from time to time, the "**Plan**"), subject to the terms and conditions of the Plan, this Notice of Restricted Stock Unit Award Grant (the "**Notice of Grant**") and the attached Restricted Stock Unit Award Agreement (the "**Agreement**"). Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Plan.

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| | |
|:---|:---|
| **Name:** |  |
| **Address:** |  |
| **Date of Grant:** |  |
| **Number of RSUs:** |  |
| **Vesting Conditions:** | Except as set forth in Section 3 of the Agreement, 100% of the RSUs shall vest upon the earliest of (A) the one-year anniversary of the Date of Grant, (B) "separation from service" (as defined in Section 409A of the Code) due to the Participant's death or Disability (as defined in the Agreement) and (C) a Change of Control Transaction, subject to Participant's continuous service to the Company through such date. |

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The Participant understands that their service relationship with the Company is for an unspecified duration and can be terminated at any time and that nothing in this Notice of Grant, the Agreement or the Plan changes the nature of that relationship. By accepting this Award, you and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

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IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Agreement as of the Date of Grant.

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| | | |
|:---|:---|:---|
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** | **PARTICIPANT** |
| By: |  |  |
|  | Name: | Name: |
|  | Title: |  |

---

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**CLEAR STREET GROUP INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**FORM OF NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Section 1. *Grant of RSUs*. Each RSU shall represent the right to receive one Share upon the vesting of such RSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice of Grant. The number of RSUs is set forth in the Notice of Grant.

Section 2. *Vesting*. The RSUs shall vest in accordance with the Vesting Conditions, subject to the Participant's continuous service with the Company through each applicable vesting date.

Section 3. *Termination of Service*. Subject to the terms of the Participant's Service Agreement, if the Participant experiences a Termination of Service for any reason other than due to death or Disability (as defined below), then any portion of this Award that has not vested as of the date of the Termination of Service will be forfeited for no consideration at the close of business at Company headquarters on the date of such Termination of Service. The Company determines the date of the Termination of Service for all purposes under this Agreement. The Participant acknowledges and agrees that the Vesting Conditions may change prospectively in the event of a change in role to or from Employee, Director or Consultant in accordance with Company policies relating to work schedules and vesting of awards.

"Disability" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided that, if and to the extent that the Participant's disability is a trigger for the payment of "deferred compensation" (as defined in Section 409A), "Disability" means that the Participant is "disabled" as defined in Section 409A(a)(2)(C) of the Code.

Section 4. *Settlement*. Except as otherwise set forth in the Plan, the RSUs will be settled in Shares and the Participant shall receive Shares that correspond to the number of RSUs that have become vested as of the applicable vesting date, which shall be delivered on the date that as soon as reasonably practicable following the applicable vesting date, as determined in the sole discretion of the Committee, but in no event later than the earlier of (A) thirty (30) days following the applicable vesting date and (B) immediately prior to a Change of Control Transaction.

Section 5. *Dividend Equivalent Payments*. Until the RSUs settle in the manner set forth in Section 4, if the Company pays a dividend on Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Shares in respect of his or her vested and unvested RSUs held but not previously forfeited immediately prior to the record date of the dividend (a "**Dividend Equivalent**"). No such Dividend Equivalents will be paid to the Participant with respect to any RSU that is thereafter cancelled or forfeited prior to the applicable

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vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in cash, Shares, or a combination thereof. The Company will pay the Dividend Equivalents as soon as reasonably practicable following the vesting date of the RSUs to which such Dividend Equivalents relate, but in no event later than sixty (60) days following the applicable vesting date.

Section 6. *Nontransferability*. Except as may be permitted by the Committee, no portions of the RSUs shall be assignable, alienable, saleable or transferable by the Participant other than (i) by will or laws of descent and distribution, (ii) pursuant to Section 13(e) of the Plan, (iii) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan or this Award or (iv) to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Shares issuable hereunder.

Section 7. *Tax Withholding*. The Participant acknowledges that the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant ("**Tax-Related Items**") is and remains the Participant's responsibility. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Participant acknowledges that they shall be solely responsible for the payment or remission of any amounts due with respect to the Tax-Related Items, and the Company shall have no obligation to withhold or pay any such amounts.

Section 8. *Rights as a Stockholder*. The Participant will not have any rights as a stockholder in the Shares corresponding to the RSUs prior to the settlement of the RSUs other than the rights set forth herein.

Section 9. *Notices*. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally, sent by email or any other form of electronic transfer approved by the Committee, sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

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If to the Company:

Clear Street Group Inc.

150 Greenwich Street, 45th Floor

New York, NY 10007

Attention:

Email:

If to the Participant, to the address of the Participant on file with the Company.

Section 10. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Right to Continued Employment or Service</u>. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company to modify the terms of or terminate the Participant's employment or service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Right to Future Awards</u>. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Not Salary, Pensionable Earnings or Base Pay</u>. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (i) salary, normal salary, wages or other ordinary compensation, (ii) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate or (iii) any calculation of base pay, regular pay or wages for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan or acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan or the RSUs. Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to the Participant on account of failure of the RSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cancellation or Clawback</u>. The Participant hereby acknowledges and agrees that the Participant and the RSUs are subject to the terms and conditions of Section 18 of the Plan (regarding reduction, cancellation, forfeiture or recoupment of Awards upon the occurrence of certain specified events) and the Company's Compensation Recoupment Policy, as in effect from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Plan to Govern</u>. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment; Waiver</u>. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; *provided* that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors and Assigns; No Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns, including any successor entity contemplated by Section 12(c) of the Plan. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the RSUs granted hereunder and supersede all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by Section 12(c) of the Plan, and any person or persons who shall, upon the Participant's death, acquire any rights hereunder in accordance with this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>References</u>. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Imposition of other Requirements and Participant Undertaking</u>. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSU pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Dispute Resolution</u>. The Company and the Participant hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with the Plan or this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the "**Delaware Court**"), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with the Plan or this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. Alternatively, any dispute, controversy or claim arising out of or related to the Plan or this Agreement may be submitted to and decided, at the Participant's option, by binding arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Governing Law</u>. The Plan and this Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

## Exhibit 10.28

**Exhibit 10.28** 

**CLEAR STREET GROUP INC.** 

**FORM OF NOTICE OF CSGC OPTION AWARD GRANT** 

Clear Street Global Corp., a United States Virgin Islands corporation ("**CSGC**"), has been granted an Award of Options (the "**Options**" or the "**Award**") pursuant to the Support Services and Equity Award Agreement (the "**Support Agreement**") between CSGC and Clear Street Group Inc., a Delaware corporation (the "**Company**"), dated as of , 2026 subject to the terms and conditions of the Support Agreement, this Notice of Option Award Grant (the "**Notice of Grant**") and the attached CSGC Option Award Agreement (the "**Agreement**"). Both the Service Condition and the Share Price Milestones (as set forth below) must be satisfied in order for the applicable Option to vest. Except as otherwise indicated, capitalized terms used but not otherwise defined herein or in the attached Agreement shall have the meanings ascribed to such terms in the Support Agreement. In the event of any conflict between this Notice of Grant and the Agreement and the Support Agreement, the Support Agreement shall control.

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| | |
|:---|:---|
| **Grant Date**: | The date of the pricing of the Company's initial public offering ("**IPO**"). |
| **Total Number of Options**: | 33,365,587, in the Tranches as set forth below. |
| **Exercise Price:** | The offering price per Share on the Grant Date. |
| **Service Condition**: | (i) If the applicable Share Price Milestone is satisfied on or prior to the five (5) year anniversary of the Grant Date, the Options will service vest ratably on a monthly basis from the date of Certification (as defined below) through the five (5) year anniversary of the Grant Date, subject to CSGC continuing to provide Eligible Services (as defined in the Support Agreement) through each applicable monthly anniversary; and (ii) if the applicable Share Price Milestone is satisfied following the five (5) year anniversary of the Grant Date, subject to CSGC continuing to provide Eligible Services through the applicable date of Certification for such Tranche, the Options will service vest on the date of Certification. |

---

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**Share Price Milestones:** Subject to the satisfaction of the Service Conditions set forth above and in the Support Agreement, the Options will vest subject to the satisfaction of the following Share Price Milestones, in each case prior to the ten (10) year anniversary of the Grant Date:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tranche

#** | **Number of<br>Options<br>Subject<br>to Tranche** | **Share Price<br>Milestones** | **Type of Award** | **Exercise Price** |
| 1 | 8341397 | [135% of IPO Price] | Options | IPO Price |
| 2 | 8341397 | [135% of price set forth in Tranche 1] | Options | IPO Price |
| 3 | 8341397 | [135% of price set forth in Tranche 2] | Options | IPO Price |
| 4 | 4170698 | [140% of price set forth in Tranche 3] | Options | IPO Price |
| 5 | 4170698 | [140% of price set forth in Tranche 4] | Options | IPO Price |

---

By accepting this Award, CSGC and the Company agree that this Award is granted under and governed by the terms and conditions of the Support Agreement, the Notice of Grant and the Agreement. By accepting this Award, you consent to electronic delivery as set forth in the Agreement.

------

IN WITNESS WHEREOF, the Company and CSGC have duly executed and delivered this Agreement as of the Grant Date.

---

| | | |
|:---|:---|:---|
| **CLEAR STREET GROUP INC.** | **CLEAR STREET GROUP INC.** | **CLEAR STREET GLOBAL CORP.** |
| By: |  |  |
|  | Name: | Name: |
|  | Title: | Title: |

---

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**CLEAR STREET GROUP INC.** 

**FORM OF CSGC OPTION AWARD AGREEMENT** 

Section 1. *Grant of Options*. Each Option shall represent the right to purchase from the Company, upon exercise as set forth in Section 4, one Share, at the Exercise Price set forth in the Notice of Grant, as determined in accordance with and subject to the terms of this Agreement and the Support Agreement. The numbers of each Tranche of Options are set forth above in the Notice of Grant.

Section 2. *Vesting*. The Options shall vest as set forth in the Notice of Grant.

Section 3. *Termination of Support Agreement; Change of Control Transaction*. The treatment of the Options upon termination of the Support Agreement shall be determined in accordance with Section 3.2.3 and Section 6 of the Support Agreement. The treatment of the Options upon a Change of Control Transaction (as defined in the Support Agreement) shall be determined in accordance with Section 4 of the Support Agreement.

Section 4. *Exercise and Expiration*. Any Option that becomes vested in accordance with the terms of the Support Agreement may be exercised at any time following vesting, subject to Sections 5 and 6 of the Support Agreement. Upon a termination of the Support Agreement or the Services for any reason, any vested Options must be exercised no later than ninety (90) calendar days following the date of such termination. CSGC shall exercise the vested Options in accordance with Section 5 of the Support Agreement; *provided* that in no event shall any vested Options be exercisable later than ninety (90) calendar days following the last day of the Performance Period.

Section 5. *Nontransferability*. Except as may be permitted by the Company, no portion of any Option shall be assignable, alienable, saleable or transferable by CSGC other than to the Company as a result of forfeiture of the Options as provided in the Support Agreement, unless and until payment is made in respect of vested Options in accordance with the provisions hereof and CSGC has become the holder of record of the vested Shares issuable hereunder. The Options may be exercised only by CSGC or its legal representative.

Section 6. *Tax Withholding and Reporting*. CSGC shall be responsible for its own tax liabilities arising out of or relating to the Award. The Company may deduct or withhold from any Shares or amounts otherwise deliverable or payable to CSGC such amounts as the Company determines it is required to withheld under Applicable Law in respect of any taxes, and the Company shall file such tax returns or information returns with respect to such Shares or amounts as the Company determines is required under Applicable Law. The Parties shall reasonably cooperate to provide information and documentation as may be reasonably necessary for tax reporting and compliance purposes. In furtherance of the foregoing, CSGC shall provide to the Company, promptly after the effective date of this Agreement and at such other times as the Company may reasonably request, an IRS Form W-8BEN-E.

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Section 7. *Rights as a Stockholder*. CSGC will not have any rights as a stockholder in the Shares corresponding to the Options prior to exercise of such corresponding Options.

Section 8. *Adjustments*. In the event that the Administrator determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Agreement, then the Administrator shall, subject to applicable law and Section 409A of the Code, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash) (i) the number and type of Shares (or other securities) which thereafter may be made the subject this Award, (ii) the Exercise Price or (iii) the Share Price Milestones.

Section 9. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. All notices, requests, consents, claims, demands, waivers, and other communications under this Agreement (each, a "**Notice**") in writing, using the communications methods set out below, and addressed to the other party at its address set out below (or to any other address that the receiving party may designate from time to time in accordance with this section). Notices by personal delivery, nationally recognized same day or overnight courier (with all fees prepaid), email (with confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). A Notice is deemed to have been validly and effectively given: (a) if sent by personal delivery or by courier (all fees prepaid) on the date of receipt, (b) if sent by email, upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "read receipt" function, as available, return email or other form of written acknowledgment) or (c) if sent by certified or registered mail, return receipt requested, postage prepaid on the third day after the date mailed.

If to the Company:

Clear Street Group Inc.

4 World Trade Center

150 Greenwich St Floor 45

New York, NY 10007

Attention:

Email:

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

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Email:

Attention:

If to CSGC:

Clear Street Global Corp.

5150 Norre Gade, Charlotte Amalie

St Thomas 00802

Attention:

Email:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Headings</u>. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. This Agreement, the Support Agreement and all related exhibits and schedules, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. The Support Agreement is hereby incorporated by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendment and Modification; Dissolution</u>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party. In the event of the dissolution or liquidation of the Company, this Agreement and the Award shall terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Repricing</u>. The Administrator may, without the approval of the Company's stockholders: (i) amend any outstanding Option to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option or (ii) take any other action under this Agreement that constitutes a "repricing" within the meaning of the rules of the applicable exchange on which the Company is listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Trust or Separate Account</u>. Nothing in this Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and CSGC or its Affiliates except as set forth herein. To the extent that any person acquires a right to receive payments from the Company pursuant to an Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Conformity with Securities Laws</u>. This Agreement is intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and any and all regulations and rules promulgated under any of the foregoing, as well as any similar laws, regulations and rules outside of the United States, to the extent the Company, any of its Affiliates or CSGC and its Affiliates is subject to the provisions thereof. Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the Award shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement and the Award shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waiver</u>. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Right to Continued Service</u>. This Agreement shall not confer upon CSGC any right to continue in the service of the Company or to be entitled to any remuneration or benefits not set forth in this Agreement or the Support Agreement nor interfere with or limit the right of the Company to modify the terms of or terminate the CSGC's service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Right to Future Awards</u>. This Award shall be a one-time Award that does not constitute a promise of future grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding CSGC's acquisition or sale of the underlying Shares. CSGC is hereby advised to consult with its own tax, legal and financial advisors before taking any action related to the Options. Notwithstanding any provision of the Support Agreement or this Agreement to the contrary, in no event shall the Company or its Subsidiaries be liable to CSGC on account of failure of the Options to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Assignment</u>. Neither party may assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other party. No assignment or delegation shall relieve the assigning or delegating party of any of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>References</u>. References herein to rights and obligations of CSGC shall apply, where appropriate, to its legal representative without regard to whether specific reference to such legal representative is contained in a particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Imposition of other Requirements and CSGC Undertaking</u>. The Company reserves the right to impose other requirements on the Award and on any Shares to be issued upon exercise of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons. CSGC agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either CSGC or the Options pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Submission to Jurisdiction</u>. Any legal suit, action, or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in the City of Manhattan and County of Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by certified mail in accordance with Section 9(a) shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to venue of any suit, action, or proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.