Document:

EX-10.8

 Exhibit 10.8 

SUPPORT AGREEMENT 
 THIS
SUPPORT AGREEMENT (this “Agreement”) is being executed and delivered as of January 11, 2021, by and among (i) each member of Bakkt Opco (as defined below) delivering a signature page or joinder to this Agreement
(each a “Restricted Party”) in favor of, and for the benefit of, VIH (as defined below), (ii) Bakkt Holdings, LLC, a Delaware limited liability company (together with its successors, including the surviving limited liability company
in the Merger (as defined below), “Bakkt Opco”), and (iii) VPC Impact Acquisition Holdings, a Cayman Islands exempted company (together with its successors, including the resulting Delaware corporation after the
consummation of the Domestication (as defined below), “VIH”). Each capitalized term used and not otherwise defined herein has the meaning ascribed to such term in the Merger Agreement (as defined below). 

RECITALS 
 WHEREAS,
pursuant to the terms and subject to the conditions of that certain Agreement and Plan of Merger, dated as of January 11, 2021 (the “Merger Agreement”), by and among VIH, Bakkt Opco and Pylon Merger Company LLC, a Delaware
limited liability company and wholly owned subsidiary of VIH (“Merger Sub”), among other matters, (i) VIH will domesticate as a Delaware corporation to be named Bakkt Holdings, Inc. (“Bakkt Holdco”) in
accordance with the applicable provisions of the Companies Law (2020 Revision) of the Cayman Islands and the General Corporation Law of the State of Delaware, and (ii) immediately following the domestication, Merger Sub will merge with and into
Bakkt Opco (the “Merger”), with Bakkt Opco continuing as the surviving limited liability company and a subsidiary of Bakkt Holdco; 

WHEREAS, as of the date of each Restricted Party’s execution of or joinder to this Agreement, such Restricted Party is the record holder,
and the beneficial (as such term is defined in Rule 13d-3 under the Exchange Act, which meaning shall apply for all purposes of this Agreement whenever the term “beneficial” or
“beneficially” is used) owner of, and has full voting power over, the number of Class A Voting Units, Class B Voting Units and Class C Voting Units of Bakkt Opco (the “Bakkt Opco Units”) set forth on such
Restricted Party’s signature page or joinder hereto (the “Subject Bakkt Opco Units”); 
 WHEREAS, each Restricted
Party acknowledges that, as a condition and material inducement to VIH’s and Merger Sub’s willingness to enter into the Merger Agreement, VIH has required that Restricted Parties holding in the aggregate sufficient Bakkt Opco Units in
order to approve the applicable Transactions (including, without limitation, the Merger) promptly (but in any event within seven (7) days) after the execution and delivery of the Merger Agreement execute or join this Agreement and the written
consent attached hereto as Annex A (the “Written Consent”), and, in order to induce VIH and Merger Sub to enter into the Merger Agreement and consummate the Merger and the other transactions contemplated by the Merger
Agreement, such Restricted Party is willing to enter into this Agreement; 
 WHEREAS, VIH desires that each Restricted Party agree, and each
Restricted Party is willing to agree, subject to the limitations herein, not to Transfer (as defined below) any of the Subject Bakkt Opco Units, and to enter into the Written Consent and otherwise vote the Subject Bakkt Opco Units in a manner so as
to facilitate consummation of the Merger and the other transactions contemplated by the Merger Agreement, and to undertake certain additional obligations pursuant to this Agreement; and 

WHEREAS, Intercontinental Exchange Holdings, Inc. has executed the Written Consent and is delivering the Written Consent to VIH and Bakkt Opco
simultaneously with its execution and delivery of this Agreement. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged and accepted, VIH, Bakkt Opco and each Restricted Party, intending to be legally bound, hereby agree as follows: 

ARTICLE 1 
 VOTING AND
TRANSFER OF SHARES 
 Section 1.01 Voting. 

(a) Subject to the terms of this Agreement, each Restricted Party irrevocably and unconditionally agrees, during the period beginning on the
date of this Agreement or such Restricted Party’s joinder to this Agreement, as applicable, and ending on the Expiration Date (as defined below) (the “Applicable Period”), at each meeting of the members of Bakkt Opco (a
“Meeting”) and at each adjournment or postponement thereof, and in connection with each action or approval by consent in writing of the members of Bakkt Opco (a “Consent Solicitation”), to cause to be present in
person or represented by proxy and to vote or cause to be voted (or express consent or dissent in writing, as applicable) the Subject Bakkt Opco Units of such Restricted Party that are entitled to vote (or express consent or dissent in writing, as
applicable), in each case as follows: 
 (i) in favor of any proposal for members of Bakkt Opco to approve and adopt the Merger Agreement and
the other Transaction Documents (including, without limitation, the Surviving Company LLC Agreement) and the transactions contemplated thereby, including the Merger, in accordance with the terms thereof; 

(ii) in favor of any proposal to adjourn a Meeting at which there is a proposal for members of Bakkt Opco to approve and adopt the Merger
Agreement and the other Transaction Documents (including, without limitation, the Surviving Company LLC Agreement) and the transactions contemplated thereby, including the Merger, to a later date if there are not sufficient votes to approve and
adopt the Merger Agreement and the other Transaction Documents (including, without limitation, the Surviving Company LLC Agreement) and the transactions contemplated thereby, including the Merger, or if there are not sufficient Bakkt Opco Units
present in person or represented by proxy at such Meeting to constitute a quorum; 
 (iii) against any proposal providing for an Alternative
Transaction or the adoption of an agreement to enter into an Alternative Transaction; 
 (iv) against any proposal for any amendment or
modification of Bakkt Opco’s current Organizational Documents that would change the voting rights of any Bakkt Opco Units or the number of votes required to approve any proposal, including the vote required to approve and adopt the Merger
Agreement and the other Transaction Documents, and the transactions contemplated thereby, including the Merger (provided that this clause (iv) shall not prevent the approval and adoption of the Surviving Company LLC Agreement to
the extent such Surviving Company LLC Agreement is to take effect at Closing); and 
 (v) against any action, transaction or agreement that
(A) would result in a breach of any Bakkt Fundamental Representations or (B) would reasonably be expected to prevent, delay or impair consummation of the Transactions in any material respect. 

(b) Any vote required to be cast or consent or dissent in writing required to be expressed pursuant to this
Section 1.01 shall be cast or expressed in accordance with the applicable procedures relating thereto so as to ensure that it is duly counted for purposes of determining that a quorum is present (if applicable) and for
purposes of recording the results of that vote or Consent Solicitation. For the avoidance of doubt, nothing contained herein requires any Restricted Party (or entitles any proxy of such Restricted Party) to convert, exercise or exchange any options,
warrants or convertible securities in order to obtain any underlying Bakkt Opco Units. 
 (c) Each Restricted Party agrees not to enter into
any commitment, agreement, understanding or similar arrangement with any Person to vote or give voting instructions or express consent or dissent in writing in any manner inconsistent with the terms of this Section 1.01.

  
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 Section 1.02 No Transfers. During the Applicable Period, each Restricted Party
shall not, directly or indirectly: (a) sell, convey, assign, transfer (including by succession or otherwise by operation of Law), exchange, pledge, hypothecate or otherwise encumber or dispose of any Subject Bakkt Opco Units (or any right,
title or interest therein) or any rights to acquire any securities or Equity Interests of Bakkt Opco; (b) deposit any Subject Bakkt Opco Units or any rights to acquire any securities or Equity Interests of Bakkt Opco into a voting trust or
enter into a voting agreement or any other arrangement with respect to any Subject Bakkt Opco Units or any rights to acquire any securities or Equity Interests of Bakkt Opco or grant or purport to grant any proxy or power of attorney with respect
thereto which, in any case, would be inconsistent with or interfere with its obligations hereunder; (c) enter into any contract, option, call or other arrangement or undertaking, whether or not in writing, with respect to the sale, conveyance,
assignment, transfer, exchange, pledge, hypothecation or other encumbrance or disposition, or limitation on the voting rights, of any Subject Bakkt Opco Units (or any right, title or interest therein) or any rights to acquire any securities or
Equity Interests of Bakkt Opco which, in any case, would be inconsistent with or interfere with its obligations hereunder (including, without limitation, clause (a) of this Section 1.02); (d) otherwise grant any
Liens on any Subject Bakkt Opco Units (other than applicable restrictions on transfer under U.S. state or federal securities or “blue sky” Laws) or (e) commit or agree to take any of the foregoing actions (any action described in
clauses (a), (b), (c), (d) and (e), a “Transfer”); provided, however, that the foregoing shall not prohibit Transfers between any Restricted Party and any Affiliate of such Restricted
Party so long as, prior to and as a condition to the effectiveness of any such Transfer, such Affiliate executes and delivers to VIH a joinder to this Agreement in the form attached hereto as Annex B. Any Transfer or action in violation of
this Section 1.02 shall be void ab initio. If any involuntary Transfer of any Subject Bakkt Opco Units occurs, the transferee (and all transferees and subsequent transferees of such transferee) shall take and hold
such Subject Bakkt Opco Units subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect during the Applicable Period. 

Section 1.03 Stop Transfer. No Restricted Party shall request that Bakkt Opco register any transfer of any certificate or
other uncertificated interest representing any Subject Bakkt Opco Units made in violation of the restrictions set forth in Section 1.02 during the Applicable Period. 

Section 1.04 Waiver of Appraisal Rights. Each Restricted Party hereby agrees not to assert, exercise or perfect, directly
or indirectly, and hereby irrevocably and unconditionally waives, any appraisal rights that such Restricted Party may be entitled to under applicable Law (including under the DLLCA or otherwise) with respect to the Merger or the other transactions
contemplated by the Merger Agreement (collectively, “Appraisal Rights”). 
 Section 1.05 Public Announcements;
Filings; Disclosures. 
 (a) Each Restricted Party (and such Restricted Party’s controlled Affiliates) shall not issue any press
release or make any other public announcement or public statement (a “Public Communication”) with respect to this Agreement, the Merger Agreement, the other Transaction Documents or the transactions contemplated by this Agreement,
the Merger Agreement or the other Transaction Documents, without the prior written consent of VIH and Bakkt Opco, except (i) as required by applicable Law or court process, in which case such Restricted Party shall use its reasonable efforts to
provide VIH and Bakkt Opco and their respective legal counsel with a reasonable opportunity to review and comment on such Public Communication in advance of its issuance and shall consider in good faith any such comments or (ii) with respect to
a Public Communication that is consistent with prior disclosures by VIH and Bakkt Opco; provided, that the foregoing shall not apply to any disclosure required to be made by such Restricted Party to a Governmental Authority so long as such
disclosure is consistent with the terms of this Agreement and the Merger Agreement and the disclosures made by Bakkt Opco and VIH pursuant to the terms of the Merger Agreement. Notwithstanding anything to the contrary in this
Section 1.05(a), any member of the board of managers or an officer of Bakkt Opco, in his or her capacity as a member of the board of managers or an officer of Bakkt Opco, may make public statements in such capacity to the
extent permitted under the Merger Agreement. 
 (b) Each Restricted Party hereby (i) consents to and authorizes Bakkt Opco and VIH to
publish and disclose in any disclosure required by the SEC and in the proxy statement prepared by VIH and filed with the SEC 

  
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relating to the VIH Shareholder Meeting (the “Proxy Statement”) such Restricted Party’s identity and ownership of Subject Bakkt Opco Units (including the number of Subject
Bakkt Opco Units owned by such Restricted Party solely to the extent that such information is required to be disclosed by applicable Law) and such Restricted Party’s obligations under this Agreement (the “Restricted Party
Information”), (ii) consents to the filing of this Agreement to the extent required by applicable Law to be filed with the SEC or any Governmental Authority relating to the Merger, and (iii) agrees to reasonably cooperate with VIH in
connection with such filings, including providing such Restricted Party Information reasonably requested by VIH. VIH shall use its reasonable best efforts to provide each Restricted Party with a reasonable opportunity to review and comment on any
Restricted Party Information of such Restricted Party included in such disclosure in advance of its filing. As promptly as practicable, each Restricted Party shall notify VIH of any required corrections with respect to any Restricted Party
Information supplied by such Restricted Party, if and to the extent such Restricted Party becomes aware that any such Restricted Party Information shall have become false or misleading in any material respect. 

Section 1.06 No Solicitation. Each Restricted Party acknowledges that such Restricted Party has read Section 5.11 (No
Solicitation) of the Merger Agreement. In addition, each Restricted Party, solely in such Restricted Party’s capacity as an equity holder of Bakkt Opco, agrees not to, directly or indirectly, take any action that would violate
Section 5.11 of the Merger Agreement if such Restricted Party were deemed a “Representative” of Bakkt Opco for purposes of Section 5.11 of the Merger Agreement; provided, the foregoing shall not serve to limit or restrict
any actions taken by such Restricted Party in any capacity other than as an equity holder of Bakkt Opco, to the extent such actions are in compliance with or required under Section 5.11 of the Merger Agreement. 

Section 1.07 No Agreement as Director or Officer. Each Restricted Party is entering into this Agreement solely in such
Restricted Party’s capacity as record or beneficial owner of the Subject Bakkt Opco Units and nothing herein is intended to or shall limit or affect any actions taken by such Restricted Party or any employee, officer, director (or person
performing similar functions), partner or other Affiliate (including, for this purpose, any appointee or representative of such Restricted Party to the board of managers of Bakkt Opco or as an officer of Bakkt Opco) of such Restricted Party, solely
in his or her capacity as a member of the board of managers or an officer of Bakkt Opco (or a Subsidiary of Bakkt Opco) or other fiduciary capacity for the Bakkt Equity Holders. 

Section 1.08 Acquisition of Additional Bakkt Opco Units. Each Restricted Party shall promptly (and in any event within two
(2) Business Days) notify VIH of the number of any additional Bakkt Opco Units or other Equity Interests of Bakkt Opco with respect to which such Restricted Party becomes the holder of record or acquires beneficial ownership, if any, after the
execution of this Agreement and before the Expiration Date, which Bakkt Opco Units or other Equity Interests of Bakkt Opco shall, for the avoidance of doubt, automatically become Subject Bakkt Opco Units in accordance with
Section 1.01. 
 Section 1.09 Existing Rights; Merger Consideration; Confidentiality; No
Litigation. Each Restricted Party hereby: 
 (a) waives any preemptive rights, rights of first refusal, rights of first offer or
similar rights that such Restricted Party may have under the Organizational Documents of Bakkt Opco or any other Contract by and between such Restricted Party and Bakkt Opco, in each case, that would be triggered by the consummation of the
Transactions (including under Sections 7.6 or Article XI of the Bakkt Opco LLC Agreement, but not, for the avoidance of doubt, any transaction arising following the Expiration Date); 

(b) expressly acknowledges and agrees that the Merger Consideration and such Restricted Party’s respective allocation of Merger
Consideration shall be determined pursuant to and in the manner prescribed by the terms of the Merger Agreement, as shall be calculated and set forth on the Final Merger Consideration Spreadsheet (as defined in the Merger Agreement), and,
irrevocably waives and discharges any and all claims and causes of action (whether at law or in equity) that such Restricted Party may have at any time against Bakkt Opco, Merger Sub, Surviving Company, VIH, Bakkt Pubco or any of their respective
Subsidiaries or Affiliates, or any of their respective directors, officers, employees, agents, members, managers, investment managers, partners, agents, 

  
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investors, principals, representatives, predecessors, successors and assigns with respect to the Merger Consideration and such Restricted Party’s respective allocation of the Merger
Consideration, other than any claim or cause of action alleging that such Restricted Party’s allocation of the Merger Consideration was not determined pursuant to and in the manner prescribed by the Merger Agreement; 

(c) acknowledges and agrees that all confidential, proprietary and non-public information or documents
of or pertaining to Bakkt Opco, Merger Sub, Surviving Company, VIH, Bakkt Pubco and/or any Subsidiary of any of the foregoing that is received by such Restricted Party or its Representatives in connection with the transactions contemplated hereby or
contemplated by the Merger Agreement or other Transaction Documents shall be deemed “Confidential Information” for purposes of (and subject to any applicable exceptions or other limitations of) Section 16.3 (Confidentiality) of
the Bakkt Opco LLC Agreement (solely for any period of time prior to the Effective Time) and Section 12.2 (Confidentiality) of the Surviving Company LLC Agreement (solely for any period of time after the Effective
Time); and 
 (d) agrees not to commence, maintain or participate in, or intentionally facilitate, assist or encourage, and agrees to take
all actions necessary to opt out of any class in any class action with respect to, any claim, suit, proceeding or cause of action, in law or in equity, in any court or before any Governmental Authority challenging the validity of, or seeking to
enjoin or delay the operation of, any provision of this Agreement or the Merger Agreement or any of the transactions contemplated thereby (including any claim seeking to enjoin or delay the consummation of the Merger, but not, for the avoidance of
doubt, any transaction arising following the Expiration Date); 
 provided that, notwithstanding the foregoing, nothing in this
Section 1.09 shall be deemed to prohibit any Restricted Party from enforcing (x) such Restricted Party’s rights under this Agreement or any other Transaction Document to which such Restricted Party is a party or
(y) such Restricted Party’s right to receive the Merger Consideration in accordance with the terms thereof. 
 ARTICLE 2

 REPRESENTATIONS AND WARRANTIES OF THE RESTRICTED PARTIES 

Each Restricted Party hereby represents and warrants to VIH as follows (severally and not jointly), except for
Section 2.06, which representation and warranty shall solely be made by the Majority Bakkt Equity Holder to VIH: 

Section 2.01 Organization; Authorization. (a) Such Restricted Party is a legal entity duly organized, validly existing and in
good standing under the Laws of such Restricted Party’s jurisdiction of organization, (b) such Restricted Party has all requisite corporate or similar power and authority and has taken all corporate or similar action necessary in order to
execute and deliver this Agreement, to perform such Restricted Party’s obligations under this Agreement and to consummate the transactions contemplated by this Agreement, and (c) no approval by any holder of such Restricted Party’s
Equity Interests is necessary to approve this Agreement. This Agreement has been duly executed and delivered by such Restricted Party and this Agreement constitutes a valid and binding agreement of such Restricted Party enforceable against such
Restricted Party in accordance with its terms, subject to the Enforcement Exceptions. 
 Section 2.02 No Violations; Certain
Contracts. The execution, delivery and performance of this Agreement by such Restricted Party does not, and the consummation of the transactions contemplated by this Agreement by such Restricted Party shall not, constitute or result in
(i) a breach or violation of, or a default under, the Organizational Documents of such Restricted Party, if applicable, or (ii) with or without notice, lapse of time or both, a breach or violation of, a termination (or right of
termination) of or default under, the creation or acceleration of any obligations under or the creation of any Lien on any of the Subject Bakkt Opco Units of such Restricted Party, pursuant to, any Contract binding upon such Restricted Party or
under any Law to which such Restricted Party is subject, except, in each case, as would not, individually or in the aggregate, reasonably be 

  
 4 

 
expected to prevent, delay or impair the ability of such Restricted Party to perform its obligations under this Agreement or consummate the transactions contemplated by the Agreement. 

Section 2.03 Litigation. As of the date of this Agreement, except as would not, individually or in the aggregate, reasonably be
expected to prevent, delay or impair the ability of such Restricted Party to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement, (a) there are no Actions pending or, to the knowledge of
such Restricted Party, threatened against such Restricted Party or any of its Affiliates and (b) neither such Restricted Party nor any of its Affiliates is a party to or subject to the provisions of any judgment, order, writ, injunction, decree
or award of any Governmental Authority. 
 Section 2.04 Ownership of Company Stock; Voting Power. Such Restricted Party’s
signature page or joinder hereto correctly sets forth the number of such Restricted Party’s Subject Bakkt Opco Units as of the date of this Agreement and, other than such Subject Bakkt Opco Units, as of the date of this Agreement, there are no
Equity Interests of Bakkt Opco (or any Equity Interests convertible, exercisable or exchangeable for, or rights to purchase or acquire, any Equity Interests of Bakkt Opco) held of record or beneficially owned by such Restricted Party or in respect
of which such Restricted Party has full voting power. Such Restricted Party is the record holder and beneficial owner of all of its Subject Bakkt Opco Units and has, and shall have throughout the Applicable Period, full voting power and power of
disposition with respect to all such Subject Bakkt Opco Units free and clear of any liens, claims, proxies, voting trusts or agreements, options or any other encumbrances or restrictions on title, transfer or exercise of any rights of an equity
holder in respect of such Subject Bakkt Opco Units (collectively, “Encumbrances”), except for any such encumbrances that (a) may be imposed pursuant to (i) this Agreement, (ii) any applicable restrictions on transfer
under U.S. state or federal securities or “blue sky” Laws, or (iii) Bakkt Opco’s Organizational Documents or (b) would not, individually or in the aggregate, reasonably be expected to prevent, delay or impair the ability of
such Restricted Party to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement. No Person has any contractual or other right or obligation to purchase or otherwise acquire any of such
Restricted Party’s Subject Bakkt Opco Units other than pursuant to the Merger Agreement or as set forth in Bakkt Opco’s Organizational Documents. 

Section 2.05 Reliance. Such Restricted Party understands and acknowledges that VIH and Merger Sub are relying upon such
Restricted Party’s execution, delivery and performance of this Agreement and upon the representations and warranties and covenants of such Restricted Party contained in this Agreement. 

Section 2.06 Finder’s Fees. Solely in respect of the Majority Bakkt Equity Holder (and no other
Restricted Party), no agent, broker, investment banker, finder or other intermediary is or shall be entitled to any fee or commission or reimbursement of expenses from VIH or any of its Affiliates or Bakkt Opco or any of its Subsidiaries in respect
of this Agreement based upon any arrangement or agreement made by or on behalf of the Majority Bakkt Equity Holder. For the avoidance of doubt, no arrangement or agreement with any agent, broker, investment banker, finder or other intermediary
specified in Section 3.18 of the Merger Agreement or of the Bakkt Disclosure Letter shall be deemed to have been made by or on behalf of the Majority Bakkt Equity Holder. 

Section 2.07 No Other Representations or Warranties. Except for the representations and warranties made by such Restricted
Party in this Article 2, neither such Restricted Party nor any other Person makes any express or implied representation or warranty to VIH on behalf of such Restricted Party in connection with this Agreement or the transactions expressly
contemplated by this Agreement, and such Restricted Party expressly disclaims any such other representations or warranties. Such Restricted Party acknowledges and agrees that VIH has not made and is not making any express or implied representation
or warranty to such Restricted Party in connection with this Agreement or the transactions expressly contemplated by this Agreement, except as provided in Article 3, and that such Restricted Party is not relying and has not relied upon any
express or implied representation or warranty of VIH in connection with this Agreement or the transactions expressly contemplated by this Agreement, except for the representations and warranties in Article 3. 

  
 5 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF VIH 

VIH represents and warrants to each Restricted Party as follows: 

Section 3.01 Organization. VIH is a Cayman Islands exempted company, validly existing and in good standing under the Laws
of the Cayman Islands. 
 Section 3.02 Corporate Authority. VIH has all requisite corporate power and authority and has
taken all corporate or similar action necessary in order to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated by this Agreement. No approval by any holder of
VIH’s Equity Interests is necessary to approve this Agreement. This Agreement has been duly executed and delivered by VIH and constitutes a valid and binding agreement of VIH enforceable against VIH in accordance with its terms, subject to the
Enforcement Exceptions. 
 Section 3.03 No Other Representations or Warranties. Except for the representations and
warranties made by VIH in this Article 3, neither VIH nor any other Person makes any express or implied representation or warranty to any Restricted Party in connection with this Agreement or the transactions expressly contemplated by this
Agreement, and VIH expressly disclaims any such other representations or warranties. VIH acknowledges and agrees that none of the Restricted Parties have made or are making any express or implied representation or warranty to VIH in connection with
this Agreement or the transactions expressly contemplated by this Agreement, except as provided in Article 2, and that VIH is not relying or has not relied upon any express or implied representation or warranty in connection with this
Agreement or the transactions expressly contemplated by this Agreement, except for the representations and warranties in Article 2. 

ARTICLE 4 
 GENERAL
PROVISIONS 
 Section 4.01 Termination. This Agreement, including the voting agreements contemplated by this
Agreement, shall automatically be terminated at the earliest to occur of: (a) the Effective Time; (b) the termination of the Merger Agreement pursuant to Article VIII (Termination) thereof; and (c) the effective date of
a written agreement duly executed and delivered by VIH and each Restricted Party terminating this Agreement (the date and time at which the earliest of clause (a), (b) and (c) occurs being, the “Expiration
Date”); provided, however, that in the case of any termination pursuant to clause (a) of this sentence, Section 1.05 (Public Announcements; Filings; Disclosures),
Section 1.09 (Existing Rights; Merger Consideration; Confidentiality; No Litigation), and this Article 4 shall survive such termination. Nothing set forth in this Section 4.01 or
elsewhere in this Agreement shall relieve any party of any liability or damages to any other party for any breach of this Agreement by such party prior to such termination or fraud in connection with, arising out of or otherwise related to the
express representations and warranties set forth in this Agreement or any instrument or other document delivered pursuant to this Agreement. 

Section 4.02 Notices. 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 (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally recognized overnight courier postage
prepaid (receipt requested), (c) 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 4.02 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 (d) on the third (3rd) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective

  
 6 

 
parties by such party at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 4.02):

 If to VIH: 
 VPC
Impact Acquisition Holdings 
 150 North Riverside Plaza, Suite 5200 

Chicago, Illinois 60606 
 Attn:
Scott R. Zemnick 
 Facsimile: (312) 701-0794 

Email: szemnick@vpcadvisors.com 

with a copy to (which shall not constitute notice): 

White & Case LLP 
 111
South Wacker Drive, Suite 5100 
 Chicago, Illinois 60606 

Attn: Raymond Bogenrief 

Facsimile: (312) 881-5450 

Email: Raymond.Bogenrief@whitecase.com 

If to a Restricted Party, to such Restricted Party’s address set forth on its signature page or joinder hereto. 

Section 4.03 Miscellaneous. Section 9.2 (Trust Account Waiver) and Article XI
(General), other than Sections 11.1 (Notices) and 11.5 (Expenses and Fees), of the Merger Agreement shall apply to this Agreement mutatis mutandis. 

[Signature Pages Follow] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Agreement as of the date first above written. 
  

			
	RESTRICTED PARTY:
	
	 INTERCONTINENTAL EXCHANGE

HOLDINGS, INC.

		
	By:	 	 /s/ Andrew Surdykowski

	Name:	 	Andrew Surdykowski
	Title:	 	General Counsel
	
	 Number & Type of Subject Bakkt Opco Units:

400,000,000 Class A Voting Units
 115,000,000 Class B
Voting Units
 237,327,456 Class C Voting Units
  

Address for Notices:
 Intercontinental Exchange Holdings,
Inc.
 5660 New Northside Drive
 Atlanta, Georgia 30328

Attention: General Counsel
 Email:
legal-notices@theice.com

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Agreement as of the date first above written. 
  

			
	VIH:
	
	VPC IMPACT ACQUISITION HOLDINGS
		
	By:	 	 /s/ Gordon Watson

	Name:	 	Gordon Watson
	Title:	 	President and Chief Executive Officer

 [Signature Page to Support Agreement] 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this
Agreement as of the date first above written. 
  

			
	BAKKT OPCO:
	
	BAKKT HOLDINGS, LLC
		
	By:	 	 /s/ Marc D’Annunzio

	Name:	 	Marc D’Annunzio
	Title:	 	General Counsel

 [Signature Page to Support Agreement] 

 ANNEX A 

WRITTEN CONSENT 
 (See
attached) 

 FINAL FORM 

BAKKT HOLDINGS, LLC 

ACTION BY WRITTEN CONSENT OF 

THE MEMBERS IN LIEU OF MEETING 

Reference is made to the Second Amended and Restated Limited Liability Company Agreement of BAKKT HOLDINGS, LLC, a Delaware limited liability
company (the “Company”), dated February 28, 2020, by and among the Company and its members (the “Existing LLC Agreement”). Capitalized terms used herein but not otherwise defined have the meaning ascribed to
such terms in the Existing LLC Agreement. 
 In accordance with Section 18-302 of the Delaware
Limited Liability Company Act (the “DLLCA”) and the Existing LLC Agreement, the undersigned Members, constituting the holders of the Company’s outstanding Units (as defined in the Existing LLC Agreement) having not less than
the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Units entitled to vote thereon were present and voted, including (i) the holders of a majority of the outstanding Voting Units,
consenting or voting (as the case may be) together as a single class, (ii) the holders of a majority of the outstanding Class A Voting Units, Class B Voting Units and Class C Voting Units, each consenting or voting (as the case
may be) as separate classes, and (iii) the Minority Investors holding a majority of the outstanding Minority Investor Units, consenting or voting (as the case may be) together as a single class (collectively, the “Requisite
Consent”), hereby approve the following actions and consent to the adoption of, and do hereby adopt, the recitals and resolutions set forth on Annex I hereto. 

This written consent may be executed in counterparts, each of which shall constitute an original and all of which together shall constitute
one instrument. This written consent shall be effective upon execution of the Members holding not less than the minimum number of Units required to constitute the Requisite Consent. Additional parties hereto nonetheless may be added after the
effectiveness hereof. A copy of this written consent that is signed and delivered by facsimile, telecopy, email or other electronic transmission shall constitute an original, executed written consent. 

[Signature Pages Follow] 

 
			
	MEMBER:
	
	INTERCONTINENTAL EXCHANGE HOLDINGS, INC.
		
	By:	 	              

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

 
	
	 MEMBER:
  

	
	  
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	Date:                                     
                                       

 ANNEX I 

BAKKT HOLDINGS, LLC 

ACTION BY WRITTEN CONSENT OF 

THE MEMBERS IN LIEU OF MEETING 

APPROVAL OF MERGER, MERGER AGREEMENT AND
RELATED MATTERS 
 WHEREAS, the Company’s Board of Managers (the
“Board”) has approved, and the Company has entered into, that certain Agreement and Plan of Merger, by and among VPC Impact Acquisition Holdings, a publicly listed Cayman Islands exempted company (“VIH”), Pylon
Merger Company LLC, a Delaware limited liability company and wholly owned subsidiary of VIH (“Merger Sub”), and the Company, a copy of which is attached hereto as Exhibit A (together with its exhibits, schedules and
appendices, the “Merger Agreement”), pursuant to which Merger Sub would merge with and into the Company (the “Merger”), with the Company being the surviving limited liability company (the “Surviving
Company”); 
 WHEREAS, pursuant to the Merger Agreement, prior to the Merger, VIH would domesticate as a Delaware
corporation to be named Bakkt Holdings, Inc. (“Bakkt Pubco”) (the “Domestication”); 
 WHEREAS, in
connection with the consummation of the transactions contemplated by the Merger Agreement (the “Closing”), Bakkt Pubco and the Company would implement a structure (the “Up-C
Structure”) in which the business of the Company, as the Surviving Company, would continue to be conducted as a limited liability company with Bakkt Pubco being admitted and designated as the “managing member” of the Company for
purposes of the DLLCA, and the Company’s existing capital structure consisting of different existing classes of outstanding units would be replaced with a new class of units, the Surviving Company Common Units (as defined below); 

WHEREAS, subject to the obtainment of the consent of the members constituting the Requisite Consent and the satisfaction or waiver of
the conditions to Closing set forth in the Merger Agreement, the Merger would become effective at such time as a certificate of merger is filed with the Office of the Secretary of State of the State of Delaware in accordance with the applicable
provisions of the DLLCA and the Merger Agreement (such time, the “Effective Time”); 
 WHEREAS, pursuant to the
Merger Agreement, at the Effective Time, all issued and outstanding units of limited liability company interests of the Company, including the Class A Voting Units, the Class B Voting Units, the Class C Voting Units and the Incentive
Units, but excluding the Participation Units (collectively, the “Bakkt Interests”) held by a member of the Company (other than Bakkt Interests held by the Company or any of its subsidiaries) would be converted into the right to
receive from the Surviving Company and from Bakkt Pubco, respectively, a number of Common Units of the Surviving Company (the “Surviving Company Common Units”) and a number of shares of Class V common stock of Bakkt Pubco
(“Bakkt Pubco Class V Shares”), in each case, determined in accordance with the terms of the Merger Agreement and the Existing LLC Agreement (as defined below); 

WHEREAS, the Incentive Units and Participation Units would be subject to the treatment, including vesting terms, set forth in the Merger
Agreement; 
 WHEREAS, in connection with the Domestication, the Class A ordinary shares of VIH (“VIH
Class A Shares”) would be converted into shares of Class A common stock of Bakkt Pubco (“Bakkt Pubco Class A Shares”); 

WHEREAS, concurrently with the execution and delivery of the Merger Agreement by the parties thereto, VIH would enter into subscription
agreements with certain accredited investors, substantially in the form 

  
 1 

 
attached hereto as Exhibit B (the “Subscription Agreement”), pursuant to which such investors would subscribe for VIH Class A Shares, and such VIH Class A
Shares would be purchased concurrently with, and be automatically converted to Bakkt Pubco Class A Shares in connection with, the Domestication (the “PIPE Financing”); 

WHEREAS, Intercontinental Exchange Holdings, Inc. (“ICE Holdings”) is a wholly owned subsidiary of Intercontinental
Exchange, Inc. (“ICE”), presently owns approximately 90% of the issued and outstanding voting units of the Company, and two of the members of the Company’s Board are members of the Board of Directors of ICE—Sharon Bowen
and Thomas Noonan—and Jeffrey Sprecher serves as both a member of the Company’s Board and as an officer and director of ICE; 

WHEREAS, Goldfinch Co-Invest I GP, LP and Goldfinch
Co-Invest I IP LP (collectively, “Goldfinch”) presently owns Class B Voting Units and Class C Voting Units of the Company, and Sean Collins, a managing director and affiliate of
Goldfinch, serves as a member of the Company’s Board; 
 WHEREAS, ICE Holdings (or an affiliate thereof) and Goldfinch would
subscribe for up to an aggregate of $55,000,000 of the VIH Class A Shares offered in the PIPE Financing (the “Investment Subscription”), in each case, pursuant to the terms of a Subscription Agreement (collectively, the
“Subscription”); 
 WHEREAS, each of the Company’s members, other than ICE Holdings and Goldfinch, will be
offered the opportunity to participate in the PIPE Financing by purchasing its pro rata share of the Investment Subscription, which amount will be deducted from the portion of the Investment Subscription to be subscribed by ICE Holdings; 

WHEREAS, as a result of the Subscription, the Domestication, the Merger and the Up-C Structure,
immediately following the Closing, each member of the Company would hold Surviving Company Common Units in the Company and Bakkt Pubco Class V Shares and, in the case of each such member participating in the PIPE Financing, Bakkt Pubco
Class A Shares; 
 WHEREAS, in connection with the Closing, Bakkt Pubco, the Company and its members would enter into an
Exchange Agreement substantially in the form attached hereto as Exhibit C (the “Exchange Agreement”), to provide a mechanism for the exchange of one or more “Paired Interests” (defined as one Surviving
Company Common Unit and one Bakkt Pubco Class V Share) for Bakkt Pubco Class A Shares or the Cash Amount (as defined in the Exchange Agreement), in each case, on the terms and subject to the conditions set forth in the Exchange Agreement;

 WHEREAS, in connection with the Closing, Bakkt Pubco, the members of the Company, and VIH Impact Acquisition Holdings Sponsor, LLC,
a Delaware limited liability company (“VIH Sponsor”), would enter into a Registration Rights Agreement substantially in the form attached hereto as Exhibit D (the “Registration Rights Agreement”), to
provide certain registration rights in connection with Bakkt Pubco Class A Shares that may held by the stockholders of Bakkt Pubco; 

WHEREAS, by virtue of the Exchange Agreement and the Registration Rights Agreement, the members of the Company would, after a six-month lock-up period following the Closing, have the means to exchange their Surviving Company Common Units and Bakkt Pubco Class V Shares for publicly traded Bakkt
Pubco Class A Shares; 
 WHEREAS, as a condition and material inducement to VIH’s and Merger Sub’s willingness to
enter into the Merger Agreement, VIH requires that certain members of the Company execute and deliver to VIH and the Company, promptly following the signing of the Merger Agreement, a Support Agreement substantially in the form attached hereto as
Exhibit E (the “Support Agreement”), pursuant to which such members of the Company would agree to, among other things, (a) vote or cause to be voted the Bakkt Interests held by each of them in favor of the Merger
and against any competing transaction, (b) certain restrictions on the transfer of such Bakkt Interests prior to the Closing, and (c) certain restrictions on public announcements relating to the Merger and the other transactions
contemplated by the Merger Agreement; 

  
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 WHEREAS, in connection with the Closing, Bakkt Pubco, VIH Sponsor and the members of
the Company would enter into a Stockholders Agreement substantially in the form attached hereto as Exhibit F (the “Stockholders Agreement”), setting forth certain understandings among the parties thereto with respect
to certain governance matters and certain lock-up periods applicable to transfers of the equity securities in the Company and Bakkt Pubco held by the parties thereto; 

WHEREAS, in connection with the Closing, to support the deconsolidation of the Company from ICE’s financial statements, Bakkt
Pubco and ICE Holdings would enter into a Voting Agreement substantially in the form attached hereto as Exhibit G (the “Voting Agreement”), requiring ICE Holdings to vote, on any matter submitted to a vote or consent
of the stockholders of Bakkt Pubco after the Closing for so long as ICE Holdings owns a majority of the outstanding shares of Bakkt Pubco, any shares of common stock of Bakkt Pubco owned by ICE Holdings in excess of 30% of the outstanding shares of
Bakkt Pubco, in the same percentages, for and against the relevant matter, as the shares voted by all stockholders other than ICE Holdings (rather than in its discretion); 

WHEREAS, in connection with the Closing, Bakkt Pubco and the members of the Company would enter into a Tax Receivable Agreement
substantially in the form attached hereto as Exhibit H, pursuant to which the parties thereto would agree to certain arrangements with respect to the effect of basis adjustments and imputed interest on the liability for taxes of Bakkt
Pubco; 
 WHEREAS, in order to permit the transactions contemplated by the Merger Agreement, including the Up-C Structure, the Existing LLC Agreement would be amended and restated in its entirety by a Third Amended and Restated Limited Liability Company Agreement substantially in the form attached hereto as Exhibit
I (the “Surviving Company LLC Agreement”), effective at the Closing; 
 WHEREAS, the Board, having
considered factors it deemed relevant, has unanimously (i) determined that the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement are fair to, advisable and in the best interests of the Company and its
members, (ii) approved the Merger Agreement and the other transactions contemplated thereby and declared the Merger Agreement advisable; (iii) recommended that the members vote in favor of the approval and adoption of the Merger Agreement
and Merger, and (iv) approved the Surviving Company LLC Agreement and the transactions contemplated thereby, including the Up-C Structure; and 

WHEREAS, the above-signed members, including the members constituting the Requisite Consent, desire to (i) approve and adopt the
Merger and Merger Agreement, (ii) approve and adopt the establishment of the Up-C Structure and the Surviving Company Agreement, and (iii) the allocation and calculation of the Merger Consideration
(as defined in the Merger Agreement) in the manner prescribed by the Merger Agreement and set forth on the Final Merger Consideration Spreadsheet (as defined in the Merger Agreement). 

NOW, THEREFORE, BE IT 

RESOLVED, that the Merger Agreement, together with the exhibits thereto and any other documents or agreements to be executed or
delivered in connection therewith, and the terms and conditions set forth in the Merger Agreement and the transactions contemplated thereby, including the Merger, be, and hereby are, adopted and approved in all respects by the above-signed members,
which includes the members constituting the Requisite Consent, provided, however, that such approval shall be of no further force or effect following any termination of the Merger Agreement in accordance with its terms; and further 

RESOLVED, that the Surviving Company LLC Agreement, and the terms and conditions set forth in the Surviving Company LLC Agreement and
the transactions contemplated thereby, including the Up-C Structure, be, and hereby are, adopted and approved in all respects by the above-signed members, which includes the members constituting the Requisite
Consent; and further 

  
 3 

 RESOLVED, that the allocation of the Merger Consideration, to consist of 208,200,000
shares of Bakkt Pubco Class A Shares, to the holders of Bakkt Interests pursuant to and in the manner prescribed by the Merger Agreement, as shall be calculated and set forth on the Final Merger Consideration Spreadsheet, is hereby adopted and
approved in all respects by the above-signed members, which includes the members constituting the Requisite Consent (provided that, for the avoidance of doubt, and notwithstanding the method of allocating the Merger Consideration, the Merger shall
not be deemed to constitute a Liquidity Event within the meaning of the Existing LLC Agreement); and further  
 RESOLVED, the
above-signed Members, including the members constituting the Requisite Consent, acknowledge and agree that the Final Merger Consideration Spreadsheet (as defined in the Merger Agreement) to be prepared by the Company, in consultation with the
Company’s senior management and advisors, shall be determinative of the amount of Merger Consideration (as defined in the Merger Agreement) to be received by each member, absent manifest mathematical error. 

*   *   *   *   * 

  
 4 

 EXHIBIT A 

MERGER AGREEMENT 

 EXHIBIT B 

FORM OF SUBSCRIPTION AGREEMENT 

 EXHIBIT C 

FORM OF EXCHANGE AGREEMENT 

 EXHIBIT D 

FORM OF REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT E 

FORM OF SUPPORT AGREEMENT 

 EXHIBIT F 

FORM OF STOCKHOLDERS AGREEMENT 

 EXHIBIT G 

FORM OF VOTING AGREEMENT 

 EXHIBIT H 

FORM OF TAX RECEIVABLE AGREEMENT 

 EXHIBIT I 

FORM OF SURVIVING COMPANY AGREEMENT 

 ANNEX B 

FORM OF JOINDER 
 (See
attached) 

 JOINDER AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Support Agreement, dated as of January 11, 2021 (the “Support Agreement”), by and among VPC Impact Acquisition Holdings, a Cayman Islands exempted company
(together with its successors, including the resulting Delaware corporation after the consummation of the Domestication), Bakkt Holdings, LLC (together with its successors, including the surviving limited liability company in the Merger,
“Bakkt Opco”), and the members of Bakkt Opco party thereto, as the same may be amended, supplemented or otherwise modified from time to time. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to
them in the Support Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder
Agreement, the Joining Party shall be deemed to be a party to, and a “Restricted Party” under, the Support Agreement as of the date hereof and shall have all of the rights and obligations of a Restricted Party as if it had executed the
Support Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Support Agreement. 

IN WITNESS WHEREOF, the undersigned has duly executed this Joinder Agreement as of the date written below. 

Date: ___________________, 2021 
  

			
	
                     

		
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	Address for Notices:
	
	
                     
        

	
	
                     

	
	
                     
        

		
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	Email:EX-10.9

 Exhibit 10.9 

BAKKT HOLDINGS, INC. 

2021 OMNIBUS INCENTIVE PLAN 

ARTICLE I 
 GENERAL

 1.1 Purpose 
 The purpose of the
Bakkt Holdings, Inc. 2021 Omnibus Employee Incentive Plan (as amended from time to time, the “Plan”) is to attract, retain and motivate officers and key employees (including prospective employees), directors, consultants and
others who may perform services for Bakkt Holdings, Inc. and any Subsidiary, and any successor entity (the “Company” or “Bakkt”), to compensate them for their contributions to the long-term growth and
profits of the Company and to encourage them to acquire a proprietary interest in the success of the Company. Terms not otherwise defined in context are defined in Section 3.23. 

1.2 Administration 
 1.2.1 The
Compensation Committee of the Board of Directors of Bakkt (the “Board,” and such committee as constituted from time to time, and including any successor committee, the “Committee”) will administer the
Plan. In particular, the Committee will have the authority in its sole discretion to: 
 (a) exercise all of the powers granted to it under
the Plan; 
 (b) construe, interpret and implement the Plan and all Award Agreements; 

(c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing the Committee’s own operations,
rules applicable to Grantees who are foreign nationals (or employed outside the United States, or both); 
 (d) make all determinations
necessary or advisable in administering the Plan; 
 (e) correct any defect, supply any omission and reconcile any inconsistency in the Plan;

 (f) amend the Plan to reflect changes in applicable law; 

(g) grant, or recommend to the Board for approval to grant, awards made pursuant to the Plan (“Awards”) and determine
who will receive Awards, when such Awards will be granted and the terms of such Awards, including the effect of a termination of Employment or service on such Awards and the vesting and/or lapse of restrictions on Awards upon the attainment of
Performance Goals and/or upon continued service; 
 (h) amend any outstanding Award Agreement in any respect including, without limitation,
to 
 (1) accelerate the time or times at which (A) the Award becomes vested, unrestricted or may be exercised or (B) shares of
Common Stock (“Shares”) are delivered under the Award, and in each case, without limitation on the Committee’s rights, in connection with such acceleration, the Committee may provide that any Shares acquired pursuant to
such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Grantee’s underlying Award, 

(2) waive or amend any goals, restrictions, vesting provisions or conditions set forth in such Award Agreement, or impose new goals,
restrictions, vesting provisions and conditions, or 
 (3) reflect a change in the Grantee’s circumstances (e.g., a change to
part-time employment status or a change in position, duties or responsibilities); 
 (i) determine at any time whether, to what extent and
under what circumstances and method or methods 
 (1) Awards may be 

(A) settled in cash, Shares, other securities, other Awards or other property (in which event, the Committee may specify what other effects
such settlement will have on the Grantee’s Award, including the effect on any repayment provisions under the Plan or Award Agreement); 

 (B) exercised; or 

(C) canceled, forfeited or suspended; 

(2) Shares, other securities, other Awards or other property and other amounts payable for an Award may be deferred either automatically or at
the election of the Grantee thereof or of the Committee; 
 (3) to the extent permitted under applicable law, loans (whether or not secured
by Common Stock) may be extended by the Company for any Awards; 
  

	 	(4)	 Awards may be settled by Bakkt, any of its Subsidiaries or affiliates or any of their designees; and

 (5) subject to Section 2.5.5, the exercise price for any stock option (other than an Incentive
Stock Option, unless the Committee determines that such a stock option will no longer constitute an Incentive Stock Option) or stock appreciation right may be reset; and 

(j) cause Bakkt to enter into an agreement with any Subsidiary pursuant to which such Subsidiary will reimburse the Company for the cost of
such equity incentives. 
 1.2.2 Actions of the Committee may be taken by the vote of a majority of its members present at a meeting (which
may be held telephonically). Any action may be taken by a written instrument signed by each of the Committee members, and action so taken will be as fully effective as if it had been taken by a vote at a meeting. The determination of the Committee
on all matters relating to the Plan or any Award Agreement will be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee, or to any administrative group within the
Company, any of its powers, responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to meet the requirements of Rule
16(b)-3(d)(1) or Rule 16(b)-3(e) under the Securities Exchange Act 1934, as amended from time to time, or any successor thereto (such act and the applicable rules and
regulations thereunder, the “Exchange Act”). Except as specifically provided to the contrary, references to the Committee include any administrative group, individual or individuals to whom the Committee has delegated its
duties and powers. 
 1.2.3 Notwithstanding anything to the contrary in the Plan, the Board may, in its sole discretion, at any time and
from time to time, grant Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee. 

1.2.4 No member of the Committee or any person to whom the Board or Committee delegates its powers, responsibilities or duties in writing,
including by resolution (each such person, a “Covered Person”), will have any liability to any person (including any Grantee) for any action taken or omitted to be taken or any determination made for the Plan or any Award,
except as expressly provided by statute. Each Covered Person will be indemnified and held harmless by the Company against and from: 
 (a)
any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in
which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement, in each case, in good faith and 

(b) any and all amounts paid by such Covered Person, with the Company’s approval, in settlement thereof, or paid by such Covered Person
in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that the Company will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the
Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification will not be available to a Covered Person to the extent
that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted
from such Covered Person’s bad faith, fraud or willful misconduct. 
 The foregoing right of indemnification will not be exclusive of
any other rights of indemnification to which Covered Persons may be entitled under Bakkt’s Certificate of Incorporation or Bylaws, pursuant to any individual indemnification agreements between such Covered Person and the Company, as a matter of
law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless. 

  
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 1.3 Shares Available for Awards 

1.3.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.3, the total
number of Shares that may be granted under the Plan will be 25,816,946 (the “Share Limit”). Such Shares may, in the discretion of the Committee, be either authorized but unissued Shares or Shares previously issued and
reacquired by the Company. In the case of a grant of a stock-settled stock appreciation right, the number of Shares available for grant under the Plan will be reduced by the full number of Shares granted under such stock appreciation right. Shares
subject to awards that are assumed, converted or substituted under the Plan as a result of the Company’s acquisition of another company (including by way of merger, combination or similar transaction) (“Acquisition
Awards”) will not count against the number of Shares that may be granted under the Plan or be subject to the minimum vesting provisions in Section 2.4. Available shares under a stockholder
approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan (subject to New York Stock Exchange rules) and do not reduce the maximum number of shares available for grant under the
Plan, subject to applicable stock exchange requirements. All Shares that can be delivered under the Plan (as adjusted pursuant to Section 1.3.3) may be delivered through Incentive Stock Options. 

1.3.2 Replacement of Shares. Shares subject to an Award that is forfeited (including any restricted shares repurchased by the
Company at the same price paid by the Grantee so that such Shares are returned to the Company), expires, terminates or is settled for cash (in whole or in part), to the extent of such forfeiture, expiration, termination or cash settlement will be
available for future grants of Awards under the Plan and will be added back in the same number of Shares as were deducted in respect of the grant of such Award (including in the case of stock-settled stock appreciation rights the full number of
Shares underlying such stock appreciation right). The payment of dividend equivalent rights in cash in conjunction with any outstanding Awards will not be counted against the Shares available for issuance under the Plan. Shares tendered by a
Grantee, repurchased by the Company using proceeds from the exercise of stock options or withheld by the Company in payment of the exercise price of a stock option or to satisfy any tax withholding obligation for an Award will not again be available
for Awards. 
 1.3.3 Adjustments. The Committee will: 

(a) adjust the number of Shares authorized pursuant to Section 1.3.1; 

(b) adjust the individual Grantee limitations set forth in Sections 1.3.4; and 

(c) adjust the terms of any outstanding Awards (including, without limitation, the number of Shares covered by each outstanding Award, the
type of property or securities to which the Award relates and the exercise or strike price of any Award), 
 in such manner as it deems appropriate
(including, without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result of any increase or decrease in the number of issued Shares (or issuance of shares of stock other than Shares) resulting from a
recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation or any other change in the
corporate structure or Shares, including any extraordinary dividend or extraordinary distribution; provided that no such adjustment may be made if or to the extent that it would cause an outstanding Award to cease to be exempt from, or to
fail to comply with, Section 409A. 
 1.3.4 Director Limit. No Non-Employee
Director may be granted, in any calendar year, equity awards (including any Awards granted under this Plan), the value of which will be based on their grant date fair value determined in accordance with U.S. generally accepted accounting principles,
and be provided any other compensation (including without limitation any cash retainers or fees) in amounts that, in the aggregate, exceed $750,000, provided that such amount is increased to $1,000,000 in the calendar year of his or her initial
service as a Non-Employee Director. Any Awards or other compensation provided to an individual (a) for his or her services as an Employee, as (b) for his or her services as a Consultant other than a Non-Employee Director, or (c) for his or her services as a member of the board of managers of the Bakkt Trust Company LLC, will be excluded for purposes of this Section 1.3.4. 

  
 3 

 ARTICLE II 

AWARDS UNDER THE PLAN 
 2.1 Types of
Awards 
 Awards may be made to Employees, Non-Employee Directors and Consultants. Awards may be
in the form of cash-based or stock-based Awards and may be subject to one or more Performance Goals. Stock-based Awards may be in the form of any of the following, in each case in respect of Common Stock: 

(a) stock options (including Incentive Stock Options); 

(b) stock appreciation rights; 

(c) restricted shares; 
 (d)
restricted stock units; 
 (e) dividend equivalent rights; and 

(f) other stock-based (as further described in Section 2.9), that the Committee determines to be consistent with the
purposes of the Plan and the interests of the Company. 
 2.2 Agreements Evidencing Awards 

Each Award will be evidenced by an Award Agreement that will contain such provisions and conditions as the Committee deems appropriate. Unless
otherwise provided, the Committee may grant Awards in tandem with or in substitution for or satisfaction of any other Award or Awards or any award granted under any other plan of the Company; including, without limitation, that the Committee may
grant Awards in substitution for or satisfaction of any obligation or liability relating to a Participation Unit. By accepting an Award, a Grantee thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the
applicable Award Agreement. 
 2.3 No Rights as a Stockholder 

No Grantee (or other person having rights pursuant to an Award) will have any of the rights of a stockholder of Bakkt for Shares subject to an
Award until the delivery of such Shares. Except as otherwise provided in Section 1.3.3, no adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash,
Common Stock, other securities or other property) for which the record date is before the date the stock certificates (or other appropriate document or evidence of ownership) representing Shares (the “Certificates”) are
delivered, or if the Committee elects to use another system, such as book entries by the transfer agent, before the date in which such system evidences the Grantee’s ownership of such Shares. 

2.4 Minimum Vesting 
 All Awards shall be
subject to a minimum time-based vesting or performance period, as applicable, of not less than one year from the grant date (or, in the case of awards to Non-Employee Directors, the period from one annual
meeting of Bakkt stockholders to the next). Notwithstanding the foregoing, (a) up to 5% of the Shares available for grant under the Plan may be granted with a minimum vesting schedule that is shorter than that mandated in this
Section 2.4, (b) this Section 2.4 will not apply to Acquisition Awards or to Shares issued in settlement of an obligation of the Company or any Subsidiary otherwise payable in cash, and
(c) this Section 2.4 shall not prevent the Committee from accelerating any Award in accordance with any provisions set forth in this Plan. Any Award Agreement may also provide that Shares issued or acquired in
connection with the applicable Award will be subject to additional holding requirements specified in such Award Agreement. 
 2.5 Stock Options and Stock
Appreciation Rights 
 2.5.1 Designation as Incentive Stock Option. At the time of grant, the Committee will designate
whether stock options are Incentive Stock Options, and the applicable Award Agreement will clearly indicate that such stock option is an Incentive Stock Option or, if applicable, the number of Shares subject to the Incentive Stock Option. 

  
 4 

 Incentive Stock Options may only be granted to eligible Employees, and will be subject to and construed
consistently with the requirements of Code Section 422. 
 2.5.2 Exercise Price of Stock Options and Stock Appreciation
Rights. The exercise price per share for each stock option or stock appreciation right will be determined by the Committee but, except as otherwise permitted by Section 1.3.3, may never be less than the Fair Market
Value of a Share (or, in the case of an Incentive Stock Option granted to a person owning stock possessing more than 10% of the total combined voting power of all classes of stock of Bakkt and of any Subsidiary or parent corporation of Bakkt
(a “Ten Percent Stockholder”), 110% of the Fair Market Value). Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its Fair Market Value on the date of grant of the Award of stock
options or stock appreciation rights. 
 2.5.3 Term of Stock Options and Stock Appreciation Rights. In no event will any stock
option or stock appreciation right be exercisable after the expiration of ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) from the date on which the stock option or stock
appreciation right is granted. 
 2.5.4 Vesting and Exercise of Stock Option and Payment for Shares. To exercise a stock
option or stock appreciation right, the Grantee must give written notice to the Company specifying the number of Shares to be acquired or rights to be exercised. In the case of stock options, the notice must be accompanied by payment of the full
purchase price therefor in cash or by certified or official bank check or in another form as determined by the Company, which may include: 

(a) personal check; 
 (b) Shares,
based on the Fair Market Value as of the exercise date, of the same class as those to be granted by exercise of the stock option; 
 (c) any
other form of consideration approved by the Company and permitted by applicable law; and 
 (d) any combination of the foregoing. 

The Committee may also make arrangements for the cashless exercise of a stock option. Any person exercising a stock option or stock
appreciation right will make such representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by the Company on terms acceptable to the Company
with the provisions of the Securities Act of 1933, as amended from time to time, or any successor thereto, and the applicable rules and regulations thereunder (the “Securities Act”), the Exchange Act and any other applicable
legal requirements. The Committee may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing
stop-transfer notices to agents and registrars. If a Grantee so requests, Shares acquired pursuant to the exercise of a stock option or stock appreciation right may be issued in the name of the Grantee and another jointly with the right of
survivorship. 
 2.5.5 No Repricing or Reloads. Except as otherwise permitted by Section 1.3.3,
reducing the exercise price of stock options or stock appreciation rights issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award, repurchase for cash or other consideration
(in each case that has the effect of reducing the exercise price), or any other action that would be treated as a “repricing” of such stock options or such stock appreciation rights, will require approval of Bakkt’s stockholders. The
Company will not grant any stock options or stock appreciation rights with automatic reload features. 
 2.6 Restricted Shares 

2.6.1 Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such terms and
conditions as the Committee may determine (subject to Section 2.4). Upon delivery, the Grantee will have the rights of a stockholder for the restricted shares, subject to any other restrictions and conditions as the
Committee may include in the applicable Award Agreement. Each Grantee of an Award of restricted shares will be issued a Certificate in respect of such shares, unless the Committee elects to use another system, such as book entries by the transfer
agent, as evidencing ownership of such shares. If a Certificate is issued in respect of restricted shares, such Certificate may be registered in the name of the Grantee, and will, in addition to such legends required by applicable securities laws,
bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, but will be held by the Company or its designated agent until the time the restrictions lapse. 

  
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 2.6.2 Right to Vote and Receive Dividends on Restricted Shares. Each Grantee
of an Award of restricted shares will, during the period of restriction, be the beneficial and record owner of such restricted shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an Award
Agreement, during the period of restriction, all dividends (whether ordinary or extraordinary and whether paid in cash, additional shares or other property) or other distributions paid upon any restricted share will be retained by the Company for
the account of the relevant Grantee. Such dividends or other distributions will revert to the Company if for any reason the restricted share upon which such dividends or other distributions were paid reverts to the Company. Upon the expiration of
the period of restriction, all such dividends or other distributions made on such restricted share and retained by the Company will be paid, without interest, to the relevant Grantee. 

2.7 Restricted Stock Units 
 The Committee
may grant Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may determine (subject to Section 2.4). A Grantee of a restricted stock unit will have only the rights of
a general unsecured creditor of Bakkt, until delivery of Shares, cash or other securities or property is made as specified in the applicable Award Agreement. On the delivery date specified in the Award Agreement, the Grantee of each restricted stock
unit not previously forfeited or terminated will receive one Share, cash or other securities or property equal in value to one Share or a combination thereof, as specified by the Committee. 

2.8 Dividend Equivalent Rights 
 The
Committee may include in the Award Agreement for any Award, a dividend equivalent right entitling the Grantee to receive amounts equal to all or any portion of the regular cash dividends that would be paid on the Shares covered by such Award if such
Shares had been delivered pursuant to such Award. Notwithstanding anything to the contrary in the Plan, with respect to any Award of restricted stock units (including any Performance Award of restricted stock units), such dividend equivalents rights
shall be subject to the same performance conditions or service conditions, as applicable, as the underlying Award, and no dividend equivalents shall be released to a Grantee until the Award to which they pertain has vested. The Grantee of a dividend
equivalent right will have only the rights of a general unsecured creditor of Bakkt until payment of such amounts is made as specified in the applicable Award Agreement. If such a provision is included in an Award Agreement, the Committee will
determine whether such payments will be made in cash, in Shares or in another form, whether they will be conditioned upon the settlement of the vested Award to which they relate (subject to compliance with Section 409A), the time or times at
which they will be made, and such other terms and conditions as the Committee will deem appropriate. 
 2.9 Other Stock-Based or Cash-Based Awards

 2.9.1 Grant. The Committee may grant other types of stock-based, stock-related or cash-based Awards (including the grant
or offer for sale of unrestricted Shares, performance share Awards or performance units settled in cash) (“Other Stock-Based or Cash-Based Awards”) in such amounts and subject to such terms and conditions as the Committee may
determine (subject to Section 2.4). The terms and conditions set forth by the Committee in the applicable Award Agreement may relate to vesting and nontransferability restrictions that will lapse upon the achievement of one
or more goals related to the completion of service by the Grantee or the achievement of Performance Goals, as determined by the Committee at the time of grant. Such Awards may entail the transfer of actual Shares to Award recipients and may include
Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

  
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 2.10 Repayment If Conditions Not Met 

If the Committee determines that all terms and conditions of the Plan and a Grantee’s Award Agreement were not satisfied, then the Grantee
will be obligated to pay the Company immediately upon demand therefor, 
 (a) for a stock option and a stock appreciation right, an amount equal to the
excess of the Fair Market Value (determined at the time of exercise) of the Shares that were delivered in respect of such exercised stock option or stock appreciation right, as applicable, over the exercise price paid therefor, (b) for
restricted shares, an amount equal to the Fair Market Value (determined at the time such shares became vested) of such restricted shares and 
 (c) for
restricted stock units, an amount equal to the Fair Market Value (determined at the time of delivery) of the Shares delivered for the applicable delivery date, in each case for clauses (a), (b) and (c) of this
Section 2.11, without reduction for any amount applied to satisfy withholding tax or other obligations in respect of such Award. 

ARTICLE III 

MISCELLANEOUS 
 3.1 Amendment of the
Plan 
 3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may at any time and from time to time suspend,
discontinue, revise or amend the Plan in any respect whatsoever but, subject to Sections 1.2, 1.3.3 and 3.7, no such amendment may materially adversely impair the rights of the Grantee of any Award without the Grantee’s
consent. Subject to Sections 1.2, 1.3.3 and 3.7, an Award Agreement may not be amended in a manner that materially adversely impairs the rights of a Grantee without the Grantee’s consent. 

3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension, discontinuance, revision or amendment will be obtained
only to the extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency; provided, however, if and to the extent the Board determines it is appropriate for the Plan to
comply with the provisions of Code Section 422, no amendment that would require stockholder approval under Code Section 422 will be effective without the approval of Bakkt’s stockholders. 

3.2 Tax Withholding 
 Grantees will be
solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a
condition to the delivery of any Shares, cash or other securities or property pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax
withholding obligation on the part of the Company relating to an Award (including, without limitation, the Federal Insurance Contributions Act (FICA) tax): 

(a) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Grantee whether or not
pursuant to the Plan (including Shares otherwise deliverable); 
 (b) the Committee will be entitled to require that the Grantee remit cash
to the Company (through payroll deduction or otherwise); or 
 (c) the Company may enter into any other suitable arrangements to withhold
such taxes required by law to be withheld in an amount not to exceed the individual tax rates applicable to the Grantee, as determined by the Company. 

3.3 Required Consents and Legends 
 If the
Committee at any time determines that any consent or approval is necessary or desirable as a condition of, or in connection with, the granting of any Award, the delivery of Shares or the delivery of any cash, securities or other property under the
Plan, or the taking of any other action thereunder (each such action a “Plan Action”), then, subject to Section 3.14 such Plan Action will not be taken, in whole or in part, unless and until such
consent or approval will have been effected or obtained to the full satisfaction of the Committee, as determined in its discretion in accordance with applicable law, the terms of this Plan and the applicable Award Agreement, and any administrative
procedures or guidelines adopted by the Committee in respect of the Plan. The Committee may direct that any Certificate evidencing Shares delivered pursuant to the Plan will bear a legend setting forth such restrictions on transferability as the
Committee may determine to be necessary or desirable, and may advise the transfer agent to place a stop transfer order against any legended shares. Nothing in the Plan will require the Company to list, register or qualify the Shares on any
securities exchange. 

  
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 3.4 Right of Offset 

The Company will have the right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award
Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing,
automobile or other employee programs) that the Grantee then owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award provides for
the deferral of compensation within the meaning of Section 409A, the Committee will have no right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement if such offset could subject
the Grantee to the additional tax imposed under Section 409A in respect of an outstanding Award. 
 3.5 Nonassignability; No Hedging 

No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned,
pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws
of descent and distribution, and all such Awards (and any rights thereunder) will be exercisable during the life of the Grantee only by the Grantee or the Grantee’s legal representative. Notwithstanding the foregoing, the Committee may permit,
under such terms and conditions that it deems appropriate in its sole discretion, a Grantee to transfer any Award to any person or entity that the Committee so determines; provided, that in no case will the Committee permit any transfer to a
third-party financial institution. Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3.5 will be null and void and any Award which is hedged
in any manner will immediately be forfeited. All of the terms and conditions of the Plan and the Award Agreements will be binding upon any permitted successors and assigns. 

3.6 Change in Control 
 3.6.1 Unless
otherwise determined by the Committee (or unless otherwise provided in the applicable Award Agreement or a Grantee’s employment agreement), if a Grantee’s Employment is terminated by the Company or any successor entity thereto without
Cause, or the Grantee terminates Employment for Good Reason, or a Grantee’s service as a Non-Employee Director is terminated by Bakkt or any successor entity thereto, in each case, upon or within two
(2) years after a Change in Control, (i) each Award granted to such Grantee prior to such Change in Control will become fully vested (including the lapsing of all restrictions and conditions) and, as applicable, exercisable as of the date
of such termination of Employment or service, and (ii) any Shares deliverable pursuant to restricted stock units will be delivered promptly (but no later than fifteen (15) days) following such Grantee’s termination of Employment or
service. 
 3.6.2 As of the Change in Control date, any outstanding Performance Awards will be deemed earned at the greater of the target
level and the actual performance level through the Change in Control date for all open performance periods and will cease to be subject to any further performance conditions but will continue to be subject to time-based vesting following the Change
in Control in accordance with the original vesting and/or performance period and subject to the provisions of Section 3.6.1 above. 

3.6.3 Notwithstanding the foregoing, in the event of a Change in Control, a Grantee’s Award will be treated, to the extent determined by
the Committee to be permitted under Section 409A, in accordance with one or more of the following methods as determined by the Committee in its sole discretion: (i) settle such Awards for fair value (as determined in the sole discretion of
the Committee), which in the case of stock options and stock appreciation rights, may equal the excess, if any, of the value of the consideration to be paid in the Change in Control transaction to holders of the same number of Shares subject to such
stock options or stock appreciation rights over the aggregate 

  
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exercise price of such stock options or stock appreciation rights, as the case may be; (ii) provide for the assumption of or the issuance of substitute awards that will substantially
preserve the otherwise applicable terms of any affected Awards previously granted under the Plan, as determined by the Committee in its sole discretion; or (iii) provide that for a period of at least twenty (20) days prior to the Change in
Control, any stock options or stock appreciation rights that would not otherwise become exercisable prior to the Change in Control will be exercisable as to all Shares subject thereto (but any such exercise will be contingent upon and subject to the
occurrence of the Change in Control and if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the exercise will be null and void) and that any stock options or stock appreciation
rights not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control. In the event that the consideration paid in the Change in Control includes
contingent value rights, the Committee will determine if Awards settled under clause (i) above are (a) valued at closing taking into account such contingent value rights (with the value determined by the Committee in its sole discretion) or
(b) entitled to a share of such contingent value rights. For the avoidance of doubt, in the event of a Change in Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion of
the Committee) of cash or securities, the Committee may, in its sole discretion, terminate any stock option or stock appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the
Change in Control transaction without payment of consideration therefor. Similar actions to those specified in this Section 3.6.3 may be taken in the event of a merger or other corporate reorganization that does not
constitute a Change in Control. 
 3.7 No Continued Employment or Engagement; Right of Discharge Reserved 

Neither the adoption of the Plan nor the grant of any Award (or any provision in the Plan or Award Agreement) will confer upon any Grantee any
right to continued Employment or service, or other engagement, with the Company, nor will it interfere in any way with the right of the Company to terminate, or alter the terms and conditions of, such Employment or service or other engagement at any
time. 
 3.8 Nature of Payments 
 3.8.1
Any and all grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration of services performed or to be performed for the Company by the Grantee. Awards under the Plan may, in the
discretion of the Committee, be made in substitution in whole or in part for cash or other compensation otherwise payable to a Grantee. Only whole Shares will be delivered under the Plan. Awards will, to the extent reasonably practicable, be
aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in cash or otherwise as the Committee may determine. 

3.8.2 All such grants and deliveries of Shares, cash, securities or other property under the Plan will constitute a special discretionary
incentive payment to the Grantee, will not entitle the Grantee to the grant of any future Awards and will not be required to be taken into account in computing the amount of salary or compensation of the Grantee for the purpose of determining any
contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with the Grantee, unless the Company specifically provides otherwise. 

3.9 Non-Uniform Determinations 

The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations may be made by it
selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to
make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive
Awards, (b) the terms and provisions of Awards and (c) whether a Grantee’s Employment or service has been terminated for purposes of the Plan. 

  
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 3.10 Other Payments or Awards 

Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under
any other plan, arrangement or understanding, whether now existing or hereafter in effect. 
 3.11 Plan Headings 

The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions
hereof. 
 3.12 Termination of Plan 

The Board reserves the right to terminate the Plan at any time; provided, however, that in any case, the Plan will
terminate on the day before the tenth anniversary of the Effective Date, and provided further, that all Awards made under the Plan before its termination will remain in effect until such Awards have been satisfied or terminated in accordance
with the terms and provisions of the Plan and the applicable Award Agreements. 
 3.13 Clawback/Recapture Policy 

Awards under the Plan will be subject to any clawback or recapture policy that the Company may adopt from time to time to the extent provided
in such policy and, in accordance with such policy, may be subject to the requirement that the Awards be repaid to the Company after they have been distributed to the Grantee. 

3.14 Section 409A 
 3.14.1 All Awards
made under the Plan that are intended to be “deferred compensation” subject to Section 409A will be interpreted, administered and construed to comply with Section 409A, and all Awards made under the Plan that are intended to be
exempt from Section 409A will be interpreted, administered and construed to comply with and preserve such exemption. The Board and the Committee will have full authority to give effect to the intent of the foregoing sentence. To the extent
necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the Plan and a provision of any Award or Award Agreement for an Award, the Plan will govern. 

3.14.2 Without limiting the generality of Section 3.14.1, for any Award made under the Plan that is intended to be
“deferred compensation” subject to Section 409A: 
 (a) any payment due upon a Grantee’s termination of Employment will
be paid only upon such Grantee’s separation from service from the Company within the meaning of Section 409A; 
 (b) Any payment
due upon a Change in Control of the Company will be paid only if such Change in Control constitutes a “change in ownership” or “change in effective control” within the meaning of Section 409A, and if such Change in Control
does not constitute a “change in the ownership” or “change in the effective control” within the meaning of Section 409A, such Award will vest upon the Change in Control and any payment will be delayed until the first
compliant date under Section 409A; 
 (c) any payment to be made for such Award in connection with the Grantee’s separation from
service from the Company within the meaning of Section 409A (and any other payment that would be subject to the limitations in Section 409A(a)(2)(B)) will be delayed until six (6) months after the Grantee’s separation from
service (or earlier death) in accordance with the requirements of Section 409A; 
 (e) to the extent necessary to comply with
Section 409A, any other securities, other Awards or other property that the Company may deliver in lieu of Shares in respect of an Award will not have the effect of deferring delivery or payment beyond the date on which such delivery or payment
would occur for the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance with the requirements of Section 409A); 

(f) for any required Consent described in Section 3.3 or the applicable Award Agreement, if such Consent has not
been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of such Award and further delay of payment is not permitted in accordance with the requirements of Section 409A, such Award or portion
thereof, as applicable, will be forfeited and terminate notwithstanding any prior earning or vesting; 

  
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 (g) if the Award includes a “series of installment payments” (within the meaning
of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Grantee’s right to the series of installment payments will be treated as a right to a series of separate payments and not as a right
to a single payment; 
 (h) if the Award includes “dividend equivalents” (within the meaning of
Section 1.409A-3(e) of the Treasury Regulations), the Grantee’s right to the dividend equivalents will be treated separately from the right to other amounts under the Award; and 

(i) for purposes of determining whether the Grantee has experienced a separation from service from the Company within the meaning of
Section 409A, “subsidiary” will mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with Bakkt, has a controlling interest in another corporation or other
entity in the chain, ending with such corporation or other entity. For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in
Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2(b)(2)(i) of the Treasury Regulations. 
 3.15 Governing Law 

THE PLAN AND ALL AWARDS MADE AND ACTIONS TAKEN THEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 
 3.16 Disputes; Choice of Forum 

3.16.1 The Company and each Grantee, as a condition to such Grantee’s participation in the Plan, hereby irrevocably submit to the
exclusive jurisdiction of any state or federal court located in Atlanta, Georgia over any suit, action or proceeding arising out of or relating to or concerning the Plan or, to the extent not otherwise specified in any individual agreement between
the Company and the Grantee, any aspect of the Grantee’s Employment with the Company or the termination of that Employment. The Company and each Grantee, as a condition to such Grantee’s participation in the Plan, acknowledge that the
forum designated by this Section 3.16.1 has a reasonable relation to the Plan and to the relationship between such Grantee and the Company. Notwithstanding the foregoing, nothing in the Plan will preclude the Company from
bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this Section 3.16.1. 

3.16.2 The agreement by the Company and each Grantee as to forum is independent of the law that may be applied in the action, and the Company
and each Grantee, as a condition to such Grantee’s participation in the Plan, 
 (i) agree to such forum even if the forum may under applicable law
choose to apply non-forum law, (ii) hereby waive, to the fullest extent permitted by applicable law, any objection which the Company or such Grantee now or hereafter may have to personal jurisdiction or
to the laying of venue of any such suit, action or proceeding in any court referred to in Section 3.16.1, (iii) undertake not to commence any action arising out of or relating to or concerning the Plan in any forum other
than the forum described in this Section 3.16 and (iv) agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action
or proceeding in any such court will be conclusive and binding upon the Company and each Grantee. 
 3.16.3 Each Grantee, as a condition to
such Grantee’s participation in the Plan, hereby irrevocably appoints the General Counsel of Bakkt as such Grantee’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning
the Plan, who will promptly advise such Grantee of any such service of process. 
 3.16.4 Each Grantee, as a condition to such
Grantee’s participation in the Plan, agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in Section 3.18, except that a Grantee may disclose
information concerning such dispute, controversy or claim to the court that is considering such dispute, controversy or claim or to such Grantee’s legal counsel (provided that such counsel agrees not to

  
 11 

 
disclose any such information other than as necessary to the prosecution or defense of the dispute, controversy or claim). For the avoidance of doubt, nothing in this Plan or any Award Agreement
is intended to impair such Grantee’s right to make disclosures under the whistleblower provisions of any applicable law or regulation or require such Grantee to notify Bakkt or obtain its authorization prior to doing so, or prohibit such
Grantee from responding truthfully to a valid subpoena. 
 3.17 Waiver of Jury Trial 

EACH GRANTEE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH
THE PLAN. 
 3.18 Waiver of Claims 

Each Grantee of an Award recognizes and agrees that before being selected by the Committee to receive an Award the Grantee has no right to any
benefits under the Plan. Accordingly, in consideration of the Grantee’s receipt of any Award hereunder, the Grantee expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the Company or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent is expressly
required by the express terms of an Award Agreement). Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any
Grantee. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA), as amended. 
 3.19 Severability; Entire
Agreement; Successors and Assigns 
 If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal
or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided
that if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be
modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties for the subject matter thereof and supersede all prior
agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral for the subject matter thereof. The terms of the Plan will be binding upon and inure to the benefit of the Company
and any successor entity, including as contemplated by Section 3.6. 
 3.20 No Liability for Tax Qualification or Adverse Tax
Treatment 
 Notwithstanding anything to the contrary in the Plan, in no event will the Company be liable to a Grantee on account of an
Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A. 

3.21 No Third-Party Beneficiaries 
 Except
as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than the Company and the Grantee of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of
Section 1.2.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees. 

  
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 3.22 Date of Adoption, Approval of Stockholders and Effective Date 

The Plan was adopted by the Board on [ ] and was approved by Bakkt’s stockholders on [ ] (the “Effective Date”).
Any Awards granted under the Plan prior to such stockholder approval will be conditioned upon such approval and will be null and void if such approval is not obtained; provided, however, that stock options and stock appreciation rights
granted under the Plan prior to such stockholder approval may not be exercisable until after such stockholder approval and no Shares may be delivered pursuant to a restricted stock unit granted under the Plan prior to such stockholder approval until
after such stockholder approval; provided further that restricted stock and Other Stock-Based or Cash-Based Awards may not be granted prior to obtaining stockholder approval. If the Plan is not so approved by the stockholders of Bakkt, then
the Plan will be null and void in its entirety and the Prior Plan will remain in full force and effect. 
 3.23 Definitions of Certain Terms 

3.23.1 “Award Agreement” means the written document by which each Award is evidenced, and which may, but need not be
(as determined by the Committee) executed or acknowledged by a Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Grantee.
Any reference in the Plan to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law. 

3.23.2 “Cause” means, unless otherwise provided in an Award Agreement or employment agreement applicable to the
relevant Grantee: 
 (a) Grantee is convicted of, pleads guilty to, or confesses or otherwise admits to any felony involving intentional
conduct or any act of fraud, misappropriation or embezzlement; 
 (b) Grantee knowingly engages in any act or course of conduct or knowingly
fails to engage in any act or course of conduct which is reasonably likely to adversely affect the Company’s ability to conduct its business; 

(c) any act or omission by Grantee involving malfeasance or gross negligence in the performance of Grantee’s duties and responsibilities
to the material detriment of the Company; or 
 (d) Grantee breaches in any material respect any of the provisions of any applicable
employment agreement or Award Agreement or violates any provision of any generally applicable code of conduct which is distributed in writing to the Company’s Employees or Non-Employee Directors, as
applicable. 
 3.23.3 “Change in Control” means the happening of any of the following: 

(a) any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), is or becomes the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing the greater of (1) 30% or more of the combined voting power of the then outstanding securities of Bakkt
eligible to vote for the election of the members of Bakkt’s Board (the “Company Voting Securities”), and (2) the percentage of the voting power of the Company Voting Securities held by Intercontinental Exchange, Inc. and
its subsidiaries (“ICE”) [(such ICE voting power to be determined without giving effect to the Voting Agreement, dated [ ], 2021, by and between Bakkt and ICE)], unless (i) such person is the Company or ICE, (ii) such
person is an employee benefit plan (or a trust which is a part of such a plan) which provides benefits exclusively to, or on behalf of, employees or former employees of the Company, (iii) such person is the Grantee, an entity controlled by the
Grantee or a group which includes the Grantee or (iv) such person acquired such securities in a Non-Qualifying Transaction (as defined in Section 3.23.3(d)); 

(b) during any period of not more than thirty-six (36) months, individuals who constitute the
Board as of the beginning of the period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the beginning of such
period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the Company’s
proxy statement in which such person is named as a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of
Bakkt as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or on behalf of any person other than the Board will be
deemed to be an Incumbent Director; 

  
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 (c) any dissolution or liquidation of Bakkt or any sale or the disposition of 50% or more of
the assets or business of Bakkt; or 
 (d) the consummation of any reorganization, merger, consolidation or share exchange or similar form
of corporate transaction involving Bakkt unless (1) the persons who were the beneficial owners of the outstanding securities eligible to vote for the election of the members of Bakkt’s Board immediately before the consummation of such
transaction hold more than 60 % of the voting power of the securities eligible to vote for the members of the board of directors of (i) the successor or survivor corporation in such transaction immediately following the consummation of
such transaction or (ii) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting power of the successor or survivor corporation in such transaction and (2) the
number of the securities of such successor or survivor corporation or ultimate parent corporation (the “Post-Transaction Corporation”) representing the voting power described in Section 3.23.3(d)(1)
held by the persons described in Section 3.23.3(d)(1) immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had
beneficially owned the outstanding securities eligible to vote for the election of the members of the Board immediately before the consummation of such transaction, provided (3) the percentage described in
Section 3.23.3(d)(1) of the securities of the Post-Transaction Corporation and the number described in Section 3.23.3(d)(2) of the securities of the Post-Transaction Corporation will be determined
exclusively by reference to the securities of the Post-Transaction Corporation which result from the beneficial ownership of Shares by the persons described in Section 3.23.3(d)(1) immediately before the consummation of
such transaction (any transaction which satisfies all of the criteria specified in (1), (2) and (3) above will be deemed to be a “Non-Qualifying Transaction”). Notwithstanding
anything to the contrary in the Plan, the consummation of any reorganization, merger, consolidation or share exchange or similar form of corporate transaction involving Bakkt shall not constitute a Change in Control if the direct or indirect
beneficial ownership of the Post-Closing Corporation held by ICE is equivalent to or greater than the direct or indirect beneficial ownership of Bakkt held by ICE prior to such corporate transaction. 

3.23.4 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the
applicable rulings and regulations thereunder. 
 3.23.5 “Common Stock” means the Class A common stock of
Bakkt, par value $0.0001 per share, and any other securities or property issued in exchange therefor or in lieu thereof pursuant to Section 1.3.3. 

3.23.6 “Consultant” means any individual, corporation, partnership, limited liability company or other entity that
provides bona fide consulting or advisory services to the Company. 
 3.23.7 “Employee” means any officer or other
regular, active employee and/or a prospective employee of the Company or any Subsidiary. 
 3.23.8 “Employment”
means a Grantee’s performance of services for the Company, as determined by the Committee. The terms “employ” and “employed” will have their correlative meanings. The Committee in its sole discretion may determine
(a) whether and when a Grantee’s leave of absence results in a termination of Employment, (b) whether and when a change in a Grantee’s association with the Company results in a termination of Employment and (c) the impact,
if any, of any such leave of absence or change in association on outstanding Awards. Unless expressly provided otherwise, any references in the Plan or any Award Agreement to a Grantee’s Employment being terminated will include both voluntary
and involuntary terminations. 
 3.23.9 “Fair Market Value” means, for a Share, the closing price reported for the
Common Stock on the applicable date as reported on the New York Stock Exchange or, if not so reported, as determined in accordance with a valuation methodology approved by the Committee, unless determined as otherwise specified in the Plan. For
purposes of the grant of any Award, the applicable date will be the trading day on which the Award is granted or, if the date the Award is granted is not a trading day, the trading day immediately prior to the date the Award is granted. For purposes
of the exercise of any Award, the applicable date is the date a notice of exercise is received by the Company or, if such date is not a trading day, the trading day immediately following the date a notice of exercise is received by the Company. 

  
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 3.23.10 “Good Reason” means, unless otherwise provided in an Award
Agreement or employment agreement, and in the absence of written consent of a Grantee: 
 (a) there is a material reduction in the
Grantee’s base salary in effect immediately prior to a Change in Control; or 
 (b) there is a transfer of the Grantee’s primary
work site to a new primary work site that is more than 30 miles (measured along a straight line) from the Grantee’s primary work site unless such new primary work site is closer (measured along a straight line) to the Grantee’s primary
residence than the Grantee’s then current primary work site. 
 If the Grantee does not deliver to the Company a written notice of termination within
sixty (60) days after the Grantee has knowledge that an event constituting Good Reason has occurred, the event will no longer constitute Good Reason. In addition, the Grantee must give the Company thirty (30) days to cure the event
constituting Good Reason, and must actually terminate his or her employment with the Company within sixty (60) days after the Company’s failure to cure such event. 

3.23.11 “Grantee” means an Employee, Non-Employee Director or Consultant who
receives an Award. 
 3.23.12 “Incentive Stock Option” means a stock option that is intended to be an
“incentive stock option” within the meaning of Code Sections 421 and 422, as now constituted or subsequently amended, or pursuant to a successor Code provision. 

3.23.13 “Non-Employee Director” means a member of the Board who is not an
Employee. 
 3.23.14 “Participation Unit” has the meaning assigned to it in the Amended and Restated Bakkt Equity
Incentive Plan. 
 3.23.15 “Performance Criteria” means one or more of the following business criteria (either
separately or in combination), or any other business criteria established by the Committee, with regard to Bakkt (or a Subsidiary, division, other operational unit or administrative department of Bakkt): earnings; earnings per share; earnings before
interest, taxes, depreciation and amortization; revenue or net revenue measures; gross profit or operating profit measures (including before or after taxes and including profit growth and profit-related return ratios); cost management; dividend
payout ratios; market share measures; economic value added; cash flow; return measures (including return on capital, invested capital, total capital, tangible capital, expenses, tangible expenses, equity, revenue, investment, assets, or net assets
or total shareholder return or similar measures); increase in the Fair Market Value of Common Stock; or changes (or the absence of changes) in the per share or aggregate Fair Market Value of Common Stock. 

3.23.16 “Performance Goals” means the performance goals established by the Committee in connection with the grant of
Awards, which may or may not be based on Performance Criteria and which may differ from Grantee to Grantee and from Award to Award. 

3.23.17 “Section 409A” means Code Section 409A, including any amendments or
successor provisions to that section, and any regulations and other administrative guidance thereunder, as it may be from time to time amended or interpreted through further administrative guidance. 

3.23.18 “Subsidiary” means any subsidiary of Bakkt within the meaning of Rule 405 under the Securities Act, including,
as of the Effective Date, Bakkt Holdings, LLC and its direct and indirect subsidiaries. 
 3.23.19 “Treasury
Regulations” means the regulations promulgated under the Code by the United States Treasury Department, as amended. 

  
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