Document:

EX-10.12

 Exhibit 10.12 

EXECUTION COPY 
 Dated
August 29, 2019 
  
 ICE Futures U.S., Inc., 

ICE Clear US, Inc. 
 and

 Bakkt Trust Company LLC 

Digital Currency Trading, Clearing and 

Warehouse Services Agreement 

 TABLE OF CONTENTS 

 

							
	 1    
	  	Definitions and Interpretation	  	 	1	 
			
	 2
	  	Term	  	 	5	 
			
	 3
	  	Scope of this Agreement	  	 	6	 
			
	 4
	  	Fair Treatment	  	 	8	 
			
	 5
	  	Relationship Management	  	 	9	 
			
	 6
	  	Change Control	  	 	9	 
			
	 7
	  	Information Technology and Data Protection	  	 	10	 
			
	 8
	  	Responsibility of the Parties	  	 	10	 
			
	 9
	  	Intellectual Property Rights	  	 	10	 
			
	 10
	  	Representations, Warranties, Undertakings and Indemnities	  	 	11	 
			
	 11
	  	Confidentiality	  	 	11	 
			
	 12
	  	Liability	  	 	13	 
			
	 13
	  	Force Majeure	  	 	14	 
			
	 14
	  	Termination Events	  	 	14	 
			
	 15
	  	General	  	 	15	 
			
	 16
	  	Dispute Resolution	  	 	18	 
		
	 Schedule 1A IFUS Services
	  	 	1-1	 
		
	 Schedule 1B ICUS Services
	  	 	1-3	 
		
	 Schedule 1C Warehouse Services
	  	 	1-6	 
		
	 Schedule 2 Part I Availability Performance Standards for Warehouse
Services
	  	 	2-1	 
		
	 Schedule 2 Part II Incident Management Procedures
	  	 	2-3	 
		
	 Schedule 3 Business Continuity Arrangements
	  	 	3-1	 
		
	 Schedule 4 Revenue Allocation
	  	 	4-1	 
		
	 Schedule 5 Change Control
	  	 	5-1	 
		
	 Schedule 6 Relationship Management
	  	 	6-1	 
		
	 Schedule 7 Exit Management
	  	 	7-1	 
		
	 Schedule 8 Information Technology and Data Protection
	  	 	8-1	 

 This Digital Currency Trading, Clearing and Warehouse Services Agreement (this
“Agreement”) is made as of August 29, 2019 among: 
  

	(1)	 ICE Futures U.S., Inc., a Delaware corporation whose principal office is at 55 East 52nd Street, New York, NY 10055 (“IFUS”); 

  

	(2)	 ICE Clear US, Inc., a New York corporation whose principal office is at 55 East 52nd Street, New York, NY 10055 (“ICUS”); and 

  

	(3)	 Bakkt Trust Company LLC, a New York limited purpose limited liability trust company whose principal
office is at 55 East 52nd Street, New York, NY 10055 (“Warehouse”), 

(each a “Party” and together the “Parties”). 

Recitals: 
  

	(A)	 In connection with the formation of Warehouse, certain affiliates of IFUS and ICUS have agreed to cause
certain assets to be contributed to Warehouse and cause certain services to be provided to Warehouse by IFUS, ICUS and other affiliates of IFUS and ICUS. 

  

	(B)	 IFUS is registered as a designated contract market (“DCM”) under the CEA (as defined
below) and carries on the business of operating an exchange for the trading and execution of Futures and Options. 

  

	(C)	 ICUS is registered as a derivatives clearing organization (“DCO”) under the CEA and
provides central counterparty and ancillary services to IFUS in such capacity. 

  

	(D)	 Warehouse is a limited-purpose limited liability trust company organized under the laws of the State of
New York (a “Trust Company”) and will provide certain warehouse services as described herein; 

  

	(E)	 The Parties propose that IFUS will list for trading one or more Digital Currency Futures and/or Option
contracts, and that ICUS will serve as the clearing house to provide central counterparty and ancillary services for such contracts, on the terms and conditions set forth herein. 

 

	(F)	 The Parties propose that Warehouse will provide certain warehouse, settlement and ancillary services
under the supervision of IFUS relating to digital currencies in connection with Digital Currency Futures and Options traded on IFUS and cleared at ICUS, on the terms and conditions set forth herein. 

 

	(G)	 This Agreement sets out certain terms and conditions on which IFUS will list for trading the Digital
Currency Futures and Options, ICUS will clear such contracts, and the Warehouse will provide such warehouse, settlement and ancillary services. 

It is agreed as follows: 
  

	1	 Definitions and Interpretation 

 

	1.1	 The following definitions shall apply unless the context requires otherwise: 

“Applicable Law” means any applicable national, federal, supranational, state, regional, provincial, local or other statute,
law, ordinance, regulation, rule, code, guidance, order, published practice or concession, judgment or decision of a Governmental Authority and, for the avoidance of doubt, includes all the provisions of the CEA, CFTC regulations and applicable
accounting standards and principles. 

  
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 “Business Continuity Arrangements” means the arrangements referred to in
Schedule 3 (Business Continuity Arrangements). 
 “Business Day” means a day upon which the IFUS Market is open for trading
in Digital Currency Contracts. 
 “CEA” means the U.S. Commodity Exchange Act, as amended. 

“CFTC” means the U.S. Commodity Futures Trading Commission and, where applicable, any successor thereto. 

“Change” has the meaning ascribed to that term by clause 6.2. 

“Change Control Procedure” means the procedure for agreeing amendments to this Agreement contained in Schedule 5 (Change
Control). 
 “Clearing Member” means a Clearing Member of ICUS under the ICUS Rules, and “Clearing
Membership” shall be construed accordingly. 
 “Clearing Membership Agreement” means an agreement between ICUS and
a Clearing Member in relation to the Clearing Member’s membership of ICUS. 
 “Contract Managers” means the ICUS
Contract Manager, IFUS Contract Manager and Warehouse Contract Manager. 
 “Contract” means any futures or option contract
arising between Clearing Members and ICUS pursuant to ICUS Rules.  
 “Current Contract” means, at the relevant time,
those classes of Digital Currency Contracts then traded on IFUS and, for the avoidance of doubt, includes, at any time subsequent to the date of this Agreement, any New Contract which has, at the relevant time, been introduced for trading by IFUS
and for clearing by ICUS. 
 “Default Notice” means the notice sent by ICUS to a Clearing Member in the event of a default
pursuant to the ICUS Rules. 
 “Digital Currency” means any type of digital unit that is used as a medium of exchange or a
form of digitally stored value (including digital units of exchange that (i) have a centralized repository or administrator, (ii) are decentralized and have no centralized repository or administrator, and/or (iii) may be created or
obtained by computing or manufacturing effort). 
 “Digital Currency Contract” means a Contract traded on IFUS that is a
physically settled Futures or Option contract relating to a Digital Currency, in each case that is or is to be traded and cleared in accordance with this Agreement. 

“Effective Date” has the meaning given to that term in Clause 2. 

“Exit Management Plan” has the meaning ascribed to that term in Schedule 8 (Exit Management). 

“Exit Phase” means the period commencing on the date a notice to terminate this Agreement is served pursuant to Clause 14 and
ending on the completion of the replacement of services by (a) Successor Operator(s). 
 “Fees” means the any
applicable fees of IFUS, ICUS and Warehouse with respect to the Digital Currency Contracts as provided in Schedule 4. 
 “Force
Majeure Event” means any occurrence outside the control of a Party which hinders or prevents the performance in whole or in part of any of its obligations hereunder (other than an 

  
 2 

 
obligation to make payments), including, but not limited to, fire, flood, storm, earthquake, explosion, war, hostilities, declaration or occurrence of national emergency, accidents howsoever
caused, strike, labor dispute, lockout, work to rule or other industrial dispute, lack of energy supply, criminal action, terrorist action, civil unrest, embargoes, acts of God, acts of a public enemy, unavailability or restriction of computer or
data processing facilities, the actions or omissions of third persons (excluding those of a Party’s subcontractors or agents); or alternatively and to the exclusion of the foregoing, in relation to delivery of any Current Contract, any event
that is an event of force majeure (or similar event, howsoever defined) for that Current Contract under its contract terms or market rules. 

“Futures” means any futures contract listed for trading as such on IFUS. 

“Good Industry Practice” means, in relation to any undertaking and any circumstances, the exercise of the degree of skill,
care, prudence and foresight and application of standards which could then reasonably be expected of a skilled and experienced person engaged in providing services of the nature of the relevant Services. 

“Governmental Authority” means any regulatory authority and any national, federal, supranational, state, regional, provincial,
local or other government, government department, ministry, governmental or administrative authority, agency, commission, secretary of state, minister, court, tribunal, judicial body or arbitral body or any other person exercising judicial,
executive, interpretative, enforcement, regulatory, investigative, fiscal, taxing or legislative powers or authority anywhere in the world. 

“Group” or “ICE Group” includes Intercontinental Exchange, Inc. and any of its affiliates. 

“ICUS Contract Manager” means the person(s) nominated by ICUS to manage the relationship between the Parties under this
Agreement. 
 “ICUS Materials” means any Material provided or made available by or on behalf of ICUS (or any of its sub-contractors) to IFUS or Warehouse under this Agreement or relating to the Services. 
 “ICUS
Rules” means the By-Laws and Rules of ICUS as from time to time in force, as published by ICUS. 

“ICUS Services” means the services provided by ICUS as set out in Schedule 1B. 

“IFUS Contract” means Digital Currency Contracts traded on IFUS. 

“IFUS Contract Manager” means the person(s) nominated by IFUS to manage the relationship among the Parties under this
Agreement. 
 “IFUS DC Transaction” means a transaction on the IFUS Market which, pursuant to the IFUS and ICUS Rules, will
give rise to a Digital Currency Contract. 
 “IFUS Services” means those services provided by IFUS as set out in Schedule
1A. 
 “IFUS Market” is the DCM operating under IFUS Rules. 

“IFUS Materials” means any Material (including, for the avoidance of doubt, the Current Contracts and any New Contracts)
provided or made available by or on behalf of IFUS (or any of its sub-contractors or IFUS Members) to ICUS or Warehouse under this Agreement or relating to the Services, whether or not developed by IFUS. 

  
 3 

 “IFUS Member” means a member or holder of a trading authorization of IFUS
as defined in the IFUS Rules authorized to trade Digital Currency Contracts and “Membership” shall be construed accordingly. 

“IFUS Rules” means the Rules (as such term is defined in the rulebook of IFUS) as from time to time in force and/or any
arrangements, directions and provisions made thereunder, as the context may require. 
 “IFUS System” means the IT System
owned or used by IFUS in connection with the Services. 
 “Insolvency” means, in relation to any person: a bankruptcy or winding-up petition being presented; a bankruptcy order being made; a voluntary arrangement being approved; a receiver, administrator, manager or administrative receiver, trustee in bankruptcy, relevant
office-holder or any other Person appointed or with powers in relation to an Insolvency in any jurisdiction being appointed or petition or order being made for such an appointment; a composition or scheme of arrangement being approved by a court or
other Governmental Authority; an assignment, compromise or composition being made or approved for the benefit of any creditors or significant creditor; an order being made or resolution being passed for winding up; dissolution; the striking off of
that person’s name from a register of companies or other corporate bodies; a distress process being levied or enforced or served upon or against property of that person; or any event analogous to any of the foregoing in any jurisdiction (always
excluding any frivolous or vexatious petition or solvent reorganization, change of control or merger). 
 “Intellectual Property
Rights” means trademarks, service marks, trade names, logos, get-up, patents, inventions, design rights, copyrights, database rights, domain names and all other similar proprietary rights (including know-how), in each case whether registered or unregistered, and including any registration of such rights and applications and rights to apply for such registrations. 

“IT System” means: 
  

	 	(i)	 computer equipment (including, without limitation, computer processors, computer terminals, printers, modems,
input devices, output devices, other computer peripherals, communications equipment and consumables); and 

  

	 	(ii)	 computer programs (including, without limitation, scripts, templates, operating systems, application programs,
macros, batch codes, databases, and associated specifications, plans, methodologies, reports, processes, designs and know-how). 

“Material” means specifications, plans, methodologies, software, databases, reports, processes, designs, documentation,
information and/or know-how. 
 “New Contract” means any Digital Currency Future or
Option contract which is not, at the relevant time, a Current Contract but which IFUS and ICUS have agreed to trade and clear, respectively, pursuant to Clause 3.9. A New Contract becomes a Current Contract if and when it is introduced to trading by
IFUS and accepted for clearing by ICUS. 
 “Options” means any options contract listed for trading on IFUS. 

“Rules” means IFUS Rules, the ICUS Rules and Warehouse Terms or any of them. 

“Services” means the IFUS Services, the ICUS Services or the Warehouse Services, as applicable. 

  
 4 

 “Successor Operator(s)” means any entity or entities (including any Party)
succeeding ICUS or Warehouse, as applicable, in the provision or operation of services similar to and/or part of all of the Services. 

“Term” means the period from the Effective Date until the date on which this Agreement is terminated. 

“Warehouse Contract Manager” means the person(s) nominated by Warehouse to manage the relationship between the
Parties under this Agreement. 
 “Warehouse Materials” means any Material provided or made available by or on behalf
of Warehouse (or any of its sub-contractors) to IFUS or ICUS under this Agreement or relating to the Services. 

“Warehouse Participant” means an IFUS trading participant that maintains one or more Digital Currency Accounts with the
Warehouse in connection with Digital Currency Contracts. 
 “Warehouse Services” means the services provided by Warehouse as
set out in Schedule 1C. 
 “Warehouse Terms” means the terms and conditions on which the Warehouse provides Warehouse
Services to IFUS, ICUS and Warehouse Participants, including as set out in any warehouse custody agreement or similar document. 
  

	1.2	 Interpretation 

Unless a contrary intention appears, in this Agreement: 

(a) references to clauses and paragraphs are references to, respectively, clauses or paragraphs of this Agreement; 

(b) a reference to any agreement, deed, instrument, rule or procedure is to be construed as a reference to that agreement, deed, instrument,
rule or procedure as it may from time to time be amended, novated, supplemented, extended or restated provided that no such changes shall be made which are contrary to any prohibition on making such changes referred to in this Agreement or the
applicable Rules; 
 (c) a reference to any provision of law is a reference to that provision as amended,
re-enacted, replaced or extended and includes all CFTC or other regulations made thereunder; 
 (d) a
reference to a time of day is a reference to the prevailing time in New York, New York unless otherwise specified; 
 (e) the index to and
the headings in this Agreement are to be ignored in construing this Agreement; and 
 (f) words importing the plural shall include the
singular and vice versa. 
  

	2	 Term 

This Agreement will come into effect on the date agreed by the Parties for the launch of Digital Currency Contracts (the “Effective
Date”) and shall continue in force until terminated in accordance with its terms. 

  
 5 

	3	 Scope of this Agreement 

 

	3.1	 Appointment and Services 

 

	3.1.1	 IFUS shall provide the IFUS Services during the Term in accordance with the terms of this Agreement.

  

	3.1.2	 IFUS shall be the designated contract market on which the Current Contracts are traded.

  

	3.1.3	 ICUS shall provide the ICUS Services during the Term in accordance with the terms of this Agreement.

  

	3.1.4	 ICUS shall be central counterparty to, and shall provide the ICUS Services in respect of, all Current
Contracts submitted to it for clearing. 

  

	3.1.5	 Warehouse shall provide the Warehouse Services during the Term to IFUS and ICUS in accordance with the
terms of this Agreement. 

  

	3.1.6	 The Parties acknowledge that certain Services will be provided to IFUS Members, Clearing Members and
Warehouse Participants. The provision of those IFUS Services, and the relationship between IFUS Members and IFUS, shall be governed by and subject to the IFUS Rules. The provision of those ICUS Services, and the relationship between Clearing Members
and ICUS, shall be governed by and subject to the Clearing Membership Agreement and the ICUS Rules. The provision of those Warehouse Services, and the relationship between Warehouse Participants and Warehouse, shall be governed by and subject
to the Warehouse Terms. The Parties acknowledge and agree that no Clearing Member, IFUS Member, Warehouse Participant or any other person (other than the Parties) shall have the benefit of any rights in respect of or as a result of this
Agreement. To the extent not inconsistent with the foregoing, relationships between the Parties and any IFUS Member, Clearing Member or Warehouse Participant may also be subject to any applicable data services, software services or similar
agreement between such persons and Intercontinental Exchange, Inc. or its subsidiaries. 

  

	3.1.7	 In consideration for entering into this agreement, the Parties agree to the applicable fees and revenue
allocation set forth in Schedule 4. 

  

	3.1.8	 This Agreement shall not apply to any contracts that may be traded on IFUS and/or cleared by ICUS other
than Digital Currency Contracts. Nothing in this Agreement shall affect the Clearing Services Agreement, dated as of April 24, 2018 (as the same may be amended, supplemented, restated or replaced from time to time) (the “Existing
Clearing Services Agreement”) with respect to any such other contracts, and IFUS and ICUS agree that the Existing Clearing Services Agreement shall not apply to the trading and clearing of Digital Currency Contracts. 

 

	3.2	 Certain Terms of Digital Currency Arrangements 

 

	3.2.1	 The Parties agree that to the fullest extent permitted by applicable law, IFUS and ICUS will not during
the term of this Agreement obtain services equivalent to Warehouse Services with respect to Digital Currency Contracts from any warehouse provider other than Warehouse. 

 

	3.2.2	 The Parties agree that during the term of this Agreement, IFUS and ICUS will not offer trading or
clearing services for Digital Currency Contracts except pursuant to this Agreement. 

  

	3.3	 Fees and Charges 

The Parties shall be entitled to collect such fees and charges in respect of Digital Currency Contracts as are set out in Schedule 4. 

  
 6 

	3.4	 Provision of Services 

 

	3.4.1	 Each Party shall provide its respective Services in accordance with Good Industry Practice, the
terms of this Agreement (including, without limitation, Schedules 1 (The Services) and 8 (Information Technology and Data Protection) and Applicable Laws. 

  

	3.5	 Service Review 

 

	3.5.1	 The Parties shall conduct periodic reviews of the provision of the Services and the terms upon which the
Services are provided in order to assist the Parties in meeting any requirements of Applicable Law. 

  

	3.5.2	 Any Party may request changes to the Services to reflect the changed business requirements of such Party
and/or advancements in technology. Any such requests shall be subject to the Change Control Procedure. 

  

	3.6	 Problem Reporting 

 

	3.6.1	 Each Party agrees to maintain appropriate records with regard to the provision of its respective
Services, in accordance with Applicable Law. 

  

	3.6.2	 Each Party shall promptly report in writing to the Contract Manager of the other Parties any actual or
anticipated material failures, problems or developments which have had or may have an adverse effect on the provision of its Services. 

  

	3.7	 Insurance 

Each Party shall take out and maintain such insurance as, in accordance with Good Industry Practice, is appropriate to the nature and scale of
its operations, subject to any particular requirements set forth in a Schedule. 
  

	3.8	 Business Continuity 

Each Party shall take all reasonable steps to ensure business continuity, including (without limitation) the steps set out in Schedule 3
(Business Continuity Arrangements). 
  

	3.9	 New Contracts 

 

	 	(a)	 Warehouse may from time to time during the term of this Agreement propose in writing additional Digital
Currency contracts that may be traded by IFUS and cleared by ICUS as New Contracts pursuant to the terms of this Agreement (a “New Contract Request”). Such contracts shall become New Contracts upon acceptance of the New Contract
Request by IFUS and ICUS. 

  

	 	(b)	 Each of IFUS and ICUS shall consider in good faith any New Contract Request, and shall accept such New Contract
Request, provided that such New Contract Request, and the proposed New Contract, are consistent with the terms of this Agreement; provided further that neither IFUS nor ICUS shall be required to agree to a New Contract Request where
(i) implementation of such New Contract Request would require incurrence of material expenses or liabilities for which it is not proposed to be reimbursed, (ii) such New Contract Request would, in the determination of IFUS or ICUS, result
in or pose a material risk of a violation of any Applicable Law; and/or (iii) such New Contract Request would result in a material additional risk, including credit, market, liquidity, operational, legal or reputational risk, to IFUS or ICUS
that is not acceptable to the board of directors of such entity (after consultation with any relevant risk or similar committee, as applicable). 

  
 7 

	3.10	 Publicity and Public Announcements 

 

	3.10.1	 Approval 

No Party shall make any public announcement relating to this Agreement or changes to the Services without the prior approval of the other
Parties, provided that a Party may make any public announcement in relation to a subject matter in respect of which another Party has previously made a public announcement in breach of this Clause 3.10.1. For the purposes of this provision, but
without prejudice to Clause 11 (Confidentiality), “public announcement” shall not include: (i) any communication in whatsoever form which does not relate to communicating the terms of this Agreement or relates to matters in the
ordinary course of business announced to any Clearing Member or IFUS Member; or (ii) any information which does not relate to communicating the terms of this Agreement or relates to matters in the ordinary course of business and which is posted
on any part of any private “member only” web site operated by any of ICUS, Warehouse or IFUS. 
  

	3.10.2	 Oral Statements etc. 

Any oral statements made or replies to questions given by a Party relating to the Services or this Agreement shall be consistent with any
public announcements issued in accordance with clause 3.10.1 above. 
  

	4	 Fair Treatment 

 

	4.1	 Limitations on Other Arrangements 

 

	4.1.1	 No Party will enter into any arrangement or agreement (i) which would prohibit it from providing its
respective Services in relation to a Current Contract or any New Contract; or (ii) which would otherwise prevent, penalize or discourage it from providing its respective Services to the other Parties, in each case during the term of this
Agreement. 

  

	4.2	 Fair allocation of resources 

 

	4.2.1	 Each Party shall allocate its staff and resources to the performance of its respective Services as necessary to
comply with Schedule 1 hereto. 

  

	4.3	 Communication with Regulators 

 

	4.3.1	 Each of the Parties agrees promptly to notify the other Parties of any material regulatory issues or
problems relating to the Services. The Parties agree to use all reasonable endeavors to address such issues or problems in order to enable the Parties to comply with Applicable Law. 

 

	4.3.2	 Each Party shall immediately notify the other Parties if it receives a notification that (i) the CFTC is
considering withdrawal of its status as a DCO or DCM, as the case may be, or the New York Department of Financial Services is considering withdrawal of its status as a Trust Company; (ii) any other Governmental Authority is requiring separate
registration or regulation of the Warehouse or Warehouse Services or the trading or clearing of Digital Currency Contracts, (iii) the CFTC, New York Department of Financial Services or other Governmental Authority is exercising powers of
direction or emergency authority in such a manner that may impact the Services; or (iv) any such authority is considering exercising such powers. 

  

	4.4	 Co-operation with auditors 

Each Party shall, upon another Party’s (the “Requesting Party”) reasonable request and at the Requesting Party’s
expense, provide reasonable co-operation to any person carrying out a statutory or financial services regulatory audit, investigation, information gathering or similar function on the Requesting Party’s
business, providing nothing in this clause shall require a Party to breach any obligation or duty of confidentiality. 

  
 8 

	5	 Relationship Management 

IFUS shall appoint and at all times maintain the appointment of an IFUS Contract Manager. ICUS shall appoint and at all times maintain the
appointment of an ICUS Contract Manager. Warehouse shall appoint and at all times maintain the appointment of a Warehouse Contract Manager. The IFUS Contract Manager, the ICUS Contract Manager and the Warehouse Contract Manager shall be responsible
for managing the relationship between IFUS and ICUS pursuant to this Agreement, in accordance with Schedule 6 (Relationship Management). 
  

	6.	 Change Control 

 

	6.1	 Amendment to the Rules 

 

	6.1.1	 Power to amend 

 

	6.1.1.1	 IFUS may at any time amend, extend, delete or replace the IFUS Rules or any provision thereof.

  

	6.1.1.2	 ICUS may at any time amend, extend, delete or replace the ICUS Rules or any provision thereof.

  

	6.1.1.3	 Warehouse may at any time amend, extend, delete or replace the Warehouse Terms or any provision thereof.

  

	6.1.2	 Obligation to consider amendments 

 

	6.1.2.1	 IFUS shall consider in good faith making such amendments to the IFUS Rules in relation to Digital
Currency Contracts as ICUS or Warehouse may reasonably request. 

  

	6.1.2.2	 ICUS shall consider in good faith making such amendments to the ICUS Rules in relation to Digital
Currency Contracts as IFUS or Warehouse may reasonably request. 

  

	6.1.2.3	 Warehouse shall consider in good faith making such amendments to the Warehouse Terms as IFUS or ICUS may
reasonably request. 

  

	6.1.3	 Procedure for amendment 

A Party preparing to make any amendment, extension, deletion or replacement of its Rules which may affect another Party shall, in so far as is
practicable in the circumstances: (1) first consult with the other Party and give the other Party notice including details of the proposed change; and (2) if it may have a material adverse effect on the other Party, an IFUS Member or a
Clearing Member, give the other Party (except in the case of exercise of emergency powers under the applicable Rules) no less than 10 Business Days’ written notice of the final form and content of the extension or amendment prior to its coming
into effect. This requirement shall not apply to any amendment which: (i) is of a minor nature and relates to Rules of an administrative or commercial nature; (ii) is of a limited, technical nature; (iii) relates to fees charged to
Clearing Members or IFUS Members; (iv) is necessary as a result of a Default Notice having been served or being about to be served or a Force Majeure Event; (v) is required to ensure compliance by the Party or any IFUS Member or Clearing
Member with Applicable Law or the requirements of any Governmental Authority or is necessary or desirable to maintain the Party’s status as an DCO, DCM or Trust Company, as the case may be, or any other legal or regulatory status it has under
any other Applicable Law; or (vi) is otherwise of an urgent nature. 
  

	6.1.4	 Regulatory Requirements 

  
 9 

	6.1.4.1	 Without the prior written consent of ICUS and Warehouse, unless so directed by a Governmental Authority,
IFUS shall not adopt any provision in the IFUS Rules which may have the effect of imposing on any Party an obligation which is inconsistent with this Agreement or Applicable Law. 

 

	6.1.4.2	 Without the prior written consent of IFUS and Warehouse, unless so directed by a Governmental Authority,
ICUS shall not adopt any provision in the ICUS Rules which may have the effect of imposing on any Party an obligation which is inconsistent with this Agreement or Applicable Law. 

 

	6.1.4.3	 Without the prior written consent of IFUS and ICUS, unless so directed by a Governmental Authority,
Warehouse shall not adopt any provision in the Warehouse Terms which may have the effect of imposing on any Party an obligation which is inconsistent with this Agreement or Applicable Law. 

 

	6.2	 Amendment to this Agreement 

Where any Party wishes to make a change to this Agreement or any of the Schedules to this Agreement, or any document agreed pursuant to this
Agreement (a “Change”), other than a New Contract Request, but including (without limitation): 
  

	6.2.1	 the addition of new services or modification of existing Services; or 

 

	6.2.2	 the addition of new service levels or modification of existing service levels; 

then Schedule 5 (Change Control) shall apply in respect of the Change. 

 

	7	 Information Technology and Data Protection 

The Parties shall comply with the provisions of Schedule 8 (Information Technology and Data Protection) as applicable. 

 

	8	 Responsibility of the Parties 

Each Party shall be responsible for any failure to perform its respective obligations under this Agreement save to the extent that such failure
arises solely or principally as a result of a Force Majeure Event, in which case Clause 13 shall apply. 
  

	9	 Intellectual Property Rights 

 

	9.1	 Materials 

  

	9.1.1	 As among the Parties: 

 

	9.1.1.1	 IFUS shall own all Intellectual Property Rights in IFUS Materials; 

 

	9.1.1.2	 ICUS shall own all Intellectual Property Rights in ICUS Materials; and 

 

	9.1.1.3	 Warehouse shall own all Intellectual Property Rights in Warehouse Materials. 

 

	9.1.2	 Subject to the requirements of any agreements of each of the Parties with ICE Group in relation to
Intellectual Property Rights, each Party agrees to do all things and to execute all deeds, instruments, transfers or other documents as may be necessary or desirable in order to give effect to this clause 9.1. 

 

	9.2	 Licenses 

Each Party hereby grants to the other Parties such non-transferable,
non-exclusive, worldwide and royalty-free license or sub-license of Intellectual Property Rights owned or licensed by it as

  
 10 

 
may be necessary for the purpose of enabling the proper performance of this Agreement; provided that if, as a result of a material change in the Services, due to a Change initiated by a Party or
otherwise agreed by a Party, a new license is necessary for such proper performance, the Parties shall in good faith negotiate the terms, including any fees, on which such license is granted. 

 

	10	 Representations, Warranties, Undertakings and Indemnities 

Each Party represents, warrants and undertakes to the others that, as at the date of this Agreement and throughout the Term: 

 

	10.1	 it has full capacity and authority to enter into and to perform its obligations under this Agreement;

  

	10.2	 it shall, for the Term, maintain all authorizations, licenses and/or exemptions required to provide or
receive (as the case may be) the Services in accordance with this Agreement; 

  

	10.3	 this Agreement is executed by a duly authorized representative of that Party; 

 

	10.4	 there are no actions, suits or proceedings or regulatory investigations pending or, to that Party’s
knowledge, threatened against or affecting that Party before any court or administrative body or arbitration tribunal that is reasonably likely to affect the ability of that Party to meet and carry out its obligations under this Agreement; and

  

	10.5	 it will not, by any act or omission, breach any license granted to it by another Party which is relevant
to the performance by it of its obligations under this Agreement. 

  

	11	 Confidentiality 

 

	11.1	 Subject to clause 11.5, each of the Parties shall: 

 

	11.1.1	 keep confidential the terms of this Agreement and all information, whether in written or any other form, which
has been disclosed (by whatever means, directly or indirectly), to it by or on behalf of another Party, whether before or after the date of this Agreement, including (without limitation) any information relating to Intellectual Property Rights,
Current Contracts, New Contracts, ICUS Materials, IFUS Materials, Warehouse Materials, operations, processes, plans, market opportunities or business affairs of the person making the disclosure or which relates to the provision or use of the
Services to or by IFUS, ICUS, Warehouse or Warehouse Participants, in each case, which has been disclosed in confidence or which by its nature ought to be regarded as confidential; 

 

	11.1.2	 procure that its officers, employees, agents and representatives keep secret and treat as confidential all such
documentation and information; and 

  

	11.1.3	 not use such information other than for the purposes of this Agreement and carrying out obligations and
exercising rights pursuant to the IFUS Rules, ICUS Rules or Warehouse Terms (as applicable). 

  

	11.2	 Clause 11.1 does not apply to information: 

 

	11.2.1	 which at the date of this Agreement is in, or at any time after the date of this Agreement comes into,
the public domain, other than in consequence of a breach of this Agreement; 

  

	11.2.2	 to the extent made available to the recipient Party by a third party who is entitled to divulge such
information and who is not under any obligation of confidentiality in respect of such information and who has disclosed that information under an express statement that it is not confidential; 

  
 11 

	11.2.3	 to the extent required to be disclosed by any Applicable Law or any Governmental Authority; provided
that the Party disclosing the information shall notify the other affected Party of the information to be disclosed (and of the circumstances in which the disclosure is alleged to be required, in each case to the extent lawfully possible) as early as
reasonably possible before such disclosure must be made and shall take all reasonable action to avoid and limit such disclosure to any extent lawfully and reasonable practicable; or 

 

	11.2.4	 which a Party is required to disclose to a third party (including, for the avoidance of doubt, IFUS
Members, Clearing Members and Warehouse Participants) in order properly to perform its obligations under or pursuant to this Agreement, the IFUS Rules, ICUS Rules or Warehouse Terms. 

 

	11.3	 A Party receiving information subject to this Clause 11 shall ensure that each person to whom such
information is properly disclosed is made aware of, and is contractually bound to comply with and complies with, all of the receiving Party’s obligations of confidentiality under this Agreement as if that person were a Party to this Agreement
in place of the receiving Party. 

  

	11.4	 Without limiting clause 11.1, ICUS and Warehouse acknowledges and agrees that all trade data relating to
Contracts (the “Transaction Data”) are the property of IFUS. IFUS grants each of ICUS and Warehouse a non-exclusive, royalty-free, non-transferable
license for the Term to use and copy Transaction Data or any part of them for any and all of the following purposes: 

  

	11.4.1	 as necessary to provide the Services or any part of them; 

 

	11.4.2	 compiling end of day market statistics for use in management information by ICUS or Warehouse in the
provision of the Services and, for the avoidance of doubt, including for the purpose of compiling aggregate statistics in connection with ICUS’s business as a DCO; 

 

	11.4.3	 calculation of intra-day and end of day margining obligations of
the Clearing Members in relation to their Contracts and reporting to Clearing Members of the information relied upon in calculating such margin obligations or otherwise for risk management purposes; 

 

	11.4.4	 performing its obligations in respect of the Services under the ICUS Rules or Warehouse Terms, as
applicable;  

  

	11.4.5	 complying with requests from any Governmental Authority, or for the purposes of commencing, or
defending, any arbitration or court proceedings or obtaining legal advice; provided that the disclosing Party shall notify IFUS of the information to be disclosed (and of the circumstances in which the disclosure is alleged to be required in each
case, to the extent legally possible) as early as reasonably possible before such disclosure must be made and shall take all reasonable action to avoid and limit such disclosure to any extent lawfully and reasonably practicable except where the
relevant disclosure is privileged; and 

  

	11.4.6	 providing to any Clearing Member any information or details regarding any Contract to which that
Clearing Member is a party; 

 providing always that, in addition to the above, ICUS may at any time compile, and make
publicly available, market statistics. Any other confidential information received from IFUS may be made publicly available by the other Parties only with the prior express consent in each instance of IFUS. 

 

	11.5	 Each Party shall provide each other Party with such data or other information which such other Party may be
required to produce from time to time to a Governmental Authority which is reasonably requested by such other Party. 

  
 12 

	11.6	 Each Party acknowledges and agrees that each other Party may disclose Transaction Data to its employees,
legal advisers, insurance brokers, underwriters, auditors and such other professional advisers to whom disclosure is reasonably necessary for the proper performance of that Party’s and such third party’s businesses, provided that such
persons are required to keep the Transaction Data confidential.  

  

	12	 Liability 

  

	12.1	 Subject to clause 12.4, the total aggregate liability of each Party to any other Party for all losses,
damages, costs, claims and expenses of any kind arising out of or in any way connected to this Agreement (“Losses”) shall not exceed the greater of (i) $10 million or (ii) the aggregate of its Applicable
Revenues hereunder for the 12 month period immediately prior to the date of the event giving rise to the Loss in question (or, if this Agreement has been in effect for less than 12 months at the time of such event, an estimate of 12 months’
Applicable Revenues based on relevant revenues for the period this Agreement has been in effect). The foregoing limitation shall apply regardless of whether a claim arises in contract, tort, restitution, negligence, statutory liability or
otherwise; provided that the foregoing limitation shall not apply to any Losses arising from a Party’s fraud or willful misconduct. For purposes hereof, “Applicable Revenues” means (i) in the case of IFUS, the trading
revenues payable by it to Warehouse hereunder, (ii) in the case of ICUS, the clearing revenues payable by it to Warehouse hereunder, and (iii) in the case of Warehouse, the trading and clearing revenues received by it hereunder.

  

	12.2	 The Parties acknowledge they have entered into this Agreement in reliance upon the limitations of
liability and disclaimers of warranties and damages set out herein and that the same form an essential basis of the bargain between the Parties. 

  

	12.3	 

  

	12.3.1	 Each Party acknowledges, understands and accepts that the other Parties make no representation or
warranty whatsoever to such Party as to their respective Services, express or implied, and that those of such Services as are provided to IFUS Member, Clearing Members or Warehouse Participants are provided “as is” in accordance with the
provisions of the IFUS Rules, ICUS Rules or Warehouse Terms, as applicable. 

  

	12.3.2	 No implied warranties of merchantability or fitness for a particular purpose shall apply. Except as
expressly provided herein, no Party or its respective managers, members, officers, employees or agents make any representation or warranty with respect to, and no such person shall have any liability to any other Party for, the accuracy, timeliness,
completeness, reliability, performance or continued availability of the Services provided by it to IFUS Members, Clearing Members or Warehouse Participants (including but not limited to the operation and functionality of systems utilized in relation
thereto), or for delays, omissions or interruptions therein. No Party shall have any duty or obligation to verify any information received from any other Party or any IFUS Member, Clearing Member or Warehouse Participant. Without limiting the
generality of the foregoing, each Party disclaims any implied representations or warranties of merchantability or fitness for a particular purpose regarding its systems or the operation and functionality thereof. 

 

	12.4	 Without prejudice to each Party’s obligations under this Agreement, each Party acknowledges and
agrees that, except as set out explicitly in this Agreement, each other Party does not owe any duty of care to it in relation to the admission of any Clearing Member, IFUS Member or Warehouse Participant or that other Party’s exercise of powers
under the ICUS Rules, IFUS Rules or Warehouse Terms, as the case may be. 

  
 13 

	13	 Force Majeure 

 

	13.1	 Force Majeure Events 

 

	13.1.1	 Subject to clause 13.2 below, no Party shall be liable to any other Party for any failure to comply with
its obligations hereunder if and to the extent that such failure results from a Force Majeure Event. No Party shall not be able to rely on this clause 13.1.1, to the extent that its failure to comply with its obligations is due to or connected with
a failure by it to comply with its obligations under Schedule 3 (Business Continuity Arrangements), except where such failure is itself the result of a Force Majeure Event. 

 

	13.2	 Procedure 

Clause 13.1.1 shall apply for the duration of the reasonable effects of the Force Majeure Event, provided that the Affected Party complies with
this clause 13.2. A Party unable to comply with its obligations as a result of a Force Majeure Event (the “Affected Party”) shall: 
  

	13.2.1	 give written notice to each other Party (an “Other Party”) as soon as reasonably
practicable after it becomes aware of the occurrence or likely possibility of a Force Majeure Event, such notice to contain the following information: 

  

	 	(i)	 a description of the Force Majeure Event that has occurred or is likely to occur; 

 

	 	(ii)	 the date from which the Force Majeure Event has prevented or hindered or will prevent or hinder the Affected
Party in its performance hereunder; 

  

	 	(iii)	 a description of the obligations under this Agreement affected by the Force Majeure Event;

  

	 	(iv)	 its best estimate of the date upon which it will be able to resume performance; 

 

	13.2.2	 at all times continue to take steps in accordance with Good Industry Practice to resume full performance
of its obligations under this Agreement as soon as reasonably practicable; 

  

	13.2.3	 use all reasonable endeavors to mitigate the consequences of the Force Majeure Event; and

  

	13.2.4	 at reasonable intervals, or upon request by an Other Party, update such Other Party as to the Force
Majeure Event, its effect, the steps being taken or planned to remedy it and such other details as the Other Party may reasonably request. 

  

	14	 Termination Events 

 

	14.1	 Insolvency 

Upon the Insolvency of any Party, either of the other Parties may terminate this Agreement by notice to all Parties. 

 

	14.2	 Other Termination Events 

A Party may terminate this Agreement immediately (or at its option upon such period of notice as it may specify) by notice to the other Parties
if: 
  

	14.2.1	 In the case of IFUS, IFUS has received noticed that it will cease to be a DCM; in the case of ICUS, ICUS
has received notice that it will cease to be a DCO, as the case may be; or in the case of Warehouse, Warehouse has received notice that it will cease to be a Trust Company; 

  
 14 

	14.2.2	 Another Party’s provision of its respective Services is of such a nature that the Party fails to
satisfy relevant provisions of the CEA and CFTC regulations (in the case of IFUS or ICUS) or the New York Banking Law and regulations of the New York Department of Financial Services (in the case of Warehouse) applicable to it and such failure is
not rectified within 30 days’ notice; 

  

	14.2.3	 Such Party will be required to be registered or regulated in its provision of the Services in a manner
that it is not registered or regulated or contemplated to be registered or regulated as of the date hereof. 

  

	14.2.4	 Another Party fails to perform its respective Services hereunder in all material respects, and such
failure is not remedied within 30 days after notice thereof. 

  

	14.3	 Termination by Warehouse on Notice  

At any time after the date of this Agreement, the Warehouse may terminate this Agreement on three months’ written notice to the other
Parties; provided that notwithstanding such termination, this Agreement shall continue in effect until the earlier of (i) the date as of which all open interest in Digital Currency Contracts hereunder shall have expired or been extinguished in
accordance with the terms thereof and (ii) the date that is one year following Warehouse’s notice of termination. 
  

	14.4	 Termination on Ownership Change 

If on any date Intercontinental Exchange, Inc. or one of its subsidiaries ceases to be the owner of at least 20% of the equity units of Bakkt
Holdings, LLC on a fully diluted and as converted basis, this Agreement shall terminate (if not otherwise earlier terminated in accordance with the terms hereof) on the 7th anniversary of the
occurrence of such event. 
  

	14.5	 Consequences of Termination 

In relation to termination of this Agreement, the provisions to Schedule 7 (Exit Management) shall apply. Termination of this Agreement for any
cause shall not release a Party from: 
  

	14.5.1	 any liability which at the time of termination has already accrued or which thereafter may accrue in respect of
any act or omission prior to such termination; or 

  

	14.5.2	 any provision of this Agreement which expressly or by implication applies for a period after any such
termination, 

 and for the avoidance of doubt, any Services which are provided after termination of this Agreement shall
be provided in accordance with the terms of this Agreement. 
  

	15	 General 

  

	15.1	 Notices 

  

	15.1.1	 Addresses 

Any notice, claim or demand in connection with or pursuant to this Agreement shall be in writing (each a “Notice”) and shall
be deemed to be given if delivered or sent to the recipient at its address set out below or any other address notified to the sender by the recipient for the purposes of this Agreement. 

Notices to IFUS: 
 Address:
55 E. 52nd Street, New York, New York 10055 
 Marked for the attention of: General
Counsel 
 E-mail: audrey.hirschfeld@theice.com 

  
 15 

 Notices to ICUS: 

Address: 55 E. 52nd Street, New York, New York 10055 

Marked for the attention of: Hester Serafini, President and COO 

E-mail: hester.serafini@theice.com 

With a copy to: 
 Address: 55 E.
52nd Street, New York, New York 10055 
 Marked for the attention of: Eamonn Hahessy,
General Counsel 
 E-mail: eamonn.hahessy@theice.com 

Notices to Warehouse: 

Address: 55 E. 52nd Street, New York, New York 10055 

Marked for the attention of: Adam White, Chief Executive Officer 

                        
                    Chris Michels, Director, Custody Operations 

E-mail: adam.white@bakkt.com 

            chris.michels@bakkt.com 

With a copy to: 
 5660 New
Northside Drive, 3rd Floor, Atlanta, Georgia 30328 
 Marked for the attention of:
General Counsel 
 E-mail: legal-notices@bakkt.com 

 

	15.1.2	 Form 

A Notice shall be in writing in English and may be sent by reputable courier, first class prepaid post or by electronic mail. A Notice shall be
deemed to have been received at the time specified in the courier’s records if delivered by courier, at the time sent, if sent by electronic mail and on the second Business Day from the time of posting, if sent by first class post. 

 

	15.2	 Whole Agreement 

 

	15.2.1	 This Agreement constitutes the whole agreement between the Parties and supersedes any previous arrangement,
understanding or agreement between them relating to the subject matter of this agreement. 

  

	15.2.2	 Each Party represents and warrants to the other parties that, in entering into this Agreement and any document
incorporated by reference in it, it does not rely on any statement, representation, assurance or warranty of any person (whether a party to this Agreement or not) other than as expressly set out in this Agreement or those documents.

  

	15.2.3	 Each Party agrees and undertakes to the other Parties that to the fullest extent permitted by applicable law,
the only rights and remedies available to it arising out of or in connection with this Agreement or its subject matter shall be solely for breach of contract, in accordance with the provisions of this Agreement. 

  
 16 

	15.3	 Remedies 

  

	15.3.1	 The Parties acknowledge that damages may not be an adequate remedy for any breach of this Agreement.
Subject to Clause 16, either Party shall be entitled to obtain any legal and/or equitable relief, including specific performance or injunctive relief, in the event of any breach of the provisions of this Agreement. 

 

	15.4	 Waiver 

No failure of either Party to exercise, and no delay by it in exercising, any right, power or remedy in connection with this Agreement (each a
“Right”) shall operate as a waiver of that Right, nor shall any single or partial exercise of any Right preclude any other or further exercise of that Right or the exercise of any other Right. 

 

	15.5	 Amendment 

No amendment or modification of this Agreement shall be effective unless in writing and signed by or on behalf of each Party or made pursuant
to Schedule 5. 
  

	15.6	 Assignment 

No Party may assign, transfer, deal or create any interest whatsoever in any of its rights or obligations under this Agreement, whether in
whole or in part, or purport to do any of the same, without the prior written consent of the other Parties. This Agreement shall bind, and inure to the benefit of, the parties and their authorized successors and assignees. 

 

	15.7	 No Partnership or Agency 

 

	15.8.1	 Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture
between any of the Parties, constitute any Party the agent of another Party, nor authorize any Party to make or enter into any commitments for or on behalf of any other Party. 

 

	15.8	 Sub-contracting and Outsourcing 

 

	15.8.1	 A Party may with the prior written consent of the other Parties (such consent not to be unreasonably
withheld or delayed), sub-contract any of its obligations under this Agreement. 

  

	15.8.2	 Sub-contracting by a Party will not relieve that Party of any of
its obligations under this Agreement. The sub-contracting Party shall remain fully responsible to the other Parties for the acts and omissions of all its sub-contractors
and their employees, directors and agents as if such acts or omissions were the first Party’s own acts and omissions. 

  

	15.8.3	 If a Party at any time reasonably considers that: 

 

	15.8.3.1	 the performance by a sub-contractor of a sub-contracting Party of its obligations is unsatisfactory; or 

  

	15.8.3.2	 any other performance by the sub-contractor is adversely
affecting the relationship between the Parties, 

 then that Party shall notify the
sub-contracting Party and the sub-contracting Party shall, if it does not dispute the notice, address such concerns. 

  
 17 

	15.9	 Relationship between the Parties 

 

	15.9.1	 This Agreement does not establish any relationship of employer-employee, principal and agent, trustee
and beneficiary, partnership of any kind, joint venture or association between or among the Parties. 

  

	15.9.2	 Save to the extent to which a Party is specifically authorized in writing in advance by another Party,
no Party is authorized or empowered to act as agent for another Party for any purpose. 

  

	15.10	 Further assurance 

Each of the Parties shall, and shall use all reasonable endeavors to procure that any necessary third party shall, execute such documents and
do such acts and things as the other Parties may reasonably require for the purpose of giving to the other Parties the full benefit of all the provisions of this Agreement. 
  

	15.11	 Invalidity 

If any provision of this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law,
such provision or part shall to that extent be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected. 

 

	15.12	 Costs 

Each Party shall bear all costs incurred by it in connection with the preparation, negotiation and entry into of this Agreement and any
documents entered into pursuant to it. 
  

	15.13	 Third Party Rights 

Unless expressly provided to the contrary, a person who is not a party to this Agreement has no right to enforce or to enjoy the benefit of any
term of this Agreement. 
  

	15.14	 Governing Law 

This Agreement and the documents to be entered into pursuant to it and all matters arising out of or relating thereto shall be governed by and
shall be construed in accordance with the law of the State of New York (without reference to choice of law doctrine). 
  

	16	 Dispute Resolution 

 

	16.1	 Any dispute, disagreement, matter or difference between the parties in respect of this Agreement
(“Dispute”) shall initially be referred to the Liaison Committee under Schedule 6. 

  

	16.2	 Any action, suit or proceeding with respect to any matter arising out of or related to this Agreement shall be
commenced in the United States District Court for the Southern District of New York in the County of New York, or, if no federal jurisdiction exists, then in the Supreme Court of the State of New York, New York County. Each party hereby agrees to
submit to the exclusive jurisdiction of such courts and to waive any objections based on venue in any such action, suit or proceeding. 

  

	16.3	 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

  
 18 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

			
	ICE FUTURES U.S., INC.
		
	 By:
	 	 /s/ Trabue Bland

	 Name: Trabue Bland

	 Title: President, ICE Futures U.S.

	
	ICE CLEAR US, INC.
		
	 By:
	 	 /s/ Hester Serafini

	 Name: Hester Serafini

	 Title: President and COO, ICE Clear US

	
	BAKKT TRUST COMPANY LLC
		
	 By:
	 	 /s/ Adam White

	 Name: Adam White

	 Title: CEO, Bakkt Trust Company

 Schedule 1A 

IFUS Services 
  

	1	 Record of Transactions 

Throughout each Business Day, IFUS shall provide ICUS promptly with a full, complete and accurate record of all IFUS DC Transactions in machine
readable form in accordance with IFUS’s and ICUS’s procedures. 
  

	2	 Details of IFUS Contracts 

 

	2.1	 IFUS shall at all times maintain full, complete and accurate records of all IFUS DC Transactions. Such
records shall be in such form as may be agreed from time to time between ICUS and IFUS; provided that at least the following information shall be retained by IFUS: 

 

	 	(i)	 the date and time at which the IFUS DC Transaction occurred or was notified to IFUS; 

 

	 	(ii)	 the names of each IFUS Member which is party to the IFUS DC Transaction; 

 

	 	(iii)	 the names of each Clearing Member(s) in whose name(s) each IFUS DC Transaction was presented;

  

	 	(iv)	 the underlying Digital Currency, the contract quantity or number of lots, the delivery date and the price (or,
in the case of an Option, the strike price and the premium); and 

  

	 	(v)	 such additional information as ICUS may reasonably require. 

 

	2.2	 IFUS shall retain the above records for a period of 3 years from the date on which they were created or
such other period as is required pursuant to Applicable Law applicable to IFUS. 

  

	3	 Information 

  

	3.1	 Subject to the express provisions of this Agreement, IFUS shall respond promptly to all reasonable
requests by ICUS or Warehouse for information or decisions relating to this Agreement, to the extent reasonably required by ICUS or Warehouse, as applicable, for the purpose of performing its obligations under this Agreement. 

 

	4	 Trading Limitations 

 

	4.1	 IFUS shall not permit the trading of Digital Currency Contracts by any IFUS Member on a trading day
except to the extent the transaction is within any applicable IFUS risk limits for Digital Currency Contracts established for the IFUS Member by its Clearing Member. 

 

	4.2	 IFUS shall require all IFUS Members trading Digital Currency Contracts either to be a Clearing Member or
have an account with a Clearing Member for the clearing of their trades. 

  

	5	 Business Continuity 

IFUS shall provide reasonable co-operation in the testing of the Business Continuity Arrangements in
accordance with paragraph 4 of Schedule 3 (Business Continuity Arrangements). 
  

	6	 Official Quotations 

IFUS shall calculate and provide to ICUS and Warehouse all official quotations and market or exchange delivery settlement prices required by
IFUS Rules or under ICUS Rules. In particular, IFUS shall each Business Day, at such times and in such manner as the Parties may from time 

  
 1-1 

 
to time agree, notify ICUS and Warehouse of the price or value which properly and fairly represents the price or value of each Digital Currency the subject of a Current Contract at the time as at
which such price or value is given. 
  

	7	 Close Out 

Where an IFUS Contract is to be closed out under the IFUS Rules or the ICUS Rules, IFUS shall inform ICUS of the proposed close out price or
premium (in the case of an Option) within 24 hours of being requested in writing by ICUS to do so. 

  
 1-2 

 Schedule 1B 

ICUS Services 
  

	1	 General 

The ICUS Services shall be clearing and related services in respect of Digital Currency Contracts as set out in the ICUS Rules and this
Agreement. 
  

	2.	 ICUS Services 

 

	2.1	 Trade Entry 

ICUS will receive from IFUS in machine readable form in accordance with IFUS’s and ICUS’s procedures the following information with
respect to each IFUS DC Transaction: 
  

	 	(i)	 the date and time at which the IFUS DC Transaction occurred or was notified to IFUS; 

 

	 	(ii)	 the names of each IFUS Member which is party to the IFUS DC Transaction; 

 

	 	(iii)	 the names of each Clearing Member(s) in whose name each IFUS DC Transaction was presented;

  

	 	(iv)	 the underlying Digital Currency, the contract quantity or number of lots, the delivery date and the price (or,
in the case of an Option, the strike price and premium); and 

  

	 	(v)	 such additional information as ICUS may reasonably require. 

 

	2.2	 ICUS Acceptance. 

ICUS, by accepting a Contract offered to it for clearance by or on behalf of a Clearing Member, shall assume, in the place of each Clearing
Member that is a party to such Contract, all liabilities and obligations imposed thereby to the Clearing Member that is the other party thereto, to the extent provided in ICUS Rule 401, and shall succeed to and become vested with all rights and
benefits accruing therefrom. Such assumption by ICUS shall terminate all liabilities and obligations of the Clearing Member whose Contract is so accepted to the other Clearing Member which was a party to such Contract. ICUS acceptance of a Contract
shall be subject to the ICUS Rules. 
  

	2.3	 Margin. 

  

	2.3.1	 ICUS shall require initial and variation margin from Clearing Members in respect of Digital Currency Contracts
in accordance with the ICUS Rules and ICE Risk Model, as in effect from time to time. 

 The foregoing shall not prevent
IFUS from setting margin or deposit requirements in respect of IFUS Contracts to be charged by IFUS Members to their clients (which may be greater than the amounts required by ICUS); provided that deposit requirements set by IFUS (or any alteration
thereof) shall not be less than that required of Clearing Members by ICUS. 
  

	2.3.2	 ICUS shall set and may periodically review any applicable margin parameters for Digital Currency Contracts used
in its margin methodology. The Parties shall consult on any proposed amendment thereto. 

  
 1-3 

	2.3.3	 If either IFUS or ICUS proposes to permit margin offsets between Current Contracts and any other Contracts
(whether or not cleared by ICUS), IFUS and ICUS shall consult and ICUS may make the change in question only upon the agreement of both IFUS and ICUS. 

  

	2.3.4	 ICUS shall calculate and apply its margin requirements and procedures in a manner consistent with CFTC
Regulations and other Applicable Law. 

  

	2.4	 Additional Default Resources for Digital Currency Contracts 

 

	2.4.1	 ICUS shall make a USD 35 million contribution to the default resources waterfall (in addition to other
contributions of ICUS under the ICUS Rules), to be used solely to cover losses with respect to Digital Currency Contracts (the “DC ICUS Contribution”). To the extent it is used or applied, ICUS may in its discretion replenish the DC
ICUS Contribution. 

  

	2.5	 Integrity of IFUS Open Interest 

Without the prior written consent of IFUS, ICUS shall not: 
  

	2.5.1	 other than following the issue by ICUS of a Default Notice in respect of any Clearing Member or in respect of
transfers of any Digital Currency Contracts between Clearing Members, permit the transfer or close-out of any Digital Currency Contract by means of any transfer to, or transaction executed on or through, any
exchange, market or system other than IFUS; 

  

	2.5.2	 permit any open interest in Digital Currency Contracts to be represented as open interest on other exchanges,
markets or systems; 

  

	2.5.3	 otherwise than in accordance with clause 2.3.4 above, permit any inter-contract credit, inter-commodity credit
or other position offset for margin purposes between Digital Currency Contracts and any other contracts cleared by ICUS; or 

  

	2.5.4	 permit the inclusion of any Digital Currency Contracts or open interest in any Digital Currency Contracts in
any mutual offset arrangements with another clearing house. 

  

	2.6	 Position Transfers (Transfer Trades). 

ICUS will effect the transfer of positions between Clearing Members as and to the extent permitted by IFUS and ICUS. 

 

	2.7	 Representation and Consultation 

 

	2.7.1	 ICUS agrees that if ICUS establishes a separate risk committee for Digital Currency Contracts or other
committee the members or attendees of which may include representatives of persons other than ICUS and whose decisions and/or issues which it considers may affect all or part of IFUS’ business related to Digital Currency Contracts, IFUS will be
entitled to appoint an IFUS representative to such committee. 

  

	2.7.2	 Reference in this clause 2.7 to any committee or group includes that committee or group by whatever name called
or any one or more committees or groups which take on one or more of the functions of such group or committee and any sub-committee or sub-group of such group or
committee. 

  

	2.8	 Membership of ICUS and IFUS 

 

	2.8.1	 Clearing Members will be admitted by ICUS, subject to such entry and other requirements as are set out in the
ICUS Rules. ICUS may impose additional requirements for Clearing Members that clear Digital Currency Contracts, as set out in the ICUS Rules. 

  

	2.8.2	 Any amendment to ICUS’s or IFUS’ membership requirements which may have a

  
 1-4 

	 	
disproportionate adverse effect on Clearing Members or IFUS Members (or applicants for membership), in either case with respect to Digital Currency Contracts, shall require the other
Parties’ prior written consent. 

  

	2.8.3	 ICUS and IFUS each agree to maintain and make publicly available criteria for Clearing Membership and IFUS
Membership (respectively) and to apply such criteria in respect of any application for membership in accordance with Applicable Law. 

  

	2.9	 IFUS Contracts to be cleared by IFUS Members 

ICUS shall not permit any Clearing Member which is not also an IFUS Member to be the Clearing Member for any Digital Currency Contract. 

 

	2.10	 Default 

Before issuing a Default Notice to a Clearing Member or declaring a Clearing Member to be a Defaulter, ICUS shall take all steps as are
reasonably practicable in the circumstances to consult with IFUS. ICUS shall notify IFUS as far in advance as practicable prior to issuing any Default Notice or declaring a Clearing Member to be a “Defaulter” under the ICUS Rules. ICUS
shall have no obligation to consult with Warehouse prior to issuing a Default Notice or declaring a Clearing Member to be a Defaulter. 
  

	2.11	 Reports. 

ICUS agrees to provide IFUS with the usual and customary reports relating to volume, open interest, cleared trades, trades not accepted for
clearance, delivery, allocation activity and errors, and large trader, as are requested by IFUS. Such reports shall be full, complete and accurate. ICUS will provide regulatory reports as required by CFTC Regulations. 

  
 1-5 

 Schedule 1C 

Warehouse Services 
  

	1	 General 

The Warehouse Services shall be warehouse, settlement and ancillary services relating to the Digital Currencies underlying Digital Currency
Contracts as set out in the Warehouse Terms and this Agreement. 
  

	2.	 Warehouse Services 

 

	2.1	 Establishment of Warehouse Account System and Digital Currency Accounts 

Warehouse shall establish and administer, on behalf of ICUS, a system of accounts (the “Warehouse Account System”, and each
such account, a “Digital Currency Account”) on its books and records for the deposit of Digital Currency by Warehouse Participants in connection with Digital Currency Contracts and for the transfer of such Digital Currency among
such accounts without use of an External Network. Warehouse shall upon request maintain one or more Digital Currency Accounts for each Warehouse Participant. The Warehouse Account System, and each Digital Currency Account, shall be used solely in
connection with Digital Currency Contracts. 
 Warehouse will maintain the Warehouse Account System as establishing a single authoritative
record from time to time of the Warehouse Participants on whose behalf Digital Currency is held through the Warehouse Account System (and the respective positions of such persons), including records identifying all Internal Transfers among the
accounts of such persons and all External Transfers to or from the accounts of such persons. Warehouse shall be the sole person entitled to make, or make changes to, such records. 

 

	2.2	 Deposit of Digital Currency 

Upon Instructions from a Warehouse Participant, Warehouse shall accept External Transfers of Digital Currency from or on behalf of the
Warehouse Participant for credit to its Digital Currency Account(s) in connection with the trading of Digital Currency Contracts. 
  

	2.3	 Verification of Digital Currency Balance 

On the last trading day of a Digital Currency Contract pursuant to automatic procedures agreed by the Parties, and at any time promptly upon
the request of IFUS or ICUS, Warehouse shall verify to such Parties the balance of Digital Currency in a Digital Currency Account for purposes of determining whether the applicable Warehouse Participant (or its Clearing Member) has sufficient
Digital Currency on deposit to settle a short position in such Digital Currency Contract in accordance with the IFUS Rules and ICUS Rules. 
  

	2.4	 Transfers; Role of ICUS. 

Warehouse shall make Transfers to or from a Warehouse Participant’s Account upon Instructions of ICUS, without further action or consent
of the Warehouse Participant or any other person. 
  

	2.5	 Internal Transfer for Settlement of Digital Currency Futures 

Solely upon Instructions of ICUS and without consent of any Warehouse Participant or any other person, Warehouse shall make Internal Transfers
of Digital Currency between Digital Currency Accounts designated by Clearing Members under IFUS Rules to settle Digital 

  
 1-6 

 
Currency delivery obligations under Digital Currency Contracts. Warehouse shall notify IFUS and ICUS of the completion of all such Internal Transfers (or of any failures thereof). The Warehouse
Terms shall provide that any such Internal Transfer will be final as between the parties thereto at the time the Warehouse posts such debits and credits to the transferor’s and transferee’s Digital Currency Accounts. 

 

	2.6	 Withdrawal of Digital Currency 

Upon appropriate Instructions from or on behalf of a Warehouse Participant in accordance with applicable Security Procedures, Warehouse will
make an External Transfer of Digital Currency from such Warehouse Participant’s Digital Currency Account. 
  

	2.7	 No Other Transfers or Uses of Accounts 

Warehouse shall not effect or permit Transfers of Digital Currency to or from Digital Currency Accounts other than as set forth in this
Agreement. Warehouse shall not maintain accounts for the holding of Digital Currency for other persons or for purposes other than in connection with Digital Currency Contracts. Warehouse shall not extend credit, make any advance of Digital Currency
or allow any overdraft of Digital Currency to or for any person. 
  

	2.8	 Warehouse Terms 

Warehouse shall procure that each Warehouse Participant shall agree to or otherwise be bound by the applicable Warehouse Terms in effect from
time to time. Warehouse shall not adopt any Warehouse Terms without consent of the other Parties. Warehouse shall not amend any Warehouse Terms of which IFUS or ICUS is a third party beneficiary without the prior written consent of IFUS and/or ICUS,
as applicable. 
  

	2.9	 No Delegation 

Warehouse shall not delegate any of its duties or functions with respect to the Warehouse Services or its other obligations hereunder to any
other person without the prior written consent of the other Parties. 
  

	2.10	 Performance Standards 

Warehouse shall provide the Warehouse Services in accordance with the Availability Performance Standards in Schedule 2, and such other service
level arrangements as may be agreed by the Parties from time to time. 
  

	2.11	 Establishment of ICUS Default Resource Contribution 

On or prior to the Effective Date, Warehouse shall provide (or cause to be provided) to ICUS a cash contribution equal to US$35 million
(the “Warehouse ICUS Contribution”), which ICUS shall apply and maintain during the Term as the initial DC ICUS Contribution. Warehouse shall not be obligated to make any additional contribution in the event the DC ICUS Contribution
is used or applied in accordance with the ICUS Rules, except as may be separately agreed by the Parties. The Warehouse ICUS Contribution shall not confer on Warehouse any equity, ownership or other interest in ICUS or other rights with respect to
ICUS except as provided in this Clause 2.11 of Schedule 1C. 
 Upon termination of this Agreement and completion of the exit management steps
set forth in Schedule 7, ICUS shall pay to Warehouse an amount equal to the Warehouse ICUS Contribution, less any amount thereof that has been previously used or applied from the DC ICUS Contribution in accordance with the ICUS Rules. ICUS shall not
be obligated to pay to Warehouse any interest or other return on or with respect to its Warehouse ICUS Contribution. 

  
 1-7 

	2.12	 Forks and Similar Events 

Warehouse shall notify IFUS and ICUS upon becoming aware of any changes or other actions with respect to the underlying operating rules,
protocols and standards for Digital Currency credited to Digital Currency Accounts (“Protocol Changes”), whether or not announced in advance, including a so-called hard fork, user activated
soft fork, or other process that results in a division or split of Digital Currency into multiple, non-fungible assets, a swap, conversion or exchange of Digital Currency into or for another asset, a
restriction on transfer of Digital Currency (including a so-called lock-up or freeze), or a so-called airdrop or other
distribution of any asset to existing holders of Digital Currency, and Warehouse shall notify IFUS and ICUS in advance of any action proposed to be taken by Warehouse with respect to such Protocol Changes under the Warehouse Terms. 

 

	3	 Security Procedures 

Warehouse shall maintain its holdings of Digital Currency credited to Digital Currency Accounts (and related security keys) and make Transfers
of Digital Currency solely in accordance with its security procedures and protocols as in effect from time to time (“Security Procedures”). All Security Procedures (and proposed changes therein) shall be subject to review and
approval by IFUS and ICUS. 
  

	4	 Supervision, Inspection and Regulatory Cooperation 

(a) The operation of the Warehouse Account System, and the provision of the Warehouse Services, shall be subject to the supervision of IFUS,
subject to the terms of this Agreement. Warehouse shall take such actions as may be reasonably requested by IFUS or ICUS in response to any request, inquiry, requirement or direction of the CFTC or any other Regulatory Authority with jurisdiction
over IFUS or ICUS. 
 (b) Warehouse shall permit IFUS, and its directors, officers, representatives, auditors and professional advisors, upon
reasonable notice and request, to have access to any site used or occupied by Warehouse in connection with the provision of the Warehouse Services and the facilities therein (including access to any records, files and computer systems), to have
access to such directors, officers, employees and representatives of Warehouse as are reasonably requested in connection with the Warehouse Services, and to inspect and/or take copies of all accounts and records of Warehouse in connection with the
Warehouse Services. 
 (c) Upon the request of IFUS, Warehouse shall (i) make itself available for meetings concerning the Warehouse
Services with representatives of any Governmental Authority as requested by such Governmental Authority, (ii) provide representatives of any such Governmental Authority with access to its records, (iii) reduce information in its possession
relating to the Warehouse Services held on computer into readily legible documentation as may be requested by any Governmental Authority, (iv) give any inspection team of any Governmental Authority access to any site used or occupied by
Warehouse in connection with the provision of the Warehouse Services and facilities therein (including access to any records, files or computer systems) as the inspection team may reasonably require, (v) permit the representatives of any
Governmental Authority to copy records of the Warehouse relating to the Warehouse Services, and (vi) respond cooperatively in respect of questions reasonably put to it by any Governmental Authority or its representatives. 

 

	5.	 Obligations of Warehouse Under IFUS Rules 

Warehouse shall comply with the following obligations, in furtherance of the requirements applicable to Warehouse under the IFUS Rules: 

  
 1-8 

 (a) Warehouse shall provide annual audited financial statements to IFUS within 60 days of
Warehouse’s fiscal year-end. 
 (b) Warehouse shall engage an independent certified public
accountant to conduct a review and issue a SOC 1 Type II report, by a date to be agreed between IFUS and Warehouse. Warehouse shall provide a copy of the SOC 1 Type II report to the Exchange within 30 days of the completion of the report and
remediate issues discovered by the review in a manner acceptable to IFUS. 
 (c) Warehouse shall maintain in effect business continuity,
disaster recovery and security incident response plans. Warehouse shall test such plans on an annual basis. Warehouse shall provide the results of the testing performed to IFUS within 30 days of completion of the testing and remediate issues
discovered by the testing in a manner acceptable to IFUS. 
 (d) Warehouse shall conduct internal and external penetration testing, with a
scope and manner to be agreed between IFUS and Warehouse, on at least an annual basis. Warehouse shall provide the results of the testing to the Exchange within 30 days of the completion of the testing and remediate issues discovered by the testing
in a manner acceptable to IFUS. 
 (e) Warehouse shall limit the maximum size of any individual warm wallet used for holding digital currency
deposited by Warehouse Participants to $10 million, except as otherwise agreed among the Parties. 
 (f) Warehouse shall be
contractually obligated to reimburse Warehouse Participants for losses of digital currency held in accounts of Warehouse Participants at Warehouse resulting solely from theft or Warehouse’s negligence, provided that such losses across all
Warehouse Participants do not exceed $10 million per incident or $25 million in the aggregate for all such incidents in any calendar year. Such losses may be covered through insurance or Warehouse’s capital. 

(g) Warehouse shall maintain a record of each deposit, transfer or withdrawal of Digital Currency to and from Digital Currency Accounts in
connection with Digital Currency Contracts. Such records must be readily available for inspection by IFUS upon request, and must be maintained in electronic form acceptable to IFUS for a period of not less than 5 years from the date of the relevant
transaction. 
  

	6	 Definitions 

As used in this Schedule, the following terms shall have the indicated meanings: 

“External Transfer” shall mean a transfer of an amount of Digital Currency using an External Network either (i) from a
person or account outside of the Warehouse Account System to Warehouse for credit to a Digital Currency Account or (ii) from Warehouse by debit from a Digital Currency Account of a Warehouse Participant to an account or person outside of the
Warehouse Account System. 
 “External Network” shall mean, with respect to a Digital Currency, the blockchain, distributed
ledger or other network, whether public, permissioned or private (or any combination thereof), operated or used by one or more persons other than Warehouse for registering or recording holding or ownership of such Digital Currency and effecting or
recording transfers of such Digital Currency between persons. 
 “Instructions” shall mean written or electronic
communications actually received by Warehouse from an authorized person of a Warehouse Participant, IFUS or ICUS, as 

  
 1-9 

 
applicable, effected by means of an electronic medium or system or method specified or approved by Warehouse as available for use in connection with the Warehouse Services. 

“Internal Transfer” shall mean a transfer of Digital Currency within the Warehouse Account System from a Digital Currency
Account of one Warehouse Participant to a Digital Currency Account of another Warehouse Participant by book-entry on the books and records of Warehouse, and without using an External Network. 

“Transfer” shall mean an Internal Transfer or External Transfer, as applicable, of Digital Currency. 

  
 1-10 

 Schedule 2 

Part I 
 Availability
Performance Standards for Warehouse Services 
  

					
	1.        	  	Hours of Operations	  	The “Quarterly Service Period” means all Business Days in a calendar quarter with each such Business Day beginning at 01.00 hours and ending at 23.00 hours local New York time.
			
	2.	  	Availability	  	Each of the Warehouse Services set out in Schedule 1C shall be performed on the basis of a minimum of 99.5% availability during each Quarterly Service Period (the “Availability Requirements”).
			
		  		  	 “Unavailability” means any period during which IFUS or ICUS is unable to access a Warehouse Service, other than where such
inability results from the following:
  
 (i) a widespread loss of internet or WAN
connectivity or availability, or unexplained loss of connection;
  
 (ii) a failure of
the network, firewall or servers of another Party or a user of the Warehouse Account System;
  

(iii) any computer hardware or software (including conflicts with such hardware or software) used by a Party or a user of the Warehouse Account System;

 
 (iv) third party API developers’ hardware, software or routing issues;

 
 (v) any period in which IFUS or ICUS itself is not providing (or is not able to provide)
its respective Services hereunder; or
  
 (vi) otherwise from the action of a user of
the Warehouse Account System.
  
 Scheduled maintenance downtime outside of IFUS and
ICUS business hours shall not be treated as Unavailability, provided that IFUS and ICUS have been provided at least two (2) Business Days’ advance notice thereof.

			
	3.	  	Exclusions	  	An “Excluded Period” means any period of Unavailability (measured in minutes) caused by a Force Majeure Event affecting Warehouse.
			
	4.	  	Availability Measurement	  	 Availability shall be expressed as a percentage and measured as:
  

Total Available Service Minutes (defined as Total Service Minutes less any minutes of Unavailability)

			
		  		  	                                     
                                    x 100
		  		  	(Total Service Minutes – Excluded Period)
			
	5.	  	 Escalation
 Procedures
	  	If the Service fails to meet the Availability Requirements, the Parties shall adhere to the following escalation procedures:

  
 2-1 

					
			
		  		  	 (i) follow the Incident Management Procedures;

			
		  		  	 (ii)  (subject to the Incident Management Procedures) convene a meeting of Warehouse
operations management to review incident(s), including cause(s) and resolution, and to identify and implement any additional action(s) that may be necessary;

			
		  		  	 (iii)  inform IFUS, ICUS, and the Board of Managers of the Warehouse of the breach and
associated cause(s), effect(s) and resolution;

			
		  		  	 (iv) if unresolved (or if considered unresolved in the opinion of IFUS and ICUS), convene a
telephone meeting of the Contract Managers to discuss the plan and timing for resolution as well as temporary actions that may mitigate the problem; and

			
		  		  	 (v)   if the Availability Requirements are breached for any quarter, IFUS or
ICUS may escalate the issue to its Board of Directors board for guidance upon notifying Warehouse of its intent to do so.

  
 2-2 

 Schedule 2 

Part II 
 Incident
Management Procedures 
 The Parties will follow Intercontinental Exchange, Inc.’s incident management policy and procedures as in effect from time
to time. 

  
 2-3 

 Schedule 3 

Business Continuity Arrangements 
  

	1	 Implementing Arrangements 

 

	1.1	 Maintenance of continuity arrangements 

Each Party shall ensure that it has in place at all times appropriate business continuity arrangements, having regard to the nature of the
Services and its regulatory status and ICE Group business continuity policies. 
  

	1.2	 Continuity facilities 

Business continuity arrangements shall include the provision of off-site continuity facilities at
(a) separate location(s) from its main facilities so as to allow it to continue to provide the Services, subject only, in the circumstances giving rise to their use, to minor and reasonable interruptions. 

 

	2	 Maintenance 

  

	2.1	 Each Party shall maintain its Business Continuity Arrangements in accordance with Good Industry Practice.

  

	2.2	 Each Party shall advise the others of the ongoing development of its Business Continuity Arrangements and shall
have regard to the reasonable requests of the others in making amendments to such arrangements. 

  

	3	 Continuation after disruption 

Without prejudice to the terms of paragraph 1 above, each Party shall ensure that the Business Continuity Arrangements will enable it to
continue providing all of its Services within 2 hours after the provision of any of them is disrupted by any event which for any reason wholly or partially interferes in a material way with its ability to provide the Services. 

 

	4	 Testing 

Each Party shall perform a test of its Business Continuity Arrangements as they affect the provision of its Services at least 2
times per year to ensure their effectiveness. As soon as practicable after carrying out every such test, it shall notify the results of the test to the other Parties. 

  
 3-1 

 Schedule 4 

Revenue Allocation 
  

	1.	 Fees and Charges. 

Each of IFUS, ICUS and the Warehouse may establish from time to time its respective trading, clearing, delivery, warehouse and other fees and
charges in connection with Digital Currency Contracts. The Parties will consult with each other as to such fees and charges, and IFUS and ICUS agree not to implement or change any such fees or charges without the prior written consent of Warehouse
(which shall not be unreasonably withheld or delayed). 
  

	2.	 Trading/Clearing Revenue Allocation. 

(a) In connection with the formation of Warehouse, certain affiliates of IFUS and ICUS have agreed to cause certain assets to be contributed to
Warehouse and cause certain services to be provided to Warehouse by IFUS, ICUS and other affiliates of IFUS and ICUS. In furtherance of the foregoing contributions and the arrangements entered into among IFUS, ICUS and such affiliates, the Parties
agree that all revenues of IFUS and ICUS with respect to the trading and clearing, respectively, of Digital Currency Contracts, after deduction of any applicable rebates, fees owed to market-makers or liquidity providers, or similar incentives with
respect to IFUS’s and ICUS’s respective fees and charges in connection with such contracts (collectively, “Digital Currency Trading/Clearing Revenue”) shall be for the account of the Warehouse. Each of IFUS and ICUS shall
provide reasonable documentation to Warehouse of the amount of such Digital Currency Trading/Clearing Revenue. For the avoidance of doubt, Digital Currency Trading/Clearing Revenue shall not include any revenues from fees for transaction data or
other market data or application programming interface or similar connectivity fees (whether or not relating to Digital Currency Contracts) received by IFUS or ICUS or any of their affiliates. 

(b) Within 45 days of the end of the calendar quarter (or such other date as the Parties may agree), each of IFUS and ICUS shall pay to
Warehouse its Digital Currency Trading/Clearing Revenue, if positive, for the preceding calendar quarter. In the event the Digital Currency Trading/Clearing Revenue of IFUS or ICUS for the preceding calendar quarter is negative (as a result of
deduction of rebates, fees and incentives as described in paragraph (a) above), Warehouse shall pay the shortfall to IFUS or ICUS, as the case may be, by such date. For the avoidance of doubt, neither IFUS nor ICUS shall be responsible for
paying the Digital Currency Trading/Clearing Revenue of the other. 
  

	3.	 Market Data Revenue Allocation. 

(a) The Parties agree that (1) revenue from fees for transaction data and other market data relating solely to Digital Currency Contracts
that is made available by IFUS or any of its affiliates to subscribers on a stand-alone basis (“Stand-Alone Digital Currency Data Revenue”) and (2) revenue from fees for transaction data and other market data in connection with
data feeds or offerings that make available data relating to both Digital Currency Contracts and other IFUS products (“Combined Feeds”), solely to the extent such revenue from Combined Feeds is demonstrably attributable to Warehouse
(“Warehouse Combined Data Revenue”), shall be for the account of Warehouse. Revenue from Combined Feeds that is not Warehouse Combined Data Revenue shall be for the account of IFUS. IFUS shall provide reasonable documentation to
Warehouse of the amount of Stand-Alone Digital Currency Data Revenue and Warehouse Combined Data Revenue for each calendar quarter. 

  
 4-1 

 (b) Within 45 days of the end of the calendar quarter (or such other date as the Parties may
agree), IFUS shall pay (or cause to be paid) to Warehouse the Stand-Alone Digital Currency Data Revenue and Warehouse Combined Data Revenue, if any, for the preceding calendar quarter. 

  
 4-2 

 Schedule 5 

Change Control  
  

	1	 Discussion of Changes 

Within five Business Days after a Party (the “Proposing Party”) notifies the other Parties (the “Receiving
Parties”) of a proposal for a Change, IFUS, ICUS and Warehouse shall discuss the relevant Change to agree whether they can proceed further with the proposed Change or wish to abandon the proposed Change. 

 

	2	 Progression of Changes 

If the Parties agree to proceed further with a Change following discussions under paragraph 1 above, then the Proposing Party will prepare and
submit to the Receiving Parties a document (a “Change Control Notification”) which reflects substantially all relevant details of the Change and describes the matters that require to be agreed formally by the Parties in respect of
that Change. 
  

	3	 Contents of the Change Control Notification 

Each Change Control Notification shall take the form as agreed from time to time between the Parties and shall contain: 

 

	 	(i)	 a serial number; 

  

	 	(ii)	 the originator and date of the request for the relevant Change; 

 

	 	(iii)	 the reason for the relevant Change; 

 

	 	(iv)	 full details of the relevant Change; 

 

	 	(v)	 details of any variations to this Agreement to be made as a result of the relevant Change;

  

	 	(vi)	 a proposed timetable for implementing the relevant Change; 

 

	 	(vii)	 the date of expiry of validity of the Change Control Notification as agreed between the Parties; and

  

	 	(viii)	 provision for signature by IFUS, ICUS and Warehouse for acceptance or rejection of the Change Control
Notification. 

  

	4	 Consideration of Change Control Notification 

In respect of each Change Control Notification, the Receiving Parties will, within the period of its validity, evaluate the Change Control
Notification and, as appropriate: 
  

	 	(i)	 approve the Change; or 

 

	 	(ii)	 reject the Change; or 

 

	 	(iii)	 endeavor to reach agreement with the other Parties on any changes needed to the Change Control Notification to
make the Change acceptable to the Parties. 

  

	5	 Notification 

  
 5-1 

	5.1	 If the Receiving Parties accept the Change Control Notification (either as submitted by the Proposing
Party or as amended by agreement between the Parties) then IFUS, ICUS and Warehouse will sign as agreed, as soon as possible thereafter, three copies of the Change Control Notification, with each Party retaining one signed copy. Upon the Change
Control Notification being signed by all Parties, this Agreement shall, as appropriate, be taken to have been amended in accordance with the Change Control Notification. 

 

	5.2	 Unless and until the Parties have agreed the contents of a Change Control Notification, the Parties must
continue to perform their respective obligations under this Agreement without that variation. 

  
 5-2 

 Schedule 6 

Relationship Management 
  

	1	 Contract Managers 

 

	1.1	 The principal point of contact between the Parties in relation to issues arising out of the performance of the
Services will be their respective Contract Managers. Any Party acting reasonably may change the identity of its Contract Manager at any time by prior written notice to the others. In addition, any Party may designate one or more alternate Contract
Managers (“Alternates”) to perform such function if a designated Contract Manager shall be unavailable. 

  

	1.2	 Meetings between the Contract Managers will take place regularly but at least once per calendar quarter.
Such meetings will have the purpose of discussing day-to-day operational issues arising out of the provision of the Services and any issues which may require escalation
to the next Liaison Committee meeting. 

  

	1.3	 In the event that any Contract Manager considers that an issue requires to be escalated to the Liaison
Committee, the Contract Manager (or Contract Managers acting together) shall prepare a report describing the issue for submission to Liaison Committee. 

  

	1.4	 Notices to be provided under this Agreement to a Contract Manager for a Party shall be copied to the
President of such Party (or, in the case of the Warehouse, to the Chief Executive Officer) and any Alternates for such Party. 

  

	2	 Liaison Committee 

 

	2.1	 The objective of Liaison Committee is to act as an escalation point for the Contract Managers and to
ensure that strategic and operational issues are being raised and addressed as among the Parties. Novel strategic issues affecting the Services must be presented to the Liaison Committee by any Party or its Contract Manager as soon as reasonably
practicable upon the Party becoming aware of the issue, in order to ensure appropriate prioritization and assist decision making. 

  

	2.2	 The membership of the Liaison Committee shall at a minimum be as follows: 

 

			
	 For IFUS:
 President (or the
President’s designee)
 IFUS Contract Manager
	  	 For ICUS: 
 President (or
the President’s designee)
 ICUS Contract Manager

		
	 For Warehouse 
 Chief Executive
Officer (or the Chief Executive Officer’s designee)
 Warehouse Contract Manager
	  	

  

	2.3	 Meetings of the Liaison Committee shall be held at least quarterly. Additional meetings may be called
upon reasonable notice given by any Party. 

  

	2.4	 The Contract Managers shall agree the time, location, agenda, procedures and method of recording minutes
and outcomes from each meeting. 

  

	2.5	 Each party will take all reasonable steps to ensure that its appropriate representatives or suitable
alternates attend all meetings of the Liaison Committee. 

  
 6-1 

	2.6	 Proceedings of the Liaison Committee shall not result in any amendment to this Agreement unless and
until such amendment takes effect pursuant to Clause 15.5. 

  
 6-2 

 Schedule 7 

Exit Management 
 The
Parties shall prepare an exit management plan to facilitate the provision of replacement Services upon termination of this Agreement. The plan shall address the following: 

(i) commencement of trading and clearing in Digital Currency Contracts by another designated contract market and derivatives clearing
organization operated by a subsidiary of Bakkt Holdings, LLC (“New Trading/Clearing Providers”), including transfer of open interest in Digital Currency Contracts from IFUS and ICUS to New Trading/Clearing Providers; 

(ii) those contracts and agreements, if any, of IFUS and ICUS with third-party service providers in connection with the trading and clearing of
Digital Currency Contracts that are to be transferred to New Trading/Clearing Providers; 
 (iii) that tangible equipment (if any) of IFUS or
ICUS used exclusively in the provision of the Services that is to be transferred to New Trading/Clearing Providers; 
 (iii) those data,
information, reports, messages, files and the like (in whatever format) that have been created or collected by IFUS or ICUS in connection with the trading and clearing of the Digital Currency Contracts that is to be transferred or made available to
New Trading/Clearing Providers; 
 (iv) the date and time of the transition of trading and clearing to New Trading/Clearing Providers; 

(v) separation of open interest in Digital Currency Contracts to be transferred as described in (i) above from open interest in any new
contracts relating to digital currency that may be listed by IFUS and ICUS for trading and clearing following termination of this Agreement, during the transition period; and 

(vi) other measures necessary to ensure an orderly migration of trading and clearing in Digital Currency Contracts to New Trading/Clearing
Providers. 

  
 7-1 

 Schedule 8 

Information Technology and Data Protection 

The following provisions are without prejudice to and shall not limit any applicable requirements under Schedule 1 or Schedule 2. 

 

	1	 Foreign Currency 

Each Party will, to the extent to which it stores or processes monetary amounts or currency-related data, conduct any relevant currency
conversions in accordance with Applicable Laws. 
  

	2	 IT Security Requirements 

 

	2.1	 Each Party shall be responsible for its own information technology security. Each Party shall maintain an
appropriate information technology security policy approved by its Board of which all staff shall be made aware. 

  

	2.2	 Each Party will review its own access levels (including super user, system administrator and similar rights) in
relation to information technology security on a regular basis. 

  

	2.3	 Amendments to physical access rights to a Party’s information technology locations will be consistent with
the information technology policy and Applicable Law. 

  

	3	 Technology Refresh 

Each Party shall, and shall procure that its sub-contractors shall, keep the resources (including the
hardware and software) used in providing its respective Services at a technological level that is comparable with the level of technological advancement generally being used by it in relation to any other exchanges or markets, or other customers,
for which it provides services. 
  

	4	 Maintenance of Systems 

Each Party shall procure that its relevant systems used in providing the Services, including in the case of the Warehouse the Warehouse Account
System, continue to be supported for the Term, unless otherwise agreed in writing with the other Parties. 
  

	5	 Loss of Data  

 

	5.1	 In the event that, through any breach of this Agreement by a Party, data transmitted or processed in
connection with the Services is either lost or sufficiently degraded to be unusable, such Party shall be liable for the cost of reconstitution of that data and/or the costs and expenses incurred by the other Parties in recreating any such data
(which, for the avoidance of doubt, may not be re-charged to other Parties or subject to any payment under the indemnity under this Agreement). Payment of such costs by such Party in accordance with this
paragraph 5.1 shall not prejudice or affect any other right of action or remedy which shall have accrued or shall thereafter accrue to the Parties. 

  

	5.2	 To the extent that data transmitted or processed in connection with the Services is either destroyed or
degraded such that it is rendered unusable solely by a breach of this Agreement by a Party (the “Corrupted Data”), such Party shall be liable for any reasonable additional costs properly incurred by the other Parties in
reconstructing that Corrupted Data at the request of the other Parties. 

  
 8-1 

	5.3	 The Parties shall use their reasonable endeavors in accordance with Good Industry Practice to prevent the
introduction of any Virus to the IT System of any other Party which shall include without limitation utilizing commercially available anti-Virus detection applications. In this paragraph, “Virus” means anything or device
incorporated in or attached to any software or data which may impair or otherwise adversely affect the operation of any computer, prevent or hinder access to any program or data, impair the operation of any program or the reliability of any data
(whether by rearranging the same within the computer or any storage medium or device or by altering or erasing the program or data in whole or in part, or otherwise), including computer viruses and other similar things. 

 

	6	 Data Protection 

In connection with the subject matter of this Agreement, the Parties shall comply with all Applicable Laws relating to data protection and any
notifications or registrations made by the Parties under such Applicable Laws. 

  
 8-2 

 

 
  

 September 11, 2019 

Mr. Adam White, Chief Executive Officer 
 Bakkt Trust
Company LLC 
 55 East 52nd Street 

New York, N.Y. 10055 
 Mr. Adam White, Chief Operating
Officer 
 Bakkt Holdings, LLC 
 5660 New Northside Dr. 

Atlanta, GA 30328 
 Trabue Bland, President 

ICE Futures U.S., Inc. 
 55 East 52nd Street 
 New York, N.Y. 10055 

Dear Mr. White & Mr. Bland: 
 This letter agreement, made as
of September 11, 2019 (“Agreement”), supplements the Digital Currency Trading, Clearing and Warehouse Services Agreement between ICE Futures U.S., Inc. (“IFUS”), ICE Clear US, Inc. (“ICUS”) and Bakkt Trust Company
LLC (“Warehouse”), dated August 29, 2019 (“Warehouse Services Agreement”).1 

Notwithstanding anything to the contrary in the Warehouse Services Agreement and, in particular, Clause 2.11 of Schedule 1C thereto, the parties agree that:

 1.     The Warehouse ICUS Contribution shall be accompanied by an additional cash amount equal to 1% of the amount thereof stated in
the Warehouse Services Agreement. That additional amount shall not constitute part of the DC ICUS Contribution. It shall, however, be deemed to be part of the Warehouse ICUS Contribution for the purposes of this Agreement and the second paragraph of
Clause 2.11 of Schedule 1C of the Warehouse Services Agreement. 
 2.     The Warehouse ICUS Contribution will be held in a bank
approved for the purpose by ICUS. ICUS shall have the sole right to withdraw cash from such account or accounts. ICUS may invest the Warehouse ICUS Contribution in securities which are Government Securities and other securities, and sell or dispose
of any such investments, in accordance with ICUS’s investment policies and applicable law, and may engage in repurchase transactions with any cash or securities on deposit. Any interest, capital gain or other income earned on cash and/or any
such investments in securities (collectively, “Return””) shall be credited to Warehouse (minus a fee and any costs or expenses incurred by ICUS to generate such Return (collectively, “Fee”)). The Fee shall be commensurate
with, and determined on the same basis as, the analogous fee applied to the return credited to IFUS for its Listing Exchange Contribution. 

 

	1 	 Capitalized terms used but not defined herein will have the meanings set forth in the ICUS Rules and the
Warehouse Services Agreement. 

  
 

 

 

 
  

 3.         If the Warehouse ICUS Contribution or any part thereof is
lost as a result of the insolvency of any bank or other depository, embezzlement, defalcation or any reason other than use in accordance with ICUS Rule 302, such loss may, in the discretion of the Board of Directors of ICUS (“Board”), be
restored by application of the following sources of funds in the order listed (each such source to be fully utilized before the next following source is applied): 

(i) such portion, if any, of the surplus of ICUS as the Board determines to be available for such purpose; and 

(ii) an assessment levied by ICUS upon Warehouse, which assessment shall be paid to ICUS at such time and in such manner as the Board may
specify. 
 4.         In the event that the Warehouse ICUS Contribution or any part thereof shall have been applied
in accordance with ICUS Rule 302, or lost as described in Clause 3 of this Agreement, and ICUS shall thereafter recover any amount so lost from any Person liable therefor, an amount of such recovery (after deducting any expenses, including without
limitation legal fees and expenses incurred in connection therewith), equal to but not greater than any assessment levied pursuant to Clause 3(ii) of this Agreement, shall be paid to Warehouse. 

5.         Notwithstanding anything to the contrary herein (but subject to Clause 3 of this Agreement), ICUS shall not
be liable if the Warehouse ICUS Contribution or any part thereof is lost or decreases in value as a result of: (A) the insolvency or failure of any bank or other depository or third party settlement system; (B) embezzlement, defalcation or
theft by any person (other than ICUS or its Directors, officers, employees or representatives); or (C) any other reason other than use pursuant to the ICUS Rules. Nothing in this Clause 5 will limit any liability of ICUS for its own gross
negligence or willful misconduct. 
 6.         In the event of any application of the Warehouse ICUS Contribution
pursuant to ICUS Rule 302, Bakkt Holdings, LLC shall restore the Warehouse ICUS Contribution to the required level on ICUS’s demand (a “Warehouse Replenishment”); provided that (i) a Warehouse Replenishment required as a
result of the application of the Warehouse ICUS Contribution with respect to a particular Monetary Default shall not be applied to further losses from that Monetary Default; (ii) during a Warehouse
Cooling-off Period, Bakkt Holdings, LLC shall not be required to provide Warehouse Replenishments in the aggregate in excess of 550% of the Warehouse ICUS Contribution, regardless of how many Monetary Defaults
occur during that Warehouse Cooling-off Period; and (iii) Bakkt Holdings, LLC shall not be required to restore the Warehouse ICUS Contribution following the return of the Warehouse ICUS Contribution in
accordance with the Warehouse Services Agreement. 
 As used in this Clause 6: 

“Warehouse Cooling-off Period” means the period commencing on the date of a Warehouse Cooling-off Period Trigger Event and terminating 30 Business Days thereafter; provided that a Warehouse Cooling-off Period shall be automatically extended if a subsequent
Warehouse Cooling-off Period Trigger Event occurs 30 or fewer Business Days after the previous Warehouse Cooling-off Period Trigger Event, in which case the Warehouse
Cooling-off Period will be extended until the date falling 30 Business Days after such subsequent Warehouse Cooling-off Period Trigger Event. 

  
 

 

 

 
  

 “Warehouse Cooling-off Period Trigger Event” means (i) any full utilization of the Warehouse
ICUS Contribution pursuant to ICUS Rule 302 arising from a Monetary Default or Monetary Defaults; or (ii) the occurrence of circumstances in which there have been two or more utilizations of the Warehouse ICUS Contribution pursuant to ICUS Rule 302
as a result of Monetary Defaults within a period of 30 or fewer Business Days, in which the total amount applied is at least equal to the Warehouse ICUS Contribution. 

7.         Expect as expressly modified hereby, the Warehouse Services Agreement shall remain in full force and effect
in accordance with its terms, and is all respects ratified and confirmed by the parties hereto. For the avoidance of doubt, Bakkt Holdings, LLC is not a party to the Warehouse Services Agreement except, solely for the purposes of, and to the extent
set forth in, this Agreement. 
 By signing below, you acknowledge and agree to the terms of this Agreement 

Sincerely, 
 /s/ Hester Serafini 

Hester Serafini 
 President and COO, ICE Clear US, Inc.

			
	ACKNOWLEDGED AND AGREED
	
	 /s/ Adam White

	Adam White
	CEO, Bakkt Trust Company LLC
	DATE:	 	 9/10/19

	
	ACKNOWLEDGED AND AGREED
	
	 /s/ Adam White

	Adam White
	CEO, Bakkt Trust Company LLC
	DATE:	 	 9/10/19

	
	ACKNOWLEDGED AND AGREED
	
	 /s/ Trabue Bland

	Trabue Bland
	President, ICE Futures U.S., Inc.
	DATE:	 	 9/11/19

  
 

 

 AMENDMENT NO. 1 TO 

DIGITAL CURRENCY TRADING, CLEARING AND WAREHOUSE SERVICES AGREEMENT 

This agreement (hereafter referred to as “Amendment No.1”), dated December 5, 2019, is entered into by and among ICE Futures U.S., Inc., a
Delaware corporation, ICE Clear U.S., Inc., a New York corporation, and Bakkt Trust Company LLC, a New York limited purpose limited liability trust company. 

WHEREAS, the Parties entered into that certain Digital Currency Trading, Clearing and Warehouse Services Agreement dated
August 29, 2019 to provide trading, clearing and warehouse services with respect to Digital Currency Contracts (such agreement being referred to hereafter as the “Triparty Services Agreement”); and 

WHEREAS, the Parties desire to amend the Triparty Services Agreement to authorize the Warehouse to conduct certain business development
and marketing activities with respect to Digital Currency Contracts and to use Transaction Data for such purpose in accordance with the confidentiality provisions of the Triparty Services Agreement and applicable restrictions of the IFUS Rules; 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Amendment No.1, the Parties hereby agree as follows: 

1. Amendment of Triparty Services Agreement. The Parties agree that Schedule 1C of the Triparty Services Agreement shall be deleted and replaced in its
entirety with Schedule 1C attached hereto, which has been updated to add a new Section 2.13 and conform Section 5(a) to the IFUS Rules. 
 2.
Definitions. Any capitalized term(s) or phrases used but not defined herein shall have the meaning ascribed to such term(s) in the Triparty Services Agreement. 

3. Representations and Warranties. Each Party to this Amendment No. 1 represents and warrants to each other Party that: 

(a) it has the power to execute and deliver this Amendment No. 1 and to perform its obligations hereunder, and has taken all necessary
action to authorize such execution, delivery and performance; 
 (b) the individual executing and delivering this Amendment No. 1 is
duly empowered and authorized to do so and has duly executed and delivered this Amendment; 
 (c) such execution, delivery and performance
do not violate or conflict with law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any contractual restriction binding on or affecting it. 

4. Counterparts. This Amendment No. 1 may be signed in counterparts, each of which shall be deemed an original, but all of which, taken together,
shall constitute one and the same instrument. 

 5. Interpretation. Except as otherwise set forth herein, the Triparty Services Agreement shall remain
in full force and effect. In the event of a conflict between this Amendment No. 1 and the Triparty Services Agreement, this Amendment No. 1 shall prevail. 

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 1 to the Triparty Services Agreement as of the date first set forth
above. 
 ICE FUTURES U.S., INC. 
  

			
	By:	 	 /s/ Trabue Bland

			
		 	Trabue Bland

			
		 	President

 ICE CLEAR U.S., INC. 
  

			
	By:	 	 /s/ Hester Serafini

			
		 	Hester Serafini

			
		 	President and COO

 BAKKT TRUST COMPANY LLC 
  

			
	By:	 	 /s/ Adam White

			
		 	Adam White

			
		 	CEO

 Schedule 1C 

Warehouse Services 
  

	1	 General 

The Warehouse Services shall be warehouse, settlement and ancillary services relating to the Digital Currencies underlying Digital Currency
Contracts as set out in the Warehouse Terms and this Agreement. 
  

	2.	 Warehouse Services 

 

	2.1	 Establishment of Warehouse Account System and Digital Currency Accounts 

Warehouse shall establish and administer, on behalf of ICUS, a system of accounts (the “Warehouse Account System”, and each
such account, a “Digital Currency Account”) on its books and records for the deposit of Digital Currency by Warehouse Participants in connection with Digital Currency Contracts and for the transfer of such Digital Currency among
such accounts without use of an External Network. Warehouse shall upon request maintain one or more Digital Currency Accounts for each Warehouse Participant. The Warehouse Account System, and each Digital Currency Account, shall be used solely in
connection with Digital Currency Contracts. 
 Warehouse will maintain the Warehouse Account System as establishing a single authoritative
record from time to time of the Warehouse Participants on whose behalf Digital Currency is held through the Warehouse Account System (and the respective positions of such persons), including records identifying all Internal Transfers among the
accounts of such persons and all External Transfers to or from the accounts of such persons. Warehouse shall be the sole person entitled to make, or make changes to, such records. 

 

	2.2	 Deposit of Digital Currency 

Upon Instructions from a Warehouse Participant, Warehouse shall accept External Transfers of Digital Currency from or on behalf of the
Warehouse Participant for credit to its Digital Currency Account(s) in connection with the trading of Digital Currency Contracts. 
  

	2.3	 Verification of Digital Currency Balance 

On the last trading day of a Digital Currency Contract pursuant to automatic procedures agreed by the Parties, and at any time promptly upon
the request of IFUS or ICUS, Warehouse shall verify to such Parties the balance of Digital Currency in a Digital Currency Account for purposes of determining whether the applicable Warehouse Participant (or its Clearing Member) has sufficient
Digital Currency on deposit to settle a short position in such Digital Currency Contract in accordance with the IFUS Rules and ICUS Rules. 
  

	2.4	 Transfers; Role of ICUS. 

Warehouse shall make Transfers to or from a Warehouse Participant’s Account upon Instructions of ICUS, without further action or consent
of the Warehouse Participant or any other person. 
  

	2.5	 Internal Transfer for Settlement of Digital Currency Futures 

Solely upon Instructions of ICUS and without consent of any Warehouse Participant or any other

 
person, Warehouse shall make Internal Transfers of Digital Currency between Digital Currency Accounts designated by Clearing Members under IFUS Rules to settle Digital Currency delivery
obligations under Digital Currency Contracts. Warehouse shall notify IFUS and ICUS of the completion of all such Internal Transfers (or of any failures thereof). The Warehouse Terms shall provide that any such Internal Transfer will be final as
between the parties thereto at the time the Warehouse posts such debits and credits to the transferor’s and transferee’s Digital Currency Accounts. 
  

	2.6	 Withdrawal of Digital Currency 

Upon appropriate Instructions from or on behalf of a Warehouse Participant in accordance with applicable Security Procedures, Warehouse will
make an External Transfer of Digital Currency from such Warehouse Participant’s Digital Currency Account. 
  

	2.7	 No Other Transfers or Uses of Accounts 

Warehouse shall not effect or permit Transfers of Digital Currency to or from Digital Currency Accounts other than as set forth in this
Agreement. Warehouse shall not maintain accounts for the holding of Digital Currency for other persons or for purposes other than in connection with Digital Currency Contracts. Warehouse shall not extend credit, make any advance of Digital Currency
or allow any overdraft of Digital Currency to or for any person. 
  

	2.8	 Warehouse Terms 

Warehouse shall procure that each Warehouse Participant shall agree to or otherwise be bound by the applicable Warehouse Terms in effect from
time to time. Warehouse shall not adopt any Warehouse Terms without consent of the other Parties. Warehouse shall not amend any Warehouse Terms of which IFUS or ICUS is a third party beneficiary without the prior written consent of IFUS and/or ICUS,
as applicable. 
  

	2.9	 No Delegation 

Warehouse shall not delegate any of its duties or functions with respect to the Warehouse Services or its other obligations hereunder to any
other person without the prior written consent of the other Parties. 
  

	2.10	 Performance Standards 

Warehouse shall provide the Warehouse Services in accordance with the Availability Performance Standards in Schedule 2, and such other service
level arrangements as may be agreed by the Parties from time to time. 
  

	2.11	 Establishment of ICUS Default Resource Contribution 

On or prior to the Effective Date, Warehouse shall provide (or cause to be provided) to ICUS a cash contribution equal to US$35 million
(the “Warehouse ICUS Contribution”), which ICUS shall apply and maintain during the Term as the initial DC ICUS Contribution. Warehouse shall not be obligated to make any additional contribution in the event the DC ICUS Contribution
is used or applied in accordance with the ICUS Rules, except as may be separately agreed by the Parties. The Warehouse ICUS Contribution shall not confer on Warehouse any equity, ownership or other interest in ICUS or other rights with respect to
ICUS except as provided in this Clause 2.11 of Schedule 1C. 

 Upon termination of this Agreement and completion of the exit management steps set forth in
Schedule 7, ICUS shall pay to Warehouse an amount equal to the Warehouse ICUS Contribution, less any amount thereof that has been previously used or applied from the DC ICUS Contribution in accordance with the ICUS Rules. ICUS shall not be obligated
to pay to Warehouse any interest or other return on or with respect to its Warehouse ICUS Contribution. 
  

	2.12	 Forks and Similar Events 

Warehouse shall notify IFUS and ICUS upon becoming aware of any changes or other actions with respect to the underlying operating rules,
protocols and standards for Digital Currency credited to Digital Currency Accounts (“Protocol Changes”), whether or not announced in advance, including a so-called hard fork, user activated
soft fork, or other process that results in a division or split of Digital Currency into multiple, non fungible assets, a swap, conversion or exchange of Digital Currency into or for another asset, a restriction on transfer of Digital Currency
(including a so-called lock-up or freeze), or a so-called airdrop or other distribution of any asset to existing holders of
Digital Currency, and Warehouse shall notify IFUS and ICUS in advance of any action proposed to be taken by Warehouse with respect to such Protocol Changes under the Warehouse Terms. 

 

	2.13	 Certain Marketing Activities 

Warehouse and its affiliates that are subsidiaries of Bakkt Holdings, LLC may, subject to any direction of IFUS, engage in business development
and marketing activities with respect to Digital Currency Contracts traded by IFUS pursuant to this Agreement, and Warehouse may use Transaction Data for such purposes pursuant to and in accordance with Section 11.4.1 and 11.4.2 of this
Agreement; provided that, consistent with the requirements of IFUS Rule 6.50 and IFUS Chapter 22- Standing Resolution 8, Warehouse shall not be entitled to use for such purpose any proprietary data or personal information collected or received by
IFUS for the purpose of fulfilling regulatory obligations. 
  

	3	 Security Procedures 

Warehouse shall maintain its holdings of Digital Currency credited to Digital Currency Accounts (and related security keys) and make Transfers
of Digital Currency solely in accordance with its security procedures and protocols as in effect from time to time (“Security Procedures”). All Security Procedures (and proposed changes therein) shall be subject to review and
approval by IFUS and ICUS. 
  

	4	 Supervision, Inspection and Regulatory Cooperation 

(a) The operation of the Warehouse Account System, and the provision of the Warehouse Services, shall be subject to the supervision of IFUS,
subject to the terms of this Agreement. Warehouse shall take such actions as may be reasonably requested by IFUS or ICUS in response to any request, inquiry, requirement or direction of the CFTC or any other Regulatory Authority with jurisdiction
over IFUS or ICUS. 
 (b) Warehouse shall permit IFUS, and its directors, officers, representatives, auditors and professional advisors, upon
reasonable notice and request, to have access to any site used or occupied by Warehouse in connection with the provision of the Warehouse Services and the facilities therein (including access to any records, files and computer systems), to have
access to such directors, officers, employees and representatives of Warehouse as are reasonably requested in connection with the Warehouse Services, and to inspect and/or take copies of all accounts and records of Warehouse in connection with the
Warehouse Services. 

 (c) Upon the request of IFUS, Warehouse shall (i) make itself available for meetings
concerning the Warehouse Services with representatives of any Governmental Authority as requested by such Governmental Authority, (ii) provide representatives of any such Governmental Authority with access to its records, (iii) reduce
information in its possession relating to the Warehouse Services held on computer into readily legible documentation as may be requested by any Governmental Authority, (iv) give any inspection team of any Governmental Authority access to any
site used or occupied by Warehouse in connection with the provision of the Warehouse Services and facilities therein (including access to any records, files or computer systems) as the inspection team may reasonably require, (v) permit the
representatives of any Governmental Authority to copy records of the Warehouse relating to the Warehouse Services, and (vi) respond cooperatively in respect of questions reasonably put to it by any Governmental Authority or its representatives. 

 

	5.	 Obligations of Warehouse Under IFUS Rules 

Warehouse shall comply with the following obligations, in furtherance of the requirements applicable to Warehouse under the IFUS Rules: 

(a) Warehouse shall provide annual audited financial statements to IFUS within 60 days of Warehouse’s fiscal year-end (or such other period as the Exchange may specify). 
 (b) Warehouse shall engage an independent
certified public accountant to conduct a review and issue a SOC 1 Type II report, by a date to be agreed between IFUS and Warehouse. Warehouse shall provide a copy of the SOC 1 Type II report to the Exchange within 30 days of the completion of the
report and remediate issues discovered by the review in a manner acceptable to IFUS. 
 (c) Warehouse shall maintain in effect business
continuity, disaster recovery and security incident response plans. Warehouse shall test such plans on an annual basis. Warehouse shall provide the results of the testing performed to IFUS within 30 days of completion of the testing and remediate
issues discovered by the testing in a manner acceptable to IF US. 
 (d) Warehouse shall conduct internal and external penetration testing,
with a scope and manner to be agreed between IFUS and Warehouse, on at least an annual basis. Warehouse shall provide the results of the testing to the Exchange within 30 days of the completion of the testing and remediate issues discovered by the
testing in a manner acceptable to IFUS. 
 (e) Warehouse shall limit the maximum size of any individual warm wallet used for holding digital
currency deposited by Warehouse Participants to $10 million, except as otherwise agreed among the Parties. 
 (f) Warehouse shall be
contractually obligated to reimburse Warehouse Participants for losses of digital currency held in accounts of Warehouse Participants at Warehouse resulting solely from theft or Warehouse’s negligence, provided that such losses across all
Warehouse Participants do not exceed $10 million per incident or $25 million in the aggregate for all such incidents in any calendar year. Such losses may be covered through insurance or Warehouse’s capital. 

(g) Warehouse shall maintain a record of each deposit, transfer or withdrawal of Digital Currency to and from Digital Currency Accounts in
connection with Digital Currency Contracts. Such records must be readily available for inspection by IFUS upon request, and must be maintained in electronic form acceptable to IFUS for a period of not less than 5 years from the date of the relevant
transaction. 

	6	 Definitions 

As used in this Schedule, the following terms shall have the indicated meanings: 

“External Transfer” shall mean a transfer of an amount of Digital Currency using an External Network either (i) from a
person or account outside of the Warehouse Account System to Warehouse for credit to a Digital Currency Account or (ii) from Warehouse by debit from a Digital Currency Account of a Warehouse Participant to an account or person outside of the
Warehouse Account System. 
 “External Network” shall mean, with respect to a Digital Currency, the blockchain, distributed
ledger or other network, whether public, permissioned or private (or any combination thereof), operated or used by one or more persons other than Warehouse for registering or recording holding or ownership of such Digital Currency and effecting or
recording transfers of such Digital Currency between persons. 
 “Instructions” shall mean written or electronic
communications actually received by Warehouse from an authorized person of a Warehouse Participant, IFUS or ICUS, as applicable, effected by means of an electronic medium or system or method specified or approved by Warehouse as available for use in
connection with the Warehouse Services. 
 “Internal Transfer” shall mean a transfer of Digital Currency within the
Warehouse Account System from a Digital Currency Account of one Warehouse Participant to a Digital Currency Account of another Warehouse Participant by book-entry on the books and records of Warehouse, and without using an External Network. 

“Transfer” shall mean an Internal Transfer or External Transfer, as applicable, of Digital Currency. 

 AMENDMENT NO. 2 TO 

DIGITAL CURRENCY TRADING, CLEARING AND WAREHOUSE SERVICES AGREEMENT 

This amendment (hereafter referred to as “Amendment No. 2”), dated July 14, 2020, is entered into by and among ICE
Futures U.S., Inc., a Delaware corporation, ICE Clear U.S., Inc., a New York corporation, and Bakkt Trust Company LLC, a New York limited purpose limited liability trust company. 

WHEREAS, the Parties entered into that certain Digital Currency Trading, Clearing and Warehouse Services Agreement dated
August 29, 2019, as amended by Amendment No. 1 thereto dated December 5, 2019, to provide trading, clearing and warehouse services with respect to Digital Currency Contracts (such agreement, as so amended, being referred to hereafter
as the “Triparty Services Agreement”); and 
 WHEREAS, the Parties desire to amend the Triparty Services Agreement
to clarify the ability of the Warehouse to conduct certain business activities unrelated to Digital Currency Contracts; 
 NOW,
THEREFORE, in consideration of the mutual covenants contained in this Amendment No. 2, the Parties hereby agree as follows: 
 1.
Definitions. Any capitalized terms or phrases used but not defined herein shall have the meaning ascribed to such terms or phrases in the Triparty Services Agreement. 

2. Amendment of Triparty Services Agreement. The Parties agree that Paragraph 2.7 of Schedule 1C of the Triparty Services Agreement
shall be deleted and replaced in its entirety with the following: 
 “2.7 No Other Transfers or Uses of Accounts; Other Custodial
Activities 
 Warehouse shall not effect or permit Transfers of Digital Currency to or from Digital Currency Accounts other than as set
forth in this Agreement. Warehouse shall not extend credit, make any advance of Digital Currency or allow any overdraft of Digital Currency to or for any person in connection with Digital Currency Contracts or Digital Currency Accounts. For the
avoidance of doubt, nothing in this Agreement will be deemed to preclude or restrict Warehouse from providing custodial or related services with respect to Digital Currency or other assets other than in connection with Digital Currency Contracts,
subject to Paragraph 4.1 of this Agreement.” 
 3. Representations and Warranties. Each Party to this Amendment No. 2
represents and warrants to each other Party that: 
 (a) it has the power to execute and deliver this Amendment No. 2 and to perform its
obligations hereunder, and has taken all necessary action to authorize such execution, delivery and performance; 
 (b) the individual
executing and delivering this Amendment No. 2 is duly empowered and authorized to do so and has duly executed and delivered this Amendment; 

 (c) such execution, delivery and performance do not violate or conflict with law applicable
to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any contractual restriction binding on or affecting it. 

4. Counterparts. This Amendment No. 2 may be signed in counterparts (including by electronic means), each of which shall be deemed
an original, but all of which, taken together, shall constitute one and the same instrument. 
 5. Interpretation. Except as
otherwise set forth herein, the Triparty Services Agreement shall remain in full force and effect. In the event of a conflict between this Amendment No. 2 and the Triparty Services Agreement, this Amendment No. 2 shall prevail. 

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 2 to the Triparty Services Agreement as of the date first set forth
above. 
  

			
	ICE FUTURES U.S., INC.
	By:	 	 /s/ Trabue Bland

	Name:	 	Trabue Bland
	Title:	 	President
	
	ICE CLEAR U.S., INC.
	By:	 	 /s/ Kevin R. McClear

	Name:	 	Kevin McClear
	Title:	 	President
	
	BAKKT TRUST COMPANY LLC
	By:	 	 /s/ Adam White

	Name:	 	Adam White
	Title:	 	CEO

  
 2 

 AMENDMENT NO. 3 TO 

DIGITAL CURRENCY TRADING, CLEARING AND WAREHOUSE SERVICES AGREEMENT 

This amendment (hereafter referred to as “Amendment No. 3”), dated and effective as of February 3,
2021 (the “Amendment Effective Date”), is entered into by and among ICE Futures U.S., Inc., a Delaware corporation, ICE Clear U.S., Inc., a New York corporation, and Bakkt Trust Company LLC, a New York limited purpose limited
liability trust company. 
 WHEREAS, the Parties entered into that certain Digital Currency Trading, Clearing and Warehouse Services
Agreement, dated August 29, 2019, as amended by (i) the letter agreement dated September 11, 2019 (the “Letter Agreement”), (ii) the Amendment No. 1 thereto dated December 5, 2019, and (iii) the
Amendment No. 2 thereto dated July 14, 2020, to provide trading, clearing and warehouse services with respect to Digital Currency Contracts (such agreement, as so amended, being referred to hereafter as the “Triparty Services
Agreement”); and 
 WHEREAS, the Parties desire to amend the Triparty Services Agreement to reduce the amount of the
Warehouse ICUS Contribution, as further provided herein; 
 NOW, THEREFORE, in consideration of the mutual covenants contained in
this Amendment No. 3, the Parties hereby agree as follows: 
 1. Definitions. Any capitalized terms or phrases used but not
defined herein shall have the meaning ascribed to such terms or phrases in the Triparty Services Agreement. 
 2. Amendment of Triparty
Services Agreement. The Triparty Services Agreement shall be amended as follows: 
 (a) The Warehouse ICUS Contribution
referenced in Paragraph 2.11 of Schedule 1C of the Triparty Services Agreement shall, effective as of the Amendment Effective Date, be reduced to USD $15 million, and the DC ICUS Contribution, referenced in Paragraph 2.4.1 of Schedule 1B of the
Triparty Services Agreement, shall be similarly adjusted to USD $15 million. 
 (b) The “additional cash
amount” referred to in paragraph 1 of the Letter Agreement shall accordingly be reduced to 1% of the amended Warehouse ICUS Contribution, or USD $150,000. 

(c) In furtherance of the foregoing, ICUS shall return to Warehouse the sum of USD $20,200,000 within two business days of the
Amendment Effective Date. 
 3. Representations and Warranties. Each Party to this Amendment No. 3 represents and warrants to
each other Party that: 
 (a) it has the power to execute and deliver this Amendment No. 3 and to perform its
obligations hereunder, and has taken all necessary action to authorize such execution, delivery and performance; 

 (b) the individual executing and delivering this Amendment No. 3 is
duly empowered and authorized to do so and has duly executed and delivered this Amendment; 
 (c) such execution, delivery
and performance do not violate or conflict with law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any contractual restriction binding on or
affecting it. 
 4. Counterparts. This Amendment No. 3 may be signed in counterparts (including by electronic means), each of
which shall be deemed an original, but all of which, taken together, shall constitute one and the same instrument. 
 5.
Interpretation. Except as otherwise set forth herein, the Triparty Services Agreement shall remain in full force and effect. In the event of a conflict between this Amendment No. 3 and the Triparty Services Agreement, this Amendment
No. 3 shall prevail. 
 (signatures appear on next page) 

  
 2 

 IN WITNESS WHEREOF, the Parties have executed this Amendment No. 3 to the Triparty
Services Agreement as of the date first set forth above. 
  

	
	ICE FUTURES U.S., INC.
	
	By:     /s/ Trabue Bland                
	Name: Trabue Bland
	Title: President
	
	ICE CLEAR U.S., INC.
	
	By:     /s/ Kevin McClear                
	Name: Kevin McClear
	Title: President
	
	BAKKT TRUST COMPANY LLC
	
	By:     /s/ Adam White                    
	Name: Adam White
	Title: CEO

  
 3Form of 1.402% Senior Notes due 2026

 Exhibit 4.1 

[FORM OF 1.402% SENIOR NOTES DUE 2026] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERENCED AND REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THIS SECURITY, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. TRANSFER OF A PORTION OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE. IN THE EVENT THAT THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, ALL SUCH INDIVIDUAL SECURITIES IN THE FORM OF DEFINITIVE CERTIFICATES SHALL CONTAIN
THE BELOW LEGEND WITH RESPECT TO JAPANESE TAXATION. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO
SUMITOMO MITSUI FINANCIAL GROUP, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS SECURITY IS HELD BY OR FOR
THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT
NO. 26 OF 1957, AS AMENDED) (THE “SPECIAL TAXATION MEASURES ACT” AND, EACH SUCH PERSON, A “SPECIALLY-RELATED PERSON OF THE ISSUER”), (II) A JAPANESE FINANCIAL INSTITUTION DESIGNATED IN ARTICLE 6, PARAGRAPH
(11) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III) A JAPANESE PUBLIC CORPORATION, A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS
OPERATOR DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING
PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER WILL BE SUBJECT TO
DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% (15% ON OR AFTER JANUARY 1, 2038) OF THE AMOUNT OF SUCH INTEREST. 

 SUMITOMO MITSUI FINANCIAL GROUP, INC. 

GLOBAL SECURITY 
 1.402% Senior
Notes due 2026 
  

	 No. [    ]     
	 U.S.$[                ] 

CUSIP No. 86562M CH1 
 ISIN US86562MCH16 

Common Code 238726336 
 Sumitomo Mitsui Financial
Group, Inc., a joint stock company (kabushiki kaisha) incorporated under the laws of Japan (the “Issuer”, which term includes any successor under the Indenture referred to on the reverse of this Security) for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [                ] U.S. Dollars on September 17, 2026 and to pay interest
thereon from September 17, 2021 or from the most recent interest payment date to which interest has been paid or duly provided for, semiannually in arrears on March 17 and September 17 in each year (each, an “Interest Payment
Date”) commencing March 17, 2022 at the rate per annum of 1.402%, until the principal hereof is paid or made available for payment, all subject to and in accordance with the terms of the Indenture. The semiannual interest to be
paid on the Securities will amount to U.S.$7.01 per U.S.$1,000 in nominal amount of the Securities. 
 For the purposes of this Security,
the term “Business Day” means any day which is not a day on which banking institutions in The City of New York, London or Tokyo are authorized or required by law, regulation or executive order to close. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the person in whose name this Security is registered as of the close of business on the fifteenth day before the Interest Payment Date (whether or not a Business Day). If and to the extent the Issuer shall default in the payment of the interest due
on such Interest Payment Date, such defaulted interest shall be paid to the person in whose name this Security is registered at the close of business on a subsequent record date (which date shall not be less than five Business Days prior to the date
of payment of such defaulted interest), established by notice given by mail by or on behalf of the Issuer to the Holder of this Security not less than 15 days preceding such subsequent record date. Interest on this Security will accrue from the date
of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. If any payment is due on the Securities on a day that is not a Business Day, payment will be made on the day that is the next succeeding Business Day without any additional interest as a result
of such delay. Payments postponed to the next Business Day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in a default under the Securities or the
Indenture, and no interest will accrue on the postponed amount from the original due date to the next succeeding day that is a Business Day. 

 The principal of, and interest and Additional Amounts on, the Securities will be payable in
U.S. dollars. The Issuer will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to The Depository Trust Company (“DTC”). 

The Issuer will pay the Holder hereof Additional Amounts with respect to withholding taxes as are provided for, and subject to the conditions
stated, on the reverse of this Security. 
 This Security is being deposited with DTC acting as depository, and registered in the name of
Cede & Co., a nominee of DTC. As Holder of record of this Security, Cede & Co. shall be entitled to receive payments of principal and interest. Payments of principal and interest, including any Additional Amounts, on this Security
shall be made in the manner specified on the reverse hereof and, to the extent not inconsistent with the provisions set forth herein, in the Indenture referred herein. 

The Securities constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Issuer and shall at all times
rank pari passu without any preference among themselves and with all other unsecured obligations of the Issuer, other than subordinated obligations of the Issuer and except for statutorily preferred obligations. The Securities are not
redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund. 
 Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Security
shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed. 

Date: September         , 2021 

 

			
	 SUMITOMO MITSUI FINANCIAL
GROUP, INC.

		
	 By:
	 	  

		 	Name:  [                    ]
		 	Title:    [                    ]

 [Signature page to Global Security 5-year Note No. [    ]] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Date: September 17, 2021 
  

			
	 The Bank of New York Mellon,
 as
Trustee

		
	 By:
	 	  

		 	Name:
		 	Title:

 [Authentication Certificate: Global Security 5-year Note No. [    ]] 

 [REVERSE OF SECURITY] 

Sumitomo Mitsui Financial Group, Inc. 

1.402% Senior Notes due 2026 

This Security is one of a duly authorized issue of unsecured bonds, debentures, notes or other evidences of indebtedness of Sumitomo Mitsui
Financial Group, Inc., a joint stock company (kabushiki kaisha) organized under the laws of Japan (herein called the “Issuer”, which term includes any successor person under the Indenture hereinafter referred) designated as
its 1.402% Senior Notes due 2026 (herein called the “Securities”), issued under and pursuant to a senior indenture dated as of March 9, 2016, as supplemented by the First Supplemental Indenture dated as of July 16, 2019
(hereinafter called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture
and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying agent, the
Issuer and the Holders of the Securities and of the terms upon which the Securities are issued and are to be authenticated and delivered. 

This Security is one of the series designated on the face hereof. By the terms of the Indenture, additional Securities of this series and of
other separate series, which may vary as to denomination, date, amount, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein provided, may be issued in an unlimited amount. 

The principal of and interest (and any Additional Amounts) on the Securities shall be payable in U.S. Dollars or in such other coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. So long as any of the Securities are held in global form, payments of principal and interest on such Securities shall be
made by wire transfer in immediately available funds in U.S. Dollars to a bank account in The City of New York designated by the Holder of this Registered Global Security. Otherwise, (i) the principal amount of the Securities will be payable by
check, drawn on a bank in The City of New York, upon the presentation and surrender of the Securities at the Corporate Trust Office of the Trustee or at any office or agency maintained by the Issuer for such purpose and (ii) interest on the
Securities will be payable by check, drawn on a bank in The City of New York, mailed to the persons in whose names the Securities are registered as of the close of business on the record date which is at least five Business Days preceding the
applicable Interest Payment Date (or the subsequent record date in the case of a defaulted interest payment) at the addresses of such persons as shall appear in the Security register of the Issuer; provided, however, that at the option of a Holder
in whose name at least U.S.$1,000,000 principal amount of Securities are registered, all payments in respect of the Securities may be received by wire transfer in immediately available funds to a bank account in The City of New York designated by
such Holder in a written notice received by the Trustee (a) in the case of an interest payment, prior to the record date which is at least five Business Days preceding the Interest Payment Date on which such payment is due and (b) in the
case of payment of principal, prior to the record date which is at least five Business Days preceding the date of redemption or maturity, as the case may be; provided, however, that in the case of such a payment of principal, the Securities shall
have been surrendered to the Trustee at the Corporate Trust Office of the Trustee or at any office or agency maintained by the Issuer for such purpose for payment together with such notice. 

 All payments of principal and interest in respect of the Securities will be made by the
Issuer without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having
power to tax (“Taxes”) unless such withholding or deduction is required by law. In such event, the Issuer shall pay to a Holder such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to any Securities under any of the following circumstances: 

 

	 	(i)	 the Holder or beneficial owner of the Securities is an individual
non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Securities by reason of its (A) having some connection with
Japan other than the mere holding of such Securities or (B) being a person having a special relationship with the Issuer as described in Article 6, paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (Act No. 26
of 1957, as amended) (the “Special Taxation Measures Act” and, each such person, a “specially-related person of the Issuer”); 

 

	 	(ii)	 the Holder or beneficial owner of the Securities would otherwise be exempt from any such withholding or
deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Tax Exemption Application (as defined below) to the relevant paying agent to whom the relevant Securities are
presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international Clearing Organization to such paying agent;

  

	 	(iii)	 the Holder or beneficial owner of the Securities is for Japanese tax purposes treated as an individual resident
of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Tax Exemption Application and (B) an
individual resident of Japan or a Japanese corporation that duly notifies (directly or through the relevant Participant or otherwise) the relevant paying agent of its status as not being subject to withholding or deduction by the Issuer by reason of
receipt by such individual resident of Japan or Japanese corporation of interest on the relevant Securities through a payment handling agent in Japan appointed by it); 

	 	(iv)	 the withholding or deduction is imposed on a payment pursuant to European Council Directive 2003/48/EC or any
other directive amending, supplementing or implementing such Directive, or any law implementing such directives; 

  

	 	(v)	 the Securities are presented for payment (where presentation is required) more than 30 days after the day on
which such payment on the Securities became due or after the full payment was provided for, whichever occurs later, except to the extent that the Holder thereof would have been entitled to Additional Amounts on presenting the same for payment on the
last day of such period of 30 days; 

  

	 	(vi)	 the withholding or deduction is imposed on a Holder or beneficial owner who could have avoided such withholding
or deduction by presenting its Securities (where presentation is required) to another paying agent maintained by the Issuer; 

  

	 	(vii)	 the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal
of, or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case,
who would not have been entitled to such Additional Amounts had it been the Holder of such Security; or 

  

	 	(viii)	 any combination of the above. 

No Additional Amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S.
Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law, regulation or other official guidance enacted or published in any
jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. 
 Where Securities are held through a participant of
an international Clearing Organization or a financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for or on account of Taxes, if the relevant beneficial owner is
(A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Issuer) or (B) a Japanese financial
institution falling under certain categories prescribed by the Special Taxation Measures Act (a “Designated Financial Institution”), each such beneficial owner shall, at the time of entrusting a Participant with the custody of the
relevant Securities, provide certain information prescribed by the Special Taxation Measures Act to enable the Participant to establish that such beneficial owner is exempted from the requirement for withholding or deduction of such Taxes
(“Interest Recipient Information”), and advise the Participant if the beneficial owner ceases to be so exempted (including the case in which a beneficial owner who is an individual
non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Issuer). 

 Where Securities are not held through a Participant, in order to receive payments free of
withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan or a non-Japanese
corporation (other than a specially-related person of the Issuer) or (B) a Designated Financial Institution, each such beneficial owner shall, prior to each time at which it receives interest, submit to the relevant paying agent a written
application for tax exemption (hikazei tekiyo shinkokusho) (a “Tax Exemption Application”), in a form obtainable from the paying agent stating, inter alia, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of the beneficial owner, the title of the Securities, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to submit the Tax Exemption Application,
together with documentary evidence regarding its identity and residence. 
 By subscribing to the Securities as part of the distribution by
the underwriters under the applicable underwriting agreement, an investor shall be deemed to have represented that it is a beneficial owner who is, (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese
corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer or (ii) a
Designated Financial Institution. 
 The Issuer shall make any required withholding or deduction and remit the full amount withheld or
deducted to the Japanese taxing authority in accordance with applicable law. The Issuer shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so
withheld or deducted from the Japanese taxing authority imposing such tax, duty, assessment or other governmental charge, and if certified copies are not available, the Issuer shall use reasonable efforts to obtain other evidence satisfactory to the
Trustee, and the Trustee shall make such certified copies or other evidence available to the Holders upon reasonable request to the Trustee. 

If (i) subsequent to making a payment on this Security without withholding or deduction of Japanese taxes the Issuer is required to remit
to the Japanese taxing authority any amount in respect of Japanese taxes that should have been withheld or deducted from such payment (together with any interest and penalties) due to the failure of the beneficial owner to provide accurate Interest
Recipient Information or to otherwise properly claim an exemption from Japanese taxes imposed with respect to such payment, and (ii) such beneficial owner would not have been entitled to receive Additional Amounts with respect to such payment
had Japanese taxes been withheld from the payment when it was made, such beneficial owner (but not any subsequent beneficial owner of such Security) shall be required to reimburse the Issuer, in Japanese yen, for the amount remitted by the Issuer to
the Japanese taxing authority. 

 The obligation to pay Additional Amounts with respect to any taxes, duties, assessments or
other governmental charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other
governmental charge which is payable otherwise than by withholding or deduction from payments of principal of or interest on this Security; provided that, except as otherwise set forth herein and in the Indenture, the Issuer shall pay all stamp,
court or documentary taxes or any excise or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to
the execution and enforcement of the Indenture or as a consequence of the initial issuance, execution, delivery or registration of this Security. 

The Securities may be redeemed at the option of the Issuer, in whole, but not in part, subject to prior confirmation of the FSA, if such
confirmation is required under applicable Japanese laws or regulations then in effect, at any time, on giving not less than 30 nor more than 60 days’ notice of redemption to the Holders of the series to be redeemed (which notice shall be
irrevocable and shall conform to all requirements with respect to such notice as set forth in the Indenture) at a redemption price equal to 100% of the principal amount of the Securities together with any accrued and unpaid interest (including
Additional Amounts with respect thereto, if any) to (but excluding) the date fixed for redemption, if the Issuer is or will be obliged to pay Additional Amounts as a result of any change in, or amendment to, the laws or regulations of Japan or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of
the relevant series of Securities and such obligation cannot be avoided by the Issuer through the taking of reasonable measures available to the Issuer; provided, that no such notice of redemption shall be given sooner than 90 days prior to the
earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment then due in respect of the relevant Securities. 

Notwithstanding anything to the contrary in the Indenture or the Securities, each Holder and the Trustee acknowledge, consent and agree
(a) for a period of 30 days from and including the date upon which the Prime Minister of Japan confirms that Specified Item 2 Measures (tokutei dai nigo sochi) should be applied to the Issuer, not to initiate any action to attach any of
the Issuer’s assets, the attachment of which has been prohibited by designation of the Prime Minister of Japan pursuant to Article 126-16 of the Deposit Insurance Act, and (b) to any transfer of the
Issuer’s assets (including shares of the Issuer’s subsidiaries) or liabilities, or any portions thereof, with permission of a Japanese court in accordance with Article 126-13 of the Deposit Insurance
Act, including any such transfer made pursuant to the authority of the Deposit Insurance Corporation of Japan to represent and manage and dispose of the Issuer’s assets under Article 126-5 of the Deposit
Insurance Act, and that any such transfer shall not constitute a sale or disposal of the Issuer’s properties or assets for the purpose of Article 8 of the Indenture. 

Subject to applicable law, each Holder of Securities, by acceptance of any interest in the Securities, agrees that it will not, and waives its
right to, exercise, claim or plead any right of set off, compensation or retention in respect of any amount owed to it by the Issuer arising under, or in connection with, the Securities or the Indenture. 

 The Issuer shall, as soon as practicable after the Prime Minister of Japan has confirmed
that Specified Item 2 Measures (tokutei dai nigo sochi) should be applied to the Issuer or a Japanese court has publicly announced that it has granted permission to a transfer of the Issuer’s assets (including shares of the Issuer’s
subsidiaries) or liabilities, or any portions thereof, in accordance with Article 126-13 of the Deposit Insurance Act, deliver a written notice of such event to the Holders and beneficial owners of the
Securities through DTC and to the Trustee. Any failure or delay by the Issuer to provide such written notice shall not change or delay the effect of the acknowledgement, consent and agreement described in the preceding paragraph. 

A Holder of Securities issued in definitive form may transfer or exchange Securities in accordance with the Indenture. As described in the
legend on the face of this global Security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder establishes the matters set forth therein. Such legend concerning Japanese
taxation shall also be included on the face of any Securities issued in definitive form. The security registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and to pay any
taxes and fees required by law or permitted by the Indenture. The Issuer will treat the registered Holder of a Security as the owner of that Security for all purposes, except as described above. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of
the Securities at the time Outstanding of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable, upon surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange; provided, however, the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name this Security is registered upon the Security register as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, as herein prescribed. 

This Security is governed by and shall be construed in accordance with the laws of the State of New York. 

All capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture.

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