Document:

Exhibit 10.4

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered on December 30, 2020, and effective as of January
11, 2021 (the “Effective Date”), by and between TEXAS PACIFIC LAND CORPORATION (the “Company”)
and ROBERT PACKER (“Employee”).

 

WHEREAS, Texas Pacific
Land Trust (the “Trust”) and Employee entered into an Employment Agreement on August 8, 2019 (the “Prior
Agreement”) and effective as of July 1, 2019 (the “Prior Effective Date”);

 

WHEREAS, the Trust
underwent a corporate reorganization to reorganize into a corporation domiciled in the State of Delaware (the “Corporate
Reorganization”);

 

WHEREAS, immediately
after the Corporate Reorganization, equityholders of the Trust had the same proportionate ownership in the Company as they had
in the Trust immediately before the Corporate Reorganization;

 

WHEREAS, as a result
of the Corporate Reorganization, the Company became a party to the Prior Agreement; and

 

WHEREAS, pursuant to
Section 9(d) of the Prior Agreement, the Company and Employee desire to amend and restate the Prior Agreement in its entirety upon
the terms and conditions set forth below.

 

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

 

1. Employment.
The Company agrees to continue to employ Employee, and Employee agrees to continue to be employed by the Company, for the period
stated in Section 3 hereof and upon the terms and conditions herein provided.

 

2. Position and
Responsibilities. Employee shall serve as Chief Financial Officer of the Company. Employee shall be responsible for such
duties as are commensurate with his office and shall be a direct report to the board of directors of the Company (the “Board”).
Employee shall not become a director of any for profit entity without first receiving the approval of the Nominating and Corporate
Governance Committee of the Board.

 

3. Term.
Except as otherwise provided in this Agreement, Employee’s term of employment under this Agreement shall commence on the
Effective Date and continue until December 31, 2021 (the “Term”). Thereafter, this Agreement shall automatically
renew for subsequent periods of one (1) year (“Renewal Term”), unless either party provides written notice to
the other at least 120 days prior to the end of the Term (or any Renewal Term thereafter) of its intention not to renew this Agreement
or unless this Agreement is otherwise terminated as set forth in this Agreement. The period during which Employee is employed by
the Company under this Agreement is hereinafter referred to as the “Employment Term.” Except as provided for
in Section 7, the Company or Employee’s decision not to extend the Term or any Renewal Term shall not constitute an employment
termination eligible for severance under the terms of this Agreement, and Employee’s continued employment thereafter, if
any, will be on an at-will basis until terminated by either party for any reason.

 

     

     

    

 

4. Compensation,
Reimbursement of Expenses, Benefits.

 

(a) Salary.
For all services rendered by Employee in any capacity during the Employment Term, including, without limitation, service as an
executive or officer of the Company, or any subsidiary, affiliate, or division thereof, the Company shall pay Employee as compensation
an annual salary (the “Base Salary”) at the rate of $850,000 per year, which Base Salary shall be paid in periodic
payments in accordance with the Company’s usual payroll practices. The Base Salary shall be reviewed in good faith by the
Compensation Committee of the Board (the “Compensation Committee”), or in the absence thereof, the Board, based
upon Employee’s performance, not less often than annually.

 

(b) Cash Bonus.
During the Employment Term, Employee shall be eligible for an annual cash bonus of up to 300% of the Base Salary for the same year
(the “Cash Bonus”) as determined in accordance with reasonable and customary performance metrics to be developed
annually by the Compensation Committee in consultation with the Employee, but subject to the ultimate decision of the Board. The
Cash Bonus, if any, shall be paid no later than March 15th of the year following the year in which the Cash Bonus is earned (i.e.,
March 15, 2021 for the Cash Bonus earned in 2020), provided, however, that except as set forth in Sections 5 and 6 of this
Agreement, Employee shall be eligible for the Cash Bonus for a year only to the extent he continued to be employed by the Company
through the end of that year; and provided further, that, until such time as Employee becomes eligible to participate in
an equity compensation plan established by the Company, Employee shall use no less than twenty-five percent (25%) of the value
of the Cash Bonus (net of estimated taxes) to purchase shares of the Company’s common stock; such purchase shall be completed
no later than six (6) months after payment of the Cash Bonus has been completed unless, at that time Employee is in possession
of material non-public information in which event the purchase shall occur as soon as practically available in accordance with
Federal securities laws. The Company’s exercise of its decision not to renew this Agreement voluntarily pursuant to the terms
of Section 3 shall not affect Employee’s right to receive any calendar year bonus that has already accrued and remains to
be paid. Further, the requirement upon Employee to use any portion of a Cash Bonus to purchase shares of the Company’s common
stock shall not apply in any situation where a Section 5 Notice of Termination has been issued.

 

(c) Reimbursement
of Expenses. The Company shall pay, or reimburse Employee for all reasonable travel, entertainment, and other expenses
incurred by Employee in the performance of Employee’s duties under this Agreement, consistent with Company policy for senior
executives.

 

(d) Employee
Benefits. During the Employment Term, Employee will be entitled to participate in all benefits plans provided to its executives
of like status from time to time in accordance with the applicable plan, policy or practices of the Company.

 

(e) Vacation.
Employee shall be entitled to four (4) weeks of paid vacation each year of the Employment Term, pro-rated for partial calendar
years of employment, subject to the Company’s usual vacation policy for full-time employees that may be in effect from time
to time.

 

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(f) Long Term
Incentive Benefits. Employee shall be eligible to participate in any long-term incentive (“LTI”) program established
by the Board or Compensation Committee in their sole discretion. The terms of any such LTI and specifically those for which Employee
shall be eligible, shall be determined at such time, and upon such terms, as the Board or the Compensation Committee may from time
to time determine. Employee shall be eligible to receive LTI grants for a year only to the extent he continues to be employed by
the Company until and as of the day such LTI is granted.

 

(g) Tax Withholdings.
The salary, bonus and any benefits payable to Employee under this Agreement shall be subject to all applicable deductions and withholdings
required by federal, state, and local law.

 

(h) Indemnification.
The Company shall (the “Indemnification Provisions”) (i) indemnify Employee, as a director or officer of
the Company or a trustee or fiduciary of an employee benefit plan of the Company against all liabilities and reasonable expenses
that Employee may incur in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal or administrative,
or investigative and whether formal or informal, or whether alleging negligence or strict liability, because Employee is or was
a director or officer of the Company (or the Trust) or a trustee or fiduciary of such employee benefit plan, other than any such
liabilities or expenses directly resulting from Employee’s gross negligence, misconduct or fraudulent or criminal acts, and
(ii) pay for or reimburse promptly the reasonable expenses incurred by Employee in the defense of any proceeding to which Employee
is a party because Employee is or was a director or officer of the Company (or the Trust) or a trustee or fiduciary of such employee
benefit plan and for which Employee is entitled to indemnification under clause (i), subject to such written documentation, itemization
and substantiation as the Board may reasonably request, provided such does not destroy attorney-client privilege or work to impair
Employee’s defense. The rights of Employee under the Indemnification Provisions shall survive the termination of Employee’s
employment with the Company for a period of six years. Additionally, to the extent that the Company maintains a directors’
and officers’ liability insurance policy (or policies), or an errors and omissions liability insurance policy (or policies),
covering individuals who are current or former officers or directors of the Company (or the Trust), Employee shall be entitled
to coverage under such policies on the same terms and conditions (including, without limitation, with respect to scope, exclusions,
amounts and deductibles) as are provided to other senior executives of the Company, while Employee is employed with the Company
and for a period of at least six years thereafter.

 

5. Termination.

 

(a) Resignation.
Employee may terminate the Employment Term and his employment with the Company for no reason (i.e., without Good Reason)
by providing the Company with at least four weeks’ notice in writing (the “Resignation Notice Period”).
Employee shall continue to work for the Company during the Resignation Notice Period unless the Company waives this obligation,
in which case the Company will pay Employee any accrued and unpaid wages and vacation pay, less permitted statutory deductions
and withholdings to the end of the Resignation Notice Period. Except as otherwise provided in the preceding sentence, Employee
shall receive only the following from the Company in connection with Employee’s resignation without Good Reason during the
Employment Term: (i) any unpaid Base Salary accrued through the termination date, (ii) a lump sum payment for any accrued but unused
vacation pay, (iii) rights to elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)
at Employee’s sole expense, and (iv) a lump sum payment for any previously unreimbursed business expenses incurred by Employee
on behalf of the Company during the Employment Term (collectively, such (i) through (iv), plus payment through the Resignation
Notice Period if the Company waives the employment condition per the above, being the “Accrued Rights”), less
permitted statutory deductions and withholdings. The Accrued Rights described in clauses (i) and (ii) shall be paid within fifteen
(15) days after the date of termination (or such earlier date as may be required by applicable law).

 

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(b) Termination
for Cause. Except as specifically set forth in this Agreement, the Company may terminate the Employment Term and Employee’s
employment with the Company at any time for Cause. Upon termination of employment for Cause during the Employment Term, Employee
shall receive only the Accrued Rights, less permitted statutory deductions and withholdings. “Cause” for these
purposes shall mean any of the following:

 

(1) Employee’s
willful refusal to follow the lawful directions of the Board which directions are consistent with normal business practice and
not inconsistent with this Agreement;

 

(2) Employee’s
indictment or conviction of, or plea of nolo contendere to, (i) any felony or (ii) another crime involving dishonesty or moral
turpitude, or Employee’s engagement in any embezzlement, financial misappropriation or fraud, related to his employment with
the Company (or the Trust);

 

(3) Employee’s
engagement in any willful misconduct or gross negligence or willful act of dishonesty, including any violation of federal securities
laws, or violence or threat of violence, which is materially injurious to the Company (or the Trust) or any of its subsidiaries
or controlled affiliates;

 

(4) Employee’s
repeated abuse of alcohol or drugs (legal or illegal) that, in the Board’s reasonable judgment, materially impairs his ability
to perform his duties hereunder; or

 

(5) Employee’s
willful and knowing breach or violation of any material provision of this Agreement, including, but not limited to, the confidentiality,
non-solicitation and non-competition provisions set forth herein.

 

Notwithstanding anything
in this Section 5(b), no event or condition described in Sections 5(b)(1), (3), (4) or (5) shall constitute Cause unless (y) within
ninety (90) days from the Board first acquiring actual knowledge of the existence of the Cause condition, the Board provides Employee
written notice of its intention to terminate Employee’s employment for Cause and the specific factual grounds and rationale
for such termination; and (z) the Board, by a majority vote of its directors, terminates Employee’s employment with the Company
within twenty (20) days of the written notice being provided to Employee in (y), above. For purposes of this Section 5(b), any
attempt by Employee to correct a stated Cause condition shall not be deemed an admission by Employee that the Board’s assertion
of Cause is valid.

 

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(c) Termination
without Cause or by Employee for Good Reason. The Company may terminate Employee’s employment at any time without
Cause upon thirty (30) days advance notice and Employee may terminate Employee’s employment for Good Reason, in accordance
with the procedural requirements set forth below.

 

If, during the Employment
Term, Employee’s employment is terminated by the Company without Cause or by Employee for Good Reason, the Company shall
provide Employee with:

 

(i) the Accrued Rights;

 

(ii) any earned (as determined
uniformly with respect to other recipients of similar cash bonuses) Cash Bonus for the prior calendar year that had not yet been
paid as of Employee’s employment termination;

 

(iii) to the extent Employee
terminates after the first quarter of any calendar year, a pro rata portion of the actual Cash Bonus for the year in which termination
occurs, with such amount to be determined and payable similarly with respect to the relevant year’s Cash Bonus being determined
and paid to all other eligible employees of the Company (but no later than March 15 of the year following the year of termination);

 

(iv) LTI benefits shall
be payable to the extent provided for in the underlying LTI plan document and award agreements; and

 

(v) Severance Pay pursuant
to, and subject to the requirements of, Section 6 or 7 below, as applicable.

 

For purposes of this
Agreement, “Good Reason” shall mean any of the events listed in the following subparagraphs (1), (2), (3), (4)
and (5), provided the additional notice and procedural requirements set forth below are satisfied:

 

(1) a 10% or more diminution
in Employee’s Base Salary as in effect on the last day of the immediately preceding calendar year or a 30% or greater reduction
in the amount of Employee’s target Cash Bonus as compared to the Cash Bonus amount for the preceding year;

 

(2) a material diminution
in Employee’s title, or the nature or scope of Employee’s authority, duties, or responsibilities from those applicable
to him on the Effective Date;

 

(3) the Company requiring
Employee to be based at any office or location that is more than 25 miles from Employee’s principal place of employment as
of the Effective Date (which the parties hereto stipulate and agree shall be Dallas, Texas);

 

(4) a material breach
by the Company of any material term or provision of this Agreement, which shall include a failure by any acquiring entity or successor
to the Company in a Change in Control (as defined below) to assume this Agreement in its entirety as of consummation of such Change
in Control; or

 

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(5) a failure by the
Company (or the Trust) to maintain a directors’ and officers’ liability insurance policy (or policies), or an errors
and omissions liability insurance policy (or policies), covering Employee.

 

In order for one of
the events set forth in (1), (2), (3), (4) or (5) to constitute a Good Reason, (x) Employee must notify the Board in writing of
such fact and the reasons therefore no later than 90 days after Employee knows or should have known that the relevant event has
occurred, (y) such grounds for termination (if susceptible to correction) are not corrected by the Board within thirty (30) days
after Employee’s notice (or, in the event that such grounds cannot be corrected with thirty (30) days, the Board has not
taken all reasonable steps within such thirty-day (30) period to correct such grounds as promptly as practicable thereafter); and
(z) Employee terminates Employee’s employment with the Company within thirty (30) days following expiration of such thirty-day
(30) cure period. Failure to satisfy the requirements of this paragraph will result in there not being a termination for Good Reason
for purposes of this Agreement.

 

(d) Termination
Due to Death or Disability. The Employment Term and Employee’s employment will automatically terminate upon Employee’s
death or Disability. In the event of such termination during the Employment Term, the Company shall pay Employee (or, in the event
of Employee’s death, Employee’s estate or designated nominee) the amounts due and at the time pursuant to subparagraphs
(i), (ii), (iii) and (iv) of Section 5(c) and shall have no further obligations to Employee or any other person thereafter. For
purposes of this Agreement, “Disability” shall mean Employee’s inability, as a result of Employee’s
incapacity due to physical or mental illness, to perform the essential functions of his position hereunder for a period of 180
consecutive days, or for a total of 180 days (whether or not consecutive) in any 365-consecutive-day period, as determined by the
Board in its reasonable discretion.

 

(e) Notice of
Termination. Any termination of employment by the Company or Employee during the Employment Term shall be communicated
by a written “Notice of Termination” to the other party hereto given in accordance with Section 9(b) of this
Agreement. In the event of a termination by the Company for Cause or by Employee for Good Reason, the Notice of Termination shall
(i) indicate the specific termination provision in this Agreement relied upon, (ii) set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated, and (iii)
with respect to a termination for Cause, specify the date of termination. The failure by Employee or the Company to set forth in
the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any right
of Employee or the Company, respectively, hereunder or preclude Employee or the Company, respectively, from asserting such fact
or circumstance in enforcing Employee’s or the Company’s rights hereunder.

 

(f) Other Obligations. Upon
any termination of Employee’s employment with the Company, Employee shall automatically be deemed to have resigned from any
and all positions as an officer, director or fiduciary of the Company and any subsidiary or affiliate of the Company as of the
same date. Employee agrees to take any action reasonably requested by the Company to document such resignation or resignations.

 

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6. Severance and
Other Benefits.

 

(a) Subject to Section
5(c), and except as otherwise provided in this Section 6, the Company shall have no obligations to Employee for any period subsequent
to the effective date of any termination of the Employment Term and Employee’s employment except for the Accrued Rights.

 

(b) Notwithstanding
the provisions of paragraph (a) of this Section 6, and except as provided in Section 7 of this Agreement, in the event of (i) a
termination of Employee by the Company other than for Cause, or (ii) a voluntary termination by Employee for Good Reason, in either
case, during the Employment Term, the Company will pay Employee as follows:

 

(i) the Accrued Rights;

 

(ii) (A) if such termination
occurs during the first fifteen (15) months following the Prior Effective Date, an amount equal to two times (2x) the average of
Employee’s Base Salary and Cash Bonus for the two years preceding the year in which the termination takes effect; and (B)
if such termination occurs after the first fifteen (15) months following the Prior Effective Date, an amount equal to one times
(1x) the average of Employee’s Base Salary and Cash Bonus for the one year preceding the year in which the termination takes
effect; provided, however, in the case of clauses (A) and (B), if the Cash Bonus for the year prior to termination has not yet
been determined as of the effective date of termination, then such Cash Bonus shall be calculated in accordance with Clauses (A)
and (B) but shall include the most recent calendar year for which a Cash Bonus has been determined under this Agreement or the
Prior Agreement (“Severance Pay”);

 

(iii) the amounts set
forth in Sections 5(c)(ii) through 5(c)(iv); and

 

(iv) a monthly cash payment
equal to the coverage of up to eighteen (18) months of continued group health, dental and/or vision coverage elected by Employee
for himself and/or his eligible dependents, pursuant to and subject to the applicable provisions of COBRA (the “COBRA
Benefits”).

 

(c) Subject to Section
9(i), the Severance Pay payable to Employee under this Agreement upon his “separation from service” (as defined under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) shall be paid to Employee within
60 days following Employee’s “separation from service.” In addition, Employee shall only be entitled to Severance
Pay, the amounts set forth in Sections 5(c)(ii) through (iv), and COBRA Benefits hereunder if Employee signs (and does not rescind,
as may be permitted by law) the Waiver and Release attached hereto as Exhibit A, as may be updated to reflect changes in
law; however, if the periods to consider or revoke the release straddle two (2) taxable years of Employee, then the Company shall
pay the foregoing amounts in the second of such taxable years, regardless of the taxable year in which Employee actually delivers
the executed release of claims.

 

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7. Termination
Related to a Change in Control. If Employee’s employment is terminated by the Company without Cause, or by Employee
for Good Reason or upon the failure of the Company to renew the Employment Term, in either case within 24 months after a Change
in Control (as defined below) that occurs during the Employment Term, then:

 

(a) Subject to Sections
6(c) and 7(c) and Employee’s execution and non-revocation of the Waiver and Release attached hereto as Exhibit A,
Employee shall receive the following amounts and benefits, which shall be in lieu of the amounts set forth in Section 6 hereof:

 

(i) the Accrued Rights;

 

(ii) the amounts set
forth in Sections 5(c)(ii) through (iv);

 

(iii) Severance Pay,
payable within 60 days following Employee’s “separation from service,” in an amount equal to 2.99 times the greater
of (A) the average of Employee’s total Base Salary and Cash Bonus for the two years preceding the year of the Change in Control,
or (B) Employee’s Base Salary and target Cash Bonus for the year in which the Change in Control occurs, subject to reduction
in accordance with Section 7(c); provided, however, in the case of clause (A), if the Cash Bonus for the year prior to the Change
in Control has not yet been determined as of the effective date of termination, then such Cash Bonus shall be calculated in accordance
with clause (A) but shall include the most recent calendar year for which a Cash Bonus has been determined under this Agreement
or the Prior Agreement; and

 

(iv) the COBRA Benefits.

 

(b) For purposes of
this Agreement, a “Change in Control” shall mean the occurrence of any of the following events:

 

(i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
other than (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any affiliate,
or (y) any corporation owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their
ownership of the Company’s common stock, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange
Act), directly or indirectly, of securities of the Company representing 30% or more of the total voting power represented by the
Company’s then outstanding voting securities;

 

(ii) the sale or disposition
by the Company of all or substantially all of the Company’s assets;

 

(iii) the Incumbent Directors
(as defined below) cease to constitute a majority of the Board; or

 

(iv) a merger or consolidation
of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented
by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 

For purposes of this Agreement,
“Incumbent Directors” means the directors of the Board on the Effective Date, and each other director if, in
each case, such other director’s appointment, or nomination for election, to the Board is recommended by a vote of at least
a majority of the then Incumbent Directors.

 

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(c) Section 280G.
If any of the payments or benefits received or to be received by Employee (including, without limitation, any payment or benefits
received in connection with a Change in Control or Employee’s termination of employment, whether pursuant to the terms of
this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as
the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code
and would be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then Employee
shall receive either (y) the 280G Payments as reduced to the minimum extent necessary to ensure that no portion of the 280G Payments
is subject to the Excise Tax or (z) the 280G Payments, whichever of the foregoing (y) or (z) that provides Employee with the greater
after-tax benefit. Any reduction made pursuant to this Section 7(c) will be made in a manner determined by the Company that is
consistent with the requirements of Section 409A. The reduction of payments and benefits hereunder, if applicable, shall be made
by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid
or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through
to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in
a similar order.

 

(d) All calculations
and determinations under this Section 7 will be made by an independent accounting firm or independent tax counsel appointed by
the Company (“Tax Counsel”) whose determinations shall be conclusive and binding on the Company and Employee
for all purposes. For purposes of making the calculations and determinations required by this Section 7, Tax Counsel may rely on
reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code including,
but not limited to, the value of Employee’s obligations under Sections 8(d) and (e) of this Agreement and reasonable compensation
for services performed by Employee to the Company (or any successor thereto) in the future. In order to assess whether payments
under this Agreement or otherwise qualify as reasonable compensation that is exempt from being a parachute payment under Section
280G of the Code, the Company and, with the Company’s written consent, the Tax Counsel may, but shall not be required to,
retain the services of an independent valuation expert. The Company and Employee shall furnish the Tax Counsel with such information
and documents as Tax Counsel may reasonably request in order to make its determinations under this Section 7, and the costs of
such determination shall be borne equally by the Company and Employee.

 

8. Confidential
Information; Non-Competition; Non-Solicitation; Enforceability.

 

(a) Employee shall
not at any time, whether before or after the termination of the Employment Term and Employee’s employment with the Company,
divulge, furnish or make accessible to anyone (other than in the ordinary course of the business of the Company) any non-public
knowledge or information with respect to confidential or secret designs, processes, formulae, plans, devices, material, intellectual
property, contracts, financials, or research or development work of the Company (or the Trust), or with respect to any other confidential
or secret aspect of the business of the Company (or the Trust), all of which, together with the property described in the following
paragraph, is referred to herein as “Confidential Information.” For purposes of clarification, Confidential
Information does not include any knowledge or information that is publicly disclosed by the Company (or the Trust).

 

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(b) Upon termination
of the relationship, or at any time earlier at the request of the Company, Employee shall immediately deliver to the Company, and
will not keep in his possession, recreate or deliver to anyone else, all property and materials belonging to the Company or clients
of the Company, including without limitation, documents, software, records, data, photographs, notes and correspondence and copies
or reproductions, computers, telephones, badges, business cards, handbooks, policy manuals, software and hardware manuals and directories.
If Employee makes an unauthorized disclosure of any Confidential Information, Employee will notify the Company as soon as the Employee
himself becomes aware or should have become aware of its occurrence and use reasonable efforts to retrieve the lost or improperly
disclosed Confidential Information.

 

(c) During his employment,
Employee shall devote substantially all of Employee’s business time to the performance of the services and duties as may
be delegated by the Company. Employee shall not, directly or indirectly, engage or become interested in (as owner, stockholder,
partner, or otherwise) the operation of any business in competition (direct or indirect) with the Company within the Restricted
Territory (as defined below). This Paragraph 8(c) shall not apply to Employee’s ownership of less than 5% of the stock of
a corporation whose stock is traded on a nationally recognized stock exchange.

 

(d) For a period of
one (1) year from and after the cessation of Employee’s employment with the Company (which period shall be reduced to six
(6) months solely in the case of a resignation by Employee without Good Reason), Employee shall not, directly or indirectly, participate
in any Restricted Activity (as defined below) within the Restricted Territory (as defined below).

 

		●	For purposes of this Agreement, “Restricted Territory”
means the following Counties in the State of Texas: Reeves, Loving, Culberson, Midland, Upton, Glasscock and Ector.

 

		●	For purposes of this Agreement, “Restricted Activity”
means, either directly or indirectly, owning, managing, engaging in, operating, controlling, working for, consulting with, rendering
services to, doing business with, sharing Confidential Information with, utilizing Confidential Information for the benefit of,
solicitation of the Company’s customers or other protected business relationships for purposes of seeking to induce such
customers to alter or end their relationship with the Company, maintaining any interest in (proprietary, financial or otherwise)
or participating in the ownership, management, operations or control of, any business, in whatever form (including, without limitation,
proprietorship, partnership or corporate), which competes with any significant business of the Company in existence as of the
date of this Agreement or from time to time (a “Competing Business”); provided, however, that, the Employee
on a post-termination of employment basis may engage in land management, minerals management, and asset management businesses,
even if such businesses have a Competing Business within the Restricted Territory, but only if the Employee is not personally
engaging in a Competing Business within the Restricted Territory. For the avoidance of doubt, it is understood by Employee and
the Company that a Competing Business is a person or entity that is engaged in the business of the Company as such business exists
at the time of Employee’s employment termination.

 

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		●	As used herein, “competes with” means engaging
in land management, water business, or another line of business that the Company developed or was engaged in during the Employment
Term, for any person or entity other than for the Company, which is the same as or similar to or is in competition with, or has
a use allied to, or may be substituted for or supplied by, any product, program, process, system or service of the Company, whether
in existence or under development during Employee’s employment with the Company, or about which Employee acquired Confidential
Information during his employment with the Company.

 

(e) During the Employment
Term (and except on behalf of the Company), and for a period of twelve (12) months from and after the cessation of Employee’s
employment with the Company, for whatever reason, Employee agrees that he will not directly or indirectly call upon any of the
clients, suppliers or business partners to whom the Company provided services, or with whom the Company dealt, in the twenty-four
(24) months prior to the cessation of Employee’s employment, and with whom Employee had contact or about whom Employee obtained
Confidential Information during his employment with the Company for the purpose of inducing said customer, supplier or business
partner to alter or end its relationship with the Company or to do business with a Competing Business or person or entity that
is preparing to establish a Competing Business; provided, however, that the foregoing shall only apply with respect to the Restricted
Activities within the Restricted Territory. For the same time period, Employee also agrees that he will not directly or indirectly
solicit or attempt to solicit any employee, agent, vendor or independent contractor of the Company to alter or terminate his/her/its
employment or other relationship with the Company or breach any agreement with or obligation owed to the Company.

 

(f) Employee recognizes
that the foregoing covenants are a prime consideration for the Company to enter into this Agreement and that the Company’s
remedies at law for damages in the event of any breach shall be inadequate. In the event that Employee commits any breach of the
covenants and agreements set forth above, Employee acknowledges that the Company would suffer substantial and irreparable harm,
and that such harm to the Company may be impossible to measure in monetary damages. Accordingly, Employee hereby agrees that in
such event, the Company may be entitled to temporary and/or permanent injunctive relief to enforce the provisions of this Agreement
and prevent a breach or contemplated breach, all without prejudice to any and all other remedies that the Company may have at law
or in equity and that the Company may elect or invoke.

 

(g) In the event that
Employee violates any provision of this Section 8, in addition to any injunctive relief and damages, to which Employee acknowledges
Company would be entitled, all severance payments to Employee, if any, shall cease, and those already made will be forfeited.

 

(h) The provisions
of this Section 8 shall survive the termination of this Agreement.

 

    11

     

    

 

(i) Employee understands
that nothing contained in this Agreement limits Employee’s ability to report possible violations of law or regulation to,
or file a charge or complaint with, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the National
Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, the Congress, any Inspector
General, or any other federal, state or local governmental agency or commission (“Government Agencies”). Employee further
understands that this Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise
participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or
other information, without notice to the Company. Nothing in this Agreement shall limit Employee’s ability under applicable
U.S. Federal law to (i) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney,
for the sole purpose of reporting or investigating a suspected violation of law or (ii) disclose trade secrets in a document
filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

 

9. General Provisions.

 

(a) Entire Agreement.
This Agreement and the Exhibits attached hereto contain the entire understanding between the parties hereto and supersede any prior
understandings regarding the employment of Employee including, without limitation, the Prior Agreement.

 

(b) Notices.
Any notice required to be given by the Company hereunder to Employee shall be in proper form if signed by a director of the Board
giving notice. Until one party shall advise the other in writing to the contrary, notices shall be deemed delivered:

 

		●	to the Company if delivered to each of the directors of
the Board in person, by email, or, if mailed, by certified, registered or overnight mail, postage prepaid to:

 

Texas Pacific Land Corporation

1700 Pacific Avenue, Suite 2900

Dallas, Texas 75201

Attn: Chair of the Board of Directors

 

With a Copy
to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Attn: Karyn Fulton, Esq.

 

		●	to Employee if delivered to Employee in person, by email
or, if mailed, by certified, registered or overnight mail, postage prepaid to:

 

Robert Packer

Last known address on file with the Company

 

With a Copy to:

 

Jackson Walker LLP

1401 McKinney St. Suite 1900

Houston, Texas 77010

Attn: Lionel M. Schooler, Esq.

 

    12

     

    

 

(c) Successors
and Assigns. This Agreement shall inure to the benefit of each of the Company and its successors, assigns and legal representatives,
and shall be binding upon Employee and Employee’s heirs and legal representatives. This Agreement may be assigned by the
Company to any successor entity to the Company by operation of law or otherwise; provided, however, that this Agreement must be
assumed in its entirety by any acquiring entity or successor entity to the Company as of consummation of a Change in Control transaction
of the Company or otherwise such failure shall be considered a material breach of this Agreement for purposes of Section 5(c).
This Agreement and Employee’s obligations hereunder shall not be subject to assignment or delegation by Employee in any form
without the prior consent of the Company.

 

(d) Amendment.
This Agreement may not be modified or amended except by an agreement in writing signed by the parties hereto and approved in writing
by the Board.

 

(e) Waiver.
No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other
than that specifically waived.

 

(f) Severability.
In the event that any provision or any portion of any provision hereof becomes or is declared by a court of competent jurisdiction
or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision
or portion of provision.

 

(g) Headings.
The headings of sections herein are included solely for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this Agreement.

 

(h) Governing
Law, Arbitration and Venue. This Agreement shall be governed by the laws of the State of Texas, without regard to choice-of-law
principles. The parties consent to personal and exclusive jurisdiction and venue Dallas County in the State of Texas. Any controversy
or claim arising out of or relating to (i) Employee’s employment with the Company and/or (ii) this Agreement, or the breach
therefore, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Employment
Arbitration Rules before one arbitrator in Dallas, Texas, and judgment on the award rendered by such arbitrator may be entered
in any court having jurisdiction thereof. The decision arrived at by the arbitrator shall be binding upon all parties to the arbitration
and no appeal shall lie therefrom, except as provided by the Federal Arbitration Act. These arbitration procedures are intended
to be the exclusive method of resolving any claim or dispute arising out of or related to this Agreement, including the applicability
of this Section 9(h); provided, however, that either party seeking injunctive relief in connection with a breach or anticipated
breach of this Agreement will be authorized to do so in a state or federal court of competent jurisdiction within Dallas County
in the State of Texas.

 

    13

     

    

 

If there is any arbitration,
action, or proceeding pursuant to Section 9(h) of this Agreement or otherwise, alleging a breach of this Agreement, then the prevailing
party in any such arbitration, action, or proceeding, shall be entitled to recover from the non-prevailing party, in addition to
any other relief awarded, its reasonable and necessary attorneys’ fees, costs, and expenses incurred in such arbitration,
action, or proceeding. If there is no prevailing party, each party will pay its own attorneys’ fees, costs, and expenses.
Whether a prevailing party exists shall be determined solely by the arbitrator on a claim-by-claim basis, and such arbitrator,
in his or her sole discretion, shall determine the amount of reasonable and necessary attorneys’ fees, costs, and/or expenses,
if any, for which a party is entitled.

 

(i) Section 409A.
This Agreement is intended to either be exempt from, or in compliance with, Section 409A of the Code. To that end this Agreement
shall at all times be interpreted in a manner that is consistent with Section 409A of the Code. Notwithstanding any other provision
in this Agreement to the contrary, the Company shall have the right, in its sole discretion, to adopt such amendments to this Agreement
or take such other actions (including amendments and actions with retroactive effect) as it determines is necessary or appropriate
for this Agreement to comply with Section 409A of the Code or an exemption therefrom. Further:

 

(i) any reimbursement
of any costs and expenses by the Company to Employee under this Agreement shall be made by the Company in no event later than the
close of Employee’s taxable year following the taxable year in which the cost or expense is incurred by Employee. The expenses
incurred by Employee in any calendar year that are eligible for reimbursement under this Agreement shall not affect the expenses
incurred by Employee in any other calendar year that are eligible for reimbursement hereunder and Employee’s right to receive
any reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.

 

(ii) any payment following
a separation from service that constitutes “nonqualified deferred compensation” within the meaning of Section 409A
of the Code and which would be subject to Section 409A(a)(2)(A)(i) of the Code as a distribution following a separation from service
of a “specified employee” (as defined under Section 409A(a)(2)(B)(i) of the Code) shall be made on the first to occur
of (i) ten (10) days after the expiration of the six-month (6) period following such separation from service, (ii) death, or (iii)
such earlier date that complies with Section 409A of the Code.

 

(iii) each payment that
Employee may receive under this Agreement (and any right to a series of installment payments) shall be treated as a “separate
payment” for purposes of Section 409A of the Code.

 

(iv) a termination of
employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any
amounts or benefits that constitute “nonqualified deferred compensation” (within the meaning of, and subject to, Section
409A of the Code) upon or following a termination of employment unless such termination is also a “separation from service”
within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment,” or like terms shall mean “separation from service.”

 

(j) Survival.
This Agreement shall terminate upon the termination of employment of Employee; provided, however, that provisions of this Agreement
shall survive to the extent expressly provided for in a specific provision and also as necessary to give effect to the intent of
the parties, including, but not limited to, the provisions for post-termination payments in Sections 5, 6, and 7 of this Agreement.

 

[SIGNATURES ON NEXT PAGE]

 

    14

     

    

 

IN WITNESS WHEREOF,
and intending to be legally bound, the Company has caused this Agreement to be executed by a duly authorized officer of the Company,
and Employee has signed this Agreement, all as of the Effective Date first written above.

 

	 	EMPLOYEE:
	 	 
	 	By:	/s/ Robert J. Packer
	 	 	Robert J. Packer
	 	 
	 	TEXAS PACIFIC LAND CORPORATION:
	 	 
	 	By:	/s/ Micheal W. Dobbs
	 	 	Name: 	Micheal W. Dobbs
	 	 	Title: 	Senior Vice President, Secretary and General Counsel

 

Signature Page

to

Amended and Restated Employment Agreement

 

     

     

    

 

EXHIBIT A

 

EXHIBIT A

 

TEXAS PACIFIC LAND CORPORATION

WAIVER AND RELEASE

 

THIS WAIVER AND
RELEASE AGREEMENT (this “Waiver and Release”) is made and entered into by and between Texas Pacific Land
Corporation (the “Company”) and Robert Packer (“Employee”), each referred to collectively
as the “Parties,” and individually as “Party.”

 

WHEREAS, the
Company and Employee entered into that certain Amended and Restated Employment Agreement dated [●], 2020 (the “Employment
Agreement”);

 

WHEREAS, pursuant
to the Employment Agreement, in consideration of the right to receive the severance benefits set forth in Sections 5, 6 and 7 of
the Employment Agreement (the “Severance Benefits”), Employee must sign, return and not revoke this Waiver and
Release;

 

WHEREAS, the
Company has executed and delivered this Waiver and Release to Employee for Employee’s review and consideration as of ______________
the (“Delivery Date”);

 

WHEREAS, Employee
acknowledges that, by virtue of Employee’s age, the Age Discrimination in Employment Act (“ADEA”) (29
U.S.C. §§ 621 et seq.) may provide Employee with certain rights this Waiver and Release will extinguish. Employee
is advised to consult with an attorney about these rights before signing this Waiver and Release; and

 

WHEREAS, Employee
and the Company each desire to settle all matters related to Employee’s employment by the Company.

 

NOW THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements contained in the Employment Agreement and in this Waiver
and Release, and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the Parties
agree as follows:

 

1. Termination of
Employment. The Parties agree that Employee’s employment relationship with the Company, including all other offices and
positions Employee has with the Company and all of its subsidiaries, affiliates, joint ventures, partnerships or any other business
enterprises, as well as any office or position as a fiduciary or with any trade group or other industry organization which he holds
on behalf of the Company or its subsidiaries or affiliates, shall be automatically terminated effective at ______________ on the
______________ (the “Termination Date”).

 

2. Release of Company.
In consideration for the right to receive the Severance Benefits in accordance with the terms of the Employment Agreement and the
mutual promises contained in the Employment Agreement and in this Waiver and Release, Employee (on behalf of Employee, Employee’s
heirs, administrators, representatives, executors, successors and assigns) hereby releases, waives, acquits and forever discharges
the Company, its predecessors, successors, parents, shareholders, subsidiaries, assigns, agents, current and former directors,
officers, employees, partners, representatives, and attorneys, affiliated companies, and all persons acting by, through, under
or in concert with the Company (collectively, the “Released Parties”), from any and all demands, rights, disputes,
debts, liabilities, obligations, liens, promises, acts, agreements, charges, complaints, claims, controversies, and causes of action
of any nature whatsoever, whether statutory, civil, or administrative, Employee now has or may have against any of the Released
Parties, arising at any time on or before the execution of this Waiver and Release, in connection with Employee’s employment
by the Company or the termination thereof.

 

    A-1

     

    

 

This release specifically
includes, but is not limited to, any claims of discrimination, harassment, or retaliation of any kind, breach of contract or any
implied covenant of good faith and fair dealing, tortious interference with a contract, intentional or negligent infliction of
emotional distress, breach of privacy, misrepresentation, defamation, wrongful termination, or breach of fiduciary duty; provided,
however, the foregoing release shall not release the Company from the performance of its obligations under this Waiver and Release.

 

Additionally, this
release specifically includes, but is not limited to, any claim or cause of action arising under Title VII of the Civil Rights
Act of 1964; the Civil Rights Act of 1991; the Americans With Disabilities Act, 42 U.S.C. §§ 1981; Texas Commission on
Human Rights Act; Texas Labor Code §§ 21.001 et seq.; Texas Labor Code §§ 451.001 et seq.; the
Age Discrimination in Employment Act of 1967; the Employment Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001
et seq.; the Family and Medical Leave Act; the Fair Labor Standards Act; the Worker Adjustment and Retraining Notification
Act; the Rehabilitation Act of 1973; or any other federal, state or local statute or common law cause of action of similar effect
regarding employment related causes of action of employees against their employer.

 

Employee hereby waives
and releases Employee’s ability or right to participate in any class or collective action against any of the Released Parties
in any forum, either as a class representative, party plaintiff, or absent class member, asserting any claims referenced herein.
This Waiver and Release includes, but is not limited to, claims arising under the Fair Labor Standards Act (“FLSA”)
and any state wage payment law that a court may find to have not otherwise been waived under this Waiver and Release. In such a
case, to the extent the claim was not otherwise waived or released, Employee may assert a claim against any of the Released Parties
on Employee’s own behalf, but Employee may not do so within or otherwise participate in a class or collective action against
the Company or any of the Released Parties.

 

3. Waiver of Certain
Claims, Rights or Benefits. Without in any way limiting the generality of Section 2 of this Waiver and Release, by executing
this Waiver and Release and accepting the Severance Benefits, Employee specifically agrees to release all claims, rights, or benefits
Employee may have for age discrimination arising out of or under the Age Discrimination in Employment Act of 1967, 29 U.S.C. §
621, et seq., as currently amended, or any equivalent or comparable provision of state or local law, including, but not
limited to, the Texas Commission on Human Rights Act.

 

4. Acknowledgements
and Obligations of Employee.

 

(a) Employee represents
and acknowledges that in executing this Waiver and Release, Employee does not rely and has not relied upon any representation or
statement made by the Company, or its agents, representatives, or attorneys regarding the subject matter, basis or effect of this
Waiver and Release or otherwise, and that Employee has engaged or had the opportunity to engage an attorney of Employee’s
choosing in the negotiation and execution of this Waiver and Release. Employee acknowledges Employee has the right to consult with
counsel of Employee’s choosing with regard to the review of this Waiver and Release.

 

    A-2

     

    

 

(b) EMPLOYEE UNDERSTANDS
THAT BY SIGNING AND NOT REVOKING THIS WAIVER AND RELEASE, EMPLOYEE IS WAIVING ANY AND ALL RIGHTS OR CLAIMS WHICH EMPLOYEE MAY HAVE
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT FOR AGE DISCRIMINATION ARISING FROM EMPLOYMENT WITH THE COMPANY, INCLUDING, WITHOUT
LIMITATION, THE RIGHT TO SUE THE COMPANY IN FEDERAL OR STATE COURT FOR AGE DISCRIMINATION. EMPLOYEE FURTHER ACKNOWLEDGES EMPLOYEE
(i) DOES NOT WAIVE ANY CLAIMS OR RIGHTS THAT MAY ARISE AFTER THE DATE EMPLOYEE EXECUTES THIS WAIVER AND RELEASE; (ii) WAIVES CLAIMS
OR RIGHTS ONLY IN EXCHANGE FOR CONSIDERATION IN ADDITION TO ANYTHING OF VALUE TO WHICH EMPLOYEE IS ALREADY ENTITLED; (iii) HAS
BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT AND (iv) AGREES THAT EMPLOYEE HAS ENTERED INTO THIS
WAIVER AND RELEASE KNOWINGLY AND VOLUNTARILY.

 

(c) Except with respect
to Severance Benefits owed to Employee, Employee acknowledges that Employee has been fully compensated for all labor and services
performed for the Company and has been reimbursed for all business expenses incurred on behalf of the Company through the Termination
Date, and the Company does not owe Employee any expense reimbursement amounts, or wages, including vacation pay or paid time-off
benefits.

 

(d) Notwithstanding anything
contained in this Waiver and Release to the contrary, this Waiver and Release does not waive, release, or discharge: (i) any right
to file an administrative charge or complaint with, or testify, assist, or participate in an investigation, hearing, or proceeding
conducted by, the Equal Employment Opportunity Commission, the Texas Workforce Commission, or other similar federal or state administrative
agencies, although Employee waives any right to monetary relief related to any filed charge or administrative complaint; (ii) claims
that cannot be waived by law, such as claims for unemployment benefit rights and workers’ compensation; (iii) claims for
indemnity under any indemnification agreement with the Company or under its organizational documents, as provided by applicable
state law or under any applicable insurance policy with respect to Employee’s liability as an employee, director or officer
of the Company or its affiliates; (iv) any right to file an unfair labor practice charge under the National Labor Relations Act;
(v) any rights to vested benefits, such as pension or retirement benefits, the rights to which are governed by the terms of the
applicable plan documents and award agreements; (vi) any right to receive an award or monetary recovery pursuant to the Securities
and Exchange Commission’s whistleblower program; (vii) Employee’s ability to challenge the validity of this Waiver
and Release under the ADEA and the Older Workers Benefit Protection Act of 1990 (29 U.S.C. §§ 621 et seq.); (viii)
the Company’s obligations to provide payments or benefits under the Employment Agreement; or (ix) to any rights as an equityholder
of the Company.

 

(e) Employee acknowledges
and agrees the Employment Agreement, including, but not limited to, Sections 8(a), 8(d), and 8(e) thereof, sets forth certain obligations
of Employee which remain in effect following the Termination Date, and except as expressly set forth herein, nothing in this Waiver
and Release shall modify such ongoing obligations, the continued performance of which by Employee are a condition of the Company’s
obligations hereunder.

 

    A-3

     

    

 

(f) Employee represents
and warrants Employee has returned to the Company, by no later than the date Employee executes this Waiver and Release, all Company
property and confidential information, including, without limitation, all expense reports, notes, memoranda, records, documents,
employment manuals, credit cards, keys, pass keys, computers, electronic media (including flash drives), office equipment and sales
records and data, together with any and all other information or property, no matter how produced, reproduced or maintained, kept
by Employee in his possession and pertaining to the business of the Company.

 

(g) Employee represents
and warrants that, with respect to the Company’s equity securities, any and all transactions reportable under Section 16
of the Securities Exchange Act of 1934, as amended, that occurred on or prior to the Termination Date have been timely and properly
reported by Employee to the Company in accordance with the Company’s policies and procedures.

 

(h) Employee acknowledges
that neither the Company nor anyone on its behalf has made any representations, warranties, or promises of any kind regarding the
tax consequences of the payment of proceeds referenced herein. Except for amounts withheld by the Company, Employee understands
and agrees that Employee will be responsible for paying any taxes, interest, penalties, or other amounts due on the payments. Employee
further agrees to indemnify the Company for, and hold it harmless from, any additional taxes, interest, penalties, or other amounts
for which the Company may later be held liable as a result of any failure by Employee to comply with Employee’s obligations
under this Section 9(h), including costs and attorneys’ fees reasonably incurred by the Company in recovering such amounts
from Employee.

 

(i) Employee represents
that Employee has not filed any complaints, claims, or actions against the Company with any state, federal, or local agency or
court, or that if Employee has, Employee agrees to withdraw and dismiss with prejudice (or cause to be withdrawn and dismissed
with prejudice) any complaint, claim, action, or charge filed with any state, federal, or local agency or court. Employee further
agrees that no other person or entity may bring any claim on Employee’s behalf falling within the terms of this Waiver and
Release and that, should any such claim be brought on Employee’s behalf, Employee will cooperate with the Company and/or
any other released party that may be affected and its or their attorneys, in seeking a prompt dismissal of that claim. Employee
acknowledges and affirmatively states Employee knows of no facts which may lead to or support any complaints, claims, actions,
or charges against the Company in or through any state, federal, or local agency or court.

 

(j) Employee agrees the
Released Parties are not obligated, now or in the future, to offer employment to Employee or to accept services or the performance
of work from Employee directly or indirectly. Employee agrees not to seek or accept any employment, independent contractor, or
other relationship with any of the Released Parties. Employee agrees, in the event such employment occurs in the future, this provision
shall serve as good and just cause for termination of that employment. Employee knowingly and voluntarily waives all rights, if
any, Employee may have under federal and/or state law to re-hire by, or reinstatement of employment with any of the Released Parties.

 

    A-4

     

    

 

(k) Employee agrees to
reasonably cooperate with the Company and use Employee’s best efforts in responding to all reasonable requests by the Company
for assistance and advice relating to matters and procedures in which Employee was involved. Employee also covenants to cooperate
in defending or prosecuting any claim or other action which arises, whether civil, criminal, administrative or investigative, in
which Employee participation is required in the best judgment of the Company by reason of Employee’s former employment with
the Company. Upon the Company’s request, Employee will use Employee’s best efforts to attend hearings and trials, to
assist in effectuating settlements, and to assist in the procuring of witnesses, producing evidence, and in the defense or prosecution
of said claims or other actions. The Company agrees to reimburse the Employee for all reasonable expenses and pay a reasonable
mutually agreed upon fee for the time and efforts spent.

 

5. Confidential
Information; Non-Competition; Non-Solicitation.

 

(a) Employee acknowledges
and agrees that, notwithstanding anything to the contrary in this Waiver and Release, he shall continue to be subject to and comply
with his obligations under Section 8 of the Employment Agreement regarding Confidential Information, non-competition, and non-solicitation,
which obligations shall be fully enforceable as provided in the Employment Agreement.

 

(b) Employee agrees not
to divulge or release this Waiver and Release or its contents, except to Employee’s attorneys, financial advisors, or immediate
family, provided they agree to keep this Waiver and Release and its contents confidential, or in response to a valid subpoena or
court order. In the event Employee receives a subpoena or court order requiring the release of this Waiver and Release, its contents,
or any Confidential Information, Employee will notify [●] Attn: [●] sufficiently in advance of the date for the disclosure
of such information to enable the Company to contest the subpoena or court order, reasonably promptly after the receipt of the
subpoena or court order, and Employee agrees to cooperate with the Company in any related proceeding involving the release of this
Waiver and Release or its contents or any Confidential Information.

 

(c) Employee agrees Employee
will not make any public statement that would adversely affect the business of the Company or Released Parties in any manner, at
any time, even beyond the date after which Employee will receive no further compensation or benefits pursuant to this Waiver and
Release. Employee agrees that Employee will not disparage, criticize, or speak negatively about the Released Parties or their decisions
or actions, about Released Parties’ products, services, or operations, about any of Released Parties’ past, present,
or future directors, officers, or employees or any of their actions or decisions, or about Released Parties’ customers. The
Board shall comply, and shall instruct the executive officers and senior officers of the Company to comply, with the foregoing
two sentences of this Section 5(c) vis à vis the Employee.

 

    A-5

     

    

 

(d) Nothing herein is
intended to be or will be construed to prevent, impede, or interfere with Employee’s right to respond accurately and fully
to any question, inquiry, or request for information regarding the Company or Released Parties or his or her employment with the
Company or Released Parties when required by legal process, or from initiating communications directly with, or responding to any
inquiry from, or providing truthful testimony and information to, any Federal, State, or other regulatory authority in the course
of an investigation or proceeding authorized by law and carried out by such agency, consistent with his continuing obligations
under the Employment Agreement. Unless prohibited by applicable law, Employee will notify [●] Attn: [●] sufficiently
in advance of the date for the disclosure of such information to enable the Company to contest any such order, communication, question,
inquiry or request with the applicable authority, reasonably promptly after the receipt of such order, communication, question,
inquiry or request. Employee shall not disclose to anyone confidential communications and documents that are protected by the Company’s
or Released Parties’ attorney-client privilege or work product protection or any Confidential Information in breach of the
Employment Agreement.

 

6. Defend Trade
Secrets Act. Employee is hereby notified that under the Defend Trade Secrets Act: (a) no individual will be held criminally
or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage
Act) that is made in: (i) confidence to a federal, state, or local government official, either directly or indirectly, or to an
attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (b) an individual
who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret
to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document
containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

 

7. Time Period for
Enforceability/Revocation of Waiver and Release. The Company’s obligations under this Waiver and Release are contingent
upon Employee executing and delivering this Waiver and Release to the Company, and not revoking Employee’s agreement to it.
Employee may take up to [twenty-one (21)] [forty-five (45)] days from the Delivery Date (the “Consideration Period”)
to consider this Waiver and Release before executing it. Employee may execute and deliver this Waiver and Release at any time during
the Consideration Period. Any changes made to this Waiver and Release after the Delivery Date will not restart the running of the
Consideration Period. Any execution and delivery of this Waiver and Release by Employee after the expiration of the Consideration
Period shall be unenforceable, and the Company shall not be bound thereby. Employee shall have seven (7) days after execution of
this Waiver and Release to revoke (“Revocation Period”) Employee’s consent to this Waiver and Release
by executing and delivering a written notice of revocation to the Company in accordance with the Notice provision of the Employment
Agreement. No such revocation by Employee shall be effective unless it is in writing and signed by Employee and delivered to the
Company before the expiration of the Revocation Period. Upon delivery of a notice of revocation to the Company, the obligations
of the Parties under this Waiver and Release shall be void and unenforceable, with the exception of Employee’s obligation
to keep this Waiver and Release confidential under Section 5 of this Waiver and Release.

 

8. Effective Date.
This Waiver and Release shall become effective on the eighth (8th) day following the Employee’s execution of it, provided
that Employee does not timely revoke this Waiver and Release in accordance with the provisions of Section 7 of this Waiver and
Release.

 

9. Governing Law,
Arbitration & Venue. This Waiver and Release shall be governed by the laws of the State of Texas, without regard to choice-of-law
principles. The parties consent to personal and exclusive jurisdiction and venue Dallas County in the State of Texas. Any controversy
or claim arising out of or relating to this Waiver and Release, or the breach therefore, shall be settled in accordance with Section
9(h) of the Employment Agreement.

 

    A-6

     

    

 

10. Injunctive Relief.
Notwithstanding any other term of this Waiver and Release, it is expressly agreed that a breach of this Waiver and Release will
cause irreparable harm to the Company and that a remedy at law would be inadequate. Therefore, in addition to any and all remedies
available at law, the Company will be entitled to injunctive and/or other equitable remedies in the event of any threatened or
actual violation of any of the provisions of this Waiver and Release.

 

11. Entire Agreement.
The Employment Agreement and this Waiver and Release comprise the entire agreement between the Parties pertaining to the matters
encompassed therein and herein, and supersede any other agreement, written or oral, that may exist between them relating to the
matters encompassed therein and herein, except that this Waiver and Release does not in any way supersede or alter covenants not
to compete, non-disclosure or non-solicitation agreements, or confidentiality agreements that may exist between Employee and the
Company, including, but not limited to, covenants contained in the Employment Agreement.

 

12. Severability.
If any provision of this Waiver and Release is found to be illegal or unenforceable, such finding shall not invalidate the remainder
of this Waiver and Release, and that provision shall be deemed to be severed or modified to the minimum extent necessary to equitably
adjust the Parties’ respective rights and obligations under this Waiver and Release.

 

13. Execution.
This Waiver and Release may be executed in multiple counterparts, each of which will be deemed an original for all purposes. Facsimile
or pdf copies of signatures to this Waiver and Release are as valid as original signatures.

 

14. Consideration
of Medicare’s Interests. Employee affirms, covenants, and warrants that Employee is not a Medicare beneficiary and is
not currently receiving, has not received in the past, will not have received at the time of execution of this Waiver and Release
or payment hereunder, to the extent applicable, is not entitled to, is not eligible for, and has not applied for or sought Social
Security Disability or Medicare benefits. In the event any statement in the preceding sentence is incorrect (for example, but not
limited to, if Employee is a Medicare beneficiary, etc.), the following sentences (i.e., the remaining sentences of this
paragraph) apply. Employee affirms, covenants, and warrants Employee has made no claim for illness or injury against, nor is Employee
aware of any facts supporting any claim against, the Released Parties under which the Released Parties could be liable for medical
expenses incurred by Employee before or after the execution of this Waiver and Release. Furthermore, Employee is aware of no medical
expenses which Medicare has paid and for which the Released Parties are or could be liable now or in the future. Employee agrees
and affirms that, to the best of Employee’s knowledge, no liens of any governmental entities, including those for Medicare
conditional payments, exist. Employee will indemnify, defend, and hold the Released Parties harmless from Medicare claims, liens,
damages, conditional payments, and rights to payment, if any, including attorneys’ fees, and Employee further agrees to waive
any and all future private causes of action for damages pursuant to 42 U.S.C. § 1395y(b)(3)(A) et seq.

 

[SIGNATURES ON NEXT PAGE]

 

    A-7

     

    

 

IN WITNESS WHEREOF,
and intending to be legally bound, the Company has caused this Agreement to be executed by a duly authorized officer of the Company,
and Employee has signed this Agreement, all as of the day and year first written above.

 

	 	EMPLOYEE:
	 	 	     
	 	By:	 
	 	 	Robert Packer
	 	 
	 	TEXAS PACIFIC LAND CORPORATION:
	 	 	      
	 	By:	 
	 	 	Name: 
	 	 	Title:EX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on January 11, 2021 by and between VPC
Impact Acquisition Holdings, a Cayman Islands exempted company (the “Company”), and the undersigned subscriber(s) (“Subscriber”). 

WHEREAS, concurrently with the execution of this Subscription Agreement, the Company is entering into that certain Agreement and Plan of
Merger with Pylon Merger Company LLC, a Delaware limited liability company (“Pylon”), and Bakkt Holdings, LLC, a Delaware limited liability company (“Bakkt”), providing for a business combination between the Company
and Pylon (the “Transaction Agreement” and the transactions contemplated by the Transaction Agreement, the “Transaction”); 

WHEREAS, in connection with the Transaction, the Company intends to transfer the listing of its Class A ordinary shares and warrants from
The Nasdaq Stock Market LLC (“NASDAQ”), to the New York Stock Exchange (“NYSE” and such relisting, the “Relisting”) (for purposes of this Subscription Agreement, “Stock Exchange”
shall mean, prior to the consummation of the Relisting, NASDAQ, and following the consummation of the Relisting, the NYSE); 
 WHEREAS, the
Class A ordinary shares of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), will automatically be converted in shares of Class A Common Stock (as defined below), in connection
with the Company’s domestication as a Delaware corporation immediately prior to the Closing and the consummation of the Transaction (such domestication, the “Domestication”) (except as context requires otherwise, all references
to Class A Ordinary Shares herein shall be deemed to reference shares of Class A Common Stock following the Domestication); 

WHEREAS, in connection with the Transaction, Subscriber desires to subscribe for and purchase from the Company immediately prior to the
consummation of the Transaction, that number of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), set forth on the signature page hereto (the
“Subscribed Shares”) for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for all Subscribed Shares being referred to herein as the “Purchase
Price”), and the Company desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company; and 

WHEREAS, on or about the date of this Subscription Agreement, the Company is entering into subscription agreements (the “Other
Subscription Agreements” and together with the Subscription Agreement, the “Subscription Agreements”) with certain other investors (the “Other Subscribers” and together with Subscriber, the
“Subscribers”), pursuant to which such investors have agreed to purchase on the closing date of the Transaction, inclusive of the Subscribed Shares, an aggregate amount of up to 32,500,000 shares of Class A Common Stock, at the
Per Share Price (the “Other Subscribed Shares” and together with the Subscribed Shares, the “Collective Subscribed Shares”). 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 Section 1
Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby subscribes for and agrees to purchase, and the Company hereby agrees to issue and sell to Subscriber, upon the payment of
the Purchase Price, the Subscribed Shares (such subscription and issuance, the “Subscription”). Subscriber acknowledges and agrees that, as a result of the Domestication, the Subscribed Shares that will be issued pursuant hereto
shall be shares of common stock in a Delaware corporation (and not shares in a Cayman Islands exempted company). 

 Section 2 Closing. 

(a) The consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the closing date
of the Transaction (the “Closing Date”), immediately following the Domestication and prior to the consummation of the Transaction. 

(b) At least five (5) Business Days before the anticipated Closing Date, the Company shall deliver written notice to
Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of the Purchase Price to the Company. No later than two (2) Business Days prior to the Closing
Date, Subscriber shall deliver the Purchase Price for the Subscribed Shares by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice, such funds to be held in a non-interest bearing account by the Company in escrow (it being understood that the costs and expenses of the escrow account shall be borne by the Company), until the Closing, and deliver to the Company such
information as is reasonably requested in the Closing Notice in order for the Company to issue the Subscribed Shares to Subscriber, including, without limitation, the legal name of the person in whose name the Subscribed Shares are to be issued and
a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8. At the Closing, upon satisfaction (or, if applicable, waiver) of the conditions
set forth in this Section 2, the Company shall deliver to Subscriber (i) the Subscribed Shares in book entry form, free and clear of any liens or other restrictions (other than those arising under this Subscription
Agreement or state or federal securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions), and (ii) written notice from the Company or its transfer agent evidencing the issuance to Subscriber of the
Subscribed Shares on and as of the Closing Date. In the event that the consummation of the Transaction does not occur within three (3) Business Days after the anticipated Closing Date specified in the Closing Notice, the Company shall promptly
(but in no event later than five (5) Business Days after the anticipated Closing Date specified in the Closing Notice) return the funds so delivered by Subscriber to the Company by wire transfer in immediately available funds to the account
specified by Subscriber, and any book entries shall be deemed cancelled. Notwithstanding such return or cancellation, (x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure of any of the
conditions to Closing set forth in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless and until this Subscription Agreement is terminated in accordance with
Section 6, Subscriber shall remain obligated (A) to redeliver funds to the Company in escrow following the Company’s delivery to Subscriber of a new Closing Notice and (B) to consummate the Closing upon
satisfaction of the conditions set forth in this Section 2. For the purposes of this Subscription Agreement, “Business Day” means any day other than a Saturday, Sunday or a day on which the Federal Reserve
Bank of New York is closed. 
 (c) The Closing shall be subject to the satisfaction or valid waiver by the Company, on the
one hand, or Subscriber, on the other, of the conditions that, on the Closing Date: 
 (i) no suspension of the
qualification of the Subscribed Shares for offering or sale or trading in any applicable jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred; 

(ii) all conditions precedent to the closing of the Transaction set forth in the Transaction Agreement, including the approval
of the Company’s stockholders, shall have been satisfied or waived (as determined by the parties to the Transaction Agreement and other than those conditions which, by their nature, are to be satisfied at the closing of the Transaction pursuant
to the Transaction Agreement); 

  
 2 

 (iii) all required regulatory approvals with respect to the issuance and
sale of the Subscribed Shares to the Subscriber shall have been obtained; and 
 (iv) no applicable governmental authority
(including, but not limited to, a court, financial services or banking authorities) shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule, or regulation (whether temporary, preliminary or permanent), which is
then in effect and has the effect of making the consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby. 

(d) In addition to the conditions set forth in Section 2(c), the obligation of the Company to
consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the additional conditions that, on the Closing Date: 

(i) all representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all
material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects as so
qualified) at and as of the Closing Date; and 
 (ii) if required by applicable governmental authorities (including, but not
limited to, financial services or banking authorities), rules, regulations, orders, policies or procedures, Subscriber shall have been found suitable by such authorities; and 

(iii) Subscriber shall have performed, satisfied and complied in all material respects with the covenants, agreements and
conditions required by this Subscription Agreement to be performed, satisfied or complied with by Subscriber at or prior to the Closing. 

(e) In addition to the conditions set forth in Section 2(c), the obligation of Subscriber to
consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional conditions that, on the Closing Date: 

(i) all representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in
all material respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect (as defined below), which representations and warranties shall be true in all respects as so qualified) at and
as of the Closing Date; 
 (ii) the Company shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing, except where the failure of such performance or compliance would not reasonably be
expected to prevent, materially delay, or materially impair the ability of the Company to consummate the Closing; and 

(iii) except to the extent consented to in writing by Subscriber, the Transaction Agreement (as filed with the Commission on
or immediately following the date hereof) shall not have been amended, modified, supplemented or waived in a manner which (x) materially and adversely affects the Company or (y) materially and adversely affect the economics of the
Subscribed Shares that Subscriber is acquiring pursuant to this Subscription Agreement. 

  
 3 

 Section 3 Company Representations and Warranties. The Company represents
and warrants to Subscriber that: 
 (a) The Company (i) is duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation, (ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being conducted and to enter into, deliver and perform its obligations
under this Subscription Agreement, and (iii) is duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation) in which the conduct
of its business or the ownership of its properties or assets requires such license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing would not reasonably be expected to have a
Company Material Adverse Effect. For purposes of this Subscription Agreement, a “Company Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to the Company and its subsidiaries,
taken together as a whole (on a consolidated basis), that, individually or in the aggregate, has or would reasonably be expected to have, a material adverse effect on the (x) business or financial condition of the Company, (y) the validity
of the Subscribed Shares or (z) the legal authority or ability of the Company to perform its obligations hereunder, including the Company’s ability to consummate the Transaction and the issuance and sale of the Subscribed Shares. 

(b) The Subscribed Shares have been duly authorized and, when issued and delivered to Subscriber against full payment therefor
in accordance with the terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable and will not have been issued in violation of any preemptive rights created under the
Company’s organizational documents or the laws of its jurisdiction of incorporation. 
 (c) This Subscription Agreement
has been duly executed and delivered by the Company, and assuming the due authorization, execution and delivery of the same by Subscriber, this Subscription Agreement shall constitute the valid and legally binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable
remedies. 
 (d) Assuming the accuracy of the representations and warranties of Subscriber set forth in
Section 4 of this Subscription Agreement, the execution and delivery of this Subscription Agreement, the issuance and sale of the Subscribed Shares and the compliance by the Company with all of the provisions of this
Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the
Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; (ii) the organizational documents of the Company; or (iii) any statute or any judgment, order, rule or regulation of
any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or their properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a Company Material Adverse
Effect, and no such material breaches, violations, defaults or impositions exist at the time of the transaction(s) that are not directly related to the transactions. 

  
 4 

 (e) Assuming the accuracy of the representations and warranties of
Subscriber set forth in Section 4 of this Subscription Agreement, the Company is not required to obtain any consent, waiver, authorization, order or approval, give any notice to, or make any filing or registration with, any
court or other federal, state, local or other governmental authority, self-regulatory organization (including the Stock Exchange) or other person in connection with the execution, delivery and performance of this Subscription Agreement (including,
without limitation, the issuance of the Subscribed Shares), other than (i) filings required by applicable state securities laws, (ii) filings required by applicable state banking and money transmitter licensing authorities, (iii) the
filing of the Registration Statement pursuant to Section 5 below, (iv) filings required by the United States Securities and Exchange Commission (“Commission”), (v) those required by the Stock Exchange,
(vi) those required to consummate the Transaction as provided under the Transaction Agreement, (vii) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, (viii) filings required in
connection with the Relisting and the Domestication, and (ix) the failure of which to obtain would not be reasonably likely to have a Company Material Adverse Effect. 

(f) As of their respective dates, all reports required to be filed by the Company with the Commission (the “SEC
Reports”) complied in all material respects with the requirements of the Securities Act and the Securities Exchange Act of 1934, and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of
filing and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to
normal, year-end audit adjustments. The Company timely filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the Commission since its
inception. There are no material outstanding or unresolved comments in comment letters from the staff of the Commission with respect to any of the SEC Reports. 

(g) As of the date hereof, the authorized capital stock of the Company consists of 220,000,000 ordinary shares, par value of
$0.0001 per share (“Ordinary Shares”), including 200,000,000 Class A Ordinary Shares, 20,000,000 Class B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares”), and
1,000,000 preference shares, par value of $0.0001 per share (“Preference Shares”). As of immediately prior to the Closing and prior to giving effect to any of the Transactions contemplated by the Transaction Agreement (other than
the Domestication), the authorized capital stock of the Company will consist of 1,001,000,000 shares of capital stock, consisting of 750,000,000 shares of Class A common stock, 250,000,000 shares of Class V common stock, par value $0.0001
per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. As of the date hereof: (i) 20,737,202 Class A Ordinary Shares are issued and outstanding, 5,184,300 Class B Ordinary Shares are issued and outstanding
and no Preference Shares are issued and outstanding; (ii) 16,516,041 warrants, each exercisable to purchase one Class A Ordinary Share at $11.50 per share (“Warrants”), are issued and outstanding, including 6,147,440
private placement warrants; and (iii) no Class A Ordinary Shares was subject to issuance upon exercise of outstanding options. No Warrants are exercisable on or prior to the Closing. 

(h) All issued and outstanding Ordinary Shares have been duly authorized and are validly issued, fully paid and non-assessable and are not subject to preemptive rights. As of the date hereof, except as set forth above and pursuant to (i) the Other Subscription Agreements, or (ii) the Transaction Agreement (including
the exhibits and schedules thereto), there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any 

  
 5 

 
Ordinary Shares or other equity interests in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. As
of the date hereof, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting trusts
or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any Equity Interests, other than (A) the letter agreements entered into by the Company in connection with the Company’s
initial public offering on September 24, 2020, pursuant to which the Company’s sponsor and the Company’s executive officers and independent directors agreed to vote in favor of any proposed Business Combination (as defined therein),
which includes the Transaction, and (B) as contemplated by the Transaction Agreement. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered, by
(i) the issuance of the Subscribed Shares or the shares to be issued pursuant to any Other Subscription Agreement, (ii) the Domestication, or (iii) the Transaction, except in each case for such anti-dilution or similar provisions the
application of which has been effectively waived. Except as disclosed in the SEC Reports, as of the date hereof, the Company had no outstanding indebtedness. 

(i) Except for such matters as have not had and would not be reasonably likely to have a Company Material Adverse Effect, as of
the date hereof, there is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree,
injunction, ruling or order of any governmental authority or arbitrator outstanding against the Company. 
 (j) The
Class A Ordinary Shares are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on the Stock Exchange under the symbol “VIH”.
There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the Stock Exchange or the Commission with respect to any intention by such entity to deregister the Class A
Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Stock Exchange. The Company has taken no action that is designed to terminate the registration of the Class A Ordinary Shares under the Exchange
Act. 
 (k) Upon consummation of the Transaction, the issued and outstanding shares of Class A Common Stock will be
registered pursuant to Section 12(b) of the Exchange Act and will be approved for listing on the Stock Exchange, subject only to official notice thereof. 

(l) Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4
of this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Subscribed Shares by the Company to Subscriber. 

(m) Neither the Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Shares. 

(n) Except for Jefferies LLC, acting as placement agent to the Company (“Jefferies”), and Citigroup Global
Markets Inc., acting as placement agent to the Company (“Citi” and together with Jefferies, the “Placement Agents” and each, a “Placement Agent”), no broker or finder is entitled to any brokerage or
finder’s fee or commission solely in connection with the sale of the Subscribed Shares to Subscriber. 

  
 6 

 (o) The Company acknowledges and agrees that, notwithstanding anything
herein to the contrary, the Subscribed Shares may be pledged by the Subscriber in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Subscribed Shares hereunder, and the Subscriber
effecting a pledge of Subscribed Shares shall not be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Subscription Agreement. The Company hereby agrees to execute and deliver such
documentation as a pledgee of the Subscribed Shares may reasonably request in connection with a pledge of the Subscribed Shares to such pledgee by the Subscriber, provided that the Subscriber shall be responsible for payment of legal fees and
expenses incurred by the Company in connection with such request. 
 (p) The Company has not entered into any side letter or
similar agreement with any Other Subscribers relating to such Other Subscriber’s purchase of Other Subscribed Shares other than the Other Subscription Agreements or any side letter or similar agreement unrelated to the Collective Subscribed
Shares or whose terms are not materially more advantageous to such Other Subscriber than the Subscriber hereunder. The Other Subscription Agreements (and any amendments thereto) reflect the same Per Share Price and other material terms with respect
to the purchase of the Subscribed Shares that are no more favorable to such Subscriber thereunder than the terms of this Subscription Agreement other than terms particular to the regulatory requirements of such subscriber or its affiliates or
related funds; provided, however, that Intercontinental Exchange Holdings, Inc. (or its affiliates) shall have the right pursuant to its Subscription Agreement to assign the right and obligation to purchase up to an aggregate of five
million dollars ($5,000,000) of its Subscribed Shares to other equity holders of Bakkt. 
 (q) The Company is not in default
or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any material term, condition or provision of (i) the organizational documents of the Company, (ii) any
loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Company is now a party or by which the Company’s properties or assets are bound or (iii) any statute or any
judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or
violations that have not had and would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

(r) The operations of the Company are conducted in compliance with anti-money laundering Laws, and no government action
involving the Company with respect to any of the foregoing is pending or, to the knowledge of the Company, threatened in writing. 

(s) The Company has not (i) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses
relating to political activity or (ii) promised, offered, authorized, made or agreed to make any unlawful payment or promised, offered, authorized, provided or agreed to provide anything of value to foreign or domestic government officials or
employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign Corrupt Practices Act of 1977 (as amended, the “FCPA”) or of any other applicable anti-bribery or anti-corruption Law. The
Company has not promised, offered, authorized, given or agreed to give any unlawful gift, similar unlawful benefit or anything of value to any customer, supplier, governmental employee or other party who is or may be in a position to help or hinder
the Company or assist in connection with any actual or proposed transaction, in violation of any provision of the FCPA or of any other applicable anti-bribery or anti-corruption law. To the knowledge of the Company, no government action with respect
to any of the foregoing is pending or threatened against or that involves the Company. 

  
 7 

 Section 4 Subscriber Representations and Warranties. Subscriber
represents and warrants to the Company that: 
 (a) Subscriber (i) is duly organized, validly existing and (to the
extent applicable) in good standing under the laws of its jurisdiction of incorporation or formation, and (ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement. 

(b) This Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization,
execution and delivery of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies. 

(c) The execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by
Subscriber with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other
agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents of Subscriber; or (iii) any statute or any
judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its properties that, in the case of clauses (i) and (iii), would reasonably be
expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a “Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to
Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to consummate the transactions contemplated hereby, including the purchase of the Subscribed Shares. 

(d) Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an
institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements set forth on Annex A, (ii) is acquiring the Subscribed Shares only for its own
account and not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional buyer and Subscriber has full
investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the
Subscribed Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and has provided the Company with the requested information on Annex A following the signature page hereto). 

(e) Subscriber acknowledges and agrees that the Subscribed Shares are being offered in a transaction not involving any public
offering within the meaning of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act and that the Company is not required to register the Subscribed Shares except as set forth in
Section 5 of this Subscription Agreement. Subscriber acknowledges and agrees that the Subscribed Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, 

  
 8 

 
(ii) pursuant to an applicable exemption from the registration requirements of the Securities Act, (including without limitation a private resale pursuant to so called “Section 4(a)1 1⁄2”), or (iii) an ordinary course pledge such as a broker lien over account property generally, and, in each of clauses (i)-(iii), in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or account entries representing the Subscribed Shares shall contain a restrictive legend to such effect. Subscriber
acknowledges and agrees that the Subscribed Shares will be subject to these securities laws transfer restrictions, and as a result of these transfer restrictions, Subscriber may not be able to readily offer, resell, transfer, pledge or otherwise
dispose of the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber acknowledges and agrees that the Subscribed Shares will not be immediately
eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act, as amended (“Rule 144”) until at least one year following the filing of certain required information with the
Commission after the Closing Date. Subscriber acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed Shares. 

(f) Subscriber understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber
further acknowledges that there have not been, and Subscriber hereby agrees that it is not relying on, any statements, representations, warranties, covenants or agreements made to Subscriber by or on behalf of the Company, Bakkt, any other party to
the Transaction, or any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of the foregoing or any other person or entity, expressly or by implication, other than those
representations, warranties, covenants and agreements of the Company set forth in this Subscription Agreement. 
 (g) In
making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made by Subscriber and the Company’s representations in Section 3 of this Subscription Agreement.
Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment decision with respect to the Subscribed Shares, including with respect to the Company, Bakkt and the
Transaction (including Pylon and its subsidiaries (collectively, the “Acquired Companies”)), and made its own assessment and is satisfied concerning the relevant financial, tax and other economic considerations relevant to
Subscriber’s investment in the Subscribed Shares. Without limiting the generality of the foregoing, Subscriber acknowledges that it has reviewed the Company’s filings with the Commission. Subscriber represents and agrees that Subscriber
and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and Subscriber’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Subscribed Shares. Subscriber acknowledges that certain information provided by the Company was based on projections, and such projections were prepared based on assumptions and estimates that are
inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. Subscriber further
acknowledges that the information provided to Subscriber was preliminary and subject to change, including in the registration statement and the proxy statement that the Company intends to file with the Commission (which will include substantial
additional information about the Company and the Transaction and will update and supersede the information previously provided to Subscriber). Subscriber acknowledges and agrees that none of the Placement Agents, nor any affiliate of any Placement
Agent has provided Subscriber with any information or advice with respect to the Subscribed Shares nor is such information or advice necessary or desired. Neither any Placement Agent nor any of their respective affiliates has made or makes any
representation as to the Company or the Acquired 

  
 9 

 
Companies or the quality or value of the Subscribed Shares and the Placement Agents and any of their respective affiliates may have acquired non-public
information with respect to the Company or the Acquired Companies which Subscriber agrees need not be provided to it. In connection with the issuance of the Subscribed Shares to Subscriber, neither any Placement Agent nor any of their respective
affiliates has acted as a financial advisor or fiduciary to Subscriber. 
 (h) Subscriber became aware of this offering of
the Subscribed Shares solely by means of direct contact between Subscriber and the Company or Bakkt or their respective affiliates, or by means of contact from either Placement Agent, and the Subscribed Shares were offered to Subscriber solely by
direct contact between Subscriber and the Company or Bakkt or their respective affiliates. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber, by any other means.
Subscriber acknowledges that the Company represents and warrants that the Subscribed Shares (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) and
(ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. Subscriber acknowledges that it is not relying upon, and has not relied upon, any
statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Company, Bakkt, the Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, agents
or representatives of any of the foregoing), other than the representations and warranties of the Company contained in Section 3 of this Subscription Agreement, in making its investment or decision to invest in the Company.

 (i) Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of
the Subscribed Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Subscribed Shares, and Subscriber has had an opportunity to seek, and
has sought, such accounting, legal, business and tax advice as Subscriber has considered necessary to make an informed investment decision. Subscriber acknowledges that Subscriber shall be responsible for any of the Subscriber’s tax liabilities
that may arise as a result of the transactions contemplated by this Subscription Agreement, and that neither the Company, Bakkt, any Non-Party Affiliate of the Company or Bakkt, nor any of their respective
agents, have provided any tax advice or any other representation or guarantee, whether written or oral, regarding the tax consequences of the transactions contemplated by this Subscription Agreement. 

(j) Subscriber has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares and determined
that the Subscribed Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Company. Subscriber
acknowledges specifically that a possibility of total loss exists. 
 (k) Subscriber understands and agrees that no federal
or state agency has passed judgement upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the fairness of this investment. 

(l) Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons
administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a
person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or
providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if 

  
 10 

 
requested thereby, such records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial
institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains, either
directly or through the use of a third-party administrator, policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies
and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains, either directly or through the
use of a third-party administrator, policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Subscribed Shares were legally derived. 

(m) No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single
foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as a result of the purchase and sale of Subscribed Shares hereunder such that a declaration to the Committee on
Foreign Investment in the United States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208) over the Company from and after the Closing as a result of the purchase and sale
of Subscribed Shares hereunder. 
 (n) If Subscriber is an employee benefit plan that is subject to Title I of the U.S.
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan, an individual retirement account or other arrangement that is subject to section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in
section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to
such provisions of ERISA or the Code (collectively, “Similar Laws”), or an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”)
for purposes of Section 3(42) of ERISA or the comparable provisions of any Similar Laws, Subscriber represents and warrants that (x) neither the Company, nor any of its affiliates (the “Transaction Parties”) has acted as
the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Subscribed Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to
any decision to acquire, continue to hold or transfer the Subscribed Shares and (y) Subscriber’s acquisition and holding of the Subscribed Shares shall not constitute or result in a non-exempt
“prohibited transaction” under Section 406 of ERISA and/or Section 4975 of the Code (or, in the case of a governmental plan, church plan, non-U.S. Plan or other plan, a violation of Similar
Law). 
 (o) Subscriber does not have, as of the date hereof, and during the 30-day
period immediately prior to the date hereof such Subscriber has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short sale positions
with respect to the securities of the Company. Notwithstanding the foregoing, in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and
the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, the representation set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this Subscription Agreement. 

  
 11 

 (p) Subscriber at the Closing will have sufficient funds to pay the Purchase
Price pursuant to Section 2(a). 
 (q) No broker or finder is entitled to any brokerage or
finder’s fee or commission solely in connection with the sale of the Subscribed Shares to Subscriber. 
 (r) Subscriber
agrees that, notwithstanding Section 8(i), each Placement Agent and Bakkt may rely upon the representations and warranties made by Subscriber to the Company in this Subscription Agreement. 

Section 5 Registration of Subscribed Shares. 

(a) The Company agrees that, within thirty (30) days after the Closing Date, the Company will file with the Commission (at
the Company’s sole cost and expense) a registration statement registering the resale of the Subscribed Shares (the “Registration Statement”), and the Company shall use its commercially reasonable efforts to have the
Registration Statement declared effective no later than the earlier of (the “Effectiveness Deadline”) (i) sixty (60) calendar days following the Closing Date (or ninety (90) calendar days after the Closing Date if the
Registration Statement is reviewed by, and receives comments from, the Commission) and (ii) the tenth (10th) business day after the date the Company is notified in writing by the Commission
that the Registration Statement will not be “reviewed” or will not be subject to further review. The Company will use its commercially reasonable efforts to provide a draft of the Registration Statement to Subscriber for review (but not
comment) at least two (2) Business Days in advance of filing the Registration Statement; provided that, for the avoidance of doubt, in no event shall the Company be required to delay or postpone the filing of such Registration Statement as a
result of or in connection with Subscriber’s review. Unless otherwise agreed to in writing by the Subscriber, the Subscriber shall not be identified as a statutory underwriter in the Registration Statement unless requested or required by
statute, regulation or exchange rules; provided, that if the Commission requests that a Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber will have the opportunity to withdraw from the Registration
Statement upon its prompt written request to the Company. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on
the use of Rule 415 of the Securities Act for the resale of the Subscribed Shares by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Subscribed Shares which is equal to the maximum
number of Subscribed Shares as is permitted by the Commission. In such event, the number of Subscribed Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling
stockholders and as promptly as practicable after being permitted to register additional Subscribed Shares under Rule 415 under the Securities Act, the Company file a new Registration Statement to register such Subscribed Shares not included in the
initial Registration Statement and cause such Registration Statement to become effective as promptly as practicable. The Company agrees that, except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming
part of a Registration Statement, the Company will use commercially reasonable efforts to cause such Registration Statement to remain effective with respect to Subscriber until the earlier of (i) three years from the issuance of the Subscribed
Shares, (ii) the date on which all of the Subscribed Shares shall have been sold, or (iii) on the first date on which Subscriber can sell all of its Subscribed Shares (or shares received in exchange therefor) under Rule 144 of the
Securities Act without limitation as to the manner of sale or the amount of such securities that may be sold. The Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary
to enable Subscriber to resell the Subscribed Shares pursuant to the Registration Statement (for as long as the Registration Statement shall remain effective pursuant to the 

  
 12 

 
immediately preceding sentence) or Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the Company), as applicable, qualify the Subscribed Shares for listing
on the applicable stock exchange on which the Company’s Class A Ordinary Shares are then listed, and update or amend the Registration Statement as necessary to include the Subscribed Shares. The Company agrees, for as long as Subscriber
holds Subscribed shares, to file with the Commission in a timely manner all reports and other documents required of the Issuer under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing
of such reports and other documents is required for the applicable provisions of Rule 144; and furnish to Subscriber so long as it owns Subscribed Shares, promptly upon request, (x) a written statement by the Company, if true, that it has
complied with the reporting requirements of Rule 144(c) or Rule 144(i), as applicable, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of the Issuer and such other reports and documents so filed
by the Issuer (public availability on the Commission’s EDGAR system (or successor system) being sufficient) and (z) such other information as may be reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144
without registration. If requested by the Subscriber, the Company shall use its commercially reasonable efforts to (i) cause the removal of the restrictive legends from any Subscribed Shares being sold under the Registration Statement or
pursuant to Rule 144 at the time of sale of such Subscribed Shares and, at the request of a Holder (as defined below), cause the removal of all restrictive legends from any Registrable Securities held by such Holder that may be sold by such Holder
without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions, and (ii) cause its legal counsel to deliver an opinion, if necessary, to the transfer agent in connection with the instruction under
subclause (i) to the effect that the removal of such restrictive legends in such circumstances may be effected under the Securities Act, in each case upon the receipt of customary representations and other documentation, if any, from the Holder
as reasonably requested by the Company, its counsel or the transfer agent, establishing that restrictive legends are no longer required. “Holder” shall mean the Subscriber or any affiliate of the Subscriber to which the rights under this
Section 5 shall have been assigned. Subscriber agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, of
Subscribed Shares to the Company (or its successor) upon request to assist the Company in making the determination described above. The Company’s obligations to include the Subscribed Shares in the Registration Statement are contingent upon
Subscriber furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of the Subscribed Shares as shall be reasonably requested by the Company
to effect the registration of the Subscribed Shares, and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including
providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder. In the case of the registration effected by the
Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such registration. Subscriber shall not be entitled to use the Registration Statement for an underwritten offering of
Subscribed Shares. Notwithstanding anything to the contrary contained herein, the Company may delay or postpone filing of such Registration Statement, and from time to time require Subscriber not to sell under the Registration Statement or suspend
the use of any such Registration Statement if it determines that in order for the Registration Statement to not contain a material misstatement or omission, an amendment or supplement thereto would be needed, or if such filing or use could
materially affect a bona fide business or financing transaction of the Company or would require premature disclosure of information that could materially adversely affect the Company (each such circumstance, a “Suspension Event”);
provided that (w) the Company shall not so delay filing or so suspend the use of the Registration Statement for a period of more than sixty (60) consecutive days or more than two (2) times in any three hundred sixty
(360) day period and (x) the Company shall use commercially reasonable efforts to make such registration statement available for the sale by Subscriber of such securities as soon as practicable thereafter. 

  
 13 

 (b) Upon receipt of any written notice from the Company (which notice shall
not contain any material non-public information regarding the Company) of the occurrence of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension
Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Subscribed Shares under the Registration Statement (excluding, for the avoidance of
doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives
notice that any post-effective amendment or supplement has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such
written notice delivered by the Company unless otherwise required by law, subpoena or regulatory request or requirement. If so directed by the Company, Subscriber will deliver to the Company or, in Subscriber’s sole discretion destroy, all
copies of the prospectus covering the Subscribed Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Subscribed Shares shall not apply (i) to the extent
Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide
pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. 

(c) The Company shall advise Subscriber within five (5) business days: 

(i) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration
Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for
amendments or supplements to any Registration Statement or the prospectus included therein or for additional information; 

(iii) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the
initiation of any proceedings for such purpose; 
 (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification of the Subscribed Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any
changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in the light of the circumstances under which they were made) not misleading. 

  
 14 

 Notwithstanding anything to the contrary set forth herein, the Company shall not, when so
advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (i) through (v) above
constitutes material, nonpublic information regarding the Company and Subscriber is notified that such events are material, nonpublic information at the time of notification. 

(d) The Company shall use its commercially reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of any Registration Statement as soon as reasonably practicable. 
 (e) Except for such times as the Company is
permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement as contemplated by this Subscription Agreement, the Company shall use its commercially reasonable efforts to as soon as reasonably
practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Subscribed Shares included therein,
such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(f) The Company shall use its commercially reasonable efforts to cause all Subscribed Shares to be listed on each securities
exchange or market, if any, on which the Common Stock have been listed. 
 (g) The Company shall use its commercially
reasonable efforts to take all other steps necessary to effect the registration of the Subscribed Shares required hereby. 

(h) Indemnification. 

(i) The Company shall indemnify and hold harmless Subscriber (to the extent a seller under the Registration Statement), the
officers, directors, agents and employees of Subscriber, each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of
each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”) that arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in
any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are
based upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein or that Subscriber has omitted a material fact from such information. The Company shall notify Subscriber promptly of the
institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 5 of which the Company is aware. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Subscribed Shares by Subscriber. Notwithstanding the forgoing, the Company’s indemnification obligations shall not apply to
amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed). 

  
 15 

 (ii) Subscriber shall, severally and not jointly with any Other Subscriber
in the offering contemplated by this Subscription Agreement, indemnify and hold harmless the Company, its directors, officers, agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by applicable law, from and against all Losses arising out of or based upon any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding Subscriber furnished in
writing to the Company by Subscriber expressly for use therein. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Subscribed Shares giving rise
to such indemnification obligation. Notwithstanding the forgoing, Subscriber indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of
Subscriber (which consent shall not be unreasonably withheld or delayed). 
 (iii) Any person or entity entitled to
indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or
entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a
conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or
enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault
and culpability on the part of such indemnified party or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. 
 (iv) The indemnification provided for under this Subscription Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person or entity of such indemnified party and shall survive the transfer of securities. 

(v) If the indemnification provided under this Section 5 from the indemnifying party is unavailable
or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount
paid or payable 

  
 16 

 
by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party, as well as any other relevant equitable considerations; provided, however, the liability of the Investor shall be limited the net proceeds received by such Subscriber from the sale of Subscribed Shares giving rise to such
indemnification obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission), such indemnifying party or indemnified
party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other
liabilities referred to above shall be deemed to include, subject to the limitations set forth in this Section 5, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any
investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 5(h)(v) from any
person or entity who was not guilty of such fraudulent misrepresentation. 
 (i) Subscriber hereby agrees that neither it,
nor any person or entity acting on its behalf or pursuant to any understanding with the Subscriber, shall, directly or indirectly, engage in any hedging activities or execute any Short Sales with respect to the securities of the Company prior to the
Closing or the earlier termination of this Subscription Agreement in accordance with its terms. “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange
Act and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a
total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, nothing in this
Section 5(i) shall restrict Subscriber’s ability to maintain bona fide hedging positions in respect of the Warrants of the Company held by the Subscriber as of the date hereof. 

Section 6 Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights
and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance
with its terms, (b) upon the mutual written agreement of the Company and Subscriber to terminate this Subscription Agreement, (c) if any of the conditions to Closing set forth in Section 2 of this Subscription
Agreement (excepting Section 2(b)) are not satisfied or waived on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing, or
(d) December 31, 2021; provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover
losses, liabilities or damages arising from such breach. The Company shall notify Subscriber of the termination of the Transaction Agreement promptly after the termination thereof. 

Section 7 Trust Account Waiver. Subscriber hereby acknowledges that the Company has established a trust account (the
“Trust Account”) containing the proceeds of its initial public offering (the “IPO”) and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon)
for the benefit of the Company’s public stockholders and certain other parties (including the underwriters of the IPO). For and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Subscriber hereby (a) agrees that it does not now and shall not at any time 

  
 17 

 
hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim against the Trust Account, regardless of whether such
claim arises as a result of, in connection with or relating in any way to this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and
all such claims are collectively referred to hereafter as the “Released Claims”), (ii) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a result of, or arising out of, any
negotiations, contracts or agreements with the Company, and (iii) will not seek recourse against the Trust Account for any reason whatsoever; provided, however, that nothing in this Section 7 shall be
deemed to limit any Subscriber’s right to distributions from the Trust Account in accordance with the Company’s amended and restated memorandum and articles of association in respect of Class A Ordinary Shares of the Company acquired
by any means other than pursuant to this Subscription Agreement. 
 Section 8 Miscellaneous. 

(a) Any notice, request, claim, demand, waiver, consent, approval or other communication which is required or permitted
hereunder shall be in writing and shall be deemed given (i) when delivered by hand (with written confirmation of receipt), (ii) when received by the addressee if sent by a nationally recognized overnight courier postage prepaid (receipt
requested), (iii) on the date sent by email (with confirmation of transmission, and provided, that, unless affirmatively confirmed by the recipient as received, notice is also sent to such party under another method permitted in this
Section 8(a) within two (2) Business Days thereafter) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (iv) on the third
(3rd) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, in each case, addressed to the intended recipient at its address specified on
the signature page hereof or to such electronic mail address or address as subsequently modified by written notice given in accordance with this Section 8(a); provided that any notice, request, claim, demand, waiver,
consent, approval or other communication given pursuant to clauses (i), (ii) or (iv) shall also be given in the method provided in clause (iii). 

(b) Subscriber acknowledges that the Company, Bakkt and others will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if it becomes aware that any of the acknowledgments, understandings, agreements, representations and
warranties of Subscriber set forth herein are no longer accurate in all material respects. The Company acknowledges that Subscriber and others will rely on the acknowledgments, understandings, agreements, representations and warranties contained in
this Subscription Agreement. Prior to the Closing, the Company agrees to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of the Company set forth herein are
no longer accurate in all material respects. 
 (c) Each of the Company, Bakkt and Subscriber is irrevocably authorized to
produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

(d) Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions
contemplated herein. 
 (e) Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other
than the Subscribed Shares acquired hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or assigned (provided that, for the
avoidance of doubt, the 

  
 18 

 
Company may transfer the Subscription Agreement and its rights hereunder solely in connection with the consummation of the Domestication and/or the Transaction and exclusively to another entity
under the control of, or under common control with, the Company). Notwithstanding the foregoing, Subscriber may assign its rights and obligations under this Subscription Agreement to one or more of its affiliates (including other investment funds or
accounts managed or advised by the investment manager who acts on behalf of Subscriber) or, with the Company’s prior written consent, to another person, provided that no such assignment shall relieve Subscriber of its obligations
hereunder if any such assignee fails to perform such obligations, unless the Company has given its prior written consent to such relief. 

(f) All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive
the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transaction, all representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation of
the Transaction and remain in full force and effect. 
 (g) The Company may request from Subscriber such additional
information as the Company may deem reasonably necessary to evaluate the eligibility of Subscriber to acquire the Subscribed Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to
the extent consistent with its internal policies and procedures (except with respect to requests in connection with determining eligibility under applicable laws, rules or regulations (including, without limitation, financial services or banking
laws, rules or regulations) and/or requests by applicable governmental authorities, which requests shall be complied with in all respects). 

(h) This Subscription Agreement may not be amended, modified or terminated except by an instrument in writing, signed by each
of the parties hereto. This Subscription Agreement may not be waived except by an instrument in writing, signed by the party against whom enforcement of such waiver is sought. 

(i) This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise provided in Section 8(n), this Subscription Agreement shall not confer any rights or
remedies upon any person other than the parties hereto and their respective permitted successors and assigns. 
 (j) Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 

(k) If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or
enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. 

(l) No failure or delay by the Company or Subscriber in exercising any right, power or remedy under this Subscription
Agreement, and no course of dealing between the Company or Subscriber, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by the
Company or Subscriber, nor any abandonment or discontinuance of steps to enforce any such 

  
 19 

 
right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by the
Company or Subscriber shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on the Company or Subscriber not expressly required under this Subscription Agreement shall entitle the party
receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without
such notice or demand. 
 (m) This Subscription Agreement may be executed and delivered in one or more counterparts
(including by facsimile or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed
together and shall constitute one and the same agreement. 
 (n) Except as otherwise provided herein, this Subscription
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however, that
each Placement Agent shall be an intended third party beneficiary of the representations and warranties of the Company in Section 3 hereof and of Subscriber in Section 4 hereof. 

(o) The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to
enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree
that Bakkt shall be entitled to rely on the representations and warranties of Subscriber contained in Section 4 and the other provisions of this Subscription Agreement which mention Bakkt, in each case, on the terms and
subject to the conditions set forth herein. 
 (p) This Subscription Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without regard to the principles of conflicts of laws that would otherwise require the application of the law of any other state (except insofar as affected by the statutes, rules and regulations
related to applicable financial services or banking authorities). 
 (q) EACH PARTY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO
A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY
OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE
FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT. 

  
 20 

 (r) The parties agree that all disputes, legal actions, suits and
proceedings arising out of or relating to this Subscription Agreement must be brought exclusively in the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of Chancery of
the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware or, in the event each federal court within the State of Delaware declines to accept jurisdiction over a particular matter,
any state court within the State of Delaware) (collectively the “Designated Courts”). Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with respect to
this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity from jurisdiction and any objection which such party may now or hereafter have to the laying of venue of any suit,
action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the
parties also agrees that delivery of any process, summons, notice or document to a party hereof in compliance with Section 8(a) of this Subscription Agreement shall be effective service of process for any action, suit or
proceeding in a Designated Court with respect to any matters to which the parties have submitted to jurisdiction as set forth above. 

(s) This Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon,
arising out of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only be brought against the entities that are expressly named as parties hereto and then only with respect to
the specific obligations set forth herein with respect to such party. No past, present or future director, officer, employee, incorporator, manager, member, partner, stockholder, affiliate, agent, attorney or other representative of any party hereto
or of any affiliate of any party hereto, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities of any party hereto under this Subscription Agreement or for any claim, action, suit or other legal
proceeding based on, in respect of or by reason of the transactions contemplated hereby. 
 (t) Subscriber hereby consents to
the publication and disclosure in any press release issued by the Company of any Form 8-K filed by the Company with the Commission in connection with the execution and delivery of the Transaction Agreement or
the transactions contemplated thereby and the Proxy Statement (as defined in the Transaction Agreement) (and, as and to the extent otherwise required by the federal securities laws, exchange rules, the Commission or any other securities authorities
or any rules and regulations promulgated thereby, any other documents or communications provided by the Company to any governmental entity or to any securityholders of the Company) of Subscriber’s identity and beneficial ownership of the
Subscribed Shares and the nature of Subscriber’s commitments, arrangements and understandings under and relating to this Subscription Agreement and, if deemed reasonably appropriate by the Company, a copy of this Subscription Agreement, all
solely to the extent required by applicable law or any regulation or stock exchange listing requirement. Subscriber will promptly provide any information reasonably requested by the Company for any regulatory application or filing made or approval
sought in connection with the Transaction (including filings with the SEC). Notwithstanding the foregoing, the Company shall provide to Subscriber a copy of any proposed disclosure relating to the Subscriber in accordance with the provisions of this
Section 8(t) in advance of any publication thereof and shall include such revisions to such proposed disclosure as Subscriber shall reasonably request. 

  
 21 

 (u) The Company shall, by 9:00 a.m., New York City time, on the first (1st)
Business Day immediately following the date of this Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements, the Transaction and any other material, nonpublic information that the Company has provided to Subscriber at any time
prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the Company’s knowledge, Subscriber shall not be in possession of any material, non-public information
received from the Company or any of its officers, directors, or employees or agents, and Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral with Company, the
Placement Agents or any of their affiliates in connection with the Transaction. Notwithstanding anything in this Subscription Agreement to the contrary, the Company (i) shall not publicly disclose the name of Subscriber or any of its affiliates
or advisers, or include the name of Subscriber or any of its affiliates or advisers in any press release, without the prior written consent of Subscriber and (ii) shall not publicly disclose the name of the Subscriber or any of its affiliates
or advisers, or include the name of the Subscriber or any of its affiliates or advisers in any filing with the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except (A) as required by the
federal securities law and (B) to the extent such disclosure is required by law, at the request of the staff of the Commission or regulatory agency or under the regulations of the Stock Exchange. Subscriber will promptly provide any information
reasonably requested by the Company for any regulatory application or filing made or approval sought in connection with the Transaction (including filings with the Commission). 

(v) The obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other
Subscriber or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under
the Other Subscription Agreements. The decision of Subscriber to purchase Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other investor and independently of any
information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any of its subsidiaries which may have
been made or given by any Other Subscriber or investor or by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or investor (or any
other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor pursuant hereto or thereto, shall be
deemed to constitute Subscriber and other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber and other investors are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for Subscriber in connection with making its
investment hereunder and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Subscribed Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to
independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any
proceeding for such purpose. 

  
 22 

 (w) Subscriber hereby agrees that it shall comply with all regulatory
requirements in connection with the Subscription and the Transaction and shall coordinate in good faith with the Company or Bakkt, as applicable, to provide all information as may reasonably be requested by any applicable governmental authority
relating to the Subscription or the Transaction. 
 (x) Each Subscriber agrees for the express benefit of each of the
Placement Agents, their respective affiliates and their respective representatives that: 
 (i) Neither the Placement Agents
nor any of their affiliates or any of their representatives (1) has any duties or obligations other than those specifically set forth herein or in the engagement letter, dated as of December 15, 2020, among the Company and Citigroup Global
Markets Inc. (the “Citi Engagement Letter”) and the engagement letter, dated as of December 16, 2020, among the Company and Jefferies LLC (the “Jefferies Engagement Letter” and together with the Citi Engagement
Letter, the “Engagement Letters”); (2) shall be liable for any improper payment made in accordance with the information provided by the Company; (3) makes any representation or warranty, or has any responsibilities as to the
validity, accuracy, value or genuineness of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Subscription Agreement or in connection with any of the Transactions; or (4) shall be liable
(x) for any action taken, suffered or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers conferred upon it by this Subscription Agreement or (y) for anything which any
of them may do or refrain from doing in connection with this Subscription Agreement, except for such party’s own gross negligence, willful misconduct or bad faith. 

(ii) Each of the Placement Agents, their respective affiliates and their respective representatives shall be entitled to
(1) rely on, and shall be protected in acting upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on behalf of the Company, and (2) be indemnified by the Company for
acting as Placement Agents hereunder pursuant the indemnification provisions set forth in the respective Engagement Letters. 

(y) Subscriber acknowledges and agrees that none of any other party to the Transaction Agreement (other than the Company) or
any Non-Party Affiliate, shall have any liability to Subscriber, or to any other investor, pursuant to, arising out of or relating to this Subscription Agreement or any other subscription agreement related to
the private placement of the Subscribed Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated hereby or thereby, including, without limitation, with respect to any action heretofore or hereafter taken or
omitted to be taken by any of them in connection with the purchase of the Subscribed Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of any written or oral
representations made or alleged to be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind furnished by the Company,
Bakkt, or any Non-Party Affiliate concerning the Company, Bakkt, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. For purposes of this Subscription
Agreement, “Non-Party Affiliates” means each former, current or future officer, director, employee, partner, member, investment manager, manager, direct or indirect equityholder, investors,
representatives, agents, predecessors, successors, assigns, or affiliate of the Company, Bakkt, or any of the Company’s or Bakkt’s controlled affiliates or any family member of the foregoing. 

[Signature pages follow] 

  
 23 

 IN WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date first set forth above. 
  

			
	COMPANY:
	
	VPC IMPACT ACQUISITION HOLDINGS

 
			
		
	By:	 	  

	Name:	 	Gordon Watson
	Title:	 	President and Chief Operating Officer

 
			
	
	Address for Notices:
	
	VPC Impact Acquisition Holdings
	150 North Riverside Plaza, Suite 5200
	Chicago, IL 60606
	Attention:	 	Gordon Watson
	E-mail:	 	gwatson@victoryparkcapital.com

 
			
	SUBSCRIBER:

 
			
		
	Print Name:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	Address for Notices:
	  

	  

	  

	Attention:	 	  

	E-mail:	 	  

	
	Name in which shares are to be registered:
	
	  

  

					
	 Number of Subscribed Shares subscribed for:
	  			
		  	  
	  
	 
	 Price Per Subscribed Share:
	  	$	10.00	 
	 Aggregate Purchase Price:
	  	$	 	 
		  	  
	  
	 

 You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to
the account of the Company specified by the Company in the Closing Notice. 

 ANNEX A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 

This Annex A should be completed and signed by Subscriber 

and constitutes a part of the Subscription Agreement. 
  

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the box, if applicable) 

 

	 	☐	 Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

  

	B.	 ACCREDITED INVESTOR STATUS (Please check the applicable boxes) 

 

	 	☐	 Subscriber is an “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act) and has marked and initialed the appropriate box below indicating the provision under which it qualifies as an “accredited investor.” 

 

	 	☐	 Subscriber is not a natural person. 

 

	C.	 INSTITUTIONAL ACCOUNT STATUS (Please check the box, if applicable) 

 

	 	☐	 Subscriber is an “Institutional Account” (as defined in FINRA Rule 4512(c)). 

 

	D.	 AFFILIATE STATUS (Please check the applicable box) 

SUBSCRIBER: 
  

	 	☐	 is: 

  

	 	☐	 is not: 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the
provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.” 
  

	 	☐	 Any bank, registered broker or dealer, insurance company, registered investment company, business development
company, or small business investment company (in each case as defined in Rule 501(a)); 

  

	 	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

  

	 	☐	 Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a
bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000; 

	 	☐	 Any corporation, Massachusetts or similar business trust, partnership or any organization described in
Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 

 

	 	☐	 Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or
any director, executive officer, or general partner of a general partner of that issuer; 

  

	 	☐	 Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time
of his purchase exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset; (b) indebtedness secured by the person’s primary residence up
to the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before such time, other
than as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value
of the residence must be included as a liability; 

  

	 	☐	 Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is
directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act; or 

  

	 	☐	 Any entity in which all of the equity owners are accredited investors. 

 

			
	SUBSCRIBER:
		
	Print Name:	 	  

		
	By:	 	  

	Name:	 	  

	Title:

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