Document:

EX-10.4

 Exhibit 10.4 

January 10, 2022 
 Trebia Acquisition Corp. 

41 Madison Avenue, Suite 2020 
 New York, NY 10010 

S1 Holdco LLC 
 System1 SS Protect Holdings, Inc. 

Re: Amended and Restated Sponsor Agreement 
 Ladies and
Gentlemen: 
 This amended and restated letter (this “Sponsor Agreement”) is being delivered to you in accordance
with that certain Business Combination Agreement (the “BCA”), dated as of June 28, 2021, as amended on November 30, 2021 and as further amended on the date hereof, by and among Trebia Acquisition Corp., a Cayman
Islands exempted company (“Trebia”), S1 Holdco, LLC, a Delaware limited liability company (“S1 Holdco”), Orchid Merger Sub I, Inc., a Delaware corporation and direct, wholly owned subsidiary of Trebia,
Orchid Merger Sub II, LLC, a Delaware limited liability company, Orchid Finco LLC, a Delaware limited liability company, System1 SS Protect Holdings, Inc., a Delaware corporation (“Protected”), Trasimene Trebia, LP, a
Delaware limited partnership (the “T Sponsor”) BGPT Trebia LP, a Cayman Islands exempted limited partnership (the “B Sponsor” and together with the T Sponsor, the “Sponsors”)
and the Protected Rollover Parties (as defined in the BCA), and hereby amends and restates in their entirety (a) that certain letter, dated June 28, 2021, by and among the parties hereto, as amended December 1, 2021 (the
“Signing Sponsor Letter Agreement” ), (b) that certain letter, dated June 19, 2020, from the Sponsors to Trebia (the “Prior Sponsor Letter Agreement”) and (c) that certain letter, dated
June 19, 2020 from each of the other persons undersigned thereto (each, an “Insider”) to Trebia (the “Prior Insider Letter Agreement” and, together with the Prior Sponsor Letter
Agreement, the “Prior Letter Agreements”). Certain capitalized terms used herein are defined in Paragraph 10 and Paragraph 6(d). Capitalized terms used but not defined herein shall have the respective meanings given to them
in the BCA. 
 On or prior to the date hereof, Trebia obtained an equity commitment in the amount of up to $250,000,000 from Cannae
Holdings, Inc. (“Cannae” and, together with the Insiders and the Sponsors, the “Sponsor Persons”), which amount will be used to fund (A) to the extent that the Trebia Shareholder Redemption Value
(as defined in the BCA), if any, is less than $200,000,000, fifty percent (50%) of such amount, (B) to the extent that the Trebia Shareholder Redemption Value, if any, is in excess of $200,000,000 but less than $300,000,000, the amount funded
pursuant to clause (A) plus one-hundred percent (100%) of such amount between $200,000,000 and $300,000,000, and (C) to the extent that the Trebia Shareholder Redemption Value, if any, is in
excess of $417,500,000 but less than $517,500,000, the amount funded pursuant to clause (A) plus the amount funded pursuant to clause (B) plus fifty percent (50%) of such amount between $417,500,000 and $517,500,000 (any
Backstop Purchase Shares (as defined in the Backstop Agreement) purchased by Cannae pursuant to this clause (C) (other than as a result of clause (A) or clause (B)), the “Additional Backstop Purchase Shares”), in each
case subject to the terms and conditions of that certain Amended and Restated Backstop Facility Agreement by and between Cannae and Trebia (the “Backstop Agreement” and the amount actually funded by Cannae the
“Cannae Backstopped Amount”), which requires Cannae to subscribe and purchase a number of shares of Trebia Class A Common Stock equal to (a) the amount actually funded by Cannae pursuant to the Backstop Agreement
divided by (b) $10.00 (such subscription, the “Cannae Subscription”), subject to the terms, conditions and limitations therein. 

 The Sponsors and certain of the Insiders are currently, and as of immediately prior to the
Closing will be, the record owners of all of the outstanding Founder Shares, with each such Person’s ownership detailed on Schedule A hereto. 

As described further in Paragraph 24, Schedule A will be updated from time to time to reflect any Sponsor Person ownership changes
following the date hereof. 
 In order to induce Trebia, S1 Holdco and Protected to enter into the BCA and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Sponsor Person hereby agrees, severally and not jointly, with Trebia, S1 Holdco and Protected as follows: 

1. Voting Obligations. During the Interim Period, each Sponsor Person, in its capacity as a holder of Covered Shares, agrees irrevocably and
unconditionally that, at the Special Meeting or at any other meeting of the shareholders of Trebia (whether annual or special and whether or not an adjourned or postponed meeting, however called, and including any adjournment or postponement
thereof), in connection with any written consent of shareholders of Trebia and in connection with any similar vote or consent of the holders of Trebia Warrants, in their capacities as such, such Sponsor Person shall, and shall cause any other holder
of record of any of such Sponsor Person’s Covered Shares to: 
 (a) when any such meeting is held, appear at such meeting or otherwise
cause such Sponsor Person’s Covered Shares to be counted as present thereat for the purpose of establishing a quorum; 
 (b) vote (or
duly and promptly execute and deliver an action by written consent), or cause to be voted at any such meeting (or cause any such consent to be duly and promptly executed and delivered with respect to), all of such Sponsor Person’s Covered
Shares owned as of the record date for determining holders entitled to vote at such meeting (or the record date for determining holders entitled to provide such consent) in favor of the Trebia Shareholder Matters and any other matters necessary or
reasonably requested by S1 Holdco for consummation of the Transactions; and 
 (c) vote (or duly and promptly execute and deliver an action
by written consent), or cause to be voted at any such meeting (or cause any such consent to be duly and promptly executed and delivered with respect to), all of such Sponsor Person’s Covered Shares against any Business Combination Proposal (as
defined below) and any other action that is intended, or would reasonably be expected, to (i) impede, interfere with or delay or postpone the consummation of, or otherwise adversely affect, any of the Transactions, (ii) result in a breach
of any representation, warranty, covenant or other obligation or agreement of Trebia under the BCA or any other Transaction Agreement or result in a breach of any representation, warranty, covenant or other obligation or agreement of such Sponsor
Person under this Sponsor Agreement or (iii) change in any manner the dividend policy or capitalization of, including the voting rights of any class of capital stock of, Trebia, other than, in each case, pursuant to the Trebia Shareholder
Matters. 
 The obligations of the Sponsor Persons pursuant to this Paragraph 1 shall apply whether or not the board of directors or other
governing body of Trebia, or any committee, subcommittee or subgroup thereof, recommends the Trebia Shareholder Matters or any other matters necessary or advisable for consummation of the Transactions, and whether or not such board or other
governing body, committee, subcommittee or subgroup thereof changes, withdraws, withholds, qualifies or modifies, or publicly proposes to change, withdraw, withhold, qualify or modify, the Trebia Board Recommendation. 

2. No Inconsistent Agreements. Each Sponsor Person hereby covenants and agrees that it shall not, at any time prior to the termination of this Sponsor
Agreement, (i) enter into any voting agreement or voting trust with respect to any of such Sponsor Person’s Covered Shares that is inconsistent with such 

  
 2 

 
Sponsor Person’s obligations pursuant to this Sponsor Agreement, (ii) grant a proxy or power of attorney with respect to any of the Sponsor Person’s Covered Shares that is
inconsistent with the Sponsor Person’s obligations pursuant to this Sponsor Agreement, or (iii) enter into any agreement or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent it from
satisfying, its obligations pursuant to this Sponsor Agreement. 
 3. Exclusivity. During the Interim Period, no Sponsor Person shall take, nor shall
it permit any of its Affiliates or any of its or their respective Representatives to take, whether directly or indirectly, any action to (a) solicit, initiate, continue or engage in discussions or negotiations with, or enter into any agreement
with, or encourage, respond, provide information to or commence due diligence with respect to, any Person (other than S1 Holdco, Protected, any of their respective equityholders or any Affiliates or Representatives of any of the foregoing),
concerning, relating to or which is intended or is reasonably likely to give rise to or result in, any offer, inquiry, proposal or indication of interest, written or oral relating to any Business Combination (a “Business Combination
Proposal”) or (b) approve, endorse or recommend, or make any public statement approving, endorsing or recommending, any Business Combination Proposal, in the case of each of clauses (a) and (b), other than a Business
Combination Proposal with Trebia, S1 Holdco, Protected, each their equityholders and their respective Affiliates and Representatives. Each Sponsor Person shall, and shall cause its Affiliates and Representatives to, immediately cease any and all
existing discussions or negotiations with any Person conducted prior to the date hereof with respect to, or which is reasonably likely to give rise to or result in, a Business Combination Proposal, other than with S1 Holdco, Protected, any of their
respective equityholders or any Affiliates or Representatives of any of the foregoing. 
 4. Waiver of Certain Rights. Each Sponsor Person hereby
irrevocably and unconditionally agrees: 
 (a) not to (i) demand that Trebia redeem its or their Covered Shares in connection with the
Transactions or (ii) otherwise participate in any such redemption by tendering or submitting any of its Covered Shares for redemption; and 

(b) not to commence or participate in, and to take all actions necessary to opt out of any class in, any class action with respect to, any
claim, derivative or otherwise, against Trebia, S1 Holdco, Protected, any Affiliate of Trebia, S1 Holdco or Protected, or any designee of any Sponsor Person, S1 Holdco or Protected acting in its capacity as director, officer or manager or in any
similar capacity or any of their respective successors and assigns relating to the negotiation, execution or delivery of this Sponsor Agreement, the BCA or the consummation of the Transactions. 

5. Transfer Restrictions. 
 (a) Interim
Period. During the Interim Period, except as expressly contemplated herein (including in accordance with Paragraph 6 of this Sponsor Agreement), by the BCA or by any other Transaction Agreement, each Sponsor Person shall not, and shall cause any
other holder of record of any of such Sponsor Person’s Covered Shares not to, Transfer any such Sponsor Person’s Covered Shares. 

(b) Post-Closing: Covered Shares. For the period beginning on the Closing until the earlier of (i) 180 days thereafter, or (ii) if
the VWAP of the Trebia Class A Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20) trading days within a period of
thirty (30) consecutive trading days, 150 days thereafter (such applicable period, the “Lock-Up Period”), each Sponsor Person shall not, and shall cause any other holder of record
of any of such Sponsor Person’s Covered Shares not to, Transfer any of such Sponsor Person’s Covered Shares. Notwithstanding the immediately preceding sentence, following the Closing, Transfers of Covered Shares that are held by any
Sponsor Person, or any of its Permitted 

  
 3 

 
Transferees (as defined below) that have entered into a written agreement of the type contemplated by the proviso in this sentence, are permitted (1) to Trebia’s officers or directors,
any Affiliates or family members of any of Trebia’s officers or directors, any members or partners of any Sponsor Person or their Affiliates, or any employees of such Sponsor Person or such Affiliates; (2) in the case of an individual, by
gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an Affiliate of such Person, or as a bona fide gift or gifts, including to charitable
organizations; (3) in the case of an individual, by will, other testamentary document or intestacy; (4) by operation of such Person’s organizational documents upon liquidation or dissolution of such Person; (5) to any trust for
the direct or indirect benefit of any Sponsor Person or the immediate family of a Sponsor Person, or if any Sponsor Person is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (6) to a
partnership, limited liability company or other entity of which any Sponsor Person and the immediate family of such Sponsor Person are the legal and beneficial owner of all of the outstanding equity securities or similar interests; (7) if the
Sponsor Person is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule
405 promulgated under the Securities Act of 1933, as amended) of such Sponsor Person, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with such Sponsor Person or affiliates of such
Sponsor Person (including, for the avoidance of doubt, where such Sponsor Person is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to
members or shareholders of such Sponsor Person; (8) to a nominee or custodian of any person or entity to whom a Transfer would be permissible under clauses (1) through (7) above; (9) in the case of an individual, by operation of law,
such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or related court order; (10) to any transferee in a Transfer approved by Trebia’s board of directors following the Closing; or
(11) from and after the Closing, pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by Trebia’s board of directors and made to all holders of shares of Trebia’s
capital stock involving a Change of Control (as defined below) (including negotiating and entering into an agreement providing for any such transaction), provided that in the event that such tender offer, merger, consolidation or other similar
transaction is not completed, the Sponsor Persons’ Covered Shares shall remain subject to the provisions of this paragraph; provided, that each transferee contemplated by clauses (1) through (9) (each, a “Permitted
Transferee”) must enter into a written agreement with Trebia agreeing to be bound by the restrictions in this Sponsor Agreement; provided, further, that (x) in the case of any Transfer of Covered Shares pursuant to
clauses (1) through (9) above, (A) such Transfer shall not involve a disposition for value; (B) the Covered Shares shall remain subject to the transfer restrictions; (C) any required public report or filing (including filings
under Section 16(a) of the Exchange Act), shall disclose the nature of such Transfer and that the Covered Shares remain subject to the transfer restrictions; and (D) there shall be no voluntary public disclosure or other announcement of
such Transfer; and (y) a Sponsor Person may enter into a trading plan established in accordance with Rule 10b5-1 under the Exchange Act during the Lock-Up Period so
long as no Transfers are effected under such trading plan prior to the expiration of the Lock-Up Period. 

(c) Notwithstanding anything herein to the contrary, the Covered Shares may be pledged by any Sponsor Person or any of its Permitted
Transferees (as defined below) in connection with a bona fide margin agreement; provided, that such pledge shall be (x) pursuant to an available exemption from the registration requirements of the Securities Act or (y) pursuant to,
and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge, and the person effecting a pledge of Covered Shares in reliance upon this proviso shall not be required to provide Trebia with
any notice thereof. 

  
 4 

 (d) Any Transfer in violation of the provisions of this Paragraph 5 shall be null and void
ab initio and of no force or effect. 
 6. Earnout Shares; Backstop Share Forfeiture and Issuance; Founder Warrant Transfer. 

(a) Sponsor Earnout Shares; System1 Earnout RSUs. The Sponsors acknowledge and agree that, as applicable and subject to the satisfaction
or waiver of each of the conditions to Closing set forth in Sections 13.01 and 13.02 of the BCA: 
 (i) At the Closing, certain Sponsor
Persons will: 
  

	 	(A)	 exchange, in the amounts set forth on Schedule A, 1,450,000 Founder Shares held by such Sponsor Persons
for 1,450,000 shares of Class D Common Stock, on a one-for-one basis (such shares as exchanged, the “Sponsor Earnout Shares”); The Sponsor
Earnout Shares shall be subject to the provisions of this Paragraph 6 and the Trebia Organizational Documents, including the following provisions: 

  

	 	(1)	 Each Sponsor Earnout Share shall be unvested and restricted, and each such share shall vest automatically and
cease to be subject to any restrictions as of the occurrence of a Class D Conversion Event; provided that, during the Lock-Up Period, Paragraph 5(b), Paragraph 5(c), and Paragraph 5(d) hereof shall
apply to the shares of Trebia Class A Common Stock issued upon any such conversion event; 

  

	 	(2)	 Upon the occurrence of a Class D Conversion Event, each share of Class D Common Stock shall
automatically convert into one share of Trebia Class A Common Stock; 

  

	 	(3)	 To the extent that, on or prior to the fifth (5th) anniversary of the Closing Date, a Class D Conversion
Event shall not have occurred in accordance with the Trebia Organizational Documents, all outstanding Sponsor Earnout Shares that shall not have been converted into shares of Trebia Class A Common Stock shall automatically be forfeited and
surrendered to Trebia for no consideration. Following such forfeiture, the Sponsor Earnout Shares shall be cancelled, no longer outstanding and become void and of no further effect; and 

 

	 	(4)	 Within thirty (30) days following the Closing Date, each Sponsor Person (or any Permitted Transferee of
such Sponsor Person) shall file with the Internal Revenue Service (via certified mail, return receipt requested) a completed election, on a protective basis, under Section 83(b) of the Code and the regulations promulgated thereunder, with
respect to the Sponsor Earnout Shares into which their Founder Shares converted, in the form attached hereto as Exhibit A and, upon such filing, shall thereafter provide Trebia with a copy of such election. Each such Sponsor Person (or any
Permitted Transferee of such Sponsor Person) should consult their tax advisor regarding the consequences of Code Section 83(b) elections, as well as the receipt, holding, conversion and sale of the Sponsor Earnout Shares; and

  
 5 

	 	(B)	 forfeit, based on the percentages set forth on Schedule A, an aggregate of 1,450,000 Founder Shares held
by such Sponsor Persons in connection with Trebia’s obligation to issue a number of RSUs to the those Persons and subject to the terms, conditions, and limitations of Section 11.13 of the BCA, (such RSUs when and as issued, the
“System1 Earnout RSUs”). 

 (b) Backstop Shares Forfeiture. Immediately prior to Closing,
certain Sponsor Persons shall forfeit, in the aggregate and based on the percentages set forth on Schedule A: 
 (i) an aggregate
number of Founder Shares, if any, equal to the product of (x) 1,275,510 multiplied by (y) the Cannae Backstop Utilization Rate (the “Initial Founder Shares Forfeited to Cannae”); 

(ii) an aggregate number of Founder Shares, if any, equal to the product of (x) 1,000,000 multiplied by (y) the S1/Protected
Backstop Utilization Rate (the “Founder Shares Forfeited to S1/Protected”); and 
 (iii) an aggregate number of
Founder Shares, if any, equal to the product of (x) 1,352,941.156 multiplied by (y) the Additional Cannae Backstop Utilization Rate (the “Additional Founder Shares Forfeited to Cannae” and together with the
Initial Founder Shares Forfeited to Cannae, the “Founder Shares Forfeited to Cannae”). 
 (c) Backstop Share
Issuance. Immediately prior to Closing, Trebia shall issue: 
 (i) to Cannae, an aggregate number of shares of Class A Common Stock
equal to the Founder Shares Forfeited to Cannae, subject to the terms, conditions and limitations of Section 2(b) of the Backstop Agreement; and 

(ii) to the S1/Protected Persons, an aggregate number of shares of Class A Common Stock equal to the Founder Shares Forfeited to
S1/Protected, subject to the terms, conditions and limitations of the BCA. 
 (d) Founder Trebia Warrant Transfer. At the Closing,
pursuant to the terms of the BCA, B Sponsor shall transfer an aggregate amount of 1,000,000 Founder Trebia Warrants to Lone Star Friends Trust and JDI. 

(e) For the purposes of this Agreement: 

(i) “Additional Cannae Backstop Utilization Rate” means the quotient obtained by dividing (x) the
Additional Allocated Cannae Amount by (y) 5,000,000. 
 (ii) “Additional Allocated Cannae Amount” means an amount
equal to fifty percent (50%) of the difference between (x) the number of Redeemed Shares and (y) 41,750,000 (the “Additional Cannae Backstopped Amount”). If the Additional Cannae Backstopped Amount is equal to a number
less than zero (0), then the Additional Allocated Cannae Amount shall be equal to zero (0). If the Additional Cannae Backstopped Amount is equal to a number greater than 5,000,000, then the Additional Allocated Cannae Amount shall be 5,000,000.
Under no circumstances shall the Additional Allocated Cannae Amount be greater than 5,000,000. 

  
 6 

 (iii) “Allocated S1/Protected Amount” means an amount equal to fifty
percent (50%) of the difference between (x) the number of Redeemed Shares and (y) 41,750,000 (the “System1 Backstopped Amount”). If the System1 Backstopped Amount is equal to a number less than zero (0), then the
Allocated S1/Protected Amount shall be equal to zero (0). If the System1 Backstopped Amount is equal to a number greater than 5,000,000, then the Allocated S1/Protected Amount shall be 5,000,000. Under no circumstances shall the Allocated
S1/Protected Amount be greater than 5,000,000. 
 (iv) “Initial Allocated Cannae Amount” means an amount equal to the
difference between (x) the Initial Cannae Subscription Amount and (y) 7,500,000 (the “Net Cannae Backstopped Amount”). If the Net Cannae Backstopped Amount is equal to a number less than zero
(0), then the Initial Allocated Cannae Amount shall be equal to zero (0). If the Net Cannae Backstopped Amount is equal to a number greater than 12,500,000, then the Initial Allocated Cannae Amount shall be 12,500,000. Under no circumstances shall
the Initial Allocated Cannae Amount be greater than 12,500,000. 
 (v) “Initial Cannae Backstop Utilization Rate”
means the quotient obtained by dividing (x) the Initial Allocated Cannae Amount by (y) 12,500,000. 
 (vi) “Initial
Cannae Subscription Amount” means an amount equal to (x) the aggregate amount of the Cannae Subscription minus (y) the Additional Allocated Cannae Amount. 

(vii) “Redeemed Shares” means the number of Class A ordinary shares redeemed by Trebia shareholders at the Special
Meeting. 
 (viii) “S1/Protected Backstop Utilization Rate” means the quotient obtained by dividing
(x) the Allocated S1/Protected Amount by (y) 5,000,000. 
 (ix) “Class D Common
Stock”, and “Class D Conversion Event” each have the meaning given to such term in the Trebia Organizational Documents. 

7. Certain Securities Law Representations and Warranties. Each Sponsor Person hereby represents and warrants as follows: 

(a) it has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked; 
 (b) if such Sponsor Person is an Insider, its biographical information
furnished to Trebia, if any (including any such information included in the Registration Statement), is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background; 

(c) its responses in any completed questionnaire furnished by it to Trebia in connection with this Sponsor Agreement or the transactions
contemplated hereby are true and accurate in all material respects; 
 (d) it is not subject to or a respondent in any Action involving any
injunction, cease-and-desist order or other order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any
jurisdiction; and 

  
 7 

 (e) it has never been convicted of, or pleaded guilty to, any crime (i) involving any
fraud, (ii) relating to any financial transaction or the handling of funds of another Person or (iii) pertaining to any dealings in any securities, and it is not currently a defendant in any such criminal proceeding. 

8. Certain Payments. No Sponsor Person, nor any Affiliate thereof, nor any director, officer or manager of (or person acting in a similar capacity with
respect to) Trebia, shall receive from Trebia, any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of, Trebia’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial
Business Combination and, subject to the terms of the BCA and as disclosed in connection therewith, each of which shall, as of and in connection with the Closing, be paid off in full and no further liabilities or obligations in respect thereof shall
be due and owing by Trebia or any of its Subsidiaries from and after the Closing: (a) reimbursement of funds advanced to Trebia by the Sponsors to cover offering-related and organizational expenses; (b) reimbursement for office space and
administrative support services provided to Trebia by the B Sponsor in the amount of $10,000 per month; and (c) reimbursement of legal fees and expenses incurred by either of the Sponsors or any of their respective officers or directors in
connection with Trebia’s formation and their services to Trebia (which, for the avoidance of doubt, shall not include legal fees and expenses incurred in connection with the initial Business Combination, which shall be Trebia Transaction
Expenses). During the Interim Period, each Sponsor Person agrees not to enter into, modify or amend any Contract between or among any Sponsor Person or any Affiliate thereof, on the one hand, and Trebia or any of its Subsidiaries, on the other hand,
that would contradict, limit, restrict or impair any Person’s ability to perform or satisfy any obligation under this Sponsor Agreement or the BCA. 

9. Service as Officer or Director. Each Sponsor Person has full right and power, without violating any agreement to which it is bound (including any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Sponsor Agreement and, as applicable, to serve as an officer, director
or manager of (or in a similar capacity with respect to) Trebia. 
 10. Definitions. As used herein, the following terms shall have the respective
meanings set forth below: 
 (a) “Beneficially Own” means to exercise voting or dispositive authority over a relevant
security, as determined under Rule 13d-3 of the Exchange Act. 
 (b) “Business
Combination” has the meaning given to it in the Prior Letter Agreements. 
 (c) “Change of Control”
means the transfer to or acquisition by (whether by tender offer, merger, consolidation, division or other similar transaction), in one transaction or a series of related transactions, a person or entity or group of affiliated persons or entities
(other than an underwriter pursuant to an offering), of Trebia’s voting securities if, after such transfer or acquisition, such person, entity or group of affiliated persons or entities would beneficially own (as defined in Rule 13d-3 promulgated under the Exchange Act) more than 50% of the outstanding voting securities of Trebia. 

(d) “Covered Shares” means all Founder Shares, Trebia Ordinary Shares (prior to the Domestication), shares of Trebia
Common Stock (following the Domestication) (including shares issued in connection with the Class D Conversion Event, the System1 Earnout RSUs and pursuant to the Backstop Agreement) and other shares of capital stock or equity securities of
Trebia, which any Sponsor Person owns or has the obligation to acquire as of the date hereof; provided that “Covered Shares” shall not include (x) any Additional Backstop Purchase Shares, (y) 50% of the Class A Common
Stock issued to Cannae pursuant to Paragraph 6(c)(i) as a result of the Initial Founder Shares Forfeited to Cannae or (z) any Class A Common Stock issued to Cannae pursuant to Paragraph 6(c)(i) as a result of the Additional Founder Shares
Forfeited to Cannae. 

  
 8 

 (e) “Founder Shares” means: (i) as of the date hereof, the
12,937,500 shares of Trebia Class B Ordinary Shares that were purchased in a private placement prior to the IPO; (ii) following the Domestication, the 11,487,500 shares of Trebia Class A Common Stock and 1,450,000 shares of Trebia
Class D Common Stock into which the aggregate amount of shares of Trebia Class B Ordinary Shares referred to in clause (i) are converted pursuant to the Domestication; and (iii) the 11,487,500 shares of Trebia Class A Common
Stock referred to in clause (ii) and the 1,450,000 shares of Trebia Class A Common Stock into which the 1,450,000 shares of Trebia Class D Common Stock referred to in clause (ii) are converted following the Class D
Conversion Event, if applicable, and, each such share, a “Founder Share”. 
 (f) “IPO” has
the meaning given to it in the Prior Letter Agreements. 
 (g) “Registration Statement” has the meaning given to it
in the Prior Letter Agreements. 
 (h) “S1/Protected Person” means Sellers (as defined in the BCA) other than the CSC
Blockers, the Blocker Parents and the Court Square GPs (each as defined in the BCA). 
 (i) “Shareholders Agreement”
means that certain Shareholders Agreement to be entered into in connection with the Closing, an agreed form of which is attached as Exhibit E to the BCA. 

(j) “Transfer” means any direct or indirect (i) offer, sale, contract to sell, sale of any option or contract to
purchase, purchase of any option or contract to sell, grant of any option, right or warrant to purchase, lending, or other transfer or disposition of any Covered Shares, (ii) entry into any hedging, swap or other agreement or transaction that
transfers, in whole or in part, any of the economic consequences of ownership of the Covered Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) any voluntary public disclosure of
any action contemplated in the foregoing clauses (i) and (ii). 
 (k) “VWAP” means, for any security as of any
date(s), the dollar volume-weighted average price for such security on the principal securities exchange or securities market on which such security is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg L.P. (or an equivalent successor if such page is not available) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg L.P.
(or an equivalent successor if such page is not available), or, if no dollar volume-weighted average price is reported for such security by Bloomberg L.P. (or an equivalent successor if such page is not available) for such hours, the average of the
highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported by OTC Markets Group Inc. If the VWAP cannot be calculated for such security on such date(s) on any of the foregoing bases, the VWAP
of such security on such date(s) shall be the fair market value per share on such date(s) as reasonably determined by Trebia’s board of directors. 

11. Entire Agreement; Amendment; No Reliance. This Sponsor Agreement and the other agreements referenced herein constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the 

  
 9 

 
transactions contemplated hereby, including, with respect to the Sponsor Persons, the Prior Letter Agreements. This Sponsor Agreement may not be changed, amended, modified or waived (other than
to correct a typographical error) as to any particular provision, except by a written instrument executed by the parties hereto. Each of Trebia and the Sponsor Persons hereby acknowledges and agrees, on behalf of itself, its Affiliates and its
Representatives, that, in connection with its entry into this Sponsor Agreement and (if applicable) the BCA, none of the foregoing Persons has relied on any representations or warranties of any S1/Protected Person or otherwise except for those
expressly set forth herein or in the BCA or any other Transaction Agreement. 
 12. Assignment. No party hereto may, except as set forth herein,
assign either this Sponsor Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties; provided, that no such consent shall be required for Cannae to assign this Sponsor
Agreement or any of its rights, interests, or obligations hereunder to Cannae Holdings, LLC. Any purported assignment in violation of this Paragraph 12 shall be null and void ab initio and of no force or effect and shall not operate to
transfer or assign any interest or title to the purported assignee. This Sponsor Agreement shall be binding on the parties hereto and their respective successors, heirs, personal representatives, assigns and (in the case of the Sponsor Persons)
Permitted Transferees. 
 13. No Third-Party Beneficiaries. Nothing in this Sponsor Agreement shall be construed to confer upon, or give to, any
Person other than the parties hereto any right, remedy or claim under or by reason of this Sponsor Agreement or of any covenant, condition, stipulation, promise or agreement hereof; provided, that the S1/Protected Persons are intended third
party beneficiaries of Paragraphs 6(c), 6(d), 11, 22, and 25 of this Agreement to the extent expressly set forth therein. All covenants, conditions, stipulations, promises and agreements contained in this Sponsor Agreement shall be for the sole and
exclusive benefit of the parties hereto, and their respective successors, heirs, personal representatives and assigns and (in the case of the Sponsor Persons) Permitted Transferees. 

14. Captions; Counterparts. The captions in this Sponsor Agreement are for convenience only and shall not be considered a part of or affect the
construction or interpretation of any provision of this Sponsor Agreement. This Sponsor Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
 15. Severability. This Sponsor Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Sponsor Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Sponsor Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

16. Governing Law; Jurisdiction; Waiver of Jury Trial. Sections 15.06 and 15.12 of the BCA are incorporated herein by reference, mutatis
mutandis. 
 17. Notices. Any notice, consent or request to be given to Trebia, S1 Holdco or Protected in connection with any of the terms or
provisions of this Sponsor Agreement shall be in writing and shall be sent or given in accordance with the terms of Section 15.02 of the BCA. Any notice, consent or request to be given to any Sponsor Person in connection with any of the terms
or provisions of this Sponsor Agreement shall be in writing and shall be sent or given to the attention of such Sponsor Person, c/o Trebia, at the address or email address for Trebia set forth in Section 15.02 of the BCA. 

18. Termination. This Sponsor Agreement shall terminate on the earlier of (a) the valid termination of the BCA (in which case this Sponsor
Agreement shall be of no force or effect and shall revert to the Prior Sponsor Letter Agreement or Prior Insider Letter Agreement, as the case may be) and (b) the expiration of the Lock-Up Period;
provided, that no such termination (including one that results in a reversion to the Prior Sponsor Letter Agreement or Prior Insider Letter Agreement under clause (a)) shall relieve any party hereto from any liability resulting from its pre-termination breach of this Sponsor Agreement. 

  
 10 

 19. Other Representations and Warranties. Each Sponsor Person hereby represents and warrants
(severally, as to itself only, and not jointly) to Trebia, S1 Holdco and Protected as follows: (a) if such Person is not an individual, it is duly organized, validly existing and in good standing (to the extent such concept is recognized) under
the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated hereby are within such
Person’s corporate, limited liability company or other organizational powers and have been duly authorized by all necessary corporate, limited liability company or other organizational actions on the part of such Person; (b) if such Person
is an individual, such Person has full legal capacity, right and authority to execute and deliver this Sponsor Agreement and to perform its obligations hereunder; (c) this Sponsor Agreement has been duly executed and delivered by such Person
and, assuming due authorization, execution and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally valid and binding obligation of such Person, enforceable against such Person in accordance with the
terms hereof (except as enforceability may be limited by the Enforceability Exceptions); (d) the execution and delivery of this Sponsor Agreement by such Person do not, and the performance by such Person of its obligations hereunder will not,
(i) if such Person is not an individual, conflict with or result in a violation of the organizational documents of such Person, or (ii) require any consent or approval that has not been given or other action that has not been taken by any
third party (including under any Contract binding upon such Person or such Person’s Covered Shares), in each case, to the extent the failure to obtain such consent, approval or other action would have a material adverse effect on such Person or
otherwise prevent, enjoin or delay the performance by such Person of its obligations under this Sponsor Agreement; (e) there is no Action pending or, to the knowledge of such Person, threatened against such Person before (or, in the case of a
threatened Action, that would be before) any arbitrator or any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or delay, or would have the effect of preventing, enjoining or delaying, the performance by such Person
of its obligations under this Sponsor Agreement; (f) except as described herein or disclosed pursuant to Section 7.08 of the BCA, no financial advisor, investment banker, broker, finder or other similar intermediary is entitled to any fee
or commission from such Person, Trebia, any of their respective Subsidiaries, or any Affiliates of any of the foregoing Persons in connection with the BCA, this Sponsor Agreement or any of the transactions contemplated thereby or hereby, in each
case, based upon any arrangement or agreement made by or, to the knowledge of such Person, on behalf of such Person, for which Trebia, S1 Holdco, Protected or any of their respective Affiliates would have any obligations or liabilities of any kind
or nature; (g) such Person has had the opportunity to read the BCA and this Sponsor Agreement and has had the opportunity to consult with its tax and legal advisors prior to entering into this Sponsor Agreement; (h) such Person has not
entered into, and will not enter into, any agreement that would restrict, limit or interfere with the performance of such Person’s obligations hereunder; (i) such Person has good and valid title to all Covered Shares held by it, and there
exist no Liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such securities affecting any such securities), other than those imposed pursuant to: (A) this Sponsor
Agreement, (B) the Trebia Bylaws, (C) the Trebia Certificate of Incorporation, (D) the BCA or (E) any applicable Securities Laws; and (j) the Founder Shares, the Trebia Class A Ordinary Shares, the Trebia Class B
Ordinary Shares, shares of Trebia Class A Common Stock, shares of Trebia Class D Common Stock and any other Covered Shares listed on Schedule A are the only equity securities in Trebia or any of its Subsidiaries owned of record or
Beneficially Owned by such Person as of the date hereof and such Person has the sole power to dispose of (or sole power to cause the disposition of) and the sole power to vote (or sole power to direct the voting of) such Founder Shares, 

  
 11 

 Trebia Class A Ordinary Shares, Trebia Class B Ordinary Shares, shares of Trebia Class A
Common Stock, shares of Trebia Class D Common Stock and other Covered Shares and none of such Founder Shares, Trebia Class A Ordinary Shares, Trebia Class B Ordinary Shares, shares of Trebia Class A Common Stock, shares of Trebia
Class D Common Stock or other Covered Shares is subject to any proxy, voting trust or other agreement or arrangement with respect to the voting of such Founder Shares, Trebia Class A Ordinary Shares, Trebia Class B Ordinary Shares,
shares of Trebia Class A Common Stock, shares of Trebia Class D Common Stock or other Covered Shares, except as provided in (1) this Sponsor Agreement, (2) the Trebia Bylaws, (3) the Trebia Certificate of Incorporation or
(4) the BCA. 
 20. Equitable Adjustments. If, and as often as, there are any changes in Trebia, the Founder Shares, the Trebia Class A
Ordinary Shares, the Trebia Class B Ordinary Shares, the shares of Trebia Class A Common Stock or the shares of Trebia Class D Common Stock by way of stock split, stock dividend, combination or reclassification, or through merger,
consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment shall be made to the provisions of this Sponsor Agreement as may be required so that the rights, privileges, duties and obligations
hereunder shall continue with respect to Trebia, the Founder Shares, the Trebia Class A Ordinary Shares, the Trebia Class B Ordinary Shares, the shares of Trebia Class A Common Stock or the shares of Trebia Class D Common Stock,
each as so changed. 
 21. Stop Transfer Order; Legend. Each Sponsor Person hereby authorizes Trebia to maintain a copy of this Sponsor Agreement at
either or both of the executive office or the registered office of Trebia. In furtherance of this Sponsor Agreement, each Sponsor Person hereby authorizes Trebia, promptly after the date hereof, to enter, or cause its transfer agent to enter, a stop
transfer order with respect to all of such Sponsor Person’s Covered Shares with respect to any Transfer not permitted hereunder and to include the following legend on any certificates or other instruments representing such Sponsor Person’s
Covered Shares: “THE SHARES OF STOCK OR OTHER SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VOTING AND TRANSFER RESTRICTIONS PURSUANT TO THAT CERTAIN SPONSOR AGREEMENT, DATED AS OF JUNE 28, 2021, BY AND AMONG TREBIA
ACQUISITION CORP., A CAYMAN ISLANDS EXEMPTED COMPANY, BGPT TREBIA LP, A CAYMAN ISLANDS EXEMPTED LIMITED PARTNERSHIP, TRASIMENE TREBIA, LP, A DELAWARE LIMITED PARTNERSHIP, S1 HOLDCO LLC, A DELAWARE LIMITED LIABILITY COMPANY, SYSTEM1 SS PROTECT
HOLDINGS, INC., A DELAWARE CORPORATION, AND THE OTHER SIGNATORIES THERETO. ANY TRANSFER OF SUCH SHARES OF STOCK OR OTHER SECURITIES IN VIOLATION OF THE TERMS AND PROVISIONS OF SUCH SPONSOR AGREEMENT SHALL BE NULL AND VOID AB INITIO AND HAVE
NO FORCE OR EFFECT WHATSOEVER.” 
 22. Specific Performance. Each Sponsor Person and each of S1 Holdco and Protected acknowledges and agrees
that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that any Sponsor Person or any S1/Protected Person does not perform its obligations under the provisions of this Sponsor
Agreement (including failing to take such actions as are required of them hereunder to perform this Sponsor Agreement) in accordance with its specified terms or otherwise breach such provisions. Each Sponsor Person and each of S1 Holdco and
Protected acknowledges and agrees that (a) each of Trebia, S1 Holdco and Protected shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Sponsor Agreement and to enforce specifically
the terms and provisions hereof, without proof of damages, prior to the valid termination of this Sponsor Agreement in accordance with Paragraph 18, this being in addition to any other remedy to which they are entitled under this Sponsor Agreement
or any other Transaction Agreement, and (b) the right of specific performance or other equitable remedy set forth in clause (a) is an integral part of this Sponsor Agreement and none of the parties hereto would have entered into this
Sponsor Agreement in the absence of such right. Each Sponsor Person and each of S1 Holdco and 

  
 12 

 Protected agrees that it will not oppose the granting of specific performance or any other equitable relief
on the basis that the other parties hereto have an adequate remedy at law or that an award of specific performance or such other equitable remedy is not an appropriate remedy for any reason at law or equity. Each Sponsor Person and each of S1 Holdco
and Protected acknowledges and agrees that any party seeking an injunction or other equitable remedy to prevent breaches of this Sponsor Agreement or to enforce specifically the terms and provisions of this Sponsor Agreement in accordance with this
Paragraph 22 shall not be required to provide any bond or other security in connection with any such remedy. 
 23. Interpretation. Section 1.02
(Construction) and Section 15.05 (Expenses) of the BCA are incorporated herein by reference, mutatis mutandis. Wherever this Sponsor Agreement uses “it”, “its” or derivations thereof to refer to Sponsor Persons or
S1/Protected Persons who are natural persons, such references shall be deemed references to “she”, “her”, “hers”, “he”, “him” or “his”, as applicable. 

24. Updates to Schedule A; Admission of New Sponsor Persons. During the Interim Period, each Sponsor Person shall promptly notify Trebia, S1 Holdco and
Protected of any increase, decrease or other change in the number of Founder Shares, Trebia Class A Ordinary Shares, Trebia Class B Ordinary Shares or other Covered Shares held by or on behalf of such Sponsor Person. As soon as reasonably
practicable following the Closing, Trebia shall update Schedule A to reflect the conversion of Trebia Ordinary Shares into shares of Trebia Common Stock pursuant to the Domestication. From and after the Closing, each Sponsor Person shall
promptly notify Trebia of any increase, decrease or other change in the number of Founder Shares, shares of Trebia Class A Common Stock, shares of Trebia Class D Common Stock or other Covered Shares held by or on behalf of such Sponsor
Person, including as a result of a Transfer in compliance with this Sponsor Agreement. Promptly following each such notification, Trebia shall update, or cause to be updated, Schedule A to reflect the applicable changes as they relate to
Founder Shares, Trebia Class A Ordinary Shares, Trebia Class B Ordinary Shares or other Covered Shares (in the case of an Interim Period change) or Founder Shares, Trebia Class A Common Stock, Trebia Class D Common Stock or other
Covered Shares (in the case of a post-Closing change) and provide a copy of such updated Schedule A to each of the parties hereto, and such updated Schedule A shall control for all purposes of this Sponsor Agreement (unless and until
it is later updated in accordance with this Paragraph 24). Any update to Schedule A in accordance with this Sponsor Agreement shall not be deemed an amendment to this Sponsor Agreement for purposes of Paragraph 11. 

25. Additional Agreements. Each Sponsor hereby represents and warrants to Trebia and the S1/Protected Persons that (a) on or prior to the date
hereof, it has delivered to Trebia, S1 Holdco and Protected a capitalization table showing all of the direct equity owners of such Sponsor (each, a “Sponsor Cap Table”) and (b) the Sponsor Cap Table delivered by such Sponsor
pursuant to clause (a) is true, correct and complete in all respects as of the date hereof. Notwithstanding anything to the contrary herein, following the date hereof, each Sponsor shall provide written notice to Trebia, S1 Holdco and Protected
promptly following any change in its Sponsor Cap Table. 
 26. Further Assurances. Each of the parties hereto agrees to execute and deliver hereafter
any further document, agreement or instrument of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may be reasonably requested in writing by another party hereto. 

[Signature Pages Follow] 

  
 13 

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

					
	BGPT TREBIA LP
	By:	 	Bridgeport Partners GP LLC, its General Partner
		
	By:	 	 /s/ Frank R. Martire, Jr.

		 	Name:	 	Frank R. Martire, Jr.
		 	Title:	 	Member
		
	By:	 	 /s/ Frank R. Martire, III

		 	Name:	 	Frank Martire, III
		 	Title:	 	Member
	
	TRASIMENE TREBIA, LP
	By:	 	Trasimene Trebia, LLC, its General Partner
		
	By:	 	 /s/ Michael L. Gravelle

		 	Name:	 	Michael L. Gravelle
		 	Title:	 	General Counsel and Corporate Secretary
	
	TREBIA ACQUISITION CORP.
		
	By:	 	 /s/ Paul Danola

		 	Name:	 	Paul Danola
		 	Title:	 	President
	
	CANNAE HOLDINGS, INC.
		
	By:	 	 /s/ Michael L. Gravelle

		 	Name:	 	Michael L. Gravelle
		 	Title:	 	General Counsel and Corporate Secretary
	
	WILLIAM P. FOLEY, II
	
	 /s/ William P. Foley, II

	Title:	 	Co-Founder and Director of Trebia Acquisition Corp.
	
	FRANK R. MARTIRE, JR.
	
	 /s/ Frank R. Martire, Jr.

	Title:	 	Co-Founder and Director of Trebia Acquisition Corp.

  
 [Signature Page to
A&R Sponsor Agreement] 

 
	
	PAUL DANOLA
	 /s/ Paul Danola

	Title:     President of Trebia Acquisition Corp.
	
	TANMAY KUMAR
	 /s/ Tanmay Kumar

	Title:     Chief Financial Officer of Trebia Acquisition Corp.
	
	LANCE LEVY
	 /s/ Lance Levy

	Title:     Director of Trebia Acquisition Corp.
	
	MARK D. LINEHAN
	 /s/ Mark D. Linehan

	Title:     Director of Trebia Acquisition Corp.
	
	JAMES B. STALLINGS
	 /s/ James B. Stallings

	Title:     Director of Trebia Acquisition Corp.

  
 [Signature Page to
A&R Sponsor Agreement] 

 
					
	S1 HOLDCO LLC
		
	By:	 	 /s/ Michael Blend

		 	Name:	 	Michael Blend
		 	Title:	 	Chief Executive Officer & Chairman of the Board
	
	SYSTEM1 SS PROTECT HOLDINGS, INC.
		
	By:	 	 /s/ Michael Blend

		 	Name:	 	Michael Blend
		 	Title:	 	President

  

  
 [Signature Page to
A&R Sponsor Agreement] 

 Schedule A 

Sponsor Persons 

Ownership of Securities 
  

																																	
	 Sponsor Person
	  	Trebia
Class A
Ordinary
Shares	 	  	Founder
Shares	 	  	Founder
Shares to be
Exchanged
in
accordance
with
Paragraph
6(a)(i)(A)	 	  	Founder
Shares to be
Forfeit
in accordance
with
Paragraph
6(a)(i)(B)	 	  	Percentage of
Founder Shares
to be Forfeit in
accordance with
Paragraph 6(b)	 	 	Trebia
Warrants to be
Transferred in
accordance
with
Paragraph
6(d)	 	  	Trebia Class A
Common Stock
to be held post-
Closing (without
taking into effect
any issuances
made
in
accordance with
Paragraph 6(c))	 	  	Sponsor
Earnout Shares
to be held post-
Closing	 
	 BGPT Trebia LP
	  	 	—  	 	  	 	5,466,563	 	  	 	616,250	 	  	 	616,250	 	  	 	42.5	% 	 	 	1,000,000	 	  	 	4,234,063	 	  	 	616,250	 
	 Trasimene Trebia, LP
	  	 	—  	 	  	 	7,395,937	 	  	 	833,750	 	  	 	833,750	 	  	 	57.5	% 	 	 	—  	 	  	 	5,728,437	 	  	 	833,750	 
	 William P. Foley, II
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 
	 Frank R. Martire, Jr.
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 
	 Paul Danola
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 
	 Tanmay Kumar
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 
	 Lance Levy
	  	 	—  	 	  	 	25,000	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	25,000	 	  	 	—  	 
	 Mark D. Linehan
	  	 	—  	 	  	 	25,000	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	25,000	 	  	 	—  	 
	 James B. Stallings
	  	 	—  	 	  	 	25,000	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	25,000	 	  	 	—  	 
	 Cannae Holdings, Inc.
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	0	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	—  	 	  	 	12,937,500	 	  	 	1,450,000	 	  	 	1,450,000	 	  	 	—  	 	 	 	1,000,000	 	  	 	10,037,500	 	  	 	1,450,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Exhibit A 

Section 83(b) Election 

[DATE] 
 CERTIFIED MAIL 

RETURN RECEIPT REQUESTED 
 Internal Revenue Service Center

 Re: Election Under §83(b) of the Internal Revenue Code 

Dear Sir or Madam: 
 The undersigned hereby
elects under Section 83(b) of the Internal Revenue Code to include in the taxpayer’s gross income for the taxable year in which the property described below was transferred, the excess (if any), of the fair market value of such property at
the time of its transfer, over the amount (if any) paid for such property. Pursuant to Treas. Reg. § 1.83-2(e), the following information is submitted: 

 

	1.	 Name of taxpayer: ________________________________ 

 

	2.	 Address of taxpayer:
                                         
                                         
                                         
                                         
     

  

	3.	 Taxpayer identification
number:                                       
                                         
                                         
                              

 

	4.	 Property with respect to which the election is being made: [•] Trebia Class D Common Stock
(the “Restricted Shares”) of [•] (“PubCo”) 

  

	5.	 Date interest acquired: ___________________ 

 

	6.	 Taxable year for which election is being made: ________________________ 

 

	7.	 Restrictions to which the property is subject: The Restricted Shares are subject to vesting and
forfeiture conditions and restrictions on transfer prior to vesting in accordance with the terms of the letter agreement by and among PubCo, the undersigned and certain other parties thereto. If the vesting conditions therein are not met prior to
the fifth anniversary of the date of acquisition set forth above, the Restricted Shares will be canceled and forfeited for no consideration. 

  

	8.	 Fair market value of the property at the time of transfer/acquisition (determined without regard to any
lapse restrictions): $[•] 

  

	9.	 Amount paid for the property: $[•] 

A copy of this election is being furnished to PubCo pursuant to Treasury Regulation §1.83-2(d). 

Very truly yours, 
  

			
	By:	 	  

	Name:EX-10.1

 Exhibit 10.1 

RESTRICTED SHARES AWARD AGREEMENT 

PURSUANT TO THE 

DOUGLAS ELLIMAN INC. 

2021 MANAGEMENT INCENTIVE PLAN 

THIS AGREEMENT (the “Agreement”), made as of December 31, 2021 (“Grant Date”), by and between Douglas
Elliman Inc., a Delaware Corporation, with its principal office at 4400 Biscayne Boulevard, 10th Floor, Miami, FL 33137 (the “Company”), and Howard M. Lorber (the
“Participant”). 
 WHEREAS, the Board of Directors of the Company (the “Board”) adopted the Douglas
Elliman Inc. 2021 Management Incentive Plan on December 22, 2021 (approved by the stockholders of the Company on December 24, 2021) (as such plan may be amended from time to time, the “Plan”); 

WHEREAS, the Plan provides that the Company, through the Human Capital and Compensation Committee (the “Committee”), can
grant awards of Restricted Shares to Employees, Non-Employee Directors, Consultants and Independent Contractors who provide services to the Company or a Subsidiary thereof; and 

WHEREAS, subject to the terms and conditions of this Agreement and the Plan, the Committee has determined that the Participant, an Employee,
shall be awarded Restricted Shares in the amount set forth below and subject to the terms, conditions and restrictions set forth herein. 

NOW, THEREFORE, the Company and the Participant each agree as follows: 

1. Grant of Restricted Shares. Subject to the terms, conditions and restrictions of the Plan and this Agreement, the
Company hereby grants to the Participant 1,250,000 Restricted Shares effective as of the Grant Date. For the avoidance of doubt, the Participant is being granted the Restricted Shares at the closing price as of the Grant Date of $11.50 and on the
same terms as were approved by the Committee on such date, and, accordingly, the Participant shall be entitled to all rights of a holder of shares of common stock of the Company (“Common Stock”) set forth in
Section 4 hereof as of the Grant Date. Pursuant to the Plan and Section 2 of this Agreement, the Restricted Shares are subject to certain restrictions, some of which shall expire in accordance with
the provisions of the Plan and Section 2 hereof. A book entry in the Participant’s name evidencing the Restricted Shares will be made with the Company or its designated agent until such Restricted Shares are released
to the Participant or forfeited in accordance with this Agreement. Unless otherwise provided herein, capitalized terms used herein that are not defined herein shall have the meanings attributable thereto in the Plan. 

2. Vesting. (a) Except as otherwise provided in Sections 2(b) and 3 hereof, the
Restricted Shares shall become vested in the following percentages and at the following times, subject to the Participant’s continued employment or engagement with the Company or a Subsidiary thereof through and on the applicable Vesting Date:

			
	 Percentage of Restricted Shares
	  	 Vesting Date

	 25%

25%
 25%

25%
	  	 December 15, 2022

December 15, 2023

December 15, 2024

December 15, 2025

 There shall be no proportionate or partial vesting of the Restricted Shares in or during the months, days or
periods prior to each Vesting Date, and all vesting of the Restricted Shares shall occur only on the applicable Vesting Date. Upon the termination or cessation of the Participant’s employment or engagement with the Company or a Subsidiary
thereof, other than a Without Cause Termination or a Good Reason Termination, any portion of the Restricted Shares which is not yet then vested shall automatically and without notice terminate, be forfeited and become null and void except as
otherwise provided herein. 
 (b) Notwithstanding any other term or provision of this Agreement, in the event that an Acceleration Event (as
defined below) occurs, the Restricted Shares subject to this Agreement shall become immediately fully vested as of the date of the Acceleration Event. For purposes of this Agreement, an “Acceleration Event” shall mean the first to occur of
any of the following: (i) a Change in Control (as defined below) provided that the Participant’s employment or engagement with the Company and any Subsidiary thereof continues through and on the date of such Change in Control; or
(ii) the Participant’s employment or engagement with the Company and any Subsidiary thereof terminates through either a Without Cause Termination or a Good Reason Termination (as such quoted terms are defined below). 

(c) For purposes of this Agreement, “Change in Control” shall be as defined in Section 13.3 of the
Plan. 
 (d) For purposes of this Agreement, 

(i) a “Without Cause Termination” shall mean a termination of the Participant’s employment by the Company or a
Subsidiary thereof other than for Cause (as defined below) or as a result of the Participant’s death or disability, 
 (ii) a
“Good Reason Termination” shall mean (1) a termination of the Participant’s employment by the Participant for “good reason” pursuant to and in accordance with the Participant’s written employment agreement
with the Company or a Subsidiary thereof, and (2) in the absence of such an agreement; (w) a material diminution of the Participant’s duties and responsibilities; (x) a reduction of the Participant’s base salary or target
bonus opportunity as a percentage of base salary; (y) a relocation of the Participant’s office by more than sixty (60) miles; or (z) a change in the Participant’s reporting relationship; provided that the Participant gives
the Company sixty (60) days’ prior notice of the Participant’s intent to voluntarily terminate the Participant’s employment for any (or all) of the reasons set forth in Section 2(d)(ii)(2)(w), (x), (y) or (z) within 120
days of the Participant learning of such event and the Company shall not have cured such breach within such 60-day period. 

  
 2 

 (iii) “Cause” shall mean (1) if the Participant is a party to a
written employment agreement with the Company or a Subsidiary thereof defining such term, the definition of “Cause” set forth therein, and (2) in the absence of such an agreement, (x) the Participant’s willful misconduct or
gross negligence in the performance of his or her duties for the Company or a Subsidiary thereof that is not cured by the Participant within thirty (30) days after his or her receipt of written notice from the Company or such Subsidiary (as
applicable); (y) the Participant’s conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or a Subsidiary thereof or any felony; or (z) a material breach by the Participant of the Participant’s
employment agreement, offer letter or other offer arrangement with the Company or a Subsidiary, or any other material written agreement entered into between the Participant and the Company or any Subsidiary thereof (if any) that is not cured by the
Participant within thirty (30) days after his or her receipt of written notice from the Company or such Subsidiary (as applicable). 

3. Effect of Vesting; Forfeiture. 

(a) Upon the vesting of any Restricted Shares, such vested Restricted Shares will no longer be subject to forfeiture as provided in this
Agreement. Promptly after vesting, the Company will deliver to the Participant the Restricted Shares that have vested subject to applicable tax withholding obligations pursuant to Section 10. 

(b) If the Participant’s employment or engagement with the Company and its Subsidiaries is terminated for any reason other than a Without
Cause Termination or a Good Reason Termination, the Participant shall automatically forfeit any unvested Restricted Shares and the Company shall acquire such unvested Restricted Shares for the amount paid by the Participant for such Restricted
Shares (or, if no amount was paid by the Participant for such Restricted Shares, then the Company shall acquire such Restricted Shares for no consideration). The Committee shall have the power and authority to enforce on behalf of the Company any
rights of the Company under this Agreement in the event of the Participant’s forfeiture of the Restricted Shares pursuant to this Section 3. 

4. Rights as a Holder of Restricted Shares. From and after the Grant Date, the Participant shall have, with respect to
the Restricted Shares (whether vested or unvested), all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to vote the shares, to receive and retain all regular cash dividends payable to
holders of shares of record on and after the Grant Date (although such dividends will be treated, to the extent required by applicable law, as additional compensation for tax purposes), and to exercise all other rights, powers and privileges of a
holder of shares with respect to the Restricted Shares; provided, that, to the extent the Company issues a dividend in the form of shares or other property, such shares or other property shall be subject to the same restrictions that are then
applicable to the Restricted Shares under the Plan and this Agreement and such restrictions shall expire at the same time as the restrictions on the Restricted Shares expire. The Participant shall not be required to repay any dividends received with
respect to Restricted Shares that are subsequently forfeited prior to vesting. 

  
 3 

 5. Taxes; Section 83(b) Election. The
Participant acknowledges that (i) no later than the earlier of (x) the date on which any Restricted Shares shall have become vested or (y) the date on which the Participant makes a Section 83(b) election (if he or she so chooses
to make such an election), the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any
Restricted Shares which shall have become so vested; (ii) the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any Federal, state or local or other taxes of
any kind required by law to be withheld with respect to any Restricted Shares which shall have become so vested, including that the Company may, but shall not be required to, sell a number of Restricted Shares sufficient to cover applicable
withholding taxes; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, the Company may, but shall not be required to, pay such required withholding and, to the extent permitted by applicable law, treat
such amount as a demand loan to the Participant at the maximum rate permitted by law, with such loan, at the Company’s sole discretion and provided the Company so notifies the Participant within thirty (30) days of the making of the loan,
secured by the Restricted Shares and any failure by the Participant to pay the loan upon demand shall entitle the Company to all of the rights at law of a creditor secured by the Restricted Shares. The Company may hold as security any certificates
representing any Restricted Shares and, upon demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing the Restricted Shares together with a stock power duly endorsed in blank. The
Participant also acknowledges that it is his or her sole responsibility, and not the Company’s, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state tax laws, if the
Participant wishes to utilize such election. 
 6. No Obligation to Continue Employment. This Agreement is not an
agreement of employment. Neither the execution of this Agreement nor the issuance of the Restricted Shares hereunder constitute an agreement by the Company or any Subsidiary thereof to employ or to continue to employ the Participant during the
entire, or any portion of, the term of this Agreement, including but not limited to any period during which any Restricted Shares are outstanding. 

7. Legend. In the event that a certificate evidencing the Restricted Shares is issued, the certificate representing the
Restricted Shares shall have endorsed thereon the following legends: 
 (a) “THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER,
ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF DOUGLAS ELLIMAN INC. (THE “COMPANY”) 2021 MANAGEMENT INCENTIVE PLAN ORIGINALLY ADOPTED BY
THE COMPANY’S BOARD OF DIRECTORS ON DECEMBER 22, 2021 (APPROVED BY THE STOCKHOLDERS OF THE COMPANY ON DECEMBER 24, 2021) (AS SUCH PLAN MAY BE AMENDED FROM TIME TO TIME, THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND THE COMPANY DATED AS OF DECEMBER 31, 2021. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 

(b) Any legend required to be placed thereon by applicable blue sky laws of any state. 

  
 4 

 Notwithstanding the foregoing, in no event shall the Company be obligated to issue a
certificate representing the Restricted Shares prior to vesting as set forth in Section 2 hereof. 
 8.
Power of Attorney. The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the
Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem
necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Shares
provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof. Nevertheless, the
Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose. 

9. Transferability. Unless otherwise determined by the Committee, the Restricted Shares shall not be subject to a
Transfer (as defined below), otherwise than by will or under the applicable laws of descent and distribution, unless and until the shares become vested under Section 2 hereof. The terms of this Agreement shall be binding
upon the executors, administrators, heirs, successors and assigns of the Participant. Except as otherwise permitted pursuant to the first sentence of this Section 9, any attempt to effect a Transfer of any Restricted Shares
shall be void ab initio. For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those
previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment. 

10. Tax Withholding. Upon each vesting of the Restricted Shares, the Company shall withhold shares of Common Stock having
a Fair Market Value (as defined in the Plan) on the date the tax is to be determined equal to the maximum statutory amount to satisfy any Federal, state or local taxes required by law to be withheld as a result of such vesting. 

11. Miscellaneous. 

(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal
representatives, successors, trustees, administrators, distributes, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement or any of the Participant’s rights, interest or
obligations hereunder. 
 (b) This award of Restricted Shares shall not affect in any way the right or power of the Board or stockholders of
the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or Subsidiaries, any issue of bonds, debentures, preferred or prior
preference stock ahead of or affecting the Restricted Shares, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding. 

  
 5 

 (c) The Participant agrees that the award of the Restricted Shares hereunder is special
incentive compensation and that, with the exception of dividends paid thereon, will not be taken into account as “salary”, “Base Salary” (as defined in the Participant’s employment agreement), “compensation” or
“bonus” in determining the amount of any matching payment under any pension, retirement or profit-sharing plan of the Company or Subsidiary thereof or any life insurance, disability or other benefit plan of the Company or Subsidiary
thereof. 
 (d) No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the
party against whom it is sought to be enforced. 
 (e) This Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one contract, and such execution may be evidenced by electronic means pursuant to any procedures established by the Company for electronic acceptance. 

(f) The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect
the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of
the provision itself, or a waiver of any right under this Agreement. 
 (g) The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof. 
 (h) All notices,
consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail,
whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be
addressed to Douglas Elliman Inc. at 4400 Biscayne Boulevard, 10th Floor, Miami, Florida 33137, Attn: Marc N. Bell, Senior Vice President, General Counsel and Secretary. 

(i) This Agreement shall be construed and interpreted in accordance with and governed by the laws of the state of Florida (disregarding any
choice of law rules which might look to the laws of any other jurisdiction). 
 12. Provisions of Plan Control. This
Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted thereunder and
as may be in effect from time to time. The Plan is incorporated herein by reference. A copy of the Plan has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and
provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents
expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant. 
 [signature
page(s) follow] 

  
 6 

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

			
	DOUGLAS ELLIMAN INC.
		
	By:	 	 /s/ James B. Kirkland III

	Name: James B. Kirkland III
	Title: Senior Vice President, Treasurer and Chief Financial Officer
	
	Participant:
	
	 /s/ Howard M. Lorber

	Howard M. Lorber

  
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]