Document:

Form of Non-Qualified Stock Option Agreement

 Exhibit 10.19 

HIGHER ONE, INC. 

NON-QUALIFIED STOCK OPTION AGREEMENT 

1. Grant of Option. 

Higher One, Inc., a Delaware corporation (the “Company”), hereby grants to
                     (the “Employee”), an option, pursuant to the Company’s 2000 Stock Plan (the “Plan”), to purchase
an aggregate of          shares of Common Stock, par value $.001 per share (“Common Stock”), of the Company at a price of $         per share,
purchasable as set forth in and subject to the terms and conditions of this option and the Plan. The date of grant of this option is hereinafter referred to as the “date of grant,” and the date ending twelve months thereafter and each
subsequent successive twelve-month period is hereinafter referred to as the “first anniversary date,” “second anniversary date,” “third anniversary date,” etc. 

2. Exercise of Option and Provisions for Termination. 

(a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the
tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: 
  

			
		 	No shares from and after the date of grant and prior to the first anniversary date;
		
	 	 	shares from and after the first anniversary date and prior to the second anniversary date;
		
	 	 	shares from and after the second anniversary date and prior to the third anniversary date;
		
	 	 	shares from and after the third anniversary date and prior to the fourth anniversary date;
		
	 	 	shares from and after the fourth anniversary date and prior to the fifth anniversary date; and
		
	 	 	shares from and after the fifth anniversary date.

The right of exercise provided herein shall be cumulative so that if the option is not exercised to the maximum extent permissible during
any such period it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time during any subsequent period prior to the expiration or termination of this option. 

This option may not be exercised at any time after the tenth anniversary date. 

 (b) Subject to the conditions hereof, this option shall be exercisable by the Employee
giving written notice of exercise to the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by payment in accordance with Section 3 hereof. Such exercise shall be effective upon
receipt by the Treasurer of the Company of the written notice together with the required payment. The Employee shall be entitled to purchase less than the number of shares covered hereby, provided that no partial exercise of this option shall be for
less than 10 whole shares. 
 (c) If the Employee ceases to be employed by the Company or one of its subsidiaries for any
reason, including retirement but other than death, this option shall immediately terminate; provided, however, that any portion of this option which was otherwise exercisable on the date of termination of the Employee’s employment may be
exercised within the three-month period following the date on which the Employee ceased to be so employed, but in no event after the tenth anniversary date. Any such exercise may be made only to the extent of the number of shares subject to this
option which are purchasable upon the date of such termination of employment. If the Employee dies during such three-month period, this option shall be exercisable by the Employee’s personal representatives, heirs or legatees to the same extent
and during the same period that the Employee could have exercised this option upon the date of his or her death. 
 (d) If the
Employee dies while an employee of the Company or any subsidiary of the Company, this option shall be exercisable, by the Employee’s personal representatives, heirs or legatees, to the same extent that the Employee could have exercised this
option on the date of his or her death. This option or any unexercised portion hereof shall terminate unless so exercised prior to the earlier of the expiration of six months from the date of such death or ten years and one month from the date of
its grant. 
 3. Payment of Purchase Price. 

(a) Payment of the purchase price for shares purchased upon exercise of this option shall be made by delivery to the Company of cash or
check payable to the order of the Company in an amount equal to the purchase price of such shares, or, if the Employee elects and the Company permits, by delivery of shares of Common Stock of the Company having a fair market value equal in amount to
the purchase price of such shares. 
 (b) For the purposes hereof, the fair market value of any share of the Company’s
Common Stock to be delivered to the Company in exercise of this option shall be determined in good faith by the Board of Directors of the Company, in accordance with the terms of the Plan. 

(c) If the Employee elects to exercise options by delivery of shares of Common Stock of the Company, the certificate or certificates
representing the shares of Common Stock of the Company to be delivered shall be duly executed in blank by the Employee or shall be accompanied by a stock power duly executed in blank suitable for purposes of transferring such shares to the Company.
Fractional shares of Common Stock of the Company will not be accepted in payment of the purchase price of shares acquired upon exercise of this option. 
  

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 4. Delivery of Shares. 

The Company shall, upon payment of the purchase price for the number of shares purchased and paid for, make prompt delivery of such shares
to the Employee, provided that if any law or regulation requires the Company to take any action with respect to such shares before the issuance thereof, then the date of delivery of such shares shall be extended for the period necessary to complete
such action. No shares shall be issued and delivered upon exercise of any option unless and until, in the opinion of counsel for the Company, any applicable registration requirements of the Securities Act of 1933, any applicable listing requirements
of any national securities exchange on which stock of the same class is then listed, and any other requirements of law or of any regulatory bodies having jurisdiction over such issuance and delivery, shall have been fully complied with. 

5. Non-transferability of Option. 

Except as provided in Section 2(c) and 2(d) hereof [and this Section 5], this option is personal and no rights granted hereunder
shall be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) nor shall any such rights be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate
or otherwise dispose of this option or of such rights contrary to the provisions hereof, or upon the levy of any attachment or similar process upon this option or such rights, this option and such rights shall become null and void. 

6. No Special Employment Rights. 

Nothing contained in the Plan or this Agreement shall be construed or deemed by any person under any circumstances to bind the Company or
any of its subsidiaries to continue the employment of the Employee for the period within which this option may be exercised. However, during the period of the Employee’s employment, the Employee shall render diligently and faithfully the
services which are assigned to the Employee from time to time by the Board of Directors or by the executive officers of the Company and its subsidiaries and shall at no time take any action which directly or indirectly would be inconsistent with the
best interests of the Company or of its subsidiaries. 
 7. Rights as a Stockholder. 

The Employee shall have no rights as a stockholder with respect to any shares which may be purchased by exercise of this option unless and
until a certificate or certificates representing such shares are duly issued and delivered to the Employee. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is
prior to the date such stock certificate is issued. 
 8. Recapitalization. 

In the event that dividends are payable in shares of Common Stock or in the event there are splits, sub-divisions or combinations of
shares of Common Stock subsequent to the date of grant, the number of shares subject to this option shall be increased or decreased proportionately, as the case may be, and the number of shares deliverable upon the exercise thereafter of this option
shall be increased or decreased proportionately, as the case may be, without change in the aggregate purchase price. 
  

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 9. Reorganization. 

In case the Company is merged or consolidated with another corporation and the Company is not the surviving corporation, or in case the
property or stock of the Company is acquired by any other corporation, or in case of a reorganization or liquidation of the Company, prior to the termination or expiration of this option, the Employee shall, with respect to this option or any
unexercised portion thereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in Section 11 of the Plan and Section 2 of this Agreement. 

10. Withholding Taxes. 

Whenever shares are to be issued upon exercise of this option, the Company shall have the right to require the Employee to remit to the
Company an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such shares. 

11. Company’s Rights of First Refusal. 

All shares purchased upon exercise of this option shall be subject to the following rights of first refusal until immediately prior to the
consummation of the first public offering by the Company of its Common Stock pursuant to an offering registered under the Securities Act of 1933. 

The Employee, including his or her heirs, assigns, executors, or administrators, or recipient of shares by other than a sale subject to
this right of first refusal and his or her heirs, assigns, executors, or administrators (collectively, the “Seller”), desiring to sell any shares shall first offer such shares to the Company in the following manner: the Seller shall notify
the President of the Company in writing of the Seller’s desire to sell the shares, which notice shall contain the price and terms at which the Seller is willing to sell and the name of the proposed purchaser. All such offers must require
payment in cash, and must allow the Company at least forty-five (45) days from the receipt of such notification in which to consummate the purchase. The Company shall have thirty (30) days after receipt of such notification by the
President either to accept or to reject the offer. The Company shall have the right to purchase all, but not less than all, of the offered shares on the terms offered. Failure of the Company either to accept or to reject the offer in writing within
the 30-day period shall constitute a rejection of the offer. An acceptance by the Company shall be timely given if mailed by registered mail within the 30-day period to the most recent address of the record holder of the shares in the stock records
of the Company. 
 In the event the Company rejects the offer, the Seller may, at any time during the period of sixty
(60) days following such rejection, dispose of the offered shares upon the terms and conditions set forth in the notice to the President, but may not otherwise or thereafter do so without again complying with the foregoing rights of first
refusal. In the event the Company accepts the offer, but fails to perform according to the terms of the offer, the Seller’s sole remedy shall be that the offered shares shall no longer be subject to the foregoing rights of first refusal.

  

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 No shares shall be transferred on the books of the Company unless the foregoing provisions
have been complied with, but the Company, with the approval of the Board of Directors of the Company, may in any particular instance or instances waive these provisions with respect to any present or future sale, provided such waiver is in writing.

 12. Investment Representation, Etc. 

(a) The Employee represents that any shares purchased upon exercise of this option shall be acquired by the Employee for his or her own
account for investment and not with a view to, or for sale in connection with, any distribution of such shares, nor with any present intention of distributing or selling such shares. The Employee further represents that he or she has made detailed
inquiry concerning the Company, that the officers of the Company have made available to the Employee any and all written information which the Employee has requested, that the officers of the Company have answered to the Employee’s satisfaction
all inquiries made by the Employee and that the employee has such knowledge and experience in financial and business matters that the Employee is capable of evaluating the merits and risks of an investment in the Company and able to bear the
economic risk of that investment. By making payment upon exercise of this option, the Employee shall be deemed to have reaffirmed, as of the date of such payment, the representations made in this Section 13. 

(b) Without limiting the Company’s rights under Section 11 hereof, upon exercise of this option, the Company may, at its
election, require the Employee to execute a stock restriction agreement, restricting the Employee from selling or transferring the shares so acquired without first offering to sell such shares to the Company and the other stockholders. Upon
execution of such stock restriction agreement by the Employee, the Company shall have affixed to all stock certificates representing shares of Common Stock issued to the Employee upon exercise of this option a legend evidencing such agreement.

 (c) Employee agrees, for himself or herself and his or her heirs and legal representatives that he or she will enter into any
“lock-up” or similar agreements requested by the Company in connection with any public offering of shares of the Company’s stock. 

(d) All stock certificates representing shares of Common Stock issued to the Employee upon exercise of this option shall, at the election
of the Company, have affixed thereto a legend substantially in the following form: 
 “The shares of stock represented by
this certificate (i) are subject to the restrictions on transfer contained in a Non-Qualified Stock Option Agreement dated             , 2000, between the Company and the holder
of this certificate (a copy of which is available without charge from the Company), and (ii) have not been registered under the Securities Act of 1933 and may not be transferred, sold or otherwise disposed of in the absence of an effective
registration statement with respect to the shares evidenced by this certificate, filed and made effective under the Securities Act of 1933, or an opinion of counsel satisfactory to the Company to the effect that registration under such Act is not
required.” 
  

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 13. Miscellaneous. 

(a) Except as provided herein, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Company and the Employee. 
 (b) All notices under this Agreement shall be mailed or delivered by hand to the parties at their
respective addresses set forth beneath their names below or at such other address as may be designated in writing by either of the parties to one another. 

(c) This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut. 

(d) If the Company becomes a regulated financial institution, then its primary federal regulator shall have the right to direct Employee
to either exercise their options or forfeit their stock rights if the institution’s capital falls below the minimum legal requirements. 
  

							
	Date of Grant:                     	 	 	 	HIGHER ONE, INC.
			
		 		 	  

				
		 		 	By:	 	  

		 		 	Title:	 	  

				
		 		 	Address:	 	  

			
		 		 	  

 

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 EMPLOYEE’S ACCEPTANCE 

The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. 

 

			
	EMPLOYEE
	
	  

	 Signature

		
	 Address:
	 	  

		 	  

 

 - 7 -Form of Stock Restriction Agreement

 Exhibit 10.20 

HIGHER ONE, INC. 

STOCK RESTRICTION AGREEMENT 

This Stock Restriction Agreement (this “Agreement”) is made as of this      day of
            , 2000, by and between Higher One, Inc. (the “Company”), a Delaware corporation, and
                     (“Purchaser”). 

WITNESSETH: 

WHEREAS, the Company desires to issue and Purchaser desires to purchase Common Stock of the Company as herein described, on the
terms and conditions hereinafter set forth, and 
 WHEREAS, Purchaser and the Company desire to provide for certain
restrictions and options with respect to such stock, on the terms and conditions hereinafter set forth: 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, it is agreed between the parties hereto as follows: 

1. (a) Purchaser shall purchase from the Company, and the Company shall sell to Purchaser,
         shares of its Common Stock (the “Stock”) for a purchase price of $         per share, payable at the closing. The closing hereunder
shall occur at the offices of the Company on the date hereof, or at such other time and place as the parties may mutually agree. 

(b) Purchaser hereby acknowledges that he or she is familiar with the Company’s business, plans and prospects. 

(c) Purchaser hereby represents and warrants to the Company as follows: 

(i) Purchaser has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and
risks of the prospective investment; 
 (ii) Purchaser has had furnished to him or her, or if he or she requested, to his or her
attorney or accountant, all material documents and records and has been privy to all material plans, negotiations and transactions of the Company; 

(iii) Purchaser has had the opportunity to ask questions and receive answers from the directors and officers of the Company concerning
the terms and conditions of the offering and to obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to verify the accuracy of information furnished to Purchaser;

 (iv) Purchaser understands that the Stock will be sold in reliance upon the exemption provided in Section 4(2) of the
Securities Act of 1933, for 

 
offerings not involving any public offering, and makes the representations, declarations, and warranties in this Agreement with the intent that the same will be relied upon in determining the
suitability of the Purchaser as a purchaser of the Stock. The Purchaser understands that the Company has no obligation or intention to register the Stock or file the reports or make public the information required by the Securities Act of 1933;

 (v) The Stock will be acquired solely for the account of the undersigned for investment and is not being purchased for
resale, subdivision, transfer, or pledge to any person or entity, and Purchaser has no present plan to enter into any such contract, undertaking, agreement or arrangement; 

(vi) Purchaser agrees not to dispose of the Stock or any interest therein except in accordance with the provisions of this Agreement and
unless a registration statement under the Securities Act of 1933 with respect thereto is in effect and the prospectus included therein meets the requirements of Section 10 of the Securities Act of 1933, or unless the Purchaser has received a
written opinion of counsel satisfactory to the Company to the effect that such sale, assignment or transfer does not require registration under the Securities Act of 1933 and is in compliance with any relevant rule under the Securities Act of 1933
governing resales of securities acquired from an issuer thereof without compliance with the registration requirements of the Securities Act of 1933. 

(d) The Purchaser acknowledges and is aware that: 

(i) The Stock is a speculative investment which involves a high degree of risk of loss by Purchaser of the entire investment, and there
is no assurance of any cash distributions or income from such investment; 
 (ii) No federal or state agency has made any
finding or determination as to the fairness for investment or any recommendations or endorsement of the Stock or the Company’s operations; 

(iii) There are substantial restrictions on the transferability of the Stock. There will be no public market for the Stock and
accordingly, Purchaser will need to bear the economic risks of this investment for an indefinite period of time and will not readily be able to liquidate his investment in case of emergency. Purchaser is willing and able to bear the economic risk of
such investment in the Stock, and can afford a complete loss. 
 (iv) The Company may from time to time issue additional equity
securities to employees, investors, lenders and other parties. 
 2. (a) All of the Stock shall be subject to the option (the
“Purchase Option”) set forth in this paragraph 2. In the event Purchaser shall cease to be employed by the Company (including a parent or subsidiary of the Company) for any reason, or no reason, with or without

  

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cause, the Company shall have the right, at any time within 60 days after the date Purchaser ceases to be so employed, to exercise the Purchase Option, which consists of the right to purchase
from Purchaser or his or her personal representatives, as the case may be, at a purchase price per share of $         (the “Option Price”), up to but not exceeding the number of shares of
Stock specified in subparagraph (b) below, upon the terms hereinafter set forth. Upon such exercise, except as otherwise expressly provided in the terms of any option plan adopted by the Company, all options of Purchaser to purchase shares of
Common Stock shall become unexercisable and shall be deemed to be assigned to the Company. 
 (b) If, at any time prior to
            , 20    , Purchaser ceases to be employed by the Company for any reason (including due to the death or Total Disability of Purchaser), the
Company may exercise the Purchase Option as to 100% of the Stock, less 20% of the Stock for each and every full year which has elapsed between             ,
20    , and the date of such cessation of employment. The term “Total Disability” as used herein shall mean a physical or mental condition which, in the reasonable opinion of the Board of Directors of the
Company, renders Purchaser unable or incompetent to carry out for a period of 120 consecutive days the responsibilities which Purchaser held or the tasks which Purchaser was assigned at the time such disability occurred. 

(c) Nothing contained in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or
subsidiary of the Company, to terminate Purchaser’s employment, for any reason, with or without cause. 
 (d) The Purchase
Option shall be exercised by written notice signed by an officer of the Company and delivered or mailed as provided in paragraph 13. The Option Price shall be payable, at the option of the Company, in cancellation of all or a portion of any
outstanding indebtedness of Purchaser to the Company or in cash (by check) or both. 
 (e) The Company may assign its rights
under this paragraph 2. 
 3. Purchaser agrees that he or she will not sell, transfer or otherwise dispose of any shares of
Stock subject to the Purchase Option. Any shares of Stock no longer subject to the Purchase Option shall be subject to the following rights of first refusal until immediately prior to the consummation of the first public offering by the Company of
its Common Stock pursuant to an offering registered under the Securities Act of 1933. 
 The Purchaser, including his or her
heirs, assigns, executors, or administrators, or recipient of shares by other than a sale subject to this right of first refusal and his or her heirs, assigns, executors, or administrators (collectively, the “Seller”), desiring to sell any
shares shall first offer such shares to the Company in the following manner: the Seller shall notify the President of the Company in writing of the Seller’s desire to sell the shares, which notice shall contain the price and terms at which the
Seller is willing to sell and the name of the proposed purchaser. All such offers must require payment in cash, and must allow the Company at least forty-five (45) days from the receipt of such notification in which to consummate the purchase.
The Company shall have thirty (30) days after receipt of such notification by the President either to accept or to reject the offer. The Company shall have the right to purchase all, but not less than all, of the offered shares on the terms
offered. Failure of the Company either to accept or to 
  

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reject the offer in writing within the 30-day period shall constitute a rejection of the offer. An acceptance by the Company shall be timely given if mailed by registered mail within the 30-day
period to the most recent address of the record holder of the shares in the stock records of the Company. 
 In the event the
Company rejects the offer, the Seller may, at any time during the period of sixty (60) days following such rejection, dispose of the offered shares upon the terms and conditions set forth in the notice to the President, but may not otherwise or
thereafter do so without again complying with the foregoing rights of first refusal. In the event the Company accepts the offer, but fails to perform according to the terms of the offer, the Seller’s sole remedy shall be that the offered shares
shall no longer be subject to the foregoing rights of first refusal. 
 No shares shall be transferred on the books of the
Company unless the foregoing provisions have been complied with, but the Company, with the approval of the Board of Directors of the Company, may in any particular instance or instances waive these provisions with respect to any present or future
sale, provided such waiver is in writing. 
 4. Purchaser agrees, for himself or herself and his or her heirs and legal
representatives that he or she will enter into any “lock-up” or similar agreements requested by the Company in connection with any public offering of shares of the Company’s stock. 

5. If, from time to time during the term of this Agreement, there is any stock dividend or stock split or other change in the character
or amount of any of the outstanding securities of the Company, then, in such event, any and all new, substituted or additional securities to which Purchaser is entitled by reason of his or her ownership of Stock shall be immediately subject to the
Purchase Option and be included in the word “Stock” for all purposes of this Agreement. While the total Option Price shall remain the same after each such event, the Option Price per share of Stock upon exercise of the Purchase Option
shall be appropriately adjusted. 
 6. All certificates representing any shares of Stock subject to the provisions of this
Agreement shall have endorsed thereon the following legends: 
 (a) “Any disposition of any interest in the securities
represented by this certificate is subject to restrictions, and the securities represented by this certificate are subject to an option, contained in a certain agreement between the record holder hereof and the corporation, a copy of which will be
mailed to any holder of this certificate without charge within 5 days of receipt by the corporation of a written request therefor.” 

(b) “The securities represented by this certificate have not been registered under the Securities Act of 1933 and, accordingly, may
not be offered for sale, sold or otherwise transferred except (i) upon effective registration of the securities represented by this certificate under the Securities Act of 1933, or (ii) upon acceptance by the issuer of an opinion of
counsel in such form and by such counsel, or other documentation, as satisfactory to counsel for the issuer that such registration is not required.” 

(c) Any legend required to be placed thereon by appropriate Blue Sky officials. 

 

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 7. Purchaser recognizes that the Company makes the sale of the Stock to Purchaser based upon
the representations and warranties of Purchaser contained in this Agreement and hereby agrees to indemnify the Company, its directors and officers, and anyone acting on behalf of Purchaser, with respect to the sale of Stock, and to hold each such
person harmless against all liabilities, costs, or expenses (including reasonable attorney’s fees) arising by reason of, or in connection with, any misrepresentation or any breach of such warranties by Purchaser, or arising as a result of the
sale or distribution of the Stock by Purchaser in violation of the Securities Act of 1933, as amended, the securities laws of the state of residence of the Purchaser, and any other applicable law. 

8. As security for Purchaser’s faithful performance of the terms of this Agreement and to insure that the Stock will be available
for delivery upon exercise of the Purchase Option as herein provided, Purchaser shall deliver to and deposit with the Treasurer of the Company, as Escrow Agent (“Escrow Agent”), two (2) Stock Assignments duly endorsed (with date and
number of shares blank) in the form attached hereto as Exhibit 1, together with the certificate or certificates evidencing the Stock; said documents are to be held by the Escrow Agent and delivered by said Escrow Agent pursuant to the Joint Escrow
Instructions of the Company and Purchaser as set forth in Exhibit 2 attached hereto and incorporated by reference herein, which instructions shall also be delivered to the Escrow Agent at the closing hereunder. 

9. The Company shall not be required (i) to transfer on its books any shares of Stock of the Company that shall have been sold or
transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of such shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so
transferred. 
 10. Subject to the provisions of this Agreement, Purchaser shall, during the term of this Agreement, exercise
all rights and privileges of a stockholder of the Company with respect to the Stock subject to the Purchase Option. 
 11. This
Agreement shall terminate ten (10) years from the date hereof. 
 12. The parties hereto shall execute such further
instruments and take such further action as may reasonably be necessary to carry out the intent of this Agreement. 
 13. Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail, by registered or certified mail with postage and fees prepaid, addressed to the
other party hereto at his or her address set forth below his or her signature, on the books of the Company or at such other address as such party hereto may designate by ten days’ advance written notice to the other party hereto. 

14. This Agreement shall inure to the benefit of the successors and assigns of the Company and be binding upon Purchaser and his or her
spouse and their respective heirs, executors, administrators, successors and assigns. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	HIGHER ONE, INC.
		
	By:	 	  

	Title:	 	  

 

			
	PURCHASER:
	
	  

		
	Print Name:	 	  

	Address:	 	  

	  

 

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 EXHIBIT 1 

to 

Stock Restriction Agreement 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED
                     hereby sells, assigns and transfers unto
                    ,
                     (        ) shares of Common Stock of Higher One, Inc., a Delaware
corporation, standing in the undersigned’s name on the books of said corporation represented by Certificate No(s).        , and does hereby irrevocably constitute and appoint
                     his or her attorney to transfer the said stock on the books of the said corporation with full power of substitution in
the premises. 
  

			
	Dated:            , 20    
		
	Signature:	 	  

		
	Print Name:	 	  

 EXHIBIT 2 

to 

Stock Restriction Agreement 

JOINT ESCROW INSTRUCTIONS 

            , 20     

Treasurer 
 Higher One, Inc. 

25 Science Park 
 New Haven, CT 06511 

Dear Treasurer: 
 As Escrow Agent for both
Higher One, Inc., a Delaware corporation, and                      (“Purchaser”), you are hereby authorized and directed to hold the
documents delivered to you pursuant to the terms of that certain Stock Restriction Agreement (“Agreement”), dated as of the date hereof, to which a copy of these Joint Escrow Instructions is attached as Exhibit 2, in accordance with the
following instructions: 
 1. In the event Higher One, Inc. and/or any assignee of Higher One, Inc. (referred to collectively for convenience
herein as the “Company”) shall elect to exercise the Purchase Option set forth in the Agreement, the Company shall give to Purchaser and you a written notice specifying the number of shares of stock to be purchased, the purchase price, and
the time for a closing thereunder at the principal office of the Company. Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice.

 2. At the closing, you are directed to (a) date the stock assignments necessary for the transfer in question, (b) fill in the
number of shares being transferred, and (c) deliver same, together with the certificate(s) evidencing the shares of stock to be transferred, to the Company against the simultaneous delivery to you of the purchase price (by check, by
cancellation of indebtedness of Purchaser to the Company or both) for the number of shares of stock being purchased pursuant to the exercise of the Purchase Option. 

3. Purchaser irrevocably authorizes the Company to deposit with you any certificates evidencing shares of stock to be held by you hereunder and any
additions and substitutions to said shares as referred to in the Agreement. Purchaser does hereby irrevocably constitute and appoint you as his or her attorney-in-fact and agent for the term of this escrow to execute with respect to such securities
all documents necessary or appropriate to make such securities negotiable and complete any transaction herein contemplated, including but not limited to any appropriate filing with state securities officials. Subject to the provisions of this
paragraph 3, Purchaser shall exercise all rights and privileges of a stockholder of the Company while the stock is held by you. 

 4. This escrow shall terminate upon termination of the Agreement in accordance with the provisions of
paragraph 11 thereof. 
 5. If at the time of termination of this escrow you should have in your possession any documents, securities, or other
property belonging to Purchaser, you shall deliver all of same to Purchaser and shall be discharged of all further obligations hereunder. 
 6.
Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 
 7. You shall be
obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or
presented by the proper party or parties. You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith and in the exercise of your own good
judgment, and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 8.
You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and
obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such
compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 

9. You shall not be liable in any respect on account of the identity, authorities or rights of the parties executing or delivering or purporting to
execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 
 10. You shall not be liable for the outlawing
of any rights under statutes of limitations with respect to these Joint Escrow Instructions on any documents deposited with you. 
 11. Your
responsibilities as Escrow Agent hereunder shall terminate if you shall resign by written notice to each party. In the event of any such termination, the Company shall appoint your successor as successor Escrow Agent. 

12. If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the
necessary parties hereto shall join in furnishing such instruments. 
  

 - 2 - 

 13. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership
or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been settled either by mutual
written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or
defend any such proceedings, or you may, at your option, deposit all securities and other documents held by you pursuant hereto in any court of competent jurisdiction and institute an interpleader proceeding, whereupon you shall be relieved of all
liabilities and obligations hereunder. 
 14. Any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following addresses, or at
such other addresses as a party may designate by ten days’ advance written notice to each of the other parties hereto. Any notice so addressed and otherwise delivered shall be deemed to be given when actually received by the addressee.

  

			
	COMPANY:	 	Higher One, Inc.
		 	25 Science Park
		 	New Haven, CT 06511
		
	PURCHASER:	 	  

		 	  

		 	  

		
	ESCROW AGENT:	 	Higher One, Inc.
		 	25 Science Park
		 	New Haven, CT 06511

 15. By signing these Joint
Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become a party to the Agreement. 

16. You shall be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with your
obligations hereunder. You may rely upon the advice of such counsel, and you may pay such counsel reasonable compensation therefor. 
  

 - 3 - 

 17. This instrument shall be binding upon and inure to the benefit of the parties hereto and their
respective Successors and permitted assigns. 
  

			
	Very truly yours,
	
	HIGHER ONE, INC.
		
	By:	 	  

	Title:	 	  

 

			
	PURCHASER:
	
	  

		
	Print Name:	 	  

 

			
	ACCEPTED BY:
	
	ESCROW AGENT
		
	By:	 	  

		
		 	Treasurer

  

 - 4 -

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