Document:

Exhibit 10.2

 

GALAXY DIGITAL INC.

DIRECTOR AND EXECUTIVE OFFICER

INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (this “Agreement”), made and entered into as of the [·],
2022, by and between Galaxy Digital 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 executive officers 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 Amended and Restated Certificate of
Incorporation 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 Company’s Amended and Restated Certificate
of Incorporation provides for limitation of liability for directors. In addition, Indemnitee may be entitled to indemnification pursuant
to the General Corporation Law of the State of Delaware (“DGCL”) . The Amended and Restated Certificate of Incorporation
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 members of the board of directors, officers and other persons with respect to indemnification.

 

WHEREAS, the uncertainties relating to such insurance
and to indemnification have increased the difficulty of attracting and retaining such persons.

 

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 to contractually 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 is a supplement to and
in furtherance of the charter and by-laws 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, Indemnitee does not regard the protection
available under the Company’s charter and by-laws and insurance as adequate in the present circumstances, and may not be willing
to serve as an officer or director 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

 

(a) As used in this Agreement:

 

“Change of Control” means any
one of the following circumstances occurring after the date hereof: (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; (ii) any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) 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” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
a majority of the combined voting power of the Company’s then outstanding voting securities (provided that, for purposes of this
clause (ii), the term “person” shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, and (z) any corporation or other entity owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company); (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 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; (iv) all or substantially all the assets of the Company
are sold or disposed of in a transaction or series of related transactions (other than a sale or disposition (x) to a corporation
or other entity described in clause (ii)(z) above or (y) pursuant to a merger or consolidation, which shall be governed by clause
(iii) above); (v) the approval by the stockholders of the Company of a complete liquidation of the Company; or (vi) the
Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

 

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“Continuing Director” means
(i) each director on the Board on the date hereof or (ii) any new director whose election (or whose 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.

 

“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, transcripts, 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 or advancement
under this Agreement, the Company’s Amended and Restated Certificate of Incorporation, 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,
however, 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.

 

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“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).

 

“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.

 

(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.

 

Reference 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.

 

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Article 2

Services By Indemnitee

 

Section 2.01. Services By Indemnitee. Indemnitee
hereby agrees to serve or continue to serve, at the will of the Company, as a director or executive officer of the Company, for so long
as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed.

 

Article 3

Indemnification

 

Section 3.01. General. (a) The
Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities,
in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate
Status, to the fullest extent permitted by applicable law. The Company’s indemnification obligations set forth in this Section 3.01
shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status and (ii) regardless
of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred.

 

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:

 

(i)    to
the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

 

(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.

 

(b) Witness Expenses. Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, 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.

 

(c) 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.

 

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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:

 

(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);

 

(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 the 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, (ii) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable law or (iii) the Proceeding is a compulsory
counterclaim brought by Indemnitee in response to a Proceeding otherwise indemnifiable under this Agreement; or

 

(c)           for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision.

 

Article 4

Advancement Of Expenses; Defense of Claims

 

Section 4.01. Advances. Notwithstanding
any provision of this Agreement to the contrary (but subject to the last sentence of this Section 4.01), the Company shall advance
any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding, whether prior to or after final disposition
of any Proceeding, within 20 days after the receipt by the Company of each statement requesting such advance from time to time. 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. This Section 4.01 shall be subject to Section 4.03
and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 3.02.

 

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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 counsel by Indemnitee has been previously authorized in writing by the Company or
(B) Indemnitee shall have reasonably concluded upon the advice of counsel (with written notice being given to the Company setting
forth the basis for such conclusion) 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.
In addition, the Company will not be entitled, without the written consent of the Indemnitee, to assume the defense of any claim brought
by or in the right of the Company.

 

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, except to the extent of any material and actual prejudice to the
Company caused by such omission.

 

(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.

 

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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 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 (D) if so directed
by the Board, by the stockholders of the Company; 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
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).

 

(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 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 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).

 

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(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 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 empowered or selected under Section 5.02 of this
Agreement 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 empowered or selected under Section 5.02 of this Agreement 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.

 

(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.

 

(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.

 

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(d)           For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith 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.

 

(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.

 

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. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(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).

 

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(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.

 

(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.

 

(e)           The
Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall
(within ten (10) 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
Amended and Restated Certificate of Incorporation or Amended and Restated By-laws now or hereafter in effect or (ii) recovery or
advances under any directors’ and officers’ liability insurance policy maintained by the Company.

 

Article 7

Directors’ and Officers’ Liability Insurance

 

Section 7.01.
D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance (“D&O Liability
Insurance”) with reputable insurance companies providing liability insurance for directors and executive officers of the Company
in their capacities as such (and for any capacity in which any director or executive 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, on terms with respect to coverage
and amount (including with respect to the payment of Expenses) as are reasonable and customary for comparable companies.

 

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.

 

     11

     

    

 

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 Amended and Restated
Certificate of Incorporation, the Company’s Amended and Restated 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.

 

Section 8.02. Insurance and Subrogation.
 (a) Indemnitee shall be covered by the Company’s D&O Liability Insurance in accordance with its or their terms to
the maximum extent of the coverage available for any director or executive 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 give
prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action 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. 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.

 

(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.

 

(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).

 

     12

     

    

 

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. For the avoidance of doubt, this
Agreement may not be terminated by the Company without Indemnitee’s prior written consent. 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 Amended and Restated Certificate of Incorporation 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 Amended and Restated
Certificate of Incorporation and Amended and Restated By-laws 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.

 

     13

     

    

 

Section 8.09. Notices. All notices,
requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission or via email).
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 executive officer of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director or executive officer of the Company.

 

(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.

 

(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 executive 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.

 

     14

     

    

 

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 Chancery Court 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 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.

 

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.

 

Section 8.15. Use of Certain Terms. As
used in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. 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.

 

Section 8.16. Certain
Settlement Provisions. The Company shall not, without the Indemnitee’s prior written consent, enter into any settlement of
any Proceeding (in whole or in part) where such Indemnitee is a named party unless such settlement (i) provides for a full and
final release of all claims asserted against Indemnitee and (ii) does not impose any Expense, Liability or limitation on
Indemnitee.

 

     15

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly
executed and delivered to be effective as of the date first above written.

 

	 	COMPANY
	 	 
	 	By:	             
	 	 	Name:	                                           
	 	 	Title:	 
	 	
     

    Galaxy Digital Inc.

    300 Vesey Street

    New York, New York 10282

    Attention: Andrew Siegel

    E-mail: Andrew.Siegel@galaxydigital.io

     

    With a copy to:

     

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, New York 10017

    Attention: Joseph A. Hall

    E-mail: Joseph.Hall@davispolk.com

 

	 	INDEMNITEE
	 	 
	 	
     

    Address:

    Facsimile:

     

    With a copy to:

     

    Address:

    Facsimile:

    Attention:

 

     16Exhibit 10.3

 

AMENDED AND RESTATED

 

TAX RECEIVABLES AGREEMENT

 

among

 

GALAXY DIGITAL INC.,

 

GALAXY DIGITAL HOLDINGS
LP

 

and

 

THE PERSONS NAMED HEREIN

 

Dated
as of [·], 2022

 

     

     

    

 

AMENDED AND RESTATED TAX RECEIVABLES AGREEMENT

 

This AMENDED
AND RESTATED TAX RECEIVABLES AGREEMENT (“Agreement”), dated as of [·],
2022 (the “Effective Date”), is hereby entered into between Galaxy Digital Inc., a Delaware corporation (“HoldCo”),
Galaxy Digital Holdings LP, a Delaware limited partnership (“GDH LP”), through its general partner, Galaxy Digital
Holdings Inc., a Delaware corporation (“GDHI”), and each holder of nonvoting limited partnership interests in GDH
LP, other than HoldCo or GDHI, or other Person who is or becomes a party hereto in accordance with the terms hereof (each such holder,
a “TRA Limited Partner”).

 

RECITALS

 

WHEREAS, Galaxy Digital Holdings Ltd., an exempted company limited
by shares under the Companies Law (2016 Revision) of the Cayman Islands (“Old GDHI”), GDH Intermediate LLC, a Delaware
limited liability company, Galaxy Digital Holdings GP LLC, as general partner of Galaxy Digital Holdings LP, an exempted limited partnership
formed under the laws of the Cayman Islands (“Old GDH LP”), and certain of the TRA Limited Partners entered into a
Tax Receivable Agreement dated as of July 31, 2018 (the “Original TRA”);

 

WHEREAS, pursuant to a series of transactions occurring on or shortly
before the date hereof, (i) Old GDHI domesticated to Delaware and became GDHI, (ii) Old GDH LP domesticated to Delaware and
became GDH LP, (iii) the Class A and Class B limited partnership interests in Old GDH LP were reclassified as limited
partnership interests in GDH LP (“LP Units”), (iv) HoldCo acquired all of the shares of Class A common stock
and all of the shares of Class B common stock of GDHI in exchange for a corresponding number of shares of Class A common stock
(the “Shares”) and a corresponding number of shares of Class B common stock, respectively, of HoldCo (collectively,
the “Restructuring Transactions”);

 

WHEREAS, prior to the Restructuring Transactions, certain TRA Limited
Partners exchanged Class B Units (as defined in the Original TRA) for Shares (as defined in the Original TRA) (such exchanges, the
“Prior Exchanges”);

 

WHEREAS, GDH LP is classified as a partnership for U.S. federal income
tax purposes and the LP Units are and will be interests in the partnership for U.S. federal income tax purposes;

 

WHEREAS, each TRA Limited Partner may, subject to the terms and conditions
of the Partnership Agreement (as defined below), require GDH LP to redeem (a “Redemption”) all or a portion of such
TRA Limited Partner’s LP Units for cash or Shares (at the election of HoldCo), provided that pursuant to Section 10.03(a) of
the Partnership Agreement and at the election of HoldCo, HoldCo may effect a direct exchange of such cash or Shares for such LP Units
(a “Direct Exchange” and each Direct Exchange, Redemption or Prior Exchange, an “Exchange”);

 

WHEREAS, GDH LP and each of its direct and indirect subsidiaries treated
as a partnership for U.S. federal income tax purposes has had and will have in effect an election under Section 754 of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”), including for future Taxable Years in which acquisitions of
LP Units by GDH LP or HoldCo occur, including as part of an Exchange.

 

     

     

    

 

WHEREAS, the income, gain, loss, expense and other Tax (as defined
below) items of HoldCo and its Corporate Subsidiaries (as defined below) may be affected by the Basis Adjustments (as defined below)
and the Imputed Interest (as defined below);

 

WHEREAS, the parties to this Agreement desire to make certain arrangements
with respect to the effect of the Basis Adjustments and Imputed Interest on the liability for Taxes of HoldCo;

 

WHEREAS, the parties to this Agreement wish to amend and restate the
Original TRA to take into account the effects of the Restructuring Transactions;

 

NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

 

		1.	Definitions
                                            and Interpretive Rules.

 

		1.1.	Definitions.
                                            As used in this Agreement, the terms set forth in this Article I will have the following
                                            meanings.

 

“Actual
Tax Liability” means with respect to any Taxable Year, the actual liability for
U.S. federal, state and local income or franchise Taxes of (i) HoldCo and (ii) without
duplication, GDH LP, but only with respect to Taxes imposed on GDH LP and allocable to HoldCo or any Corporate Subsidiary for
such Taxable Year.

 

“Additional Amount” has the meaning set
forth in Section 3.1(b) of this Agreement.

 

“Advisory Firm” means any accounting firm
or any law firm that, in either case, is nationally recognized in the United States as being expert in tax matters.

 

“Advisory Firm Letter” means a letter from
the Advisory Firm stating that the relevant schedule, notice or other information to be provided by HoldCo to the TRA Limited Partner
and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement or, to the extent
not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule,
notice or other information is delivered to the TRA Limited Partner.

 

“Affiliate” means, with respect to any
Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common
Control with, such Person.

 

“Agreed Rate” means a per annum rate of
LIBOR plus 100 basis points.

 

“Agreement” is defined in the Preamble
of this Agreement.

 

“Amended Schedule” is defined in Section 2.3(b) of
this Agreement.

 

     

     

    

 

“Applicable Law” shall have the meaning
ascribed to such term in the Partnership Agreement.

 

“Applicable TRA Limited Partner” means
any TRA Limited Partner to whom any portion of a Tax Benefit Payment is Attributable hereunder.

 

“Attributable” means, with respect to any
Applicable TRA Limited Partner, the portion of any Realized Tax Benefit (or Realized Tax Detriment) of HoldCo that is derived from (i) Basis
Adjustments and Imputed Interest that are attributable to Exchanges with such Applicable TRA Limited Partner (for this purpose, Basis
Adjustments attributable to an Exchange with such Applicable TRA Limited Partner shall include the portion of any Section 734(b) Basis
Adjustment available to HoldCo attributable to (x) any Section 734(b) Exchange with or with respect to such Applicable
TRA Limited Partner or (y) any other Exchange with such Applicable TRA Limited Partner, but only to the extent such Exchange results
in a portion of a Section 734(b) Basis Adjustment being available to HoldCo immediately after the Exchange, in each of cases
(x) and (y), determined immediately after such Section 734(b) Exchange or other Exchange, as applicable), and (ii) a
proportionate share of each portion of each Section 734(b) Basis Adjustment, other than the portion of each Section 734(b) Basis
Adjustment described in clause (i), that is available to HoldCo, based on the proportion of any Realized Tax Benefit (or Realized Tax
Detriment) of HoldCo that is otherwise Attributable to such Applicable TRA Limited Partner determined without regard to this clause (ii),
and Imputed Interest with respect thereto.

 

“Basis Adjustment” means the adjustment
to the tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations promulgated thereunder
(in situations where, as a result of one or more Exchanges, GDH LP becomes an entity that is disregarded as separate from its owner for
U.S. federal income tax purposes) or under Sections 734(b), 743(b) and 755 of the Code and the Treasury Regulations promulgated
thereunder (in situations where, following an Exchange, GDH LP remains in existence as an entity for U.S. federal income tax purposes)
and, in each case, comparable sections of state or local tax laws, as a result of (i) an Exchange; (ii) any (x) actual
distribution to any TRA Limited Partner (including a Section 734(b) Exchange) or (y) deemed distribution to any TRA Limited
Partner as a result of any repayment or reallocation of debt of GDH LP or any of its Subsidiaries (a Basis Adjustment resulting from
such actual or deemed distribution, a “Section 734(b) Basis Adjustment”); or (iii) the payments made
to TRA Limited Partners pursuant to this Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an
Exchange of one or more LP Units will be determined without regard to any Pre-Exchange Transfers of such LP Units and as if any such
Pre-Exchange Transfers had not occurred.

 

“Beneficial Owner” means, with respect
to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
or shares (i) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment
power, which includes the power to dispose of, or to direct the disposition of, such security.

 

     

     

    

 

“Board” means the Board
of Directors of HoldCo.

 

“Business Day” shall have the meaning ascribed
to such term in the Partnership Agreement.

 

“Change
of Control” means the occurrence of any of the following events:

 

(i)           any
Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of
the Securities and Exchange Act of 1934, or any successor provisions thereto (excluding (x) a corporation or other entity owned,
directly or indirectly, by the stockholders of HoldCo in substantially the same proportions as their ownership of stock in HoldCo and
(y) any Permitted Person (or any of its Affiliates)) who is or becomes the Beneficial Owner, directly or indirectly, of securities
of HoldCo representing more than 50% of the combined voting power of HoldCo’s then outstanding voting securities; or

 

(ii)          the
following individuals cease to constitute a majority of the number of directors of HoldCo then serving: individuals who, on the Effective
Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by HoldCo’s
shareholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors
on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors
referred to in this clause (ii); or

 

(iii)         there
is consummated a merger or consolidation of HoldCo with any other corporation or other entity, and, immediately after the consummation
of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least
a majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent
thereof, or (y) the voting securities of HoldCo immediately prior to such merger or consolidation do not continue to represent or
are not converted into more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from
such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or

 

(iv)         the
shareholders of HoldCo approve a plan of complete liquidation or dissolution of HoldCo or there is consummated an agreement or series
of related agreements for the sale or other disposition, directly or indirectly, by HoldCo of all or substantially all of HoldCo’s
assets (for the avoidance of doubt, which shall include a sale or other disposition, directly or indirectly, by the Partnership of all
or substantially all of the Partnership’s assets), other than such sale or other disposition by HoldCo of all or substantially
all of HoldCo’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders
of HoldCo in substantially the same proportions as their ownership of HoldCo immediately prior to such sale or other disposition.

 

     

     

    

 

Notwithstanding the
foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed
to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the
record holders of the shares of HoldCo immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all or substantially all of the
assets of HoldCo immediately following such transaction or series of transactions.

 

“Code” is defined in the Recitals of this
Agreement.

 

“Control” means the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

 

“Corporate Subsidiary”
means GDHI and each other Subsidiary of HoldCo that is not treated as a partnership or disregarded entity for U.S. federal income tax
purposes; provided, however, that for so long as GDH LP continues to be treated as a partnership for U.S. federal income tax purposes,
no Subsidiary of GDH LP shall be considered as a Corporate Subsidiary.

 

“Cumulative Net Realized Tax Benefit” for
a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of HoldCo, up to and including such Taxable
Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment
for each Taxable Year will be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the
time of such determination; provided that the computation of the Cumulative Net Realized Tax Benefit shall be adjusted to reflect
any applicable Determination with respect to Realized Tax Benefits and/or Realized Tax Detriments.

 

“Default Rate” means LIBOR plus 300 basis
points.

 

“Determination” has the meaning ascribed
to such term in Section 1313(a) of the Code or similar provision of state or local tax law, as applicable, or any other event
(including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax, and
shall include the acquiescence of HoldCo to the amount of any assessed liability for Tax.

 

“Direct Exchange” is defined in the recitals
to this Agreement.

 

“Early Termination Date” means the date
of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

     

     

    

 

“Early Termination Effective Date” is defined
in Section 4.2 of this Agreement.

 

“Early Termination Notice” is defined in
Section 4.2 of this Agreement.

 

“Early Termination Schedule” is defined
in Section 4.2 of this Agreement.

 

“Early Termination Payment” is defined
in Section 4.3(b) of this Agreement.

 

“Early Termination Rate” means the lesser
of (i) 4.5% per annum, compounded annually, and (ii) LIBOR plus 100 basis points.

 

“Effective Date” is defined in the Preamble
of this Agreement.

 

“Exchange” is defined in the recitals to
this Agreement.

 

“Exchange Basis Schedule” is defined in
Section 2.1 of this Agreement.

 

“Exchange Date” means the date of any Exchange.

 

“GDH LP” is defined in the Recitals of
this Agreement.

 

“HoldCo Return” means the federal, state,
and/or local Tax Return, as applicable, of HoldCo filed with respect to Taxes of any Taxable Year.

 

“Hypothetical Tax Liability” means, with
respect to any Taxable Year, an amount, not less than zero, equal to the hypothetical liability for U.S. federal, state and local income
or franchise Taxes of (i) HoldCo, and (ii) without duplication, GDH LP, but only with respect to Taxes imposed on GDH LP and
allocable to HoldCo or any Corporate Subsidiary for such Taxable Year, in each case using the same methods, elections, conventions and
similar practices used on the relevant HoldCo Return but (i) calculating depreciation, amortization or similar deductions and income,
gain or loss using the Non-Stepped Up Tax Basis as reflected on the Exchange Basis Schedule, including amendments thereto, for the Taxable
Year, (ii) excluding any deduction attributable to Imputed Interest for the Taxable Year. For the avoidance of doubt, the Hypothetical
Tax Liability will be determined without taking into account the carryover or carryback of any Tax item (or portions thereof) that is
attributable to any Basis Adjustment or Imputed Interest, as applicable.

 

“Imputed Interest” in respect of a TRA
Limited Partner means any interest imputed under Sections 1272, 1274 or 483 or other provision of the Code and any similar provision
of state or local tax law with respect to HoldCo’s payment obligations in respect of such TRA Limited Partner under this Agreement.

 

“IRS” means the U.S. Internal Revenue Service.

 

     

     

    

 

“LIBOR” means, during any period, the rate
which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which U.S. dollar
deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected
by HoldCo as an authorized information vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading
banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business
Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity
comparable to such period. If HoldCo has made the determination (such determination to be conclusive absent manifest error) that (i) LIBOR
is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars or (ii) the applicable
supervisor or administrator (if any) of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer
be used for determining interest rates for loans in the U.S. loan market in U.S. dollars, then HoldCo (as determined by HoldCo to be
consistent with market practice generally), will establish a replacement interest rate (the “Replacement Rate”), in
which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection
with the establishment and application of the Replacement Rate, this Agreement shall be amended solely with the consent of HoldCo and
GDH LP, as may be necessary or appropriate, in the reasonable judgment of HoldCo, to effect the provisions of this section. The Replacement
Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is
not administratively feasible for HoldCo, such Replacement Rate shall be applied as otherwise reasonably determined by HoldCo.

 

“Market Price” shall mean the closing price
of the Shares on the applicable Exchange Date on the national securities exchange or interdealer quotation system on which such Shares
are then trade or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the Wall
Street Journal for the applicable Exchange Date, then the Market Price shall mean the closing price of the Shares on the Business
Day immediately preceding the Exchange Date on the national securities exchange or interdealer quotation system on which such Shares
are then traded or listed, as reported by the Wall Street Journal; provided further that if the Shares are not then listed on
a national securities exchange or interdealer quotation system, the Market Price shall mean the cash consideration paid for the Shares,
or the fair market value of the other property delivered for the Shares, as determined by the Board in good faith.

 

“Material Objection Notice” has the meaning
set forth in Section 4.2 of this Agreement.

 

“Net Tax Benefit” has the meaning set forth
in Section 3.1(b) of this Agreement.

 

“Non-Stepped Up Tax Basis” means, with
respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments had been
made.

 

     

     

    

 

“Objection Notice” has the meaning set
forth in Section 2.3(a) of this Agreement.

 

“HoldCo” is defined in the Preamble of
this Agreement.

 

“Partnership Agreement” means the Limited
Partnership Agreement of GDH LP, as amended from time to time.

 

“Payment Date” means any date on which
a payment is required to be made pursuant to this Agreement.

 

“Permitted Person” means
(a) (i) Michael Novogratz, (ii) the spouse and lineal descendants and spouses of lineal descendants of Michael Novogratz,
(iii) the estates or legal representatives of any person named in clauses (i) or (ii), (iv) trusts established for the
benefit of any person named in clauses (i) or (ii) and (v) any entity solely owned and controlled, directly or indirectly,
by one or more of the foregoing and (b) Galaxy Group Investments LLC, a Delaware limited liability company, and any of its Affiliates;
provided that Galaxy Group Investments LLC or any of its Affiliates shall be a Permitted Person only so long as any, including in the
aggregate any combination, of the Persons described in clause (a) of this definition of “Permitted Person” holds or
has the ability to control or direct (directly or indirectly, whether through the ownership of voting securities, by contract or otherwise)
a majority of the voting power of Galaxy Group Investments LLC or any of its Affiliates, as applicable.

 

“Person” means any individual, partnership,
corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division or
any government, governmental department or agency or political subdivision thereof.

 

“Pre-Exchange Transfer” means any transfer
(including upon death of a TRA Limited Partner) in respect of one or more LP Units (i) that occurs prior to an Exchange of such
LP Units and (ii) to which Section 743(b) of the Code applies.

 

“Prior Exchange” is defined in the Recitals
of this Agreement.

 

“Realized Tax Benefit” means, for a Taxable
Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability
for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability will
not be included in determining the Realized Tax Benefit unless and until there has been a Determination with respect to such Actual Tax
Liability.

 

“Realized Tax Detriment” means, for a Taxable
Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability for such Taxable Year. If all or a portion
of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability
will not be included in determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual
Tax Liability.

 

     

     

    

 

“Redemption” is defined in the Recitals
of this Agreement.

 

“Reference Asset” means an asset that is
held by GDH LP, or by any of its direct or indirect Subsidiaries treated as a partnership or disregarded entity (but only if such indirect
Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded entities) for purposes of the applicable Tax,
at the time of an Exchange. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42)
of the Code and any similar provision of state or local tax law with respect to a Reference Asset.

 

“Schedule” means any of the following:
(i) an Exchange Basis Schedule; (ii) a Tax Benefit Schedule; and (iii) the Early Termination Schedule, and, in each case,
any amendments thereto.

 

“Section 734(b) Exchange” means
any Exchange giving rise to a Basis Adjustment under Section 734(b) of the Code.

 

“Senior Obligations” is defined in Section 5.1
of this Agreement.

 

“Shares” is defined in the Recitals of
this Agreement.

 

“Subsidiary” has the meaning ascribed to
such term in the Partnership Agreement.

 

“Subsidiary Stock” means any stock or other
equity interest in any Subsidiary of GDH LP that is treated as a corporation for U.S. federal income tax purposes.

 

“Tax Benefit Payment” is defined in Section 3.1(b) of
this Agreement.

 

“Tax Benefit Schedule” is defined in Section 2.2(a) of
this Agreement.

 

“Tax Return” means any return, declaration,
report or similar statement required to be filed with respect to Taxes (including any attached schedules), including, any information
return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year” means a taxable year of
HoldCo as defined in Section 441(b) of the Code or comparable section of state or local tax law, as applicable, which may include
a period of less than 12 months for which a Tax Return is made.

 

“Taxes” means any and all taxes, assessments
or similar charges that are based on or measured with respect to net income or profits, and any interest related to such Tax.

 

“Taxing Authority” means any domestic,
federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or
any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.

 

     

     

    

 

“Treasury Regulations” means the final,
temporary and proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions)
as in effect for the relevant taxable period.

 

“Valuation Assumptions” means, as of an
Early Termination Date, the assumptions that in each Taxable Year ending on or after such Early Termination Date: (i) HoldCo will
have taxable income sufficient to fully use the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable
Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future
Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available;
(ii) the U.S. federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will
be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent
any change to such Tax rates for such Taxable Year have already been enacted into law; (iii) any loss carryovers generated by any
Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule will be used by HoldCo on a pro
rata basis from the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers (or, if
there is no such scheduled expiration date, through the end of the twentieth Taxable Year following the Taxable Year from which such
loss could first be carried over); (iv) any non-amortizable or non-depreciable assets (other than Subsidiary Stock) will be disposed
of for an amount sufficient to fully utilize the Basis Adjustment with respect to such asset on the 15th anniversary of the applicable
Basis Adjustment, except that any cryptocurrency, digital assets, or other similar assets will be disposed of on the first anniversary
of the Early Termination Date; provided that, in the event of a Change of Control, such non-amortizable assets will be deemed
disposed of at the time of sale of the relevant asset (if earlier than the applicable anniversary); (v) any Subsidiary Stock will
be deemed never to be disposed of; (vi) if, on the Early Termination Date, a TRA Limited Partner has LP Units that have not been
Exchanged, then each such LP Unit will be deemed to be Exchanged with HoldCo for the Market Price of the Shares on the Early Termination
Date, and (vii) any payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such
payment obligation relates is required to be filed excluding any extensions.

 

		1.2.	Interpretive
                                            Rules. In addition:

 

		(a)	The
                                            words “hereof,” “herein,” and “hereunder” and words of
                                            like import used in this Agreement shall refer to this Agreement as a whole and not to any
                                            particular provision of this Agreement.

 

		(b)	The
                                            captions and various headings in this Agreement are for convenience of reference only and
                                            do not describe or limit any provision of this Agreement.

 

     

     

    

 

		(c)	References
                                            to Sections are to Sections of this Agreement unless otherwise specified.

 

		(d)	Unless
                                            the context requires otherwise, words describing the singular number include the plural and
                                            vice versa, and words denoting any gender include all genders.

 

		(e)	The
                                            words “include,” “includes” and “including” are deemed
                                            to be followed by the words “without limitation.”

 

		(f)	References
                                            to any statute shall be deemed to refer to such statute as amended from time to time and
                                            any rules or regulations promulgated thereunder.

 

		(g)	References
                                            to any agreement or contract are to that agreement or contract as amended, modified or supplemented
                                            from time to time in accordance with the terms hereof and thereof.

 

		(h)	It is
                                            each party’s intention that this Agreement not be construed more strictly with respect
                                            to any party.

 

		2.	Determination
                                            of Realized Tax Benefit.

 

		2.1.	Basis
                                            Adjustment. HoldCo will, within ninety (90) calendar days after the filing of HoldCo’s
                                            U.S. federal income tax return for each Taxable Year in which any Exchange has been effected,
                                            deliver to each TRA Limited Partner who effected an Exchange in such Taxable Year a schedule
                                            (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary
                                            to perform the calculations required by this Agreement: (i) the Non-Stepped Up Tax Basis
                                            of the Reference Assets as of each applicable Exchange Date with respect to such TRA Limited
                                            Partner; (ii) the Basis Adjustment with respect to the Reference Assets as a result
                                            of the Exchange(s) effected in such Taxable Year by such TRA Limited Partner (in the
                                            case of a Basis Adjustment under Section 734(b) of the Code, calculated solely
                                            with respect to the amount that is available to HoldCo in such Taxable Year); (iii) the
                                            period (or periods) over which the Reference Assets are amortizable and/or depreciable; and
                                            (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or
                                            depreciable. For the avoidance of doubt, payments made under this Agreement shall not be
                                            treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed
                                            Interest.

 

		2.2.	Tax
                                            Benefit Schedule.

 

		(a)	Tax
                                            Benefit Schedule. HoldCo will, within ninety (90) calendar days after the filing of its
                                            U.S. federal income Tax Return for any Taxable Year in which there is a Realized Tax Benefit
                                            or Realized Tax Detriment, provide to each Applicable TRA Limited Partner a schedule showing,
                                            in reasonable detail the calculation of the Realized Tax Benefit or Realized Tax Detriment,
                                            and the portion thereof Attributable to such Applicable TRA Limited Partner, for such Taxable
                                            Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become
                                            final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject
                                            to the procedures set forth in Section 2.3(b)).

 

     

     

    

 

		(b)	Applicable
                                            Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year
                                            is intended to measure the decrease or increase in the Actual Tax Liability for Taxes of
                                            HoldCo for such Taxable Year attributable to the Basis Adjustments and the Imputed Interest,
                                            determined using a “with and without” methodology, and for the avoidance of doubt,
                                            is not intended to take into account, and shall be interpreted in a manner that avoids taking
                                            into account, any Basis Adjustment or Imputed Interest more than once. For the avoidance
                                            of doubt, the Actual Tax Liability will take into account the deduction of the portion of
                                            the Tax Benefit Payment that must be accounted for as interest under applicable Tax law based
                                            upon the characterization of Tax Benefit Payments as additional consideration payable by
                                            HoldCo for the LP Units acquired in an Exchange. Carryovers or carrybacks of any Tax item
                                            attributable to any Basis Adjustment or Imputed Interest will be considered to be subject
                                            to the rules of the Code and the Treasury Regulations or the appropriate provisions
                                            of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation
                                            and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback
                                            of any Tax item includes a portion that is attributable to a Basis Adjustment or Imputed
                                            Interest and another portion that is not, such portions will be considered to be used in
                                            accordance with the “with and without” methodology. The parties agree that: (i) all
                                            Tax Benefit Payments attributable to the Basis Adjustments (other than amounts accounted
                                            for as interest under the Code) will (A) be treated as subsequent upward purchase price
                                            adjustments in respect of the relevant Exchange that give rise to further Basis Adjustments
                                            to Reference Assets for HoldCo, and (B) have the effect of creating additional Basis
                                            Adjustments to Reference Assets for HoldCo, in each case in the year of payment; and (ii) as
                                            a result, such additional Basis Adjustments will be incorporated into the current year calculation
                                            and into future year calculations, as appropriate.

 

		(c)	Notwithstanding
                                            any provisions to the contrary in this Agreement, the foregoing treatment set out in the
                                            final sentence of Section 2.2(b) shall not be required to apply to
                                            payments hereunder to a TRA Limited Partner in respect of a Section 734(b) Exchange
                                            by such TRA Limited Partner. For the avoidance of doubt, the parties intend that (A) a
                                            TRA Limited Partner that has made a Section 734(b) Exchange shall, with respect
                                            to the Basis Adjustment resulting from such Section 734(b) Exchange or any payments
                                            hereunder in respect of such Section 734(b) Exchange, be entitled to Tax Benefit
                                            Payments attributable to such Basis Adjustment only to the extent such Basis Adjustment is
                                            allocable to HoldCo immediately following such Section 734(b) Exchange (without
                                            taking into account any concurrent or subsequent Exchanges) and (B) if, as a result
                                            of a subsequent Exchange, an increased portion of the Basis Adjustments resulting from such
                                            Section 734(b) Exchange or any payments hereunder in respect of such Section 734(b) Exchange
                                            becomes allocable to HoldCo, then the TRA Limited Partner that makes such subsequent Exchange
                                            shall be entitled to a Tax Benefit Payment calculated in respect of such increased portion.

 

     

     

    

 

		2.3.	Procedures,
                                            Amendments.

 

		(a)	Procedure.
                                            Every time HoldCo delivers to a TRA Limited Partner an applicable Schedule under this Agreement,
                                            including any Amended Schedule delivered pursuant to Section 2.3(b) of this Agreement,
                                            but excluding any Early Termination Schedule or amended Early Termination Schedule, HoldCo
                                            will also: (x) deliver to such TRA Limited Partner schedules and work papers, as determined
                                            by HoldCo or requested by the TRA Limited Partner, providing reasonable detail regarding
                                            the preparation of the Schedule; (y) use its reasonable best efforts to deliver an Advisory
                                            Firm Letter supporting such Schedule; and (z) allow the TRA Limited Partner reasonable
                                            access, at no cost, to the appropriate representatives, as determined by HoldCo or as reasonably
                                            requested by the TRA Limited Partner, at HoldCo and the Advisory Firm in connection with
                                            a review of such Schedule. Without limiting the application of the preceding sentence, each
                                            time HoldCo delivers to a TRA Limited Partner a Tax Benefit Schedule, in addition to the
                                            Tax Benefit Schedule duly completed, HoldCo will deliver to such TRA Limited Partner the
                                            relevant HoldCo Return, the reasonably detailed calculation by HoldCo of the Hypothetical
                                            Tax Liability, and the reasonably detailed calculation by HoldCo of the Actual Tax Liability,
                                            as well as any other work papers as determined by HoldCo or reasonably requested by the TRA
                                            Limited Partner; provided that HoldCo shall be entitled to redact any information
                                            that it reasonably believes is unnecessary for purposes of determining the items in the applicable
                                            Schedule or amendment thereto. An applicable Schedule or amendment thereto will become final
                                            and binding on the applicable TRA Limited Partner and HoldCo thirty (30) calendar days from
                                            the first date on which the TRA Limited Partner received the applicable Schedule or amendment
                                            thereto unless the TRA Limited Partner (i) within thirty (30) calendar days after receiving
                                            the applicable Schedule or amendment thereto, provides HoldCo with notice of a material objection
                                            to such Schedule made in good faith and setting forth in reasonable detail the TRA Limited
                                            Partner’s material objection (an “Objection Notice”), or (ii) provides
                                            a written waiver of such right to object within the period described in clause (i) above,
                                            in which case such Schedule or amendment thereto shall become binding on the date the waiver
                                            is received by HoldCo. If the applicable TRA Limited Partner and HoldCo, for any reason,
                                            are unable to successfully resolve the issues raised in the Objection Notice within thirty
                                            (30) calendar days after receipt by HoldCo of an Objection Notice, HoldCo and the applicable
                                            TRA Limited Partner shall employ the reconciliation procedures as described in Section ‎7.9
                                            (the “Reconciliation Procedures”).

 

     

     

    

 

		(b)	Amended
                                            Schedule. The applicable Schedule for any Taxable Year may be amended from time to time
                                            by HoldCo: (i) in connection with a Determination affecting such Schedule; (ii) to
                                            correct inaccuracies in the Schedule identified as a result of the receipt of additional
                                            factual information relating to a Taxable Year after the date the Schedule was provided to
                                            the applicable TRA Limited Partner; (iii) to comply with the Expert’s determination
                                            under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit
                                            or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward
                                            of a loss or other tax item to such Taxable Year; (v) to reflect a change in the Realized
                                            Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax
                                            Return filed for such Taxable Year; or (vi) to adjust the Exchange Basis Schedule to
                                            take into account payments made pursuant to this Agreement (any such Schedule, an “Amended
                                            Schedule”). HoldCo shall provide an Amended Schedule to each relevant TRA Limited
                                            Partner within thirty (30) calendar day of the occurrence of an event referenced in clause
                                            (i) through (vi) of the preceding sentence.

 

		3.	Tax
                                            Benefit Payments.

 

		3.1.	Payments.

 

		(a)	Payments.
                                            Within five (5) Business Days after the Tax Benefit Schedule with respect to the Taxable
                                            Year delivered to any TRA Limited Partner pursuant to this Agreement becomes final in accordance
                                            with Section 2.3(a), HoldCo shall pay to such TRA Limited Partner for such Taxable Year
                                            the Tax Benefit Payment in the amount determined pursuant to Section 3.1(b). Each such
                                            Tax Benefit Payment to an Applicable TRA Party shall be made by transfer of immediately available
                                            funds to the bank account previously designated by the Applicable TRA Limited Partner to
                                            HoldCo or as otherwise agreed by HoldCo and the Applicable TRA Limited Partner. For the avoidance
                                            of doubt, no Tax Benefit Payment will be made in respect of estimated tax payments, including
                                            U.S. federal estimated income tax payments. Notwithstanding anything herein to the contrary,
                                            in no event will the aggregate gross Tax Benefit Payments in respect of any Exchange (other
                                            than amounts accounted for as interest under the Code) exceed 150% of the amount equal to
                                            the Market Price (as of the date of such Exchange) of the Shares, or cash, as applicable,
                                            received by the Applicable TRA Limited Partner for the LP Units Exchanged.

 

     

     

    

 

		(b)	A “Tax
                                            Benefit Payment” means, with respect to an Applicable TRA Limited Partner, an amount,
                                            not less than zero, equal to the sum of the Net Tax Benefit Attributable to such Applicable
                                            TRA Limited Partner and the related Additional Amount. Subject to Section 3.3(a), the
                                            “Net Tax Benefit” for a Taxable Year will be an amount equal to the excess,
                                            if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year
                                            over the sum of the total amount of Tax Benefit Payments previously made under this Section 3.1
                                            of this Agreement (excluding payments attributable to Additional Amounts); provided that,
                                            for the avoidance of doubt, a TRA Limited Partner will not be required to return any portion
                                            of any previously made Tax Benefit Payment. The “Additional Amount” shall
                                            equal an amount determined like interest on the amount of the Net Tax Benefit Attributable
                                            to such Applicable TRA Limited Partner calculated at the Agreed Rate from the due date (without
                                            extensions) for filing the HoldCo Tax Return for such Taxable Year until the Payment Date
                                            of the applicable Tax Benefit Payment. For the avoidance of doubt, for Tax purposes, the
                                            Additional Amount shall not be treated as interest but instead shall be treated as additional
                                            consideration for the acquisition of LP Units in an Exchange, unless otherwise required by
                                            law. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of
                                            a Change of Control, all Tax Benefit Payments, whether paid with respect to the LP Units
                                            that were Exchanged (i) prior to the date of such Change of Control or (ii) on
                                            or after the date of such Change of Control, will be calculated by using Valuation Assumptions
                                            (i), (iii) and (iv), substituting in each case the terms “the closing date of
                                            a Change of Control” for an “Early Termination Date”.

 

		3.2.	No
                                            Duplicative Payments. It is intended that the provisions of this Agreement not result
                                            in a duplicative payment of any amount (including interest) required under this Agreement.
                                            The provisions of this Agreement will be construed in the appropriate manner to ensure such
                                            intentions are realized.

 

		3.3.	Pro
                                            Rata Payments.

 

		(a)	Notwithstanding
                                            anything in Section 3.1 to the contrary, to the extent that the aggregate Tax benefit
                                            of HoldCo’s reduction in Tax liability as a result of Basis Adjustments and Imputed
                                            Interest under this Agreement is limited in a particular Taxable Year because HoldCo does
                                            not have sufficient taxable income to fully utilize available deductions and other attributes,
                                            the limitation on the Tax benefit for HoldCo will be allocated among the Applicable TRA Limited
                                            Partners in proportion to the respective amounts of Tax Benefit Payments that would have
                                            been determined under this Agreement if HoldCo had had sufficient taxable income so that
                                            there were no such limitation; provided that for purposes of allocation among the
                                            Applicable TRA Limited Partners the aggregate Tax Benefit Payments under this Agreement with
                                            respect to any Taxable Year, the operation of this Section 3.3(a) with respect
                                            to any prior Taxable Year shall be taken into account, it being the intention of HoldCo and
                                            that TRA Limited Partners for each TRA Limited Partner to receive, in the aggregate, Tax
                                            Benefit Payments in proportion to the aggregate Net Tax Benefits Attributable to such TRA
                                            Limited Partner had this Section 3.3(a) never operated.

 

     

     

    

 

		(b)	After
                                            taking into account Section 3.3(a), if for any reason HoldCo does not fully satisfy
                                            its payment obligations to make all Tax Benefit Payments due under this Agreement in respect
                                            of a particular Taxable Year, then HoldCo and the Applicable TRA Limited Partners agree that
                                            (i) HoldCo shall pay the same proportion of each Tax Benefit Payment due under this
                                            Agreement in respect of such Taxable Year, without favoring one obligation over the other,
                                            and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all
                                            Tax Benefit Payments in respect of prior Taxable Years have been made in full.

 

		(c)	To
                                            the extent HoldCo makes a payment to a TRA Limited Partner in respect of a particular Taxable
                                            Year under Section 3.1(a) taking into account Section 3.3(a) and (b),
                                            but excluding payments attributable to Additional Amounts) in excess of the amount of such
                                            payment that should have been made to such TRA Limited Partner in respect of such Taxable
                                            Year, then (i) such TRA Limited Partner shall not receive further payments under Section 3.1(a) until
                                            such TRA Limited Partner has foregone an amount of payments equal to such excess, and (ii) HoldCo
                                            shall pay the amount of such TRA Limited Partner’s foregone payments to the other TRA
                                            Limited Partners in a manner such that each of the other TRA Limited Partners, to the maximum
                                            extent possible, shall have received aggregate payments under Section 3.1(a) (excluding
                                            payments attributable to Additional Amounts) in the amount it would have received if there
                                            had been no excess payment to such TRA Limited Partner.

 

		4.	Termination.

 

		4.1.	Early
                                            Termination and Breach of Agreement.

 

		(a)	Unless
                                            terminated earlier pursuant to Section 4.1(b) or Section 4.1(c), this Agreement
                                            will terminate when there is no further potential for a Tax Benefit Payment pursuant to this
                                            Agreement. Tax Benefit Payments under this Agreement are not conditioned on any TRA Limited
                                            Partner retaining an interest in HoldCo or GDH LP (or any successor thereto).

 

		(b)	With
                                            the written approval of a majority of the Independent Directors, HoldCo may terminate this
                                            Agreement with respect to some or all amounts payable to some or all of the TRA Limited Partners
                                            and with respect to some or all LP Units held (or previously held and Exchanged) by some
                                            or all of the TRA Limited Partners at any time by paying to such TRA Limited Partner or TRA
                                            Limited Partners the Early Termination Payment in respect of such TRA Limited Partner or
                                            TRA Limited Partners; provided, however, that this Agreement shall terminate
                                            with respect to any such TRA Limited Partner or TRA Limited Partners pursuant to this Section 4.1(b) only
                                            upon the receipt of the Early Termination Payment by such TRA Limited Partner or TRA Limited
                                            Partners, and provided, further, that Holdco may withdraw any notice to execute
                                            its termination rights under this Section 4.1(b) prior to the time at which any
                                            Early Termination Payment has been paid. Upon payment of the Early Termination Payment by
                                            HoldCo to a TRA Limited Partner, as between HoldCo and such TRA Limited Partner neither the
                                            TRA Limited Partner nor HoldCo shall have any further payment obligations under this Agreement,
                                            other than for any (a) Tax Benefit Payment agreed to by HoldCo and the TRA Limited Partner
                                            as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit
                                            Payment due for the Taxable Year ending with or including the date of the Early Termination
                                            Notice (except to the extent that the amount described in clause (b) is included in
                                            the calculation of the Early Termination Payment). If an Exchange occurs with respect to
                                            LP Units with respect to which HoldCo has made an Early Termination Payment pursuant to this
                                            Section 4.1(b), Holdco shall have no obligations under this Agreement with respect to
                                            such Exchange.

 

     

     

    

 

		(c)	In the
                                            event that HoldCo breaches any of its material obligations under this Agreement, whether
                                            as a result of failure to make any payment when due, failure to honor any other material
                                            obligation required hereunder or by operation of law as a result of the rejection of this
                                            Agreement in a case commenced under the U.S. Bankruptcy Code or otherwise, then all obligations
                                            hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination
                                            Notice had been delivered on the date of such breach and shall include, but not be limited
                                            to: (1) the Early Termination Payment calculated as if an Early Termination Notice had
                                            been delivered on the date of such breach; (2) any Tax Benefit Payment agreed to by
                                            HoldCo and any TRA Limited Partner as due and payable but unpaid as of the date of such breach;
                                            and (3) any Tax Benefit Payment due for the Taxable Year ending with or including the
                                            date of such breach; provided that procedures similar to the procedures of Section 4.02
                                            shall apply with respect to the determination of the amount payable by HoldCo pursuant to
                                            this sentence. Notwithstanding the foregoing, in the event that HoldCo breaches any of its
                                            material obligations under this Agreement, each TRA Limited Partner shall be entitled to
                                            elect to receive the amounts set forth in clauses (1), (2) and (3) above or to
                                            seek specific performance of the terms hereof. The parties agree that the failure to make
                                            any payment due pursuant to this Agreement within three (3) months of the date such
                                            payment is due shall be deemed to be a breach of a material obligation under this Agreement
                                            for all purposes of this Agreement, and that it will not be considered to be a breach of
                                            a material obligation under this Agreement to make a payment due pursuant to this Agreement
                                            within three (3) months of the date such payment is due. Notwithstanding anything in
                                            this Agreement to the contrary, it shall not be a breach of this Agreement if HoldCo fails
                                            to make any Tax Benefit Payment when due to the extent that HoldCo has insufficient funds
                                            to make such payment; provided that the interest provisions of Section 5.2 of
                                            this Agreement shall apply to such late payment (unless HoldCo does not have sufficient cash
                                            to make such payment as a result of limitations imposed by debt agreements to which HoldCo
                                            or any of its Subsidiaries is a party, in which case Section 5.2 shall apply, but the
                                            Default Rate shall be replaced by the Agreed Rate); provided, further, that
                                            HoldCo shall promptly (and in any event, within three (3) Business Days), pay all such
                                            unpaid payments, together with accrued and unpaid interest thereon, immediately following
                                            such time that HoldCo has, and to the extent HoldCo has, sufficient funds to make such payment,
                                            and the failure of HoldCo to do so shall constitute a breach of this Agreement. For the avoidance
                                            of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase
                                            equity securities of, HoldCo shall be deemed to be funds sufficient and available to pay
                                            such unpaid payments, together with any accrued and unpaid interest thereon.

 

     

     

    

 

		4.2.	Early
                                            Termination Notice. If HoldCo chooses to exercise its right of early termination under
                                            Section 4.1 of this Agreement, HoldCo shall deliver to the relevant TRA Limited Partner
                                            notice of such intention to exercise such right (“Early Termination Notice”)
                                            and a schedule (the “Early Termination Schedule”) specifying HoldCo’s
                                            intention to exercise such right and showing in reasonable detail the calculation of the
                                            Early Termination Payment for such TRA Limited Partner. The Early Termination Schedule will
                                            become final and binding on such TRA Limited Partner thirty (30) calendar days from the first
                                            date on which such TRA Limited Partner received such Early Termination Schedule unless such
                                            TRA Limited Partner within thirty (30) calendar days after receiving the Early Termination
                                            Schedule, provides HoldCo with (i) notice of a material objection to such Early Termination
                                            Schedule made in good faith and setting forth in reasonable detail the TRA Limited Partner’s
                                            material objection (a “Material Objection Notice”) or (ii) provides
                                            a written waiver of such right of a Material Objection Notice within the period described
                                            in clause (i) above, in which case such Schedule shall become binding on the date the
                                            waiver is received by HoldCo (such thirty (30) calendar day date as modified, it at all,
                                            by clauses (i) or (ii), the “Early Termination Effective Date”).
                                            If HoldCo and such TRA Limited Partner, for any reason, are unable to successfully resolve
                                            the issues raised in a Material Objection Notice within thirty (30) calendar days after receipt
                                            by HoldCo of the Material Objection Notice, Holdco and such TRA Limited Partner shall employ
                                            the Reconciliation Procedures.

 

		4.3	Payment
                                            upon Early Termination.

 

		(a)	Within
                                            three (3) Business Days after the Early Termination Effective Date, HoldCo will pay
                                            to the TRA Limited Partner an amount equal to the Early Termination Payment in respect of
                                            such TRA Limited Partner. Such payment will be made by transfer of immediately available
                                            funds to an account designated by such TRA Limited Partner or as otherwise agreed by HoldCo
                                            and such TRA Limited Partner.

 

     

     

    

 

		(b)	“Early
                                            Termination Payment” shall equal the present value, discounted at the Early Termination
                                            Rate as of the Early Termination Effective Date, of all Tax Benefit Payments that would be
                                            required to be paid by HoldCo to the applicable TRA Limited Partner beginning from the Early
                                            Termination Date and assuming that the Valuation Assumptions are applied.

 

		5.	Subordination
                                            And Late Payments.

 

		5.1.	Subordination.
                                            Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment
                                            or Early Termination Payment required to be made by HoldCo to a TRA Limited Partner under
                                            this Agreement will rank subordinate and junior in right of payment to any principal, interest
                                            or other amounts due and payable in respect of any obligations in respect of indebtedness
                                            for borrowed money of HoldCo and its Subsidiaries (“Senior Obligations”)
                                            and will rank pari passu with all current or future secured or unsecured obligations
                                            of HoldCo that are not Senior Obligations.

 

		5.2.	Late
                                            Payments. The amount of all or any portion of any Tax Benefit Payment or Early Termination
                                            Payment not made to a TRA Limited Partner when due under the terms of this Agreement will
                                            be payable together with any interest thereon, computed at the Default Rate and commencing
                                            from the date on which such Tax Benefit Payment or Early Termination Payment was due and
                                            payable, subject to Section 4.1(c).

 

		6.	No
                                            Disputes; Consistency; Cooperation.

 

		6.1.	Participation
                                            in Tax Matters. Except as otherwise provided herein, HoldCo shall have full responsibility
                                            for, and sole discretion over, all Tax matters concerning HoldCo, GDH LP and their respective
                                            Subsidiaries, including the preparation, filing or amending of any Tax Return and defending,
                                            contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, HoldCo
                                            shall notify a TRA Limited Partner of, and keep such TRA Limited Partner reasonably informed
                                            with respect to, the portion of any audit of HoldCo and GDH LP by a Taxing Authority the
                                            outcome of which is reasonably expected to affect the rights and obligations of such TRA
                                            Limited Partner under this Agreement, and shall provide to such TRA Limited Partner reasonable
                                            opportunity to provide information and other input (at such TRA Limited Partner’s own
                                            expense) to HoldCo, GDH LP and their respective advisors concerning the conduct of (but,
                                            for the avoidance of doubt such TRA Limited Partner may not control) any such portion of
                                            such audit; provided, however, that HoldCo and GDH LP shall not be required
                                            to take any action that is inconsistent with any provision of the Partnership Agreement

 

		6.2.	Consistency.
                                            HoldCo and the TRA Limited Partners agree to report and cause to be reported for all purposes,
                                            including federal, state and local Tax purposes, all Tax-related items (including the Basis
                                            Adjustments and each Tax Benefit Payment) in a manner consistent with any Schedule required
                                            to be provided by or on behalf of HoldCo under this Agreement unless otherwise required by
                                            law. Any dispute as to required Tax or financial reporting shall be subject to Section 7.9.

 

     

     

    

 

		6.3.	Cooperation.
                                            Each of Holdco and each TRA Limited Partner shall: (a) furnish to the other party in
                                            a timely manner such information, documents and other materials as the other party may reasonably
                                            request for purposes of making any determination or computation necessary or appropriate
                                            under this Agreement, preparing any Tax Return or contesting or defending any audit, examination
                                            or controversy with any Taxing Authority; (b) make itself available to the other party
                                            and its representatives to provide explanations of documents and materials and such other
                                            information as the other party or its representatives may reasonably request in connection
                                            with any of the matters described in clause (a) above; and (c) reasonably cooperate
                                            in connection with any such matter. HoldCo will reimburse the applicable TRA Limited Partner
                                            for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3.

 

		7.	Miscellaneous.

 

		7.1.	Notices.
                                            All notices, requests, consents and other communications hereunder will be in writing and
                                            will be given (and will be deemed to have been duly given upon receipt) by delivery in person,
                                            by courier service, by fax, by electronic mail (delivery receipt requested) or by certified
                                            or registered mail (postage prepaid, return receipt requested) to the respective parties
                                            at the following addresses (or at such other address for a party as will be as specified
                                            in a notice given in accordance with this Section 7.1). All notices hereunder will be
                                            delivered as set forth below, or pursuant to such other instructions as may be designated
                                            in writing by the party to receive such notice:

 

If to HoldCo, to:

 

300
Vesey St., 13th Floor

New York, New York 10282

Attention: Mr. Andrew Siegel

E-mail: Andrew.Siegel@galaxydigital.io

 

If to any TRA Limited Partner, to the address and other contact
information set forth in the records of HoldCo from time to time.

 

Any party may change its address, electronic mail or fax number
by giving the other party written notice of its new address or fax number in the manner set forth above.

 

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. on a Business Day in the place
of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business
Day in the place of receipt.

 

     

     

    

 

		7.2.	Binding
                                            Effect; Benefit; Assignment.

 

		(a)	The
                                            provisions of this Agreement shall be binding upon and shall inure to the benefit of the
                                            parties hereto and their respective successors and assigns. No provision of this Agreement
                                            is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder
                                            upon any Person other than the parties hereto and their respective successors and assigns.
                                            HoldCo shall require and cause any direct or indirect successor (whether by purchase, merger,
                                            consolidation or otherwise) to all or substantially all of the business or assets of HoldCo,
                                            by written agreement, expressly to assume and agree to perform this Agreement in the same
                                            manner and to the same extent that HoldCo would be required to perform if no such succession
                                            had taken place.

 

		(b)	A TRA
                                            Limited Partner may assign any of its rights under this Agreement to any Person as long as
                                            such transferee has executed and delivered, or, in connection with such transfer, executes
                                            and delivers, a joinder to this Agreement, in form of Exhibit A, agreeing to become
                                            a “TRA Limited Partner” for all purposes of this Agreement, except as otherwise
                                            provided in such joinder; provided, that a TRA Limited Partner’s rights under
                                            this Agreement shall be assignable by such TRA Limited Partner under the procedure in this
                                            ‎Section 7.2(b) regardless
                                            of whether such TRA Limited Partner continues to hold any interests in GDH LP or HoldCo or
                                            has fully transferred any such interests. For the avoidance of doubt, any Person that was
                                            a party to the Original TRA, including any Person which was the assignee of rights under
                                            the Original TRA, and which becomes a party to this Agreement shall be considered a “TRA
                                            Limited Partner” for all purposes of this Agreement.

 

		(c)	GDH
                                            LP shall have the power and authority (but not the obligation) to permit any Person who becomes
                                            a partner in GDH LP to execute and deliver a joinder to this Agreement promptly upon acquisition
                                            of LP Units by such Person, and such Person shall be treated as a “TRA Limited Partner”
                                            for all purposes of this Agreement.

 

		7.3.	Resolution
                                            of Disputes.

 

		(a)	Except
                                            for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot
                                            be settled amicably, including any ancillary claims of any party, arising out of, relating
                                            to or in connection with the validity, negotiation, execution, interpretation, performance
                                            or non-performance of this Agreement (including the validity, scope and enforceability of
                                            this arbitration provision) (each a “Dispute”) shall be finally settled
                                            by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing
                                            Rules of Arbitration of the International Chamber of Commerce. If the parties to the
                                            Dispute fail to agree on the selection of an arbitrator within ten (10) days of the
                                            receipt of the request for arbitration, the International Chamber of Commerce shall make
                                            the appointment. The arbitrator shall be a lawyer admitted to the practice of law in the
                                            State of Delaware and shall conduct the proceedings in the English language. Performance
                                            under this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

     

     

    

 

		(b)	Notwithstanding
                                            the provisions of Section 7.3(a), HoldCo may bring an action or special proceeding in
                                            any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking
                                            temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration
                                            award and, for the purposes of this paragraph (b), each TRA Limited Partner (i) expressly
                                            consents to the application of paragraph (c) of this Section 7.3 to any such action
                                            or proceeding, (ii) agrees that proof shall not be required that monetary damages for
                                            breach of the provisions of this Agreement would be difficult to calculate and that remedies
                                            at law would be inadequate and (iii) irrevocably appoints HoldCo as agent of such TRA
                                            Limited Partner for service of process in connection with any such action or proceeding and
                                            agrees that service of process upon such agent, who shall promptly advise such TRA Limited
                                            Partner of any such service of process, shall be deemed in every respect effective service
                                            of process upon such TRA Limited Partner in any such action or proceeding.

 

		(c)	EACH
                                            PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE STATE OF
                                            DELAWARE OR, IF SUCH COURT DECLINES JURISDICTION, THE COURTS OF THE STATE OF DELAWARE
                                            SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
                                            OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE COURT FROM ANY THEREOF, FOR
                                            THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS
                                            SECTION 7.3, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED
                                            ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial
                                            proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary
                                            or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award.
                                            The parties acknowledge that the fora designated by this paragraph (c) have a reasonable
                                            relation to this Agreement, and to the parties’ relationship with one another.

 

		(d)	The
                                            parties hereby waive, to the fullest extent permitted by Applicable Law, any objection which
                                            they now or hereafter may have to personal jurisdiction or to the laying of venue of any
                                            such ancillary suit, action or proceeding brought in any court referred to in the preceding
                                            paragraph of this Section 7.3 and such parties agree not to plead or claim the same.

 

     

     

    

 

		7.4.	Counterparts.
                                            This Agreement may be signed in any number of counterparts, each of which shall
                                            be an original, with the same effect as if the signatures thereto and hereto were upon the
                                            same instrument.  This Agreement shall become effective with respect to a TRA Limited
                                            Partner when one or more counterparts have been signed by each of HoldCo, GDH LP and such
                                            TRA Limited Partner and delivered to each of HoldCo, GDH LP and such TRA Limited Partner,
                                            as applicable, it being understood that all such parties need not sign the same counterpart. 
                                            Delivery of an executed signature page to this Agreement by facsimile transmission or
                                            otherwise (including an electronically executed signature page) shall be as effective as
                                            delivery of a manually signed counterpart of this Agreement.

 

		7.5.	Entire
                                            Agreement. This Agreement and the Partnership Agreement constitutes the entire
                                            agreement between the parties with respect to the subject matter of this Agreement and supersede
                                            all prior agreements and understandings, both oral and written, between the parties with
                                            respect to the subject matter of this Agreement. Nothing in this Agreement shall create any
                                            third-party beneficiary rights in favor of any Person or other party hereto.

 

		7.6.	Severability.
                                            If any term, provision, covenant or restriction of this Agreement is held by a
                                            court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable,
                                            the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
                                            remain in full force and effect and shall in no way be affected, impaired or invalidated
                                            so long as the economic or legal substance of the transactions contemplated hereby is not
                                            affected in any manner materially adverse to any party. Upon such a determination, the parties
                                            shall negotiate in good faith to modify this Agreement so as to effect the original intent
                                            of the parties as closely as possible in an acceptable manner in order that the transactions
                                            contemplated hereby are consummated as originally contemplated to the fullest extent possible.

 

		7.7.	Amendment.
                                            No provision of this Agreement may be amended unless such amendment is approved in
                                            writing by HoldCo and by Persons who would be entitled to receive at least two-thirds of
                                            the Early Termination Payments payable to all Persons entitled to Early Termination Payments
                                            under this Agreement if HoldCo had exercised its right of early termination on the date of
                                            the most recent Exchange prior to such amendment (excluding, for purposes of this sentence,
                                            all payments made to any Persons pursuant to this Agreement since the date of such most recent
                                            Exchange); provided, that no such amendment shall be effective if such amendment will
                                            have a disproportionate effect on the payments certain Persons will or may receive under
                                            this Agreement unless all such Persons disproportionately affected consent in writing to
                                            such amendment. No provision of this Agreement may be waived unless such waiver is in writing
                                            and signed by the party against whom the waiver is to be effective. Notwithstanding anything
                                            in this Section ‎7.7
                                            to the contrary, HoldCo may, without the consent or approval of any TRA Limited Partner,
                                            amend this Agreement to (i) fix de minimis incorrect information, correct typos or the
                                            like, (ii) change, amend or add any provision to cure any ambiguity or correct or supplement
                                            any provisions contained in this Agreement that may be defective, (iii) give effect
                                            to the terms of this Agreement, (iv) as may be necessary or advisable to comply with
                                            any Applicable Law (including any anti-money laundering or anti-terrorist laws, rules, regulations,
                                            directives or special measures) and/or (v) make any other change that HoldCo determines
                                            to be advisable to reflect changes in law or otherwise to address legal, regulatory, tax
                                            or cross jurisdictional considerations.

 

     

     

    

 

		7.8.	Governing
                                            Law. This Agreement and all actions arising out of or relating to this Agreement (whether
                                            in contract, tort or otherwise) shall be governed by and construed in accordance with the
                                            laws of the State of Delaware (including the procedural laws and the laws relating to the
                                            statute of limitations), without regard to the conflicts of law rules of such State
                                            that would result in the application of the laws of any other State.

 

		7.9.	Reconciliation.
                                            In the event that HoldCo and a TRA Limited Partner are unable to resolve a disagreement
                                            with respect to the matters governed by Sections 2.3, 3.1(b), 4.2 and 6.2 within the relevant
                                            period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation
                                            Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
                                            in the particular area of disagreement mutually acceptable to both parties. The Expert shall
                                            be a partner or principal in a nationally recognized accounting or law firm, and unless HoldCo
                                            and such TRA Limited Partner agree otherwise, the Expert shall not, and the firm that employs
                                            the Expert shall not, have any material relationship with HoldCo or such TRA Limited Partner
                                            or other actual or potential conflict of interest. If the parties are unable to agree on
                                            an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written
                                            notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber
                                            of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange
                                            Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment
                                            thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit
                                            Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter
                                            as is reasonably practicable, in each case after the matter has been submitted to the Expert
                                            for resolution.  Notwithstanding the preceding sentence, if the matter is not resolved
                                            before any payment that is the subject of a disagreement would be due (in the absence of
                                            such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the
                                            undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return
                                            may be filed as prepared by HoldCo, subject to adjustment or amendment upon resolution. 
                                            The costs and expenses relating to the engagement of such Expert or amending any Tax Return
                                            shall be borne by HoldCo, except as provided in the next sentence.  HoldCo and such
                                            TRA Limited Partner shall bear their own costs and expenses of such proceeding, unless (i) the
                                            Expert substantially adopts such TRA Limited Partner’s position, in which case HoldCo
                                            shall reimburse such TRA Limited Partner for any reasonable out-of-pocket costs and expenses
                                            in such proceeding, or (ii) the Expert substantially adopts HoldCo’s position,
                                            in which case such TRA Limited Partner shall reimburse HoldCo for any reasonable out-of-pocket
                                            costs and expenses in such proceeding.  Any dispute as to whether a dispute is a Reconciliation
                                            Dispute within the meaning of this Section 7.9 shall be decided by the Expert. 
                                            The Expert shall finally determine any Reconciliation Dispute and the determinations of the
                                            Expert pursuant to this Section 7.9 shall be binding on HoldCo and such TRA Limited
                                            Partner and may be entered and enforced in any court having jurisdiction.

 

     

     

    

 

		7.10.	Withholding.
                                            HoldCo shall be entitled to deduct and withhold from any payment payable pursuant
                                            to this Agreement such amounts as HoldCo is required to deduct and withhold with respect
                                            to the making of such payment under the Code or any provision of state, local or foreign
                                            tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing
                                            Authority by HoldCo, such withheld amounts shall be treated for all purposes of this Agreement
                                            as having been paid to the TRA Limited Partner in respect of whom such withholding was made.
                                            To the extent that any payment to a TRA Limited Partner pursuant to this Agreement is not
                                            reduced by such deductions or withholdings, such TRA Limited Partner shall indemnify the
                                            applicable withholding agent for any amounts imposed by any Taxing Authority together with
                                            any costs and expenses related thereto. Each TRA Limited Partner shall promptly provide HoldCo,
                                            GDH LP or any other applicable withholding agent with any applicable Tax forms and certifications
                                            (including IRS Form W-9 or the applicable version of IRS Form W-8) reasonably requested,
                                            in connection with determining whether any such deductions and withholdings are required
                                            under the Code or any provision of United States state, local or non-U.S. tax law.

 

		7.11.	Consolidated
                                            Groups; Transfers of Corporate Assets.

 

		(a)	The
                                            parties acknowledge and agree that (i) HoldCo and GDHI are members of a U.S. federal
                                            income tax consolidated group, (ii) the provisions of this Agreement shall be applied
                                            with respect to such group and any other affiliated or consolidated group of corporations
                                            of which HoldCo and GDHI become a part and that files a consolidated income tax return pursuant
                                            to Sections 1501 et seq. of the Code or any corresponding provision of state or local law,
                                            and (iii) Tax Benefit Payments, Early Termination Payments and other applicable items
                                            hereunder shall be computed with reference to the consolidated taxable income of the group
                                            as a whole.

 

		(b)	If HoldCo
                                            or any member of a group described in Section 7.11(a) transfers one or more assets
                                            to a corporation (or a Person classified as a corporation for U.S. federal income tax purposes)
                                            with which HoldCo does not file a consolidated tax return pursuant to Section 1501 of
                                            the Code, such entity, for purposes of calculating the amount of any Tax Benefit Payment
                                            or Early Termination Payment (e.g., calculating the gross income of the entity and determining
                                            the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed
                                            of such asset in a fully taxable transaction on the date of such transfer.  The consideration
                                            deemed to be received by such entity shall be equal to the fair market value of the contributed
                                            asset. For purposes of this ‎Section 7.11,
                                            a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s
                                            share of each of the assets and liabilities of that partnership. Notwithstanding anything
                                            to the contrary herein, if HoldCo or any member of a group described in Section 7.11(a) transfers
                                            its assets pursuant to a transaction that qualifies as a “reorganization” (within
                                            the meaning of Section 368(a) of the Code) in which such entity does not survive
                                            or pursuant to any other transaction to which Section 381(a) of the Code applies
                                            (other than any such reorganization or any such other transaction, in each case, pursuant
                                            to which such entity transfers assets to a corporation with which HoldCo or any member of
                                            the group described in Section 7.11(a) (other than any such member being transferred
                                            in such reorganization or other transaction) does not file a consolidated tax return pursuant
                                            to Section 1501 of the Code), the transfer will not cause such entity to be treated
                                            as having transferred any assets to a corporation (or a Person classified as a corporation
                                            for U.S. federal income tax purposes) pursuant to this Section 7.11(b) so long
                                            as the relevant successor is bound by the provisions of this Agreement.

 

     

     

    

 

		7.12.	Further
                                            Assurances. Each party will take, or cause to be taken, all appropriate actions, do or
                                            cause to be done all things necessary, proper or advisable under Applicable Law, and execute
                                            and deliver such other certificates, agreements, documents, instruments, conveyances and
                                            assurances as Galaxy Digital Holdings Inc. may reasonably determine to be required to carry
                                            out the provisions of this Agreement.

 

		7.13.	Waivers.
                                            Waiver by any Partner of any breach or default with respect to any of the terms of this Agreement
                                            will not operate as a waiver of any other breach or default.

 

		7.14.	Severability.
                                            If any provision of this Agreement is found by any court of competent jurisdiction or legally
                                            empowered agency to be illegal, invalid or unenforceable for any reason, the provision will
                                            be amended automatically to the minimum extent necessary to cure the illegality or invalidity
                                            and permit enforcement, and the remainder of this Agreement will not be affected.

 

		7.15.	Electronic
                                            Signatures. Any signature to be delivered with respect to any written consent, certificate,
                                            resolutions or other document under this Agreement or in connection with the Company may
                                            be delivered via an electronic reproduction of an original manual signature, such as may
                                            be delivered via facsimile, PDF file or a similar method.

 

		7.16.	Time
                                            Periods. For purposes of this Agreement, time periods within or following which an act
                                            is to be done shall be calculated by excluding the day on which the period commences and
                                            including the day on which the period ends if that day is a Business Day, or the next Business
                                            Day if the last day of the period does not fall on a Business Day.

 

     

     

    

 

		7.17.	Confidentiality.
                                            Each TRA Limited Partner and each of their assignees acknowledge and agree that the information
                                            of HoldCo and its Affiliates is confidential and, except in the course of performing any
                                            duties as necessary for HoldCo and its Affiliates, as required by law or legal process or
                                            to enforce the terms of this Agreement, such person will keep and retain in the strictest
                                            confidence and not disclose to any Person any confidential matters, acquired pursuant to
                                            this Agreement, of HoldCo and its Affiliates and successors, learned by the TRA Limited Partner
                                            heretofore or hereafter. This Section 7.17 will not apply to (i) any information
                                            that has been made publicly available by HoldCo or any of its Affiliates, becomes public
                                            knowledge (except as a result of an act of the TRA Limited Partner in violation of this Agreement)
                                            or is generally known to the business community and (ii) the disclosure of information
                                            to the extent necessary for the TRA Limited Partner to prepare and file its Tax Returns,
                                            to respond to any inquiries regarding the same from any Taxing Authority or to prosecute
                                            or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax
                                            Returns. Notwithstanding anything to the contrary herein, the TRA Limited Partners and each
                                            of their assignees (and each employee, representative or other agent of the TRA Limited Partners
                                            or their assignees, as applicable) may disclose to any and all Persons, without limitation
                                            of any kind, the Tax treatment and Tax structure of Holdco and GDH LP, the TRA Limited Partner,
                                            and any of their transactions, and all materials of any kind (including opinions or other
                                            tax analyses) that are provided to the TRA Limited Partner relating to such tax treatment
                                            and tax structure. If the TRA Limited Partner or an assignee commits a breach, or threatens
                                            to commit a breach, of any of the provisions of this Section ‎7.17,
                                            HoldCo will have the right and remedy to have the provisions of this Section 7.17 specifically
                                            enforced by injunctive relief or otherwise by any court of competent jurisdiction without
                                            the need to post any bond or other security, it being acknowledged and agreed that any such
                                            breach or threatened breach will cause irreparable injury to HoldCo or any of its Affiliates
                                            and the accounts and funds managed by HoldCo and that money damages alone will not provide
                                            an adequate remedy to such Persons. Such rights and remedies will be in addition to, and
                                            not in lieu of, any other rights and remedies available at law or in equity.

 

		7.18.	Change
                                            in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual
                                            change in law, a TRA Limited Partner reasonably believes that the existence of this Agreement
                                            could cause income (other than income arising from receipt of a payment under this Agreement)
                                            recognized by such TRA Limited Partner (or direct or indirect equity holders in such TRA
                                            Limited Partner) upon any Exchange to be treated as ordinary income rather than capital gain
                                            (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would
                                            have other material adverse tax consequences to the TRA Limited Partner or any direct or
                                            indirect owner of the TRA Limited Partner, then at the election of the TRA Limited Partner
                                            and to the extent specified by the TRA Limited Partner, this Agreement (i) shall cease
                                            to have further effect, (ii) shall not apply to an Exchange occurring after a date specified
                                            by the TRA Limited Partner, or (iii) may be amended, solely with respect to such TRA
                                            Limited Partner, in a manner determined by such TRA Limited Partner, provided that
                                            such amendment will not result in an increase in payments under this Agreement to such TRA
                                            Limited Partner at any time as compared to the amounts and times of payments that would have
                                            been due in the absence of such amendment (but giving effect to any actual change in laws).

 

     

     

    

 

		7.19.	Independent
                                            Nature of TRA Limited Partners’ Rights and Obligations. The rights and obligations
                                            of each TRA Limited Partner hereunder are several and not joint with the rights and obligations
                                            of any other TRA Limited Partner hereunder. No TRA Limited Partner will be responsible in
                                            any way for the performance of the obligations of any other TRA Limited Partner hereunder,
                                            nor will any TRA Limited Partner have the right to enforce the rights or obligations of any
                                            other TRA Limited Partner hereunder. The obligations of each TRA Limited Partner hereunder
                                            are solely for the benefit of, and will be enforceable solely by, HoldCo. The decision of
                                            each TRA Limited Partner to enter into this Agreement has been made by such TRA Limited Partner
                                            independently of any other TRA Limited Partner. Nothing contained herein or in any other
                                            agreement or document delivered at any closing, and no action taken by any TRA Limited Partner
                                            pursuant hereto or thereto, will be deemed to constitute the TRA Limited Partners as a partnership,
                                            an association, a joint venture or any other kind of entity, or create a presumption that
                                            the TRA Limited Partners are in any way acting in concert or as a group with respect to such
                                            rights or obligations or the transactions contemplated hereby, and HoldCo acknowledges that
                                            the TRA Limited Partners are not acting in concert or as a group and will not assert any
                                            such claim with respect to such rights or obligations or the transactions contemplated hereby.

 

		7.20.	Prior
                                            Exchanges. With respect to any Prior Exchanges, the provisions of this Agreement, to
                                            the extent that such provisions refer to Exchanges of LP Units or amounts payable by HoldCo
                                            in respect of any such Exchanges or include similar references, shall apply to such Prior
                                            Exchanges mutatis mutandis.

 

		7.21.	No
                                            Change of Control Under Original TRA. HoldCo, GDH LP and each TRA Limited Partner agree
                                            that none of the Restructuring Transactions and any transactions related thereto, individually
                                            or taken together, constituted a Change of Control (as defined under the Original TRA).

 

     

     

    

 

IN WITNESS WHEREOF, HoldCo, GDH LP, and each TRA
Limited Partner set forth below have duly executed this Agreement as of the date first written above.

 

	 	GALAXY DIGITAL INC.

 

 

		By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	GALAXY DIGITAL HOLDINGS LP

 

 

		By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Tax Receivables Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, HoldCo, GDH LP, and each TRA
Limited Partner set forth below have duly executed this Agreement as of the date first written above.

 

	 	TRA LIMITED PARTNER

 

	 	 
		Name

 

[Signature Page to Tax Receivables Agreement]

 

     

     

    

 

Exhibit A

 

Joinder

 

This JOINDER (this “Joinder”)
to the Tax Receivables Agreement (as defined below), dated as of ____________, is by and among Galaxy Digital Inc., a Delaware corporation
(“HoldCo”), _____________________ (“Transferor”) and ______________ (“Permitted Transferee”).

 

WHEREAS, on ____________, Permitted Transferee acquired
from Transferor (the “Acquisition”) the right to receive any and all payments that may become due and payable under
the Tax Receivable Agreement with respect to __________ LP Units (or other partnership interests) that were previously, or may in the
future be, Exchanged; and

 

WHEREAS, Transferor, in connection with the Acquisition,
has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.2(b) of the Tax Receivables Agreement,
dated as of [•], 2022, by and among HoldCo, Galaxy Digital Holdings LP, a Delaware limited partnership, and each TRA Limited Partner
(the “Tax Receivables Agreement”).

 

NOW, THEREFORE, in consideration of the foregoing
and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

 

Section 1.01           Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set
forth in the Tax Receivables Agreement.

 

Section 1.02           Joinder.
Permitted Transferee hereby acknowledges and agrees to become a “TRA Limited Partner” (as defined in the Tax Receivables
Agreement) for all purposes of the Tax Receivables Agreement. Permitted Transferee hereby acknowledges the terms of Section 7.2(b) of
the Tax Receivables Agreement and agrees to be bound by Section 7.17 (Confidentiality) of the Tax Receivables Agreement.

 

Section 1.03           Notice.
Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered
or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the
Tax Receivables Agreement.

 

Section 1.04           Governing
Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the
conflicts of law rules of such State that would result in the application of the laws of any other State.

 

     

     

    

 

IN WITNESS WHEREOF, this Joinder has been duly executed
and delivered by Permitted Transferee as of the date first above written.

 

	 	[PERMITTED TRANSFEREE]

 

		By:	 
	 	 	Name:
	 	 	Title:

 

		Address for notices:

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