Document:

Document

UNIT CORPORATION
LONG TERM INCENTIVE PLAN

STOCK OPTION GRANT NOTICE
Pursuant to the terms and conditions of the Unit Corporation Long Term Incentive Plan, as amended from time to time (the “Plan”), Unit Corporation, a Delaware corporation (the “Company”), hereby grants to the individual listed below (“you” or the “Participant”) the right and option to purchase all or any part of the number of shares of Stock set forth below (this “Option”) on the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.
						
	Type of Option:	Nonstatutory Stock Option (This Option is not intended to be an ISO.)

	Participant:	_____________________

	Date of Grant:	____________________________
	Total Number of Shares Subject to this Option:	_______ (Nonstatutory Stock Option)
	Exercise Price:	$45.00 per share
	Expiration Date:	Fifth (5th) anniversary of the Date of Grant

	Vesting Schedule:	Subject to the Agreement, the Plan and the other terms and conditions set forth herein, this Option shall be vested and exercisable according to the following schedule, so long as you remain continuously employed by the Company or its Affiliates from the Date of Grant through each vesting date set forth below:

									
	Vesting Date		Percentage of this Option that Vests and becomes Exercisable
	October 1, 2022		33 1/3%
	October 1, 2023		33 1/3%
	October 1, 2024		33 1/3%
			
	Notwithstanding anything contained herein to the contrary, upon a Change in Control (as defined in the Plan), this Option shall immediately become fully vested and exercisable as of the date of such Change in Control so long as the Participant continues to be employed by the Company or its Affiliates as of immediately prior to such time.

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Stock Option Grant Notice (this “Grant Notice”). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully 

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understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations that arise under the Agreement, the Plan or this Grant Notice. This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.    
    UNIT CORPORATION

    By:                            
    Name: Drew Harding
    Title: Vice President and General Counsel

    PARTICIPANT

                                
    Name:     

SIGNATURE PAGE TO
UNIT CORPORATION
LONG TERM INCENTIVE PLAN
STOCK OPTION GRANT NOTICE

EXHIBIT A

STOCK OPTION AGREEMENT

This Stock Option Agreement (together with the Grant Notice to which this Stock Option Agreement is attached, this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Unit Corporation, a Delaware corporation (the “Company”), and              (the “Participant”). 
1.Defined Terms. Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement, the following terms shall have the meanings specified below:
(a)“Cause” means “cause” (or a term of like import) as defined under the Company’s severance plan covering the Participant or the Participant’s employment or severance agreement with the Company or an Affiliate or, in the absence of such a plan or agreement that defines “cause” (or a term of like import), Cause shall mean (i) the conviction of a felony or other crime involving moral turpitude; (ii) the commission of any act or omission involving dishonesty, disloyalty or fraud, including with respect to the Company or any of its Affiliates or any of their customers or suppliers; (iii) reporting to work under the impairment of alcohol or drugs, or the use of illegal drugs (whether or not at the workplace) or other conduct causing the Company or any of its Affiliates substantial public disgrace or disrepute or substantial economic harm; (iv) failure to perform all material duties as reasonably directed by Participant’s direct supervisor; (v) any act or omission aiding or abetting a competitor, supplier or customer of the Company or any of its Affiliates whether or not resulting in a disadvantage or detriment to the Company and its Affiliates; (vi) breach of any duty, gross negligence, or willful misconduct with respect to the Company or any of its Affiliates; or (vii) any other material breach of this Agreement.
(b)“Disability” means “disability” (or a term of like import) as defined under the Company’s severance plan covering the Participant or the Participant’s employment or severance agreement with the Company or an Affiliate or, in the absence of such a plan or agreement that defines “disability” (or a term of like import), Disability shall mean the Participant is unable to perform the essential functions of the Participant’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical or mental impairment or other incapacity that continues, or can reasonably be expected to continue, for a period in excess of 90 consecutive days or 180 days, whether or not consecutive (or for any longer period as may be required by applicable law), in any 365-day period.  The determination of whether the Participant has incurred a Disability shall be made in good faith by the Company.
(c)“Good Reason” means “good reason” (or a term of like import) as defined under the Company’s severance plan covering the Participant or the Participant’s employment or severance agreement with the Company or an Affiliate or, in the absence of such a plan or agreement that defines “good reason” (or a term of like import), Good Reason shall mean (i) a 
Exhibit A-1

material diminution in the Participant’s base salary, (ii) a material diminution in the Participant’s authority, duties and responsibilities, taken as a whole, or (iii) the relocation of the geographic location of the Participant’s principal place of employment by more than 50 miles from the location of the Participant’s principal place of employment as of the Date of Grant; provided that, in the case of the Participant’s assertion of Good Reason, (A) the condition described in the foregoing clauses must have arisen without the Participant’s consent; (B) the Participant must provide written notice to the Company of such condition in accordance with this Agreement within 30 days of the initial existence of the condition; (C) the condition specified in such notice must remain uncorrected for 30 days after receipt of such notice by the Company; and (D) the date of termination of the Participant’s employment or other service relationship with the Company or an Affiliate must occur within 90 days after such notice is received by the Company.
(d)“Protection Period” means the period of time beginning on the date of a Change in Control (as defined in the Plan) and ending on the first anniversary of the date of such Change in Control.
2.Award. In consideration of the Participant’s past and/or continued employment with the Company or its Affiliates and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Date of Grant set forth in the Grant Notice (the “Date of Grant”), the Company hereby irrevocably grants to the Participant the right and option (“Option”) to purchase all or any part of an aggregate of the number of shares of Stock set forth in the Grant Notice on the terms and conditions set forth herein and in the Plan, which Plan is incorporated herein by reference as a part of this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control.  
3.Exercise Price. The exercise price of each share of Stock subject to this Option shall be the exercise price set forth in the Grant Notice (the “Exercise Price”), which has been determined to be not less than the Fair Market Value of a share of Stock at the Date of Grant. For all purposes of this Agreement, the Fair Market Value of Stock shall be determined in accordance with the provisions of the Plan.  
4.Exercise of Option.
(a)Subject to the earlier expiration of this Option as provided herein, this Option may be exercised, by (i) providing written notice to the Company in the form prescribed by the Committee from time to time at any time and from time to time after the Date of Grant, which notice shall be delivered to the Company in the form, and in the manner, designated by the Committee from time to time, and (ii) paying the Exercise Price in full in a manner permitted by Section 4(e); provided, however, that this Option shall not be exercisable for more than the aggregate number of shares of Stock subject to this Option with respect to which this Option has become vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice or as provided in this Section 4.  
    A-2

(b)This Option may be exercised only while the Participant remains an employee of the Company or an Affiliate and will terminate and cease to be exercisable upon a termination of the Participant’s employment with the Company or an Affiliate, except that:
(i) Termination Due to Death or Disability.  Upon a termination of the Participant’s employment with the Company or an Affiliate due to the Participant’s death or Disability, then the portion of this Option that is vested and exercisable may be exercised by the Participant (or the Participant’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of the Participant) at any time during the period ending on the earlier to occur of (A) the date that is one (1) year following the date of such termination or (B) the Expiration Date set forth in the Grant Notice (the “Expiration Date”).
(ii)Termination Without Cause.  Upon a termination of the Participant’s employment with the Company or an Affiliate by the Company or an Affiliate without Cause, then any unvested portion of this Option shall immediately become fully vested and exercisable as of the date of such termination and may be exercised by the Participant (or the Participant’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of the Participant) at any time during the period ending on the earlier to occur of (x) the date that is 90 days following the date of such termination or (y) the Expiration Date.
(iii)Change in Control. Upon a termination of the Participant’s employment with the Company or an Affiliate by the Participant for Good Reason during the Protection Period, then any unvested portion of this Option shall immediately become fully vested and exercisable as of the date of such termination and may be exercised by the Participant (or the Participant’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of the Participant) at any time during the period ending on the earlier to occur of (x) the date that is 90 days following the date of such termination or (y) the Expiration Date.
(iv)Voluntary Resignation.  Upon a termination of the Participant’s employment with the Company or an Affiliate by the Participant (except as set forth in Section 4(b)(iii) or (v)), then the portion of this Option that is vested and exercisable may be exercised by the Participant (or the Participant’s estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of the Participant) at any time during the period ending on the earlier to occur of 
    A-3

(A) the date that is 30 days following the date of such termination or (B) the Expiration Date.
(v)Termination for Cause.  Upon a termination of the Participant’s employment with the Company or an Affiliate (A) by the Company or an Affiliate for Cause or (B) that is a voluntary resignation by the Participant after the occurrence of an event that would be grounds for a termination of the Participant’s employment with the Company or an Affiliate by the Company or an Affiliate for Cause, then this Option shall immediately terminate and cease to be exercisable as of the date of such termination.
(vi)Extension of Exercisability.  If the exercise of this Option within the applicable time periods set forth above is prevented by the provisions of Section 8, this Option will remain exercisable until 30 days after the date the Participant is notified by the Company that this Option is exercisable, but in any event no later than the Expiration Date. If a sale of shares acquired upon the exercise of this Option would subject the Participant to suit under Section 16(b) of the Exchange Act, then this Option will remain exercisable until the earliest to occur of (A) the 10th day following the date on which a sale of such shares by the Participant would no longer be subject to such suit, (B) the 190th day after the date of the Participant’s termination of employment, or (C) the Expiration Date set forth in the Grant Notice. The Company makes no representation as to the tax consequences of any such delayed exercise. The Participant should consult with the Participant’s own tax advisor as to the tax consequences of any such delayed exercise.
(c)This Option shall not be exercisable in any event after the Expiration Date set forth in the Grant Notice.
(d)The Exercise Price for the shares of Stock as to which this Option is exercised shall be paid in full at the time of exercise (i) in cash, by personal, certified or official bank check or by wire transfer of immediately available funds (including cash obtained through a broker assisted exercise), (ii) by delivery to the Company of a number of shares of Stock having a Fair Market Value as of the date of exercise equal to the Exercise Price, (iii) by “net issuance exercise” pursuant to which the Company reduces the number of shares of Stock otherwise deliverable upon exercise of this Option by a number of shares with an aggregate Fair Market Value equal to the aggregate Exercise Price at the time of exercise or (iv) any combination of the foregoing. No fraction of a share of Stock shall be issued by the Company upon exercise of an Option or accepted by the Company in payment of the exercise price thereof; rather, the Participant shall provide a cash payment for such amount as is necessary to effect the issuance and acceptance of only whole shares of Stock.  
5.Employment Relationship.  For purposes of this Agreement, Participant shall be considered to be employed by the Company or an Affiliate as long as Participant remains an employee of any of the Company, an Affiliate, or a corporation or other entity or a parent or 
    A-4

subsidiary of such corporation or other entity assuming or substituting a new option for this Option. Without limiting the scope of the preceding sentence, it is expressly provided that Participant shall be considered to have terminated employment with the Company (a) when Participant ceases to be an employee of any of the Company, an Affiliate, or a corporation or other entity or a parent or subsidiary of such corporation or other entity assuming or substituting a new option for this Option or (b) at the time of the termination of the “Affiliate” status under the Plan of the corporation or other entity that employs Participant. 
6.Non-Transferability.  Except as otherwise set forth in Section 7(a) of the Plan, this Option shall not be Transferable by the Participant other than by will or by the laws of descent and distribution, and this Option shall be exercisable, during the Participant’s lifetime, only by the Participant. Any attempted Transfer of this Option shall be null and void and of no effect, except to the extent that such Transfer is permitted by the preceding sentence.  
7.Securities Representations.  Upon the exercise of this Option prior to the registration of the shares of Stock to be issued hereunder pursuant to the Securities Act, the Participant shall be deemed to acknowledge and make the following representations and warranties and as otherwise may be requested by the Company for compliance with applicable laws, and any issuances of shares of Stock by the Company hereunder shall be made in reliance upon the express representations and warranties of the Participant:
(a)The Participant is acquiring and will hold the shares of Stock to be issued hereunder for investment for the Participant’s account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or other applicable securities laws.
(b)The Participant will not transfer the shares of Stock deliverable upon exercise of the Option in violation of the Plan, this Agreement, the Securities Act (or the rules and regulations promulgated thereunder) or under any other applicable securities laws.  The Participant agrees that the Participant will not dispose of the shares of Stock to be issued hereunder unless and until the Participant has complied with all requirements of the Plan and this Agreement applicable to the disposition of such shares of Stock.
(c)The Participant has been furnished with, and has had access to, such information as the Participant considers necessary or appropriate for deciding whether to invest in the shares of Stock to be issued hereunder, and the Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of such shares of Stock.
(d)The Participant is aware that an investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss.  The Participant is able, without impairing the Participant’s financial condition, to hold the shares of Stock to be issued hereunder for an indefinite period and to suffer a complete loss of the Participant’s investment in such shares of Stock.
    A-5

8.Compliance with Applicable Law.  Notwithstanding any provision of this Agreement to the contrary, the grant of this Option and the issuance of Stock hereunder will be subject to compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any stock exchange or market system upon which the Stock may then be listed. This Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a violation of any applicable law or regulation or the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, this Option may not be exercised unless (a) a registration statement under the Securities Act is at the time of exercise of this Option in effect with respect to the shares issuable upon exercise of this Option or (b) in the opinion of legal counsel to the Company, the shares issuable upon exercise of this Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. THE PARTICIPANT IS CAUTIONED THAT THIS OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THIS OPTION WHEN DESIRED EVEN THOUGH THIS OPTION IS VESTED. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary for the lawful issuance and sale of any shares subject to this Option will relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority has not been obtained. As a condition to the exercise of this Option, the Company may require the Participant to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the Company.
9.Tax Withholding.  To the extent that the receipt, vesting or exercise of this Option results in compensation income or wages to the Participant for federal, state, local and/or foreign tax purposes, the Participant shall make arrangements satisfactory to the Company for the satisfaction of obligations for the payment of withholding taxes and other tax obligations relating to this Option, which arrangements include the delivery of cash or cash equivalents, Stock (including previously owned Stock, net exercise, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Option), other property, or any other legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net exercise or the surrender of previously owned Stock, the maximum number of shares of Stock that may be so withheld (or surrendered) shall be the number of shares of Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Option, as determined by the Committee. Any fraction of a share of Stock required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash to the Participant. The Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or exercise of this Option or disposition of the underlying shares and that the Participant has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that the Participant is in no manner relying on the Board, 
    A-6

the Committee, the Company or an Affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.
10.Legends.  If a stock certificate is issued with respect to shares of Stock issued hereunder, such certificate shall bear such legend or legends as the Committee deems appropriate in order to reflect the restrictions set forth in this Agreement and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the Securities and Exchange Commission (the “SEC”), any applicable laws or the requirements of any stock exchange on which the Stock is then listed. If the shares of Stock issued hereunder are held in book-entry form, then such entry will reflect that the shares are subject to the restrictions set forth in this Agreement.
11.Rights as a Stockholder; Extraordinary Cash Dividends. 
(a)Rights as a Stockholder. The Participant shall have no rights as a stockholder of the Company with respect to any shares of Stock that may become deliverable hereunder unless and until the Participant has become the holder of record of such shares of Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares of Stock, except as otherwise specifically provided for in the Plan or this Agreement.
(b)Extraordinary Cash Dividends. The Company acknowledges and agrees that, for purposes of this Option, the term “extraordinary cash dividend” (as such term is used in the Plan) shall mean aggregate cash dividends with respect to the Stock in any fiscal year that exceed 10% of the Company’s earnings before interest, taxes, depreciation and amortization (EBITDA) for the most recently completed fiscal year. 
12.No Right to Continued Employment, Service or Awards. Nothing in the adoption of the Plan, nor the award of this Option thereunder pursuant to the Grant Notice and this Agreement, shall confer upon the Participant the right to continued employment by, or a continued service relationship with, the Company or any Affiliate, or any other entity, or affect in any way the right of the Company or any such Affiliate, or any other entity to terminate such employment or other service relationship at any time. The grant of this Option is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be granted at the sole discretion of the Board.
13.Furnish Information. The Participant agrees to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation.
14.Execution of Receipts and Releases. Any issuance or transfer of shares of Stock or other property to the Participant or the Participant’s legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such 
    A-7

Person hereunder.  As a condition precedent to such payment or issuance, the Company may require the Participant or the Participant’s legal representative, heir, legatee or distributee to execute (and not revoke within any time provided to do so) a release and receipt therefor in such form as it shall determine appropriate.
15.No Guarantee of Interests. The Board, the Committee and the Company do not guarantee the Stock of the Company from loss or depreciation. 
16.Company Records. Records of the Company regarding the Participant’s service and other matters shall be conclusive for all purposes hereunder, unless determined by the Company to be incorrect. 
17.Notices. All notices and other communications under this Agreement shall be in writing and shall be delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
If to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder):
Unit Corporation
8200 South Unit Drive
Tulsa, Oklahoma 74132
Attention: Vice President, Human Resources

If to the Participant, at the Participant’s last known address on file with the Company. 
Any notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon receipt by the Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail.
18.Consent to Electronic Delivery; Electronic Signature.  In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.
    A-8

19.Successors and Assigns. The Company may assign any of its rights under this Agreement without the Participant’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the Person(s) to whom this Option may be transferred by will or the laws of descent or distribution.
20.Severability and Waiver.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. Waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.
21.Interpretation. The titles and headings of paragraphs are included for convenience of reference only and are not to be considered in construction of the provisions hereof. Words used in the masculine shall apply to the feminine where applicable, and wherever the context of this Agreement dictates, the plural shall be read as the singular and the singular as the plural.
22.Governing Law; Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN, EXCLUSIVE OF THE CONFLICT OF LAWS PROVISIONS OF DELAWARE LAW. With respect to any claim or dispute related to or arising under this Agreement, Participant hereby consents to the exclusive jurisdiction, forum and venue of the state and federal courts (as applicable) located in the state of Oklahoma. The parties hereto waive, to the fullest extent permitted by law, any defenses to venue and jurisdiction in the state of Oklahoma.
23.Company Recoupment of Awards.  A Participant’s rights with respect to this Option shall in all events be subject to (a) any right that the Company may have under any Company clawback or recoupment policy or other agreement or arrangement with a Participant and (b) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the SEC.
24.Entire Agreement; Amendment.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to this Option; provided ̧ however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company (or an Affiliate or other entity) and the Participant in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding 
    A-9

sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of the Participant shall be effective only if it is in writing and signed by both the Participant and an authorized officer of the Company.
25.Acknowledgements Regarding the Nonqualified Deferred Compensation Rules and Section 422 of the Code.  The Participant understands that if the Exercise Price of the Stock under this Option is less than the Fair Market Value of such Stock on the date of grant of this Option, then the Participant may incur adverse tax consequences under the Nonqualified Deferred Compensation Rules and Section 422 of the Code.  The Participant acknowledges and agrees that (a) the Participant is not relying upon any determination by the Company, any Affiliate or any of their respective employees, directors, managers, officers, attorneys or agents (collectively, the “Company Parties”) of the fair market value of the Stock on the date of grant of this Option, (b) the Participant is not relying upon any written or oral statement or representation of any of the Company Parties regarding the tax effects associated with the Participant’s execution of this Agreement and the Participant’s receipt, holding and exercise of this Option, and (c) in deciding to enter into this Agreement, the Participant is relying on the Participant’s own judgment and the judgment of the professionals of the Participant’s choice with whom the Participant has consulted.  The Participant hereby releases, acquits and forever discharges the Company Parties from all actions, causes of actions, suits, debts, obligations, liabilities, claims, damages, losses, costs and expenses of any nature whatsoever, known or unknown, on account of, arising out of, or in any way related to the tax effects associated with the Participant’s execution of this Agreement and his receipt, holding and exercise of this Option.

    A-10EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 

THIS TRANSITION SERVICES AGREEMENT (this “Agreement”), effective as of November 10, 2021 (the “Effective
Date”), is made and entered into by and between Intercontinental Exchange Holdings, Inc., a Delaware corporation (“Service Provider”), and Bakkt Opco Holdings, LLC (f/k/a Bakkt Holdings, LLC), a Delaware limited liability
company (“Service Recipient”). Service Provider and Service Recipient are sometimes referred to herein as a “Party” and collectively as the “Parties”. 

W I T N E S S E T H: 

WHEREAS, the Parties currently are party to that certain Third Amended and Restated Intercompany Services Agreement effective as of
April 1, 2019 (the “ISA”); 
 WHEREAS, on January 11, 2021, Service Recipient entered into that certain
Agreement and Plan of Merger, dated as of January 11, 2021 (as amended, the “Merger Agreement”), by and among Bakkt Holdings, Inc. (formerly VPC Impact Acquisition Holdings), Pylon Merger Company LLC and Service Recipient,
and closed the transactions contemplated by the Merger Agreement on October 15, 2021; 
 WHEREAS, in connection with the
transactions contemplated by the Merger Agreement, Service Recipient intends to wind down the Services provided by Service Provider to Service Recipient under the ISA and otherwise over time in order to allow Service Recipient to transition fully
off of Service Provider’s processes and systems (the “Transition”); 
 NOW THEREFORE, the Parties hereto, in
consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as
follows: 
 ARTICLE 1 

SERVICES TO BE PROVIDED BY SERVICE PROVIDER 

Section 1.1 Services. Subject to the terms and conditions of this Agreement, Service Provider shall provide transition services
(the “Services”) to Service Recipient as specified in Exhibit A (which references Exhibits B and C; references herein to “Exhibit A” shall be deemed to include Exhibits B and C) during the Term. Service Provider
agrees to use commercially reasonable efforts in the performance of the Services hereunder. 
 Section 1.2 Transitional Nature of
Services. The Parties hereto acknowledge the transitional nature of the Services. Accordingly, in accordance with the time frames set forth herein, Service Recipient agrees to use commercially reasonable efforts to make a transition of each
Service to its internal organization or to obtain alternate third-party sources to provide the Services, and Service Provider agrees to assist Service Recipient with respect to the Transition as provided herein. 

 Section 1.3 Consents. Service Provider agrees that it shall use commercially
reasonable efforts to obtain and maintain all applicable consents, licenses, approvals and permits (each, a “Consent”) required in connection with performing its duties and obligations hereunder and shall at all times comply with
the terms and conditions of such Consents; provided, however, that Service Recipient shall be responsible for paying any and all costs, expenses and fees associated with obtaining such Consents. Notwithstanding the foregoing, nothing in this
Agreement shall be construed to require Service Provider to breach or violate any agreement with any third party, to infringe the intellectual property rights of any third party, or to violate any law. If a required Consent is not obtained after
Service Provider’s use of commercially reasonable efforts, then the Parties shall use commercially reasonable efforts to (a) negotiate in good faith to develop acceptable alternative work-around arrangements for the provision of the
applicable Services, and (b) implement such alternative work-around arrangements. 
 Section 1.4 Additional Activities.
Except as necessary to provide the Services in accordance with this Agreement, Service Provider and its respective Affiliates shall not be obligated to: (a) hire or engage additional employees or contractors; (b) purchase, lease or license
any additional equipment, hardware or software; or (c) upgrade or maintain any equipment, hardware or software. Notwithstanding anything herein to the contrary, Service Provider and its respective Affiliates shall not be obligated to maintain
the employment or engagement of any specific employee or contractor. 
 Section 1.5 Intellectual Property. The Parties hereto
hereby acknowledge and agree that (i) each Party shall retain ownership of its respective intellectual property rights and other proprietary rights existing as of the date hereof, and (ii) as between the Parties hereto, any and all
intellectual property rights and other proprietary rights owned or licensed from a third party by any Party hereto shall remain at all times the sole and exclusive property and assets of such Party hereto. No Party hereto or any of its affiliates
will gain, by virtue of this Agreement, any rights of ownership or, except as explicitly stated herein, rights to use any intellectual property rights or other proprietary rights owned by the other Parties hereto or its affiliates. 

Section 1.6 Cooperation. Service Recipient shall provide all information and documentation reasonably required for Service
Provider to perform the Services and make or cause to be made available, as reasonably requested by Service Provider, timely decisions, approvals and acceptances in order that Service Provider may accomplish its obligations under this Agreement and
Exhibit A in a timely and efficient manner. 
 ARTICLE 2 

FEES 
 Section 2.1
Fees. In consideration of the Services to be provided by Service Provider to Service Recipient under this Agreement, Service Recipient shall pay to Service Provider the fees as set forth on Exhibit D hereto (the
“Fees”). In addition to such amount, in the event that Service Provider incurs reasonable and documented out-of-pocket expenses in the provision of any
Service, including, without limitation, license fees (collectively, “Out-of-Pocket Costs”), Service Recipient shall reimburse Service Provider for all
such Out-of-Pocket Costs in accordance 

  
 2 

 
with the invoicing procedures set forth in Section 2.2; provided, however, that before incurring Out-of-Pocket
Costs (a) subject to the immediately succeeding clause (b), in excess of $25,000 in any one instance and $100,000 in the aggregate, and (b) in the case of Emergencies (as defined below), in excess of $500,000 in the aggregate, Service
Provider shall obtain Service Recipient’s prior written consent (email being acceptable) thereto; otherwise, such Out-of-Pocket Costs shall not be reimbursable as
provided above. “Emergencies” shall be defined as one or more cyber or physical security event(s) which require(s) a prompt response. 

Section 2.2 Payment of Fees. Service Recipient shall deliver or cause to be delivered to Service Provider the Fees within thirty
(30) days following the end of any calendar quarter during which Service Provider provides the Services. Service Provider shall provide Service Recipient with invoices (“Invoices”) with respect to any Out-of-Pocket Costs, which shall be set forth in reasonable detail, with such supporting documentation as Service Recipient may reasonably request. 

Section 2.3 Taxes. Service Recipient shall bear any and all sales, use, transaction and transfer taxes and other similar charges
(and any related interest and penalties) imposed on, or payable with respect to, any fees or charges payable by Service Recipient pursuant to this Agreement. 

ARTICLE 3 
 TERM;
TERMINATION; EFFECT OF TERMINATION 
 Section 3.1 Term. This Agreement shall be effective commencing on the Effective Date
and, subject to Section 7.12 hereof, shall remain in full force and effect until the earlier to occur of (i) June 30, 2023 (the “End Date”), or (ii) the date on which this Agreement is
earlier terminated in accordance with this Article 3 (the “Term”). Service Provider agrees that in the event that Service Recipient has used commercially reasonable efforts to transition the Services but such transition is
not completed by June 30, 2023, then Service Recipient may extend the Term once for an additional period of no more than six (6) months. 

Section 3.2 Early Termination. Service Recipient may terminate this Agreement or any individual Services (or portion thereof)
provided hereunder by the giving of sixty (60) days’ advance written notice to Service Provider. 
 Section 3.3
Termination for Bankruptcy or Material Breach. Either Party may terminate this Agreement immediately in the event that the other Party (i) becomes bankrupt, ceases to carry on its business or becomes unable to pay its debts as they
become due, or (ii) is in material breach of any provision of this Agreement and, if such breach is capable of remedy, has failed to cure such breach within thirty (30) days following receipt of notice thereof. 

Section 3.4 Effect of Termination. Upon the termination of this Agreement, all rights and obligations of each Party under this
Agreement shall immediately thereafter cease; provided, however, that the provisions of this Section 3.4, Article 4, Article 5, Article 6 and Article 7 shall survive any
termination of this Agreement, and further provided, that the payment obligations under Article 2 shall survive any termination of this Agreement if, and to the extent, any Fees have accrued or are otherwise due and owing from Service
Recipient to Service Provider as of the date of termination of this Agreement. 

  
 3 

 ARTICLE 4 

CONFIDENTIALITY 

Section 4.1 Confidentiality by Service Recipient. Service Recipient covenants to Service Provider that Service Recipient shall,
and shall cause its affiliates to, keep secret and maintain in confidence any confidential and proprietary information and data of Service Provider that is obtained or used in connection with the performance of the Services hereunder, except as may
be required by law, regulation or governmental authority. 
 Section 4.2 Confidentiality by Service Provider. Service Provider
covenants to Service Recipient that Service Provider shall, and shall cause its affiliates to, keep secret and maintain in confidence any confidential and proprietary information and data of Service Recipient that is obtained or used in connection
with the performance of the Services hereunder, except as may be required by law, regulation or governmental authority. 
 ARTICLE 5

 INDEMNIFICATION 

Section 5.1 Nature of Services. Subject to the terms herein, Service Provider shall provide the Services using substantially the
same manner and standard of care that is substantially the same in all material respects with its past practices. 
 Section 5.2
Indemnification by Service Provider. Service Provider and each of its successors and assigns, jointly and severally, hereby agree to indemnify Service Recipient and its successors and assigns against, and agree to hold them harmless from, any
and all claims, losses, liabilities, damages (including fines, penalties and criminal or civil judgments and settlements), costs (including court costs) and expenses (including reasonable attorneys’ and accountants’ fees) incurred or
suffered by Service Recipient and/or its successors and assigns arising out of or in connection with a material breach by Service Provider of any covenant, representation, warranty or obligation of Service Provider under this Agreement or
performance by Service Provider of the Services under this Agreement. 
 Section 5.3 Indemnification by Service Recipient.
Service Recipient and each of its successors and assigns, jointly and severally, hereby agree to indemnify Service Provider and its successors and assigns against, and agree to hold them harmless from, any and all claims, losses, liabilities,
damages (including fines, penalties and criminal or civil judgments and settlements), costs (including court costs) and expenses (including reasonable attorneys’ and accountants’ fees) incurred or suffered by Service Provider and/or its
successors and assigns arising out of or in connection with Service Recipient’s breach of any covenant, representation, warranty or obligation of Service Recipient under this Agreement. 

  
 4 

 Section 5.4 Limitation on Liability. Except for (a) Service
Recipient’s express payment obligations, (b) breaches of Article 4 (Confidentiality), and (c) liability caused by a Party’s gross negligence or willful misconduct, in each case, as to which the following limitation shall not
apply, the total cumulative lability of each Party and its respective affiliates arising out of or relating to this Agreement, whether in contract or tort or otherwise, will not exceed the aggregate amount of fees payable under this Agreement. 

Section 5.5 DISCLAIMER OF WARRANTIES. EXCEPT AS SET FORTH EXPRESSLY HEREIN, THERE ARE NO WARRANTIES RELATING TO THE SERVICES OF
ANY KIND OR NATURE, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING (A) WARRANTIES OF MERCHANTABILITY, OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT OF ANY SOFTWARE OR
HARDWARE PROVIDED HEREUNDER, AND (B) ANY WARRANTIES ARISING FROM COUSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE. 
 ARTICLE 6

 BOOKS AND RECORDS 

Section 6.1 Books and Records. Service Provider shall create and maintain complete and accurate books and records in connection
with the provision of the Services in this Agreement, and upon reasonable notice from Service Recipient or a regulator of Service Recipient, shall make available for inspection and copy by Service Recipient’s agents or the applicable regulator,
as the case may be, such books and records during reasonable business hours. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Notices. All notices, communications and deliveries hereunder shall be made in writing , shall specify the Section
hereunder pursuant to which it is given or being made, and shall be delivered personally or by electronic transmission (“e-mail”) or sent by registered or certified mail (return receipt
requested) or by any international overnight courier service (with postage and other fees prepaid) as follows: 
 If to Service
Recipient:    Bakkt Opco Holdings, LLC 
 Attn: Marc D’Annunzio 

10000 Avalon Boulevard, Suite 1000 

Alpharetta, Georgia 30009 
 E-mail: legal-notices@bakkt.com 

  
 5 

 If to Service Provider:      Intercontinental Exchange
Holdings, Inc. 
 Attention: General Counsel 

5660 New Northside Drive NW 

Atlanta, Georgia 30328 
 E-mail: legal-notices@ice.com 
 or to such other address or to such other person or persons designated in writing by such
Party, as the case may be. Any such notice, communication or delivery shall be deemed given or made (a) on the date of delivery if delivered in person or sent by registered or certified mail, (b) on the first day other than a Saturday or
Sunday on which a Party is open for business (each, a “Business Day”) after delivery to an international overnight courier service, or (c) upon transmission of the e-mail if receipt is
confirmed. 
 Section 7.2 Exhibits. All exhibits hereto are hereby incorporated into this Agreement and made a part hereof as if
set out in full in this Agreement. 
 Section 7.3 Counterparts. This Agreement may be executed in one (1) or more
counterparts, each of which shall be deemed an original, and all of which shall constitute one (1) and the same Agreement. 

Section 7.4 Applicable Law. The validity, construction and performance of this Agreement shall be governed by and construed in
accordance with the laws of the State of New York. 
 Section 7.5 Amendments. This Agreement may not be amended except by an
instrument in writing signed by a duly authorized representative of each of the Parties. 
 Section 7.6 Entirety of Agreement.
The provisions of this Agreement set forth the entire agreement and understanding among the Parties as to the subject matter hereof and supersede all prior agreements, oral or written, and all other prior communications between the Parties relating
to the subject matter hereof. Without limiting the foregoing, this Agreement amends, restates, and supersedes the ISA. For the avoidance of doubt, this Agreement shall not modify, supersede or replace any provision of (i) that certain Digital
Currency Trading, Clearing and Warehouse Services Agreement by and among ICE Futures U.S., Inc., ICE Clear US, Inc., and Bakkt Trust Company LLC, as amended from time to time, or (ii) that certain Bakkt Digital Asset Trading, Clearing and
Warehouse Services Agreement by and among ICE Futures Singapore Pte. Ltd., ICE Clear Singapore Pte. Ltd., and Service Recipient, as amended from time to time, each of which shall continue unamended and in full force and effect in accordance with its
terms. 
 Section 7.7 No Assignment. Except as expressly permitted under this Agreement, no Party may assign (by operation of
law or otherwise) any of its rights or obligations hereunder to any other party without the prior written consent of the other Party. Any attempted assignment of this Agreement in violation of this Section 7.7 shall be void
and of no effect. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

  
 6 

 Section 7.8 No Third-Party Beneficiaries. This Agreement is for the sole benefit
of the Parties and their permitted assigns, and nothing herein express or implied shall give or be construed to give to any party, other than the Parties and such assigns, any legal or equitable rights hereunder. 

Section 7.9 No Agency or Partnership. Nothing in this Agreement will create, or will be deemed to create, a partnership or the
relations of principal and agent or of employer and employee between the Parties. Except for provisions herein expressly authorizing one Party to act for another, this Agreement shall not constitute any Party as a legal representative or agent of
any other Party, nor shall a Party have the right or authority to assume, create or incur any liability or any obligation of any kind, expressed or implied, against or in the name or on behalf of the other Party unless otherwise expressly permitted
by such other Party. 
 Section 7.10 Further Assurances. Each of Service Provider and Service Recipient agrees to execute and
deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary or desirable in order to consummate or implement expeditiously the Transition and the transactions contemplated
by this Agreement. 
 Section 7.11 Access to Books and Records. During the term of this Agreement and for a period of six
(6) years after the termination of this Agreement, except as otherwise prohibited by applicable law, the terms of any contract entered into prior to the date hereof or any other duty of confidentiality owed to another party, or as would be
reasonably expected to violate any attorney-client privilege (it being understood that the parties shall each use commercially reasonable efforts to cause such information to be provided in a manner that does not result in such violation), Service
Provider shall (and shall cause its affiliates to) furnish promptly to Service Recipient such information concerning the Services as Service Recipient or its Representatives may reasonably request. Notwithstanding the foregoing, Service Recipient
shall, and shall cause its Representatives to, use their commercially reasonable efforts to conduct any such investigation or consultation in such a manner as not to interfere unreasonably with the business or operations of the Service Provider or
its affiliates or otherwise result in any unreasonable interference with the prompt and timely discharge by such employees of their normal duties. 

Section 7.12 Regulatory Approval. The Parties understand, acknowledge and agree that the Transition will, in part, be subject to
the review and approval of Service Recipient’s regulators, including the New York State Department of Financial Services (collectively, “Regulatory Approval”). Accordingly, the term of this Agreement, and all timetables and
milestones set forth in this Agreement and in any schedule or exhibit hereto that are dependent on Regulatory Approval, shall be automatically extended to the extent required to obtain such Regulatory Approval, and Service Recipient shall not be
deemed to be in breach of this Agreement so long as Service Recipient is pursuing such Regulatory Approval diligently and using commercially reasonable efforts. 

  
 7 

 IN WITNESS WHEREOF, the undersigned have caused their respective duly authorized
officers to execute this Agreement as of the day and year first above written. 
 INTERCONTINENTAL EXCHANGE HOLDINGS, INC. 

 

			
	By:	 	 /s/ Andrew Surdykowski

	Name:	 	Andrew Surdykowski
	Title:	 	General Counsel,
	
	 BAKKT OPCO HOLDINGS, LLC

		
	By:	 	 /s/ Andrew LaBenne

	Name:	 	Andrew LaBenne
	Title:	 	Chief Financial Officer

 EXHIBIT A 

SERVICES 

Section 1. Insurance Services. ICE will include Bakkt as a named insured on its crime policy through June 30, 2022. 

Section 2. Digital Warehouse Services. 
  

	 	a)	 ICE agrees to provide: (a) technology maintenance and updates related to operation of the warehouse
infrastructure; and (b) information security implementation and monitoring services in an effort to better ensure security of warehoused digital assets, all of which will be provided in accordance with Exhibit B. 

 

	 	b)	 Bakkt agrees that it will migrate from Oracle to Maria DB as the database technology for the warehouse. ICE
agrees that it will support Maria or database technology with substantially equivalent functionality and performance during the Term. 

Section 3.Data Center Services. ICE shall provide data center services, including technical support services, requested by Bakkt
(the “Data Center Services”). Such services shall be provided in a professional and workmanlike manner and in accordance with Exhibit C; and, in any event, the Data Center Services shall be provided in a manner consistent
with the means that ICE provides such services to its affiliate regulated exchanges. 
 Section 4. Operations Services. ICE
shall provide operational services, including technical support services, which shall include but not be limited to implementation and operation of the withdrawal process related to removal of digital assets from frozen, cold and hot wallets, in a
manner consistent with Recipient’s policies and procedures which may be amended from time to time. 
 Section 5. Help Desk
Services. ICE shall provide Help Desk Trade Support services in a professional and workmanlike manner and, in any event, in a manner consistent with the means that ICE provides such services to its affiliate regulated exchanges. 

Section 6. Physical Vault Services. ICE shall maintain the physical vault as currently constructed, including related security
services, in order to secure and store materials related to digital assets. 
 Section 7. Real Estate. ICE will provide
work areas for up to eight (8) Bakkt employees at ICE’s Business Continuity site INOR located at 294 Interstate North Circle SE, Atlanta, GA. Desk resources will include wired and WiFi internet access using ICE’s guest network;
Bakkt users will require use of ICE VPN to connect to any ICE corporate resources. ICE will provide limited access to HQ including the second floor secure space in ICE Atlanta headquarters including the vault and the waiting room area on HQ3. 

Section 8. Transition Services. ICE will provide Bakkt with continued access to systems and assist with transitioning respective
system-related data to Bakkt-managed systems, as follows: 
  

	 	a)	 ICE will provide access to Bakkt data (user and department level) until Bakkt transitions to Bakkt-managed data
repositories, at which point ICE will export user/department data as well as Bakkt data located on ICE intranet via secure medium (secure external disc or via secure internet facing repository); 

  
 A-1 

	 	b)	 ICE will allow continued use of ICE workstations as needed by Bakkt staff for accessing systems only accessible
via ICE managed endpoint. Bakkt must remove/delete all ICE intellectual property and reimage workstations immediately once hardware is no longer used for accessing ICE systems; 

 

	 	c)	 ICE will continue providing access to ICE managed chat platforms (Microsoft Teams and Slack) for active Bakkt
users. ICE will assist with transitioning Bakkt Slack tenant on Slack’s renewal anniversary date; and 

  

	 	d)	 ICE will maintain on Bakkt’s behalf records with respect to the Services as necessary to comply with
statutory requirements for the maintenance of such records. 

 Section 9. Enterprise Risk Management Services.
For four (4) months from the Effective Date, ICE will be available to advise on transition matters relating to risk management issues as requested by Bakkt from time to time. 

Section 10. Internal Audit Services. For four (4) months from the Effective Date (the “Internal Audit Transition
Period”), ICE will be available to advise on transition matters relating to internal audit management issues as requested by Bakkt from time to time. Bakkt acknowledges and agrees that (a) it will reimburse ICE for any use of Grant
Thornton’s services after the Effective Date, and (b) Bakkt will not engage Grant Thornton for a period beyond the Internal Audit Transition Period without ICE’s written consent. 

Section 11. Contract Cooperation. For six (6) months from the Effective Date, ICE shall provide contract cooperation services
requested by Bakkt with respect to a limited number of licenses/agreements that fall under master agreements in ICE’s name (including but not limited to those listed on Annex 1 hereto), namely, reasonable cooperation from ICE’s
procurement department in separating from those or assigning as they come up on renewals. 

  
 A-2 

 ANNEX 1 to Exhibit A 

 

	 	•	 	 Master Agreement for Professional Services between Tata America International Corporation and Intercontinental
Exchange Holdings, Inc. dated July 1, 2017 

  

	 	•	 	 Master Professional Services Agreement between Lextant Corporation and Intercontinental Exchange Holdings, Inc.
dated July 2, 2019 

  

	 	•	 	 Master Sales Agreement between Twilio, Inc. and Intercontinental Exchange Holdings Inc. dated July 26, 2018

  

	 	•	 	 Master Services Agreement between Computer Services, Inc. and Intercontinental Exchange Holdings, Inc. dated
December 20, 2017 

  

	 	•	 	 Master Software License and Support Agreement between and between Intercontinental Exchange Holdings, Inc. and
Checkmarx, Inc. dated March 11, 2014 

  

	 	•	 	 Oracle License and Services Agreement between Oracle America, Inc. and Intercontinental Exchange, Inc. dated 23-May-2008 and Ordering Documents as amended 

  

	 	•	 	 Remote Processing Agreement between Automated Securities Clearance LLC and Intercontinental Exchange Holdings
Inc. dated November 14, 2014 as amended 

  

	 	•	 	 Salesforce Master Subscription Agreement between salesforce.com and NYSE Group, Inc. dated 2008-07-31 

  

	 	•	 	 Microsoft enterprise agreement for Azure between ICE and Microsoft, to the extent Bakkt’s use is
contemplated therein 

  
 A-3 

 EXHIBIT B 

TECHNOLOGY SERVICES 
  

	1.	 DEFINITIONS. 

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Agreement of which this Exhibit B forms a part. In
Exhibit B to the Agreement, the following terms shall have the following meanings: 
  

	 	•	 	 “Access Code” means numbers or symbols that are controlled by ICE that permit authorized
Recipient users to gain access to ICE Hardware & Software. 

  

	 	•	 	 “Availability” shall mean time when ICE Hardware & Software and/or Support Services,
respectively, are functioning in a normal manner. 

  

	 	•	 	 “ICE Hardware & Software” means the ICE hardware and software provided
hereunder, including the warehouse hardware and software infrastructure. 

  

	 	•	 	 “Problem” means any defect, error or failure in the performance of Support Services in
accordance herewith or any delay, outage, operational failure or malfunction with respect to ICE Hardware & Software that has occurred and has not yet been resolved in accordance herewith. 

 

	 	•	 	 “Problem Management” means the agreed procedures for providing support and problem resolutions
services to Recipient. 

  

	 	•	 	 “Support Services” mean the services to be provided by ICE under this Exhibit B,
including (i) continued technology maintenance for and updates to ICE Hardware & Software, (ii) information security implementation and monitoring services, (iii) training Recipient’s staff in the operation of ICE
Hardware & Software, and (iv) support and maintenance related to the aforementioned (i) - (iii). 

  

	 	•	 	 “System Outage” shall mean an interruption so comprehensive or widespread that all ICE
Hardware & Software must be disabled for its users. 

  

	2.	 SERVICES, PERFORMANCE AND REPORTING. 

2.1 ICE will provide ongoing assistance to Recipient to maintain Availability of ICE Hardware & Software and Support Services. ICE will be responsible
for providing the following Level I, Level II and Level III Services (without limitation): 
  

	 	i.	 Level I - Addressing any question regarding set-up, content
permissions and the use and functioning of ICE Hardware & Software. 

  

	 	ii.	 Level II - Maintaining Availability of ICE Hardware & Software that functions in a commercially
acceptable manner, providing Access Codes, assistance with connecting to ICE Hardware & Software and general assistance with accessing and using ICE Hardware & Software and/or Support Services, respectively. 

 

	 	iii.	 Level III - Detecting, managing and resolving all Problems in accordance herewith.

  
 B-1 

	3.	 PROBLEM MANAGEMENT. 

The Level III Services and required response time applicable thereto with respect to a particular Problem will depend on the severity of the Problem, to be
determined in accordance with the following: 
  

	3.1	 Priority 1 - Critical 

a. Definition. A problem is deemed to have an urgency/impact of critical and classified as Priority 1 when a failure or defect of ICE
Hardware & Software or Support Services prevents Recipient from accessing and/or using that portion of ICE Hardware & Software and/or Support Services, respectively, devoted to Recipient’s activities. 

b. Notification. ICE will notify the designated Recipient contact(s) of Priority 1 issues within fifteen (15) minutes of the issue
start time; frequency of incident communications should be every thirty (30) minutes. 
 c. Resolution. ICE will use its best and
commercially reasonable efforts to resolve Priority 1 issues as soon as is reasonably and practicably possible with the goal of resolving critical issues within four (4) hours. 

d. Within three (3) days of any System Outage, ICE shall provide Recipient management with a summary of the reason for the outage and
steps taken to prevent a recurrence. Any System Outage information shared with Recipient senior management for the purposes of this Agreement shall be considered strictly confidential. 

3.2 Priority 2 - High 
 a.
Definition. A Problem is deemed to have an urgency/impact of high and classified as Priority 2 when a failure or defect of ICE Hardware & Software and/or Support Services, respectively, causes partial failure of Recipient’s
activities and there is an acceptable work-around that enables the continued operation of that portion of ICE Hardware & Software and/or Support Services, respectively, devoted to Recipient’s activities. 

b. Notification. ICE will notify the designated Recipient contact(s) of Priority 2 issues within thirty (30) minutes of the issue
start time; frequency of incident communications should be every two (2) hours. 
 c. Resolution. ICE will use its best and
commercially reasonable efforts to resolve Priority 2 issues as soon as is reasonably and practicably possible with the goal of resolving Priority 2 issues within eight (8) hours. 

3.3 Priority 3 - Medium 
 1.
Definition. A problem is deemed to have an urgency/impact of medium and classified as Priority 3 when a failure or defect affects the operation of ICE Hardware & Software, Support Services, and/or the Recipient’s activities,
respectively, but does not require a work-around to enable the continued operation of such ICE Hardware & Software, Support Services, and/or Recipient’s activity, respectively. 

2. Notification. ICE will notify the designated Recipient contact(s) of Priority 3 issues within four (4) hours of the issue start
time; frequency of incident communications should be every eight (8) hours. 

  
 B-2 

 3. Resolution. ICE will use its best and commercially reasonable efforts to resolve
Priority 3 issues as soon as is reasonably and practically possible with the goal of resolving Priority 3 issues within three (3) business days. 
  

	4.	 SUPPORT SERVICES. 

4.1 Continued Technology Maintenance and Updates. Recipient understands that ICE maintains and makes, and shall make, frequent upgrades and improvements
to ICE Hardware & Software and that, with the exception of changes that have a material adverse effect on the Recipient, ICE shall have no obligation to notify Recipient of these changes or obtain Recipient’s approval. 

4.2 Disaster Recovery. 
 a. ICE, as part of
its Support Services, will maintain a disaster recovery system for ICE Hardware & Software that will ensure full service of ICE Hardware & Software is restored within the same timeframe as for ICE itself. 

b. Recipient and ICE will jointly plan and execute annual disaster recovery tests. 

4.3 Security. ICE shall operate and maintain ICE Hardware & Software at a secured location. ICE shall provide commercially reasonable
protection, including continued monitoring, in order to secure ICE Hardware & Software and information thereon, including, without limitation, Recipient data and Recipient user data and other proprietary information stored on ICE
Hardware & Software from unauthorized access by third party. 

  
 B-3 

 EXHIBIT C 

DATA CENTER SERVICES 

ICE shall supply the Data Center Services during the following times at the Data Center: 

 

			
	Service Component	  	Service Hours
	 Cabinet Power
	  	24x7x365
	 Recipient Access – normal
	  	07:00 - 16:00 Mon - Fri
	 Recipient Access – emergency
	  	24x7x365
	 Physical Security
	  	24x7x365
	 Environment
	  	24x7x365
	 Fire Protection
	  	24x7x365
	 Connectivity
	  	24x7x365
	 Monitoring
	  	24x7x365
	 Support
	  	24x7x365
	 Remote Hands – normal
	  	07:00 – 16:00 Mon – Fri
	 Remote Hands – emergency
	  	24x7x365

  
 C-1 

 EXHIBIT D 

FEES 

 ANNEX 1 to Exhibit D

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