Document:

a46-descriptionofsecurit

Exhibit 4.6    DESCRIPTION OF SECURITIES  General    The following description of the capital stock of Bakkt Holdings, Inc., a Delaware corporation (the  “Company”) is a summary of the rights of the Company’s securities and certain provisions of the  Company’s certificate of incorporation (the “Certificate of Incorporation”) and bylaws (the “By-Laws”).  This summary does not purport to be complete and is qualified in its entirety by the provisions of the  Certificate of Incorporation and By-Laws, copies of which have been filed as exhibits to the Annual Report  on Form 10-K of which this Exhibit 4.6 is a part.     Authorized Stock    The authorized capital stock of the Company consists of 1,001,000,000 shares of capital stock, $0.0001 par  value per share, of which:         • 750,000,000 shares are designated as Class A common stock (the “Class A Common Stock”);  • 250,000,000 shares are designated as Class V common stock (the “Class V Common Stock”); and   • 1,000,000 shares are designated as Preferred Stock (the “Preferred Stock” and together with the  Class A Common Stock and Class V Common Stock, the “Shares”).     Each outstanding share of Class V Common Stock is paired with, and inseparable from, one common unit  of Bakkt Opco Holdings, LLC, a Delaware limited liability company (“Opco”) (“Opco Common Unit”)   (representing a limited liability company interest in Opco), and together they form one paired interest  (“Paired Interest”). No Opco Common Unit may exist without the corresponding share of Class V Common  Stock (and no Class V Common Stock shall exist other than in conjunction with an Opco Common Unit),  which together comprise the Paired Interests.     Common Stock    The Certificate of Incorporation authorizes two classes of common stock: Class A Common Stock and  Class V Common Stock. The rights of holders of Class A Common Stock and Class V Common Stock are  identical, except as set forth below.    Dividend Rights    Subject to preferences that may be applicable to any outstanding Preferred Stock, holders of shares of Class  A Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to  time by the Company’s board of directors (the “Board”) out of funds legally available for such purposes.    Shares of Class V Common Stock are not entitled to dividends declared by the Board. However, holders of  shares Class V Common Stock are entitled to pro rata distributions by virtue of holding Opco Common  Units paired with such shares of Class V Common Stock.    Voting Rights    Except as set forth in that certain Voting Agreement, dated October 15, 2021, by and between the Company  and Intercontinental Exchange Holdings, Inc., a Delaware corporation, each holder of Class A Common  Stock and Class V Common Stock is entitled to one vote for each share of Class A Common Stock and  each share of Class V Common Stock held of record by such holder on all matters on which stockholders  generally are entitled to vote. Holders of Class A Common Stock and Class V Common Stock do not have  

 

  - 2 -    cumulative voting rights in the election of directors. Holders of Class V Common Stock will vote together  with holders of the Class A Common Stock as a single class on all matters presented to the Company’s  stockholders for their vote or approval, other than as required by the Delaware General Corporation Law  (“DGCL”). Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the  case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in  person or represented by proxy, voting together as a single class.     Liquidation Rights    In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs,  holders of Class A Common Stock will be entitled to share ratably in all assets remaining after payment of  the Company’s debts and other liabilities, subject to prior distribution rights of Preferred Stock or any class  or series of stock having a preference over the Class A Common Stock, then outstanding, if any.    In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs,  holders of Class V Common Stock are not entitled to receive any assets of the Company; however, by virtue  of holding Opco Common Units, such holders are entitled to share ratably in all assets of Opco remaining  after payment of Opco’s debts and other liabilities.    Fully Paid and Nonassessable    All shares of Class A Common Stock and Class V Common Stock are fully paid and non-assessable.     No Preemptive, Conversion or Similar Rights    The holders of Class A Common Stock and Class V Common Stock have no pre-emptive or conversion  rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the  Class A Common Stock or the Class V Common Stock. The rights, preferences and privileges of holders  of the Class A Common Stock and Class V Common Stock will be subject to those of holders of any shares  of the Preferred Stock the Company may issue in the future.    Issuance and Retirement of Class V Common Stock    Outstanding shares of Class V Common Stock will be retired upon the surrender to the Company of Paired  Interests in exchange for shares of Class A Common Stock or a cash amount, as specified in that certain  Exchange Agreement, dated October 15, 2021, by and among the Company, Opco and Opco equity holders.  The Company will not issue additional shares of Class V Common Stock other than in connection with the  valid issuance or transfer of paired Opco Common Units, in accordance with Opco’s Third Amended and  Restated LLC Agreement.     Preferred Stock    The Certificate of Incorporation authorizes the Board to establish one or more series of Preferred Stock.  Unless required by law or any stock exchange, the authorized shares of Preferred Stock are available for  issuance without further action by holders of any class of common stock. The Board has the discretion to  determine the powers, preferences and relative, participating, optional and other special rights, including  voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each  series of Preferred Stock.    The issuance of Preferred Stock may have the effect of delaying, deferring or preventing a change in control  of the Company without further action by the stockholders. Additionally, the issuance of Preferred Stock  

 

  - 3 -    may adversely affect holders of shares of common stock by restricting dividends on the Class A Common  Stock, diluting the voting power of the Class A Common Stock and the Class V Common Stock or  subordinating the liquidation rights of the Class A Common Stock.     Warrants    As a result of the Company’s deregistration under the Cayman Islands Companies Law (2020 Revision)  and a domestication under Section 388 of the DGCL, pursuant to which the Company’s jurisdiction of  incorporation was changed from the Cayman Islands to the State of Delaware, the Warrants, which were  previously exercisable for Class A ordinary shares of the Company, par value $0.0001 per share (“Class A  Ordinary Shares”), became warrants to purchase shares of Class A Common Stock.     Each Warrant entitles the registered holder to purchase one share of Class A Common Stock at a price of  $11.50 per share, subject to adjustment as discussed below. Pursuant to that certain Warrant Agreement,  dated September 22, 2020, by and between the Company and the warrant agent named therein (as may be  amended from time to time, the “Warrant Agreement”), a holder of Warrants (“Warrant Holder”) may  exercise its Warrants only for a whole number of shares. This means that only an even number of Warrants  may be exercised at any given time by a holder of Warrants. However, except as set forth below, no  Warrants are exercisable for cash unless the Company has an effective and current registration statement  covering the Class A Common Stock issuable upon exercise of the Warrants and a current prospectus  relating to such. Notwithstanding the foregoing, during any period when the Company fails to maintain an  effective registration statement, Warrant Holders may exercise Warrants on a cashless basis pursuant to an  available exemption from registration under the Securities Act. If an exemption from registration is not  available, Warrant Holders will not be able to exercise their Warrants on a cashless basis. To the extent  they are not redeemed or liquidated earlier, the Warrants will expire at 5:00 p.m., Eastern Time on October  15, 2026.    If the shares of Class A Common Stock are, at the time of any exercise of a Warrant, not listed on a national  securities exchange such that they satisfy the definition of “covered securities” under the Securities Act,  the Company may, at its option, require holders of Warrants who exercise Warrants to exercise such  Warrants on a “cashless basis” and (i) in the event the Company so elects, the Company will not be required  to file or maintain in effect a registration statement for the registration, under the Securities Act, of the  shares of Class A Common Stock issuable upon exercise of the Warrants, or (ii) if the Company does not  so elect, the Company must use its best efforts to register or qualify for sale the shares of Class A Common  Stock issuable upon exercise of the Warrants under the blue sky laws of the state of residence of the  exercising Warrant holder to the extent an exemption is not available. If the Company requires the  “cashless” exercise of Warrants, each holder would pay the exercise price by surrendering the Warrants for  that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product  of the number of shares underlying the Warrants, multiplied by the difference between the exercise price  of the Warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market  value” will mean the average reported last sale price of the shares of Class A Common Stock for the 10  trading days ending on the third trading day prior to the date on which the notice of redemption is sent to  the holders of Warrants. Whether the Company will exercise its option to require all holders to exercise  their Warrants on a “cashless basis” will depend on a variety of factors including the price of the shares of  Class A Common Stock at the time the Warrants are called for redemption, the Company’s cash needs at  such time and concerns regarding dilutive share issuances.     Redemption for Cash    The Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per  Warrant:  

 

  - 4 -         • at any time while the Warrants are exercisable;     • upon not less than 30 days’ prior written notice of redemption to each holder of Warrants;  • if and only if, the reported last sale price of the shares of the Class A Common Stock equals or  exceeds $18.00 per share, for any 20 trading days within a 30-day trading period ending on the  third business day prior to the notice of redemption to holders of Warrant; and   • if and only if, there is a current registration statement in effect with respect to the Class A Common  Stock underlying such Warrants at the redemption date and for the entire 30-day trading period  referred to above and continuing each day thereafter until the date of redemption.     Redemption for Shares    The Company may call the Warrants redemption of shares of Class A Common Stock, in whole and not in  part, at a price of $0.10 per Warrant:     • at any time while the Warrants are exercisable;  • upon not less than 30 days’ prior written notice of redemption to each Warrant Holder; provided  that holders will be able to exercise their Warrants on a cashless basis prior to redemption and  receive that number of shares determined by reference to the table below, based on the redemption  date and the “fair market value” (as defined below) of the Class A Common Stock except as  otherwise described below;     • the reported last sale price of the shares of the Class A Common Stock equals or exceeds $10.00  per share, for any 20 trading days within a 30-day trading period ending on the third business day  prior to the notice of redemption to Warrant Holders; and     • there is a current registration statement in effect with respect to the Class A Common Stock  underlying the Warrants at the redemption date and for the entire 30-day trading period referred to  above and continuing each day thereafter until the date of redemption.     Beginning on the date the notice of redemption for shares of Class A Common Stock is given and until the  Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis. The  numbers in the table below represent the number of shares of Class A Common Stock that a Warrant holder  will receive upon such cashless exercise in connection with a redemption by the Company pursuant to this  redemption feature, based on the “fair market value” of shares of the Class A Common Stock on the  corresponding redemption date (assuming holders elect to exercise their Warrants and such Warrants are  not redeemed for $0.10 per Warrant), determined for these purposes based on the volume-weighted average  price of the shares of Class A Common Stock during the 10 trading days immediately following the date  on which the notice of redemption is sent to the Warrant holders, and the number of months that the  corresponding redemption date precedes the expiration date of the Warrants, each as set forth in the table  below. The Company will provide Warrant holders with the final fair market value no later than one  business day after the 10-trading day period described above ends.                                  Redemption Fair Market Value of Shares of Class A Common Stock  (period to expiration of Warrants)    Redemption Date      $10.00    $11.00    $12.00    $13.00    $14.00    $15.00    $16.00    $17.00       $18.00    60 months        0.261    0.281    0.297    0.311    0.324    0.337    0.348    0.358    0.361   57 months        0.257    0.277    0.294    0.310    0.324    0.337    0.348    0.358    0.361   54 months        0.252    0.272    0.291    0.307    0.322    0.335    0.347    0.357    0.361   

 

  - 5 -    51 months        0.246    0.268    0.287    0.304    0.320    0.333    0.346    0.357    0.361   48 months        0.241    0.263    0.283    0.301    0.317    0.332    0.344    0.356    0.361   45 months        0.235    0.258    0.279    0.298    0.315    0.330    0.343    0.356    0.361   42 months        0.228    0.252    0.274    0.294    0.312    0.328    0.342    0.355    0.361   39 months        0.221    0.246    0.269    0.290    0.309    0.325    0.340    0.354    0.361   36 months        0.213    0.239    0.263    0.285    0.305    0.323    0.339    0.353    0.361   33 months        0.205    0.232    0.257    0.280    0.301    0.320    0.337    0.352    0.361   30 months        0.196    0.224    0.250    0.274    0.297    0.316    0.335    0.351    0.361   27 months        0.185    0.214    0.242    0.268    0.291    0.313    0.332    0.350    0.361   24 months        0.173    0.204    0.233    0.260    0.285    0.308    0.329    0.348    0.361   21 months        0.161    0.193    0.223    0.252    0.279    0.304    0.326    0.347    0.361   18 months        0.146    0.179    0.211    0.242    0.271    0.298    0.322    0.345    0.361  15 months        0.130    0.164    0.197    0.230    0.262    0.291    0.317    0.342    0.361  12 months        0.111    0.146    0.181    0.216    0.250    0.282    0.312    0.339    0.361  9 months        0.090    0.125    0.162    0.199    0.237    0.272    0.305    0.336    0.361  6 months        0.065    0.099    0.137    0.178    0.219    0.259    0.296    0.331    0.361  3 months        0.034    0.065    0.104    0.150    0.197    0.243    0.286    0.326    0.361  0 months        -    -    0.042    0.115    0.179    0.233    0.281    0.323    0.361           The exact fair market value and redemption date may not be set forth in the table above, in which case, if  the fair market value is between two values in the table or the redemption date is between two redemption  dates in the table, the number of shares of Class A Common Stock to be issued for each Warrant exercised  will be determined by a straight-line interpolation between the number of shares set forth for the higher and  lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366- day year, as applicable. For example, if the volume weighted average price of shares of Class A Common  Stock during the 10 trading days immediately following the date on which the notice of redemption is sent  to the holders of the Warrants is $11.00 per share, and at such time there are 57 months until the expiration  of the Warrants, holders may choose to, in connection with this redemption feature, exercise their Warrants  for 0.277 shares of Class A Common Stock for each whole Warrant. For an example where the exact fair  market value and redemption date are not as set forth in the table above, if the volume-weighted average  price of the shares of Class A Common Stock during the 10 trading days immediately following the date  on which the notice of redemption is sent to the holders of the Warrants is $13.50 per share, and at such  time there are 38 months until the expiration of the Warrants, holders may choose to, in connection with  

 

  - 6 -    this redemption feature, exercise their Warrants for 0.298 shares of Class A Common Stock for each whole  Warrant. In no event will the Warrants be exercisable on a cashless basis in connection with this redemption  feature for more than 0.361 shares of Class A Common Stock per Warrant (subject to adjustment). Finally,  as reflected in the table above, if the Warrants are out of the money and about to expire, they cannot be  exercised on a cashless basis in connection with a redemption by the Company pursuant to this redemption  feature, since they will not be exercisable for any shares of Class A Common Stock.    The right to exercise will be forfeited unless the Warrants are exercised prior to the date specified in the  notice of redemption. On and after the redemption date, a record holder of a Warrant will have no further  rights except to receive the redemption price for such holder’s Warrant upon surrender of such Warrant.    The redemption criteria for the Warrants have been established at a price that is intended to provide Warrant  Holders a reasonable premium to the initial exercise price and provide a sufficient differential between the  then-prevailing share price and the Warrant exercise price so that if the share price declines as a result of a  redemption call, the redemption will not cause the share price to drop below the exercise price of the  Warrants.    Except as described above, no Warrants will be exercisable, and the Company will not be obligated to issue  shares of Class A Common Stock unless at the time a holder seeks to exercise such Warrant, a prospectus  relating to the Class A Common Stock issuable upon exercise of the Warrants is current and the shares of  Class A Common Stock have been registered or qualified or deemed to be exempt under the securities laws  of the state of residence of the holder of the Warrants. Under the terms of the Warrant Agreement, the  Company has agreed to use its best efforts to meet these conditions and to maintain a current prospectus  relating to the Class A Common Stock issuable upon exercise of the Warrants until the expiration of the  Warrants. However, the Company cannot assure you that it will be able to do so and, if it does not maintain  a current prospectus relating to the Class A Common Stock issuable upon exercise of the Warrants, holders  will be unable to exercise their Warrants and the Company will not be required to settle any such Warrant.  If the prospectus relating to the Class A Common Stock issuable upon the exercise of the Warrants is not  current or if the Class A Common Stock is not qualified or exempt from qualification in the jurisdictions in  which the holders of the Warrants reside, the Company will not be required to net cash settle or cash settle  the Warrant exercise, the Warrants may have no value, the market for the Warrants may be limited and the  Warrants may expire worthless.    Holders of Warrants may elect, at their sole option and discretion, to be subject to a restriction on the  exercise of their Warrants such that an electing holder of Warrants (and his, her or its affiliates) would not  be able to exercise their Warrants to the extent that, after giving effect to such exercise, such holder (and  his, her or its affiliates) would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of  the shares of Class A Common Stock outstanding. Notwithstanding the foregoing, any person who acquires  a Warrant with the purpose or effect of changing or influencing the control of the Company, or in connection  with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition  will be deemed to be the beneficial owner of the underlying Class A Common Stock and not be able to take  advantage of this provision.    No fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder  would be entitled to receive a fractional interest in a share (as a result of a subsequent share dividend payable  in shares of Class A Common Stock, or by a split up of the shares of Class A Common Stock or other  similar event), the Company will, upon exercise, round up or down to the nearest whole number the number  of Class A Common Stock to be issued to the holder of the Warrant.     Anti-Dilution Adjustments    

 

  - 7 -    The exercise price and number of shares of Class A Common Stock issuable on exercise of the Warrants  may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend  or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for  issuances of shares of Class A Common Stock at a price below their respective exercise prices. The  Company is also permitted, in its sole discretion, to lower the exercise price (but not below the par value of  a share of Class A Common Stock) at any time prior to the expiration date for a period of not less than 15  business days; provided, however, that the Company provides at least 5 days’ prior written notice of such  reduction to registered holders of the Warrants and that any such reduction will be applied consistently to  all of the Warrants. Any such reduction in the exercise price will comply with any applicable regulations  under the U.S. federal securities laws, including Rule 13e-4 under the Securities Exchange Act of 1934, as  amended (the “Exchange Act”), generally and Rule 13e-4(f)(1)(i) specifically.     Anti-Takeover Effects of the Certificate of Incorporation, the By-Laws and Certain Provisions of  Delaware Law    The Certificate of Incorporation, the By-Laws and the DGCL contain provisions, which are summarized in  the following paragraphs, which are intended to enhance the likelihood of continuity and stability in the  composition of the Board and to discourage certain types of transactions that may involve an actual or  threatened acquisition of the Company. These provisions are intended to avoid costly takeover battles,  reduce the Company’s vulnerability to a hostile change of control or other unsolicited acquisition proposal,  and enhance the ability of the Board to maximize stockholder value in connection with any unsolicited offer  to acquire the Company.    However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition  of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder  might consider in its best interest, including attempts that might result in a premium over the prevailing  market price for the shares of Class A Common Stock. The Certificate of Incorporation provides that any  action required or permitted to be taken by the Company’s stockholders must be effected at a duly called  annual or extraordinary general meeting of such stockholders and may not be effected by any consent in  writing by such holders except that any action required or permitted to be taken by holders of Class V  Common Stock, voting separately as a class, or, to the extent expressly permitted to do so by the certificate  of designation relating to one or more series of Preferred Stock, voting separately as a series or separately  as a class with one or more other such series, may be taken without a meeting, without prior notice and  without a vote, if a consent or consents, setting forth the action so taken, are signed by holders of outstanding  shares of the relevant class or series 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 shares entitled to vote thereon were  present and voted and are delivered to the Company in the manner forth in Section 228 of the DGCL.    Authorized but Unissued Capital Stock    Delaware law does not require stockholder approval for any issuance of authorized shares. However, the  listing requirements of the New York Stock Exchange (“NYSE”), which would apply if and so long as the  Class A Common Stock remains listed on NYSE, require stockholder approval of certain issuances equal  to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of Class A  Common Stock. Additional shares that may be issued in the future may be used for a variety of corporate  purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.    One of the effects of the existence of unissued and unreserved common stock may be to enable the Board  to issue shares to persons friendly to current management, which issuance could render more difficult or  discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest  

 

  - 8 -    or otherwise and thereby protect the continuity of management and possibly deprive stockholders of  opportunities to sell their shares of Class A Common Stock at prices higher than prevailing market prices.     Election of Directors and Vacancies    The Certificate of Incorporation provides that the Board will determine the number of directors who will  serve on the Board. The exact number of directors is fixed from time to time by a majority of the Board.  The Board is divided into three classes designated as Class I, Class II and Class III. Class I directors will  initially serve for a term expiring at the first annual meeting of stockholders following the closing of the  business combination (the “Closing”). Class II and Class III directors will initially serve for a term expiring  at the second and third annual meeting of stockholders following the Closing, respectively. At each  succeeding annual meeting of stockholders, directors will be elected for a full term of three years to succeed  the directors of the class whose terms expire at such annual meeting of the stockholders. There will be no  limit on the number of terms a director may serve on the Board.    In addition, the Certificate of Incorporation provides that any vacancy on the Board, including a vacancy  that results from an increase in the number of directors or a vacancy that results from the removal of a  director with cause, may be filled only by a majority of the directors then in office, subject to the provisions  of that certain Stockholders Agreement, dated as of October 15, 2021, by and among the Company, Opco  equity holders and VPC Impact Acquisition Holdings Sponsor, LLC (the “Stockholders Agreement”), and  any rights of holders of Preferred Stock.    Business Combinations    The Company has elected not to be governed by Section 203 of the DGCL. Notwithstanding the foregoing,  the Certificate of Incorporation provides that the Company will not engage in any “business combinations”  (as defined in the Certificate of Incorporation), at any point in time at which the Company’s securities are  registered under Section 12(b) or 12(g) of the Exchange Act, with any “interested stockholder” (as defined  in the Certificate of Incorporation) for a three-year period after the time that such person became an  interested stockholder unless:    • prior to such time, the Board approved either the business combination or the transaction which  resulted in the stockholder becoming an interested stockholder;   • upon consummation of the transaction which resulted in the stockholder becoming an interested  stockholder, the interested stockholder owned at least 85% of the voting stock of the Company  outstanding at the time the transaction commenced, excluding for purposes of determining the  voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder)  those shares owned by (a) persons who are directors and also officers and (b) employee stock plans  in which employee participants do not have the right to determine confidentially whether shares  held subject to the plan will be tendered in a tender or exchange offer; or  • at or subsequent to such time, the business combination is approved by the Board and authorized  at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote  of at least 66 2/3% of the outstanding voting stock of the Company which is not owned by the  interested stockholder.     Under the Certificate of Incorporation, a “business combination” is defined to generally include a merger,  asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An  interested stockholder is a person who, together with affiliates and associates, owns or, within three years  prior to the determination of interested stockholder status, did own 15% or more of a corporation’s  outstanding voting stock. The Certificate of Incorporation expressly excludes certain of the Company’s  stockholders with whom the Company will enter into the Stockholders Agreement, certain of their  

 

  - 9 -    respective direct or indirect transferees, and their respective successors and affiliates from the definition of  “interested stockholder” irrespective of the percentage ownership of the total voting power beneficially  owned by them. Under certain circumstances, such provisions in the Certificate of Incorporation make it  more difficult for a person who would be an “interested stockholder” to effect various business  combinations with a corporation for a three-year period. Accordingly, such provisions in the Certificate of  Incorporation could have an anti-takeover effect with respect to certain transactions which the Board does  not approve in advance. Such provisions may encourage companies interested in acquiring the Company to  negotiate in advance with the Board because the stockholder approval requirement would be avoided if the  Board approves either the business combination or the transaction that results in the stockholder becoming  an interested stockholder. However, such provisions also could discourage attempts that might result in a  premium over the market price for the shares held by stockholders. These provisions also may make it more  difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.    Quorum    The By-Laws provide that at any meeting of the Board, a majority of the total number of directors then in  office constitutes a quorum for the transaction of business.    Additionally, the By-Laws provide that holders of a majority in voting power of the stock issued and  outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum  at all meetings of the stockholders for the transaction of business    No Cumulative Voting    Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation  expressly authorizes cumulative voting. The Certificate of Incorporation does not authorize cumulative  voting.    General Stockholder Meetings    The Certificate of Incorporation provides that special meetings of stockholders may be called only by or at  the direction of the Board, the Chairman of the Board or the Chief Executive Officer.    Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals    The By-Laws establish advance notice procedures with respect to stockholder proposals and the nomination  of candidates for election as directors, other than nominations made by or at the direction of the Board or a  committee of the Board. For any matter to be “properly brought” before a meeting, a stockholder must  comply with advance notice requirements and provide the Company with certain information. Generally,  to be timely, a stockholder’s notice must be received at the Company’s principal executive offices not less  than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual  meeting of stockholders (for the purposes of the first annual meeting of the stockholders of the Company,  the date of the preceding annual meeting will be deemed to be May 15, 2021). The By-Laws allow the  Board to adopt rules and regulations for the conduct of a meeting of the stockholders as it deems  appropriate, which may have the effect of precluding the conduct of certain business at a meeting if the  rules and regulations are not followed. These provisions may also defer, delay or discourage a potential  acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise  attempting to influence or obtain control of the Company.    Supermajority Provisions    

 

  - 10 -    The Certificate of Incorporation and the By-Laws provide that the Board is expressly authorized to make,  alter, amend, change, add to, rescind or repeal, in whole or in part, the By-Laws without a stockholder vote  in any matter not inconsistent with the laws of the State of Delaware or the Certificate of Incorporation and  subject to the rights of the parties to the Stockholders Agreement.    The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to  vote thereon, voting together as a single class, is required to amend a corporation’s certificate of  incorporation, unless the certificate of incorporation requires a greater percentage. The Certificate of  Incorporation provides that the following provisions therein may be amended, altered, repealed or rescinded  only by the affirmative vote of holders of at least 66 2/3% in voting power all the then outstanding shares  of the Company’s stock entitled to vote thereon, voting together as a single class:      • the provision regarding the Board being authorized to amend the By-Laws without a stockholder  vote;  • the provisions providing for a classified Board (the election and term of directors);  • the provisions regarding filling vacancies on the Board and newly created directorships;  • the provisions regarding resignation and removal of directors;  • the provisions regarding calling special meetings of stockholders;  • the provisions regarding stockholder action by written consent;  • the provisions eliminating monetary damages for breaches of fiduciary duty by a director;    • the provisions regarding the election not to be governed by Section 203 of the DGCL;     • the provisions regarding competition and corporate opportunities;  • the provisions regarding competition and corporate opportunities;  • the provisions regarding exclusivity of forum; and  • the amendment provision requiring that the above provisions be amended only with a 66 2/3%  supermajority vote.     These provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in  control of the Company or its management, such as a merger, reorganization or tender offer. These  provisions are intended to enhance the likelihood of continued stability in the composition of the Board and  its policies and to discourage certain types of transactions that may involve an actual or threatened  acquisition of the Company. These provisions are designed to reduce the Company’s vulnerability to an  unsolicited acquisition proposal. The provisions are also intended to discourage certain tactics that may be  used in proxy fights. However, such provisions could have the effect of discouraging others from making  tender offers for the Company’s Shares and, as a consequence, may inhibit fluctuations in the market price  of the Company’s Shares that could result from actual or rumored takeover attempts. Such provisions may  also have the effect of preventing changes in management.    Exclusive Forum    The Certificate of Incorporation provides that, unless the Company consents in writing to the selection of  an alternative forum, the Court of Chancery of the State of Delaware, or if such court does not have subject  matter jurisdiction, any other court located in the State of Delaware with subject matter jurisdiction, will be  the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company,  (b) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer,  other employee or stockholder of the Company to the Company or the Company’s stockholders, (c) any  action asserting a claim against the Company or any director or officer of the Company (i) arising pursuant  to any provision of the DGCL or the Certificate of Incorporation or the By-Laws or (ii) as to which the  DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (d) any action to interpret,  apply, enforce or determine the validity of the Certificate of Incorporation or the By-Laws or any of their  

 

  - 11 -    provisions, (e) any action asserting a claim against the Company or any current or former director, officer,  employee, stockholder or agent of the Company governed by the internal affairs doctrine of the law of the  State of Delaware, or (f) any action asserting an “internal corporate claim” as defined in Section 115 of the  DGCL. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or  holding any interest in shares of capital stock of the Company will be deemed to have notice of and  consented to the forum provisions in the Certificate of Incorporation. However, it is possible that a court  could find the Company’s forum selection provisions to be inapplicable or unenforceable. Although the  Company believes this provision benefits it by providing increased consistency in the application of  Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging  lawsuits against Company’s directors and officers.    Listing    The Class A Common Stock and Warrants are listed on the NYSE under the symbols “BKKT” and “BKKT  WS,” respectively. The Class V Common Stock is not listed on any securities exchange.a1011-formofrsuagreement

Exhibit 10.11    BAKKT HOLDINGS, INC.  2021 OMNIBUS EMPLOYEE INCENTIVE PLAN  RESTRICTED STOCK UNIT AGREEMENT  NOTICE OF RESTRICTED STOCK UNIT GRANT  Unless otherwise defined herein, the terms defined in the Bakkt Holdings, Inc.  2021 Omnibus Employee Incentive Plan (the “Plan”) will have the same meanings in this  Restricted Stock Unit Agreement which includes the Notice of Restricted Stock Unit Grant (the  “Notice of Grant”), the Terms and Conditions of Restricted Stock Unit Grant, attached hereto as  Exhibit A, and all other exhibits, appendices, and addenda attached hereto (the “Award  Agreement”).     Grantee Name:       The undersigned Grantee has been granted an Award of Restricted Stock Units, subject to  the terms and conditions of the Plan and this Award Agreement, as follows:  Grant Number: ________________   Date of Grant:          Vesting Commencement Date:       Total Number of Restricted Stock Units:    Vesting Schedule:  Subject to the last sentence of this paragraph: one hundred percent (100%) of the Restricted  Stock Units will vest on the date of the Company’s next annual meeting of stockholders after the  Date of Grant.  Vesting is subject to the Grantee continuing to be a Non-Employee Director of the  Company (a “Service Provider”) through such date.          

 

  - 2 -    By Grantee’s signature and the signature of the representative of the Company below,  Grantee and the Company agree that this Award of Restricted Stock Units is granted under and  governed by the terms and conditions of the Plan and this Award Agreement, including the Terms  and Conditions of Restricted Stock Unit Grant attached hereto as Exhibit A, and all other exhibits,  appendices and addenda attached hereto, all of which are made a part of this document.  Grantee  acknowledges receipt of a copy of the Plan.  Grantee has reviewed the Plan and this Award  Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to  executing this Award Agreement, and fully understands all provisions of the Plan and this Award  Agreement.  Grantee hereby agrees to accept as binding, conclusive and final all decisions or  interpretations of the Committee upon any questions relating to the Plan or this Award Agreement.   Grantee further agrees to notify the Company upon any change in Grantee’s residence address  indicated below.    GRANTEE  BAKKT HOLDINGS, INC.      ____________________________________ ____________________________________  Signature  Signature    _____     Print Name  Print Name             Title      Grantee Residence Address:    ____________________________________  ____________________________________  ____________________________________  ____________________________________  

 

    EXHIBIT A  BAKKT HOLDINGS, INC.  2021 OMNIBUS EMPLOYEE INCENTIVE PLAN  RESTRICTED STOCK UNIT AGREEMENT  TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT GRANT  1. Grant of Restricted Stock Units.  The Company hereby grants to the individual  (“Grantee”) named in the Notice of Restricted Stock Unit Grant of this Award Agreement (the  “Notice of Grant”) under the Plan an Award of Restricted Stock Units, and subject to the terms  and conditions of this Award Agreement and the Plan, which is incorporated herein by reference.   Subject to Section 3.1 of the Plan, in the event of a conflict between the terms and conditions of  the Plan and this Award Agreement, the terms and conditions of the Plan shall prevail.  2. Company’s Obligation to Pay.  Each Restricted Stock Unit represents the right to  receive a share of Company Class A Common Stock (a “Share”) on the date it vests.  Unless and  until a Restricted Stock Unit has vested in the manner set forth in Section 3 or 4, Grantee will have  no right to payment of any such Restricted Stock Unit.  Prior to actual payment of any vested  Restricted Stock Units, such Restricted Stock Unit will represent an unsecured obligation of the  Company, payable (if at all) only from the general assets of the Company.  3. Vesting Schedule.  Except as provided in Section 4, and subject to Section 5, the  Restricted Stock Units awarded by this Award Agreement will vest in accordance with the vesting  provisions set forth in the Notice of Grant.  Unless specifically provided otherwise in this Award  Agreement or other written agreement authorized by the Committee between Grantee and the  Company or any Subsidiary of the Company, as applicable, governing the terms of this Award,  Restricted Stock Units scheduled to vest on a certain date or upon the occurrence of a certain  condition will not vest in accordance with any of the provisions of this Award Agreement, unless  Grantee will have been continuously a Service Provider from the Date of Grant until the date such  vesting occurs.  4. Payment after Vesting.  (a) General Rule.  Subject to Section 7, any Restricted Stock Units that vest  will be paid to Grantee (or in the event of Grantee’s death, to his or her properly designated  beneficiary or estate) in whole Shares.  Subject to the provisions of Section 4(c), such vested  Restricted Stock Units shall be paid in whole Shares as soon as practicable after vesting, but in  each such case within sixty (60) days following the vesting date.  In no event will Grantee be  permitted, directly or indirectly, to specify the taxable year of payment of any Restricted Stock  Units payable under this Award Agreement.  (b) Discretionary Acceleration.  The Committee, in its discretion, may  accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested  Restricted Stock Units at any time, subject to the terms of the Plan.  If so accelerated, such  

 

  - 2 -    Restricted Stock Units will be considered as having vested as of the date specified by the  Administrator.    (c) Section 409A.    (i) If Grantee is a U.S. taxpayer, the payment of Shares vesting pursuant  to this Award Agreement (including any discretionary acceleration under Section 4(b)) shall in all  cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A.  The  prior sentence may be superseded in a future agreement or amendment to this Award Agreement  only by direct and specific reference to such sentence.   (ii) Notwithstanding anything in the Plan or this Award Agreement or  any other agreement (whether entered into before, on or after the Date of Grant), if the vesting of  the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in  connection with the termination of Grantee’s status as a Service Provider (provided that such  termination is a “separation from service” within the meaning of Section 409A, as determined by  the Administrator), other than due to Grantee’s death, and if (x) Grantee is a U.S. taxpayer and a  “specified employee” within the meaning of Section 409A at the time of such termination as a  Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the  imposition of additional tax under Section 409A if paid to Grantee on or within the six (6) month  period following the cessation of Grantee’s status as a Service Provider, then the payment of such  accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day  following the date of cessation of Grantee’s status as a Service Provider, unless Grantee dies  following his or her termination as a Service Provider, in which case, the Restricted Stock Units  will be paid in Shares to Grantee’s estate as soon as practicable following his or her death.   (iii) It is the intent of this Award Agreement that it and all payments and  benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of  Section 409A so that none of the Restricted Stock Units provided under this Award Agreement or  Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and  any ambiguities or ambiguous terms herein will be interpreted to be so exempt or so comply.  Each  payment payable under this Award Agreement is intended to constitute a separate payment for  purposes of Treasury Regulations Section 1.409A-2(b)(2).  To the extent necessary to comply with  Section 409A, references to termination of Grantee’s status as a Service Provider, termination of  employment, or similar phrases will be references to Grantee’s “separation from service” within  the meaning of Section 409A.  In no event will the Company or any Subsidiary of the Company  have any responsibility, liability, or obligation to reimburse, indemnify, or hold harmless Grantee  (or any other person) for any taxes, penalties and interest that may be imposed, or other costs that  may be incurred, as a result of Section 409A.  5. Forfeiture Upon Termination as a Service Provider.  Unless specifically provided  otherwise in this Award Agreement or other written agreement authorized by the Committee  between Grantee and the Company or any of its Subsidiaries, as applicable, governing the terms  of this Award, if Grantee ceases to be a Service Provider for any or no reason, the then-unvested  Restricted Stock Units awarded by this Award Agreement will thereupon be forfeited at no cost to  the Company and Grantee will have no further rights thereunder.  

 

  - 3 -    6. Death of Grantee.  Any distribution or delivery to be made to Grantee under this  Award Agreement, if Grantee is then deceased, will be made to Grantee’s designated beneficiary,  or if no beneficiary survives Grantee, the administrator or executor of Grantee’s estate.  Any such  transferee must furnish the Company with (a) written notice of his or her status as transferee, and  (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance  with any laws or regulations pertaining to said transfer.  7. Tax Obligations.  (a) Responsibility for Taxes.  Grantee acknowledges that, regardless of any  action taken by the Company or, if different, Grantee’s employer or any parent or Subsidiary of  the Company to which Grantee is providing services (together, the “Service Recipients”), the  ultimate liability for any tax and/or social insurance liability obligations and requirements in  connection with the Restricted Stock Units, including, without limitation, (i) all federal, state, and  local taxes (including Grantee’s Federal Insurance Contributions Act (FICA) obligations) that are  required to be withheld by any Service Recipient or other payment of tax-related items related to  Grantee’s participation in the Plan and legally applicable to Grantee, (ii) Grantee’s and, to the  extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any,  associated with the grant, vesting, or settlement of the Restricted Stock Units or sale of Shares,  and (iii) any other Service Recipient taxes the responsibility for which Grantee has, or has agreed  to bear, with respect to the Restricted Stock Units (or settlement thereof or issuance of Shares  thereunder) (collectively, the “Tax Obligations”), is and remains Grantee’s sole responsibility and  may exceed the amount actually withheld by the applicable Service Recipient(s).  Grantee further  acknowledges that no Service Recipient (A) makes any representations or undertakings regarding  the treatment of any Tax Obligations in connection with any aspect of the Restricted Stock Units,  including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the  subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or  other distributions, and (B) makes any commitment to and is under any obligation to structure the  terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Grantee’s  liability for Tax Obligations or achieve any particular tax result.  Further, if Grantee is subject to  Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any  relevant taxable or tax withholding event, as applicable, Grantee acknowledges that the applicable  Service Recipient(s) (or former employer, as applicable) may be required to withhold or account  for Withholding Obligations (as defined below)  in more than one jurisdiction.    (b) Tax Withholding.  Pursuant to such procedures as the Committee may  specify from time to time, the applicable Service Recipient(s) will withhold the amount required  to be withheld for the payment of Tax Obligations (the “Withholding Obligations”).  The  Committee, in its sole discretion and pursuant to such procedures as it may specify from time to  time, may permit Grantee to satisfy such Withholding Obligations, in whole or in part (without  limitation), if permissible by applicable local law, by:  (i) paying cash in U.S. dollars, (ii) having  the Company withhold otherwise deliverable Shares having a fair market value equal to the  minimum amount that is necessary to meet the withholding requirement for such Withholding  Obligations (or such greater amount as Grantee may elect if permitted by the Committee, if such  greater amount would not result in adverse financial accounting consequences) (“Net Share  Withholding”), (iii) withholding the amount of such Withholding Obligations from Grantee’s  wages or other cash compensation paid to Grantee by the applicable Service Recipient(s),  

 

  - 4 -    (iv) delivering to the Company Shares that Grantee owns and that already have vested with a fair  market value equal to the Withholding Obligations (or such greater amount as Grantee may elect  if permitted by the Committee, if such greater amount would not result in adverse financial  accounting consequences), (v) selling a sufficient number of such Shares otherwise deliverable to  Grantee, through such means as the Company may determine in its sole discretion (whether  through a broker or otherwise) equal to the minimum amount that is necessary to meet the  withholding requirement for such Withholding Obligations (or such greater amount as Grantee  may elect if permitted by the Committee, if such greater amount would not result in adverse  financial accounting consequences) (“Sell to Cover”), or (vi) such other means as the Committee  deems appropriate.  If the Withholding Obligations are satisfied by withholding in Shares, for tax  purposes, Grantee is deemed to have been issued the full number of Shares subject to the vested  Restricted Stock Units, notwithstanding that a number of the Shares are held back solely for the  purpose of paying the Withholding Obligations.  To the extent determined appropriate by the  Committee in its discretion, the Committee will have the right (but not the obligation) to satisfy  any Withholding Obligations by Net Share Withholding.  If Net Share Withholding is the method  by which such Withholding Obligations are satisfied, the Company will not withhold on a  fractional Share basis to satisfy any portion of the Withholding Obligations and, unless the  Company determines otherwise, no refund will be made to Grantee for the value of the portion of  a Share, if any, withheld in excess of the Withholding Obligations.  If a Sell to Cover is the method  by which Withholding Obligations are satisfied, Grantee agrees that as part of the Sell to Cover,  additional Shares may be sold to satisfy any associated broker or other fees.  Only whole Shares  will be sold pursuant to a Sell to Cover. Any proceeds from the sale of Shares pursuant to a Sell to  Cover that are in excess of the Withholding Obligations and any associated broker or other fees  will be paid to Grantee in accordance with procedures the Company may specify from time to  time.    (c) Tax Consequences.  Grantee has reviewed with his or her own tax advisers  the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions  contemplated by this Award Agreement.  With respect to such matters, Grantee relies solely on  such advisers and not on any statements or representations of the Company or any of its agents,  written or oral.  Grantee understands that Grantee (and not the Company) shall be responsible for  Grantee’s own tax liability that may arise as a result of this investment or the transactions  contemplated by this Award Agreement.  (d) Company’s Obligation to Deliver Shares.  For clarification purposes, in no  event will the Company issue Grantee any Shares unless and until arrangements satisfactory to the  Committee have been made for the payment of Grantee’s Withholding Obligations.  If Grantee  fails to make satisfactory arrangements for the payment of such Withholding Obligations  hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest  pursuant to Sections 3 or 4 or Grantee’s Withholding Obligations otherwise become due, Grantee  permanently will forfeit such Restricted Stock Units to which Grantee’s Withholding Obligation  relates and any right to receive Shares thereunder and such Restricted Stock Units will be returned  to the Company at no cost to the Company.  Grantee acknowledges and agrees that the Company  may permanently refuse to issue or deliver the Shares if such Withholding Obligations are not  delivered at the time they are due.  

 

  - 5 -    8. Rights as Stockholder.  Neither Grantee nor any person claiming under or through  Grantee will have any of the rights or privileges of a stockholder of the Company in respect of any  Shares deliverable hereunder unless and until certificates representing such Shares (which may be  in book entry form) will have been issued, recorded on the records of the Company or its transfer  agents or registrars, and delivered to Grantee (including through electronic delivery to a brokerage  account).  After such issuance, recordation and delivery, Grantee will have all the rights of a  stockholder of the Company with respect to voting such Shares and receipt of dividends and  distributions on such Shares.  9. No Guarantee of Continued Service.  Grantee acknowledges and agrees that the  vesting of the Restricted Stock Units pursuant to the vesting schedule hereof is earned only by  continuing as a Service Provider through the applicable vesting dates, which unless provided  otherwise under applicable law, is at the will of the applicable Service Recipient and not through  the act of being hired, being granted this Restricted Stock Unit award, or acquiring Shares  hereunder.  Grantee further acknowledges and agrees that this Award Agreement, the transactions  contemplated hereunder, and the vesting schedule set forth herein do not constitute an express or  implied promise of continued engagement as a service provider for the vesting period, for any  period, or at all, and shall not interfere in any way with Grantee’s right or the right of any Service  Recipient to terminate Grantee’s relationship as a service provider, subject to applicable law,  which termination, unless provided otherwise under applicable law or written agreement between  Grantee and the Service Recipient, may be at any time, with or without cause.  10. Grant is Not Transferable.  Except to the limited extent provided in Section 6, this  Award and the rights and privileges conferred hereby will not be transferred, assigned, pledged or  hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale  under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge,  hypothecate or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon  any attempted sale under any execution, attachment or similar process, this Award and the rights  and privileges conferred hereby immediately will become null and void.  11. Nature of Grant.  In accepting this Award of Restricted Stock Units, Grantee  acknowledges, understands and agrees that:  (a) the grant of the Restricted Stock Units is voluntary and occasional and does  not create any contractual or other right to receive future grants of Restricted Stock Units, or  benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the  past;   (b) all decisions with respect to future Restricted Stock Units or other grants, if  any, will be at the sole discretion of the Administrator;   (c) Grantee is voluntarily participating in the Plan;   (d) the Restricted Stock Units and the Shares subject to the Restricted Stock  Units are not intended to replace any pension rights or compensation;  (e) the Restricted Stock Units and the Shares subject to the Restricted Stock  Units, and the income and value of same, are not part of normal or expected compensation for  

 

  - 6 -    purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of- service payments, bonuses, long-service awards, pension or retirement or welfare benefits or  similar payments;   (f) the future value of the Shares underlying the Restricted Stock Units is  unknown, indeterminable, and cannot be predicted with certainty;   (g) for purposes of the Restricted Stock Units, Grantee’s status as a Service  Provider will be considered terminated as of the date Grantee is no longer actively providing  services to the Company or any Parent or Subsidiary (regardless of the reason for such termination  and whether or not later found to be invalid or in breach of employment laws in the jurisdiction  where Grantee is a Service Provider or the terms of Grantee’s employment or service agreement,  if any), and unless otherwise expressly provided in this Award Agreement (including by reference  in the Notice of Grant to other arrangements or contracts) or determined by the Committee,  Grantee’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of  such date and will not be extended by any notice period (e.g., Grantee’s period of service would  not include any contractual notice period or any period of “garden leave” or similar period  mandated under employment laws in the jurisdiction where Grantee is a Service Provider or the  terms of Grantee’s employment or service agreement, if any, unless Grantee is providing bona fide  services during such time); the Committee shall have the exclusive discretion to determine when  Grantee is no longer actively providing services for purposes of this Award of Restricted Stock  Units (including whether Grantee may still be considered to be providing services while on a leave  of absence and consistent with local law).  Further, for the avoidance of doubt, Grantee shall not  be entitled to any pro rata vesting of any Restricted Stock Units should Grantee’s status as a Service  Provider cease before the Restricted Stock Units have fully vested (e.g., if Grantee’s status as a  Service Provider ceases on March 1 before all of the Restricted Stock Units have vested, Grantee  shall not be entitled to any vesting of the Restricted Stock Units that were scheduled to vest on the  immediately following vesting date of March 10);   (h) unless otherwise provided in the Plan or by the Committee in its discretion,  the Restricted Stock Units and the benefits evidenced by this Award Agreement do not create any  entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by,  another company nor be exchanged, cashed out or substituted for, in connection with any corporate  transaction affecting the Shares; and  (i) the following provisions apply only if Grantee is providing services outside  the United States:  (i) the Restricted Stock Units and the Shares subject to the Restricted  Stock Units are not part of normal or expected compensation or salary for any purpose;  (ii) Grantee acknowledges and agrees that no Service Recipient shall be  liable for any foreign exchange rate fluctuation between Grantee’s local currency and the United  States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to  Grantee pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any  Shares acquired upon settlement; and  

 

  - 7 -    (iii) no claim or entitlement to compensation or damages shall arise from  forfeiture of the Restricted Stock Units resulting from the termination of Grantee’s status as a  Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach  of employment laws in the jurisdiction where Grantee is a Service Provider or the terms of  Grantee’s employment or service agreement, if any), and in consideration of the grant of the  Restricted Stock Units to which Grantee is otherwise not entitled, Grantee irrevocably agrees never  to institute any claim against any Service Recipient, waives his or her ability, if any, to bring any  such claim, and releases each Service Recipient from any such claim; if, notwithstanding the  foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in  the Plan, Grantee shall be deemed irrevocably to have agreed not to pursue such claim and agrees  to execute any and all documents necessary to request dismissal or withdrawal of such claim.  12. No Advice Regarding Grant.  The Company is not providing any tax, legal or  financial advice, nor is the Company making any recommendations regarding Grantee’s  participation in the Plan, or Grantee’s acquisition or sale of the Shares underlying the Restricted  Stock Units.  Grantee is hereby advised to consult with his or her own personal tax, legal and  financial advisers regarding his or her participation in the Plan before taking any action related to  the Plan.  13. Data Privacy.  Grantee hereby explicitly and unambiguously consents to the  collection, use and transfer, in electronic or other form, of Grantee’s personal data as described in  this Award Agreement and any other Restricted Stock Unit grant materials by and among, as  applicable, the Service Recipients for the exclusive purpose of implementing, administering and  managing Grantee’s participation in the Plan.  Grantee understands that the Company and the Service Recipient may hold certain personal  information about Grantee, including, but not limited to, Grantee’s name, home address and  telephone number, date of birth, social insurance number or other identification number, salary,  nationality, job title, any Shares or directorships held in the Company, details of all Restricted  Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or  outstanding in Grantee’s favor (“Data”), for the exclusive purpose of implementing, administering  and managing the Plan.    Grantee understands that Data may be transferred to a stock plan service provider, as may  be selected by the Company in the future, assisting the Company with the implementation,  administration and management of the Plan.  Grantee understands that the recipients of the Data  may be located in the United States or elsewhere, and that the recipients’ country of operation  (e.g., the United States) may have different data privacy laws and protections than Grantee’s  country.  Grantee understands that if he or she resides outside the United States, he or she may  request a list with the names and addresses of any potential recipients of the Data by contacting  his or her local human resources representative.  Grantee authorizes the Company, any stock plan  service provider selected by the Company and any other possible recipients which may assist the  Company (presently or in the future) with implementing, administering and managing the Plan to  receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose  of implementing, administering and managing his or her participation in the Plan.  Grantee  understands that Data will be held only as long as is necessary to implement, administer and  manage Grantee’s participation in the Plan.  Grantee understands if he or she resides outside the  

 

  - 8 -    United States, he or she may, at any time, view Data, request additional information about the  storage and processing of Data, require any necessary amendments to Data or refuse or withdraw  the consents herein, in any case without cost, by contacting in writing his or her local human  resources representative.  Further, Grantee understands that he or she is providing the consents  herein on a purely voluntary basis.  If Grantee does not consent, or if Grantee later seeks to revoke  his or her consent, his or her status as a Service Provider and career with the Service Recipient  will not be adversely affected.  The only adverse consequence of refusing or withdrawing  Grantee’s consent is that the Company would not be able to grant Grantee Restricted Stock Units  or other equity awards or administer or maintain such awards.  Therefore, Grantee understands  that refusing or withdrawing his or her consent may affect Grantee’s ability to participate in the  Plan.  For more information on the consequences of Grantee’s refusal to consent or withdrawal of  consent, Grantee understands that he or she may contact his or her local human resources  representative.  14. Address for Notices.  Any notice to be given to the Company under the terms of  this Award Agreement will be addressed to the Company at Bakkt Holdings, Inc., 10000 Avalon  Boulevard, Suite 1000, Alpharetta, Georgia 30009, or at such other address as the Company may  hereafter designate in writing.  15. Successors and Assigns.  The Company may assign any of its rights under this  Award Agreement to single or multiple assignees, and this Award Agreement shall inure to the  benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein  set forth, this Award Agreement shall be binding upon Grantee and Grantee’s heirs, executors,  administrators, successors and assigns.  The rights and obligations of Grantee under this Award  Agreement may be assigned only with the prior written consent of the Company.  16. Additional Conditions to Issuance of Stock.  If at any time the Company will  determine, in its discretion, that the listing, registration, qualification or rule compliance of the  Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and  related regulations or under the rulings or regulations of the U.S. Securities and Exchange  Commission or any other governmental regulatory body or the clearance, consent or approval of  the U.S. Securities and Exchange Commission or any other governmental regulatory authority is  necessary or desirable as a condition to the issuance of Shares to Grantee (or his or her estate)  hereunder, such issuance will not occur unless and until such listing, registration, qualification,  rule compliance, clearance, consent or approval will have been completed, effected or obtained  free of any conditions not acceptable to the Company.  Subject to the terms of the Award  Agreement and the Plan, the Company will not be required to issue any certificate or certificates  for (or make any entry on the books of the Company or of a duly authorized transfer agent of the  Company of) the Shares hereunder prior to the lapse of such reasonable period of time following  the date of vesting of the Restricted Stock Units as the Committee may establish from time to time  for reasons of administrative convenience.  17. Language.  If Grantee has received this Award Agreement or any other document  related to the Plan translated into a language other than English and if the meaning of the translated  version is different than the English version, the English version will control.  

 

  - 9 -    18. Interpretation.  The Committee will have the power to interpret the Plan and this  Award Agreement and to adopt such rules for the administration, interpretation and application of  the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not  limited to, the determination of whether or not any Restricted Stock Units have vested).  All actions  taken and all interpretations and determinations made by the Committee in good faith will be final  and binding upon Grantee, the Company and all other interested persons.  Neither the Committee  nor any person acting on behalf of the Committee will be personally liable for any action,  determination or interpretation made in good faith with respect to the Plan or this Award  Agreement.  19. Electronic Delivery and Acceptance.  The Company may, in its sole discretion,  decide to deliver any documents related to the Restricted Stock Units awarded under the Plan or  future Restricted Stock Units that may be awarded under the Plan by electronic means or require  Grantee to participate in the Plan by electronic means.  Grantee hereby consents to receive such  documents by electronic delivery and agrees to participate in the Plan through any on-line or  electronic system established and maintained by the Company or a third party designated by the  Company.  20. Captions.  Captions provided herein are for convenience only and are not to serve  as a basis for interpretation or construction of this Award Agreement.  21. Amendment, Suspension or Termination of the Plan.  By accepting this Award,  Grantee expressly warrants that he or she has received an Award of Restricted Stock Units under  the Plan, and has received, read and understood a description of the Plan.  Grantee understands  that the Plan is discretionary in nature and may be amended, suspended or terminated by the  Committee at any time.  22. Country Addendum.  Notwithstanding any provisions in this Award Agreement,  the Restricted Stock Unit grant shall be subject to any special terms and conditions set forth in an  appendix (if any) to this Award Agreement for any country whose laws are applicable to Grantee  and this Award of Restricted Stock Units (as determined by the Committee in its sole discretion)  (the “Country Addendum”).  Moreover, if Grantee relocates to one of the countries included in the  Country Addendum (if any), the special terms and conditions for such country will apply to  Grantee, to the extent the Company determines that the application of such terms and conditions  is necessary or advisable for legal or administrative reasons.  The Country Addendum (if any)  constitutes a part of this Award Agreement.  23. Modifications to the Award Agreement.  This Award Agreement constitutes the  entire understanding of the parties on the subjects covered.  Grantee expressly warrants that he or  she is not accepting this Award Agreement in reliance on any promises, representations, or  inducements other than those contained herein.  Modifications to this Award Agreement can be  made only in an express written contract executed by a duly authorized officer of the Company.   Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company  reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole  discretion and without the consent of Grantee, to comply with Section 409A or to otherwise avoid  imposition of any additional tax or income recognition under Section 409A in connection with this  Award of Restricted Stock Units.  

 

  - 10 -    24. No Waiver.  Either party’s failure to enforce any provision or provisions of this  Award Agreement shall not in any way be construed as a waiver of any such provision or  provisions, nor prevent that party from thereafter enforcing each and every other provision of this  Award Agreement.  The rights granted both parties herein are cumulative and shall not constitute  a waiver of either party’s right to assert all other legal remedies available to it under the  circumstances.  25. Governing Law; Severability.  This Award Agreement and the Restricted Stock  Units are governed by the internal substantive laws, but not the choice of law rules, of the State of  Delaware.  In the event that any provision hereof becomes or is declared by a court of competent  jurisdiction to be illegal, unenforceable or void, this Award Agreement shall continue in full force  and effect.   26. Entire Agreement.  The Plan is incorporated herein by reference.  The Plan and this  Award Agreement (including the exhibits, appendices, and addenda attached to the Notice of  Grant) constitute the entire agreement of the parties with respect to the subject matter hereof and  supersede in their entirety all prior undertakings and agreements of the Company and Grantee with  respect to the subject matter hereof, and may not be modified adversely to Grantee’s interest except  by means of a writing signed by the Company and Grantee.  *          *          *

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