Document:

EX-10.1

 Exhibit 10.1 
 LIQUID HOLDINGS GROUP, LLC 
 SUBSCRIPTION AGREEMENT

 THIS SUBSCRIPTION AGREEMENT (the “Agreement”) is dated as of June 28, 2012, by and between Liquid
Holdings Group, LLC, a Delaware limited liability company (the “Company”), and HA Investment III, L.L.C. (the “Subscriber”). The Company now desires to issue and sell to the Subscriber, and the Subscriber desires to
purchase from the Company, a number of Non-dilutive Common Units of the Company (such units, the “Units”) equal to 7.14% of the aggregate issued and outstanding equity securities of the Company as of the date hereof, subject to
adjustment as set forth in Section 2. Capitalized terms used, but not defined, herein shall have the meanings ascribed to such terms in the Limited Liability Company Agreement of the Company, dated as of April 24, 2012, as amended
by that certain Amendment No. 1 thereto, dated as of May 24, 2012 (the “Operating Agreement”), a copy of which has been provided to the Subscriber and annexed hereto as Exhibit A. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Purchase. 
 (a) Subject to the terms and conditions
hereof, the Subscriber agrees to purchase from the Company, and the Company agrees to issue and sell to the Subscriber, the Units at an aggregate purchase price equal to the aggregate amount set forth next to the Subscriber’s name on the
signature page hereto (the “Funds”). 
 (b) The Company has authorized the issuance and sale of
the Units subject to the terms and conditions hereof. 
 (c) The Subscriber’s execution and delivery to the
Company of an executed counterpart to this Agreement serves as confirmation of the Subscriber’s tender, and the Company’s receipt, of the Funds by wire transfer on April 24, 2012 (the “Wire Transfer Date”).

 2. Adjustment. In the event that a Going Public Transaction (as defined below) has not been consummated
prior to the six-month anniversary of the Wire Transfer Date (such six-month anniversary, the “Adjustment Date”), then the Subscriber shall be entitled to an additional number of Units calculated as follows: 

(i) If a Going Public Transaction closes after the Adjustment Date and no later than the one-month anniversary of the
Adjustment Date, an additional number of Units shall be issued to the Subscriber equal to 0.96% of the issued and outstanding equity securities of the Company, such that the aggregate number of Units issued to the Subscriber under the terms hereof
is equal to 8.06%; 
 (ii) If a Going Public Transaction closes after the one-month anniversary and no later
than the two-month anniversary of the Adjustment Date, an additional number of Units shall be issued to the Subscriber equal to 1.13% of the issued and outstanding equity securities of the Company, such that the aggregate number of Units issued to
the Subscriber under the terms hereof is equal to 8.23%; or 

  
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 (iii) If a Going Public Transaction closes after the two-month anniversary
of the Adjustment Date, an additional number of Units shall be issued to the Subscriber equal to 1.23% of the issued and outstanding equity securities of the Company, such that the aggregate number of Units issued to the Subscriber under the terms
hereof is equal to 8.33%. 
 (b) A “Going Public Transaction” shall mean the first of the
following to occur: (i) the closing of an initial public offering of equity securities of the Company (or its successor) pursuant to an effective registration statement under the Securities Act; (ii) a merger or “reverse merger”
transaction (the “Merger”) by the Company with or into a Public Merger Entity where the outstanding equity securities in the Company are exchanged or converted into capital stock of the Public Merger Entity; (iii) the listing
of the Company (or its successor) on an exchange; or (iv) the closing of a sale of equity securities of the Company (or its successor) pursuant to Rule 144A under the Securities Act. A “Public Merger Entity” shall mean a
corporation or other business entity, including a Special Purpose Acquisition Vehicle or “SPAC,” which (i) with respect to a SPAC, shall be listed on an exchange prior to the consummation of the Merger or, with respect to any other
entity, either shall be listed on an exchange or for at least the 18 months immediately prior to the consummation of the Merger shall have been required to file or shall have voluntarily filed with the United States Securities and Exchange
Commission (the “SEC”), all reports and other information required by Section 13 or 15(d) under the Securities Exchange Act of 1934, as amended (collectively, the “Exchange Act Reports”), within the time frames
required thereby and (ii) in any case shall, immediately after the consummation of the Merger, be required to file or continue to voluntarily file, with the SEC all Exchange Act Reports within the time frames required thereby. 

3. Delivery of Agreement. The Subscriber hereby delivers to the Company, and the Company hereby accepts, an
executed counterpart of this Subscription Agreement. 
 4. Representations and Warranties of the
Subscriber. The Subscriber hereby represents and warrants to the Company that: 
 (a) Capacity;
Authorization. The Subscriber has all legal capacity to enter into this Agreement and to carry out its obligations hereunder. Assuming due execution and delivery by the Company of this Agreement, this Agreement constitutes the legal, valid and
binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies generally
and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (b) Brokerage Arrangements. No broker has acted on behalf of the Subscriber in connection with this Agreement, and there are no brokerage commissions, finders’ fees or commissions payable in
connection herewith based on any agreement, arrangement or understanding with the Subscriber or any action taken by the Subscriber. 

  
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 5. Representations and Warranties Regarding Investment. The
Subscriber hereby represents and warrants as follows: 
 (a) Acquisition for Own Account. The Subscriber
is acquiring the Units for investment purposes only, for the Subscriber’s own account, and not with a view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”). 
 (b) Investment Experience. The Subscriber is knowledgeable,
sophisticated and experienced in business and financial matters, has such knowledge, skill and experience in business, financial and investment matters so that Subscriber is capable of evaluating the merits and risks of an investment in the Company
and purchase of the Units and fully understand the investment in the Units and the restrictions on transfer applicable to the Units. To the extent necessary, the Subscriber has retained, at Subscriber’s own expense, and relied upon, appropriate
professional advice regarding the investment, tax and legal merits and consequences of this Agreement and the acquisition and ownership of the Units. Subscriber, by reason of his business or financial experience or the business or financial
experience of its professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly, has the capacity to protect Subscriber’s own interests in
connection with the purchase of the Units under this Agreement. 
 (c) Acknowledgment of Risks.

 (i) The Subscriber is aware that it may have to bear the economic risk of such investment for an indefinite
period of time or to suffer a complete loss of its investment; 
 (ii) The Subscriber is aware that the Company
has no operating history upon which to evaluate its operations and future prospects; 
 (iii) The Subscriber
understands that no public market now exists for any of the Units issued by the Company and that a public market may never exist for the Units; and 
 (iv) The Subscriber understands that the Units will have limited voting rights. 
 (d) Restricted Securities. The Subscriber understands, acknowledges and agrees (i) that the Units have not been registered under (and that the Company has no present intention to register the
Units under) the Securities Act or applicable state securities law and that the offering and sale of such Units are being made in reliance on the exemption from the registration requirements provided by Section 4(2) of the Securities Act and
the regulations promulgated thereby and analogous provisions of certain state securities laws, and (ii) that such Units may not be sold or otherwise transferred by the Subscriber unless the Units have been registered under the Securities Act
and applicable state securities laws or are sold or transferred in a transaction exempt therefrom, the Units are also subject to certain restrictions on transferability as set forth in the Operating Agreement of the Company. 

(e) Power and Authority. The Subscriber: (i) if a natural person, represents that he or she has reached the
age of 21 and has full power and authority to execute and deliver this Agreement and all other related agreements or certificates 

  
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and to carry out the provisions hereof and thereof and has adequate means for providing for his or her current financial needs and anticipated future needs and possible contingencies and
emergencies and has no need for liquidity in the investment in the Units; (ii) if a corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or other entity, represents that: such
entity was not formed for the specific purpose of acquiring the Units; such entity is duly organized, validly existing and (if applicable in the applicable jurisdiction) in good standing (or similar status under local law) under the laws of the
jurisdiction of its organization; the consummation of the transactions contemplated hereby will not result in a violation of its charter or other organizational documents; such entity has full power and authority to execute and deliver this
Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase and hold the Units; the execution and delivery of this Agreement has been duly authorized by all necessary corporate or
other action on its part; and this Agreement has been duly executed and delivered on behalf of such entity; (iii) if executing this Agreement in a representative or fiduciary capacity, represents that it has full power and authority to execute
and deliver this Agreement in such capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation or other entity for whom the undersigned is executing this Agreement, and such individual, ward, partnership,
trust, estate, corporation or other entity has full right and power to perform his, her or its obligations pursuant to this Agreement and make an investment in the Company, and that this Agreement constitutes a legal, valid and binding obligation of
such subscribing individual, ward, partnership, trust, estate, corporation or other entity; and (iv) the execution and delivery of this Agreement will not violate or be in conflict with any order, judgment, injunction, agreement or controlling
document to which the Subscriber (or, if applicable, such subscribing individual, ward, partnership, trust, estate, corporation or other entity) is a party or by which he, she or it is bound. 

(f) Access to Information. The Subscriber has received and reviewed this Agreement and all Exhibits hereto;
Subscriber, Subscriber’s attorney and Subscriber’s accountant have had access to, and an opportunity to review, all documents and other materials requested of the Company; Subscriber and they have been given an opportunity to ask any and
all questions of, and receive answers from, the Company concerning the terms and conditions of the offering and to obtain all information that Subscriber or they believe necessary or appropriate to verify the accuracy of this Agreement, all Exhibits
hereto and any other documents and materials requested of the Company and to evaluate the suitability of an investment in the Units and, in evaluating the suitability of an investment in the Units, Subscriber and they have not relied upon any
representations or other information (whether oral or written). 
 (g) Lack of General Solicitation. The
Subscriber is not subscribing to purchase the Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast or television, radio or the Internet, or
presented at any seminar or similar meeting, or any solicitation of a subscription by a person not previously known to the Subscriber in connection with investments in securities generally. 

(h) Reliance on Subscriber’s Representations. The Subscriber acknowledges and agrees that the Company and its
agents are relying on the truth and accuracy of the foregoing representations and warranties, any other information Subscriber has furnished to the Company in writing, as correct and complete as of the date of this Agreement, and if there should be
any material change in such information prior to Subscriber’s admission as a Member of the Company, the 

  
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 (i) Accredited Investor. The Subscriber is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act and has completed properly and delivered an executed copy of the questionnaire attached hereto as Exhibit B. 

(j) Preservation of Company Status as Not a Publicly Traded Partnership. By purchase of the Units in the Company,
the Subscriber represents to the Company that Subscriber has neither acquired nor will it transfer or assign any of the Units that Subscriber purchases (or any interest therein) or cause any such Units (or any interest therein) to be marketed on or
through an “established securities market” within the meaning of Section 7704(b)(l) of the Internal Revenue Code of 1986, as amended (the “Code”) or a “secondary market” (or the substantial equivalent
thereof) within the meaning of Section 7704(b)(2) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. Furthermore, each Subscriber
agrees that if it determines to transfer or assign any of its Units pursuant to the provisions of the Operating Agreement, Subscriber will cause its proposed transferee to agree to the transfer restrictions set forth herein and in the Operating
Agreement and to make the representations set forth above. 
 The Subscriber hereby represents that at least one
of the following statements with respect to such Subscriber is true and will continue to be true throughout the period during which such Subscriber holds the Units: 

(i) Such Subscriber is not a partnership, grantor trust or S corporation for federal income tax purposes; 

(ii) With regard to each Beneficial Owner (as defined below) of such Subscriber, the principal purposes for the
establishment or use of such Subscriber do not include avoidance of the 100 partner limitation set forth in Treasury Regulation Section 1.7704- l(h)(l)(ii). For purposes hereof, the term “Beneficial Owner” shall mean, with respect to
a Subscriber, any person that holds an equity interest in such Subscriber, either directly or indirectly through a nominee or agent or through one or more intervening entities qualifying as partnerships, grantor trusts or S corporations, in each
case as determined for federal income tax purposes; or 
 (iii) With regard to each Beneficial Owner of such
Subscriber, not more than 50 percent of the value of such Beneficial Owner’s interest in such Subscriber is attributable to such Subscriber’s interest in the Company. 

If a Subscriber’s representation pursuant to this Section 5(j) shall at any time fail to be true, such
Subscriber shall promptly (and in any event within ten (10) days) notify the Company of such fact and shall promptly thereafter deliver to the Company any information regarding such Subscriber and its Beneficial Owners reasonably requested by
counsel to the Company for purposes of determining the number of the Company’s members within the meaning of Treasury Regulation Section 1.7704- l(h). 

  
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 6. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Subscriber that: 
 (a) Organization. The Company is duly formed and
validly existing under the laws of the State of Delaware and has the limited liability company power and authority to own its properties and assets and to carry on its business as now conducted. The Company is duly qualified or authorized to do
business as a limited liability company in each jurisdiction in which the conduct of its business or the ownership of its properties or assets requires such qualification or authorization, except where the failure to be so qualified would not
reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company. 

(b) Authorization of Agreement; Enforceability. The Company has all requisite limited liability company power and
authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance by the Company of this Agreement have been duly authorized by all necessary limited liability company action on the
part of the Company. This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery thereof by the Subscriber, this Agreement constitutes the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies generally and subject, as
to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 (c) Units. When issued in accordance with the term of this Agreement, the Units will be duly authorized, validly issued, fully paid and assessable, free and clear of all encumbrances and
restrictions on transfer, other than restrictions on transfer imposed by (i) the applicable securities law of the United States, (ii) the Operating Agreement and (iii) the provisions of this Agreement. 

7. Reliance. The Subscriber acknowledges and agrees that the Company and its agents are relying on the truth and
accuracy of the foregoing representations and warranties in the offering of the Units for sale to the Subscriber without having first registered the Units under the Securities Act. All representations, warranties and covenants contained in this
Subscription Agreement shall survive the execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated hereunder. 
 8. Restrictions on Transfer of the Units. 
 (a) No
Transfer; Opinion of Counsel. The Subscriber acknowledges that there are restrictions on the transferability of the Units. Since the Units are not registered under the Securities Act or applicable state securities laws, the Subscriber
acknowledges and agrees that it shall have no right at any time to sell, assign, pledge, hypothecate, distribute (as a dividend or otherwise), transfer or otherwise dispose of or encumber the Units (except by will or by the laws of descent and
distribution), unless in the opinion of counsel acceptable to the Company such sale is exempt from such registration under the Securities Act and any applicable state securities laws and the restrictions set forth in the Operating Agreement
have been satisfied. 
 9. Notice to Subscriber. Correspondence and notices to the Subscriber shall be
sent to the address listed below the signature of the Subscriber on the signature page of this Agreement until such time as the Subscriber shall notify the Company, in writing, of a different address to which such correspondence and notices are to
be sent. 

  
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 10. Miscellaneous. 

(a) The Subscriber agrees that this Agreement is not transferable or assignable. 

(b) The Subscriber agrees that, except as expressly permitted by any applicable state law, the Subscriber may not cancel,
terminate or revoke this Agreement or any agreement of the Subscriber made hereunder, and this Agreement shall survive the death or legal disability of the Subscriber and shall be binding upon the Subscriber’s heirs, executors, administrators,
successors and assigns. 
 (c) This Agreement and the Exhibits hereto constitute the entire agreement among the
parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by both parties. 
 (d) Headings are for convenience only and are not deemed to be part of this Agreement. 
 (e) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. A facsimile, telecopy or
other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic transmission device, pursuant
to which the signature of, or on behalf of, such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes as of the date first written above. At the request of any party hereto, all parties
hereto agree to execute an original of this Agreement, as well as any facsimile, telecopy or other reproduction hereof. 
 (f) This Agreement and the rights and obligations of the parties hereunder shall be enforced, governed and construed in all respects in accordance with the internal substantive laws of the State of New
York (without reference to principles of conflicts or choice of law that would cause the application of the internal laws of any other jurisdiction). 
 (g) The Subscriber acknowledges that, if Subscriber is a resident of any state whose “blue sky laws” or other local securities laws require a restriction on transferability of securities,
Subscriber will comply with such restriction requirements. 
 (h) If any part of any provision of this Agreement
or any other agreement or document given pursuant to or in connection with this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any way
affecting the remaining parts of such provision or the remaining provisions of this Agreement. 
 (i) All
payments hereunder shall be made in United States dollars. 
 11. Confidentiality. Except as may be
required by applicable law or as otherwise agreed among the parties hereto, neither the Company nor the Subscriber nor any of their respective Affiliates (as defined below) shall at any time divulge, disclose, disseminate, announce or release any
information to any person (i) concerning this Agreement or the transactions contemplated hereby, without first obtaining the prior written consent of the 

  
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other party hereto or (ii) any trade secrets or other confidential information of the other party hereto (or its Affiliates), without first obtaining the prior written consent of such other
party hereto; provided, however, that each party shall be entitled to disclose information with respect to the Subscriber’s investment in the Company on any reports such Subscriber furnishes to its investors or as otherwise
required by any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation or other requirement or guideline. An “Affiliate” of any specified person shall mean any other person that
directly or indirectly controls, or is under common control with, or is controlled by, such specified person. As used in this definition, “control” (including with its correlative meanings, “controlled by” and
“under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person (whether through ownership of securities or partnership or other
ownership interests, by contract or otherwise). 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement as of
this 28 day of June, 2012. 
  

			
	SUBSCRIBER:	  	
		
	 HA INVESTMENT III, L.L.C.
	  	 US$12,500,000

		  	Total Dollar Amount of Subscription

  

			
	By:	 	 /s/ Douglas J. Von Allmen

	Name:	 	Douglas J. Von Allmen
	Title:	 	Manager

  

	
	 20 - 1359682

	Employer Identification Number or Social Security Number

 Mailing Address and Phone Number of Subscriber: 

 

	
	9 Isla Bahia Drive
	Ft. Lauderdale, FL
	33316
	Telephone No.: 954-463-7699

 ACCEPTED AND AGREED TO ON THIS 20 DAY OF JULY, 2012: 
 LIQUID HOLDINGS GROUP, LLC 
  

			
	By:	 	 /s/ Brian Ferdinand

	Name:	 	Brian Ferdinand
	Title:	 	President

 EXHIBIT B 

LIQUID HOLDINGS GROUP, LLC 
 ACCREDITED INVESTOR QUESTIONNAIRE 
 In connection with that certain Subscription Agreement (the
“Agreement”), dated as of June 28, 2012, by and between HA Investment III, L.L.C. (the “Subscriber”) and Liquid Holdings Group, LLC the “Company”), a Delaware limited liability company,
pursuant to which the Subscriber has subscribed for, and (subject to acceptance by the Company) has agreed to purchase from the Company the Units (as defined in the Agreement), the undersigned represents and warrants to the Company as follows:

  

	(A)	General: 

  

	i)	Initial one and complete blanks 

The Subscriber hereby warrants and represents that: 
  

							
			
	 

	  	(1)	 	If the Subscriber is an employee benefit plan, an endowment, a foundation, a corporation, partnership, trust or other legal entity, it is:
			
		  	•	 	organized under the laws of:
                                         
                               
			
		  	•	 	has its principal place of business in:
                                         
                   
			
		  	OR	 	
			
	 

	  	(2)	 	If the Subscriber is an individual or if beneficial ownership of the Subscriber is held by an individual, such individual is of legal age and is a:
				
		  	•	 	citizen of:	 	    USA                        
                
				
		  	•	 	resident of:	 	    USA                        
                
				
		  	•	 	approximate net worth of the Subscriber:	 	    30
Million                               

  

	(B)	Accredited Investor Status: 

 Initial all appropriate spaces on the following pages indicating the basis upon which the Subscriber qualifies as an accredited investor under Regulation D. 

For Corporations, Foundations, Endowments, Partnerships, Limited Liability Companies, Limited Partnerships or Limited Liability
Partnerships 
  

					
	 

	  	(4)	 	The Subscriber hereby certifies that it is an accredited investor because it has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the
securities offered.
	 

	  	(5)	 	The Subscriber hereby certifies that it is an accredited investor because all of its equity owners are accredited investors. The General Partner, in its sole

 JOINDER 
 Reference is hereby made to that certain Limited Liability Company Agreement (as amended from time to time in accordance with its terms, the “Agreement”) of Liquid Holdings Group, LLC, a
Delaware limited liability company (the “Company”), dated as of April 24, 2012, as amended by Amendment No. 1, dated as of May 24, 2012. 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby covenants and agrees to be bound by and to comply with the terms and conditions of
the Agreement as a Member (as defined in the Agreement) as if the undersigned were an original party to the Agreement. The undersigned hereby agrees to take any and all other action reasonably required by the Company at any time and from time to
time to further evidence the intent and purposes of this Joinder. 
 By execution and delivery of this Joinder, the undersigned
represents and warrants to the Company and acknowledges as a Member that each of the representations and warranties contained in Section 4.02 of the Agreement is true and correct on and as the date hereof as if made by the undersigned on
and as of such date. 
 In accordance with Section 15.03 of the Agreement, all notices may be provided to the
undersigned at the address below, attention of the undersigned, which information shall be deemed to be included in the Member Schedule (as defined in the Agreement). 
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Joinder this 28 day of June, 2012. 
  

			
	DOUGLAS J. VON ALLMEN TRUST DATED APRIL 25, 1989
		
	By:	 	 /s/ Douglas J. Von Allmen

	Name:	 	Douglas J. Von Allmen
	Title:	 	Trustee
		
	Address:	 	
	Telephone:	 	
	Facsimile:	 	
	Email:	 	

 EXHIBIT A-l 

JOINDER AGREEMENT 

(TO OPERATING AGREEMENT OF LIQUID HOLDINGS GROUP, LLC) 
 [Attached]EX-10.2

 Exhibit 10.2 
 LIQUID HOLDINGS GROUP, LLC 
 AMENDED AND RESTATED 

2012 EQUITY PLAN 
 The purpose of the Liquid Holdings Group, LLC 2012 Amended and Restated Equity Plan (the “Plan”) is to provide designated employees, consultants and managers of Liquid Holdings Group,
LLC, a Delaware limited liability company (the “Company”) and its parents, affiliates and subsidiaries (hereinafter, a “Company Affiliate”) with the opportunity to receive grants of Class A Common Units,
Non-dilutive Common Units and Incentive Units (collectively, the “Award Units”) in the Company (or its successor). The Company adopted the Plan to reward certain board members, employees and independent contractors for their
contribution toward the growth of the Company. Awards under the Plan (both “Capital Awards” and “Incentive Unit Awards,” collectively “Awards”) shall consist of grants as described herein and the
Limited Liability Company Agreement of Liquid Holdings Group, LLC (the “Operating Agreement”). 
  

	 	1.	Administration  

(a) Board. The Board of managers of the Company (the “Board”), or any committee or subcommittee delegated and
appointed by the Board, shall administer and interpret the Plan. All references in the Plan to the “Board” shall be deemed to refer to the Board, or any such committee or subcommittee, as applicable. 

(b) Board Authority. The Board shall determine (i) the individuals to receive Awards; (ii) the size and terms of the
Awards, (iii) the time when the Awards will be made, (iv) the duration of any applicable restriction period, and (v) the Profits Interest Hurdle (as defined in the Operating Agreement) of any Incentive Unit Award. The Board may also
amend the terms of any Award and deal with any other matters arising under the Plan. 
 (c) Board Determinations. The
Board shall have full power and authority to administer and interpret the Plan, to make factual determinations, and to adopt or amend such rules, regulations, agreements, and instruments for implementing the Plan and for the conduct of its business
as it deems necessary or advisable. The Board’s interpretations of the Plan and all determinations made by the Board pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in the Plan or
in any Awards granted hereunder. 
 (d) Prior Grants. Unless otherwise determined by the Boards, any grants of Capital
Awards and Incentive Unit Awards by the Company made prior to the Effective Date shall be governed by the terms of the Plan. 
  

	 	2.	Grants 

 Awards
under the Plan may consist of grants of (i) Non-dilutive Common Units as described in Section 3.02 of the Operating Agreement, (ii) Class A Common Units as described in Section 3.03 of the Operating Agreement and
(iii) Incentive Unit Awards as described in 

 
Section 3.04 of the Operating Agreement. All Awards shall be subject to the terms and conditions of the Operating Agreement, the terms and conditions set forth herein, and to such other
terms and conditions as are specified in writing by the Board to the individual in the grant instrument or an amendment to the grant instrument (“Grant Agreement”). Awards may be made conditional upon the Grantee’s
acknowledgement, in writing or by acceptance of the Grant Agreement, that all decisions and determinations of the Board shall be final and binding on the Grantee, his or her beneficiaries, and any other person having or claiming an interest under
such Award. Awards need not be uniform as among the Grantees. All capitalized terms used in the Plan that are not defied herein shall have the meaning set forth in the Operating Agreement. 

 

	 	3.	Interests Subject to the Plan 

 (a) Award Units Authorized by the Operating Agreement. Subject to adjustment as described below and in accordance with the Operating Agreement, the aggregate number of Award Units shall not exceed
20% of the total number of Common Units outstanding on a Fully Diluted Bases as of the date of the Award. If, and to the extent, any Awards granted are terminated, canceled, forfeited, exchanged, or surrendered, the Award Units subject to such Award
shall be available again for purposes of the Plan. A Grantee of an Incentive Unit Award shall have no balance in his or her Capital Account (as such term is defined in the Operating Agreement) related to the Incentive Unit underlying a
Grantee’s Award immediately after receipt of such Award. The Grantee of an Award shall receive annual allocations and distributions of the Company’s profits and losses as set forth in the Operating Agreement. 

(b) Adjustments. Except as otherwise provided in the Operating Agreement or a Grantee’s Grant Agreement, if there is any
change in the number or kind of applicable Award Units outstanding (i) by reason of a split of the applicable Award Units, reclassification, combination, or exchange of the applicable Award Units or similar event; (ii) by reason of a
merger, reorganization, or consolidation; or (iii) by reason of any other extraordinary or unusual event affecting the outstanding applicable Award Units as a class without the Company’s receipt of consideration, or if the value of the
applicable outstanding Award Units are substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary distribution, the maximum number of applicable Award Units available for Awards, the number or percentage of
Non-dilutive Common Units, Class A Common Units or Incentive Award Units covered by the applicable outstanding and unvested Awards, and the kind of Non-dilutive Common Units, Class A Common Units or Incentive Award Units issued under the
Plan may be appropriately adjusted by the Board to reflect any increase or decrease in the number of, or change in the kind or value of, applicable Award Units to preclude, to the extent practicable, the enlargement or dilution of rights and
benefits under such awards. 
  

	 	4.	Eligibility for Participation 

 (a) Eligible Persons. All employees of the Company or a Company Affiliate (“Employees”), and members of the Board, independent contractors, consultants and advisors who perform
services for the Company or a Company Affiliate (“Consultants”) shall be eligible to participate in the Plan. Employees or Consultants who receive an Award shall be referred to as “Grantees.” 

  
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 (b) Selection of Grantees. The Board shall select the Grantees to receive Awards and
shall determine the terms of a particular Award. 
  

	 	5.	Issuance of Grants 

(a) Award Units. The Board shall determine the percentage of Non-dilutive Common Units, Class A Common Units or Incentive
Award Units underlying each Award. Each Grant Agreement for an Incentive Award Unit shall contain the applicable Profits Interest Hurdle. 
 (b) Restrictions on Awards to Grantees. The Board shall determine the vesting schedule applicable to any Awards and the vesting schedule shall be set forth in the Grantee’s Grant Agreement.

 (c) Termination of Employment or Service. Unless otherwise determined by the Board, if a Grantee ceases to be an
employee of, or provide services to, the Company or a Company Affiliate for any reason prior to the date on which the Award becomes fully vested in accordance with subsection (b) above, then any portion of the Award not vested at such time
shall thereby be forfeited and cancelled. The Board may cancel, rescind, suspend, withhold, or otherwise limit or restrict any outstanding Grantee’s Award at any time if such Grantee engages in any conduct that constitutes termination for
Cause, at the Board’s reasonable discretion or as may be set forth in any employment agreement by and between the Grantee and the Company. 
 (d) Special Acceleration of Awards. Unless otherwise determined by the Board, a Grantee’s non-vested and forfeitable Awards shall become fully vested and non-forfeitable upon a Change of
Control or Qualified Public Offering. 
  

	 	6.	Withholding of Taxes 

 All Awards under the Plan shall be subject to applicable federal (including FICA), state, and local tax withholding requirements. 

 

	 	7.	Nontransferability of Awards 

 Only the Grantee has any rights under an Award. A Grantee may not transfer those rights except as permitted by the Operating Agreement and/or the applicable Grant Agreement. 

 

	 	8.	Repurchase Right 

If a Grantee ceases to be employed by, or provide service to, the Company or a Company Affiliate, the Company may purchase all or part of
any Award Units distributed to the Grantee to the extent provided for in the applicable Grant Agreement or the Operating Agreement. 
  

	 	9.	Requirements for Issuance or Transfer of Award Units 

 (a) Agreement. With respect to any Award Units issued or distributed pursuant to this Plan, each Grantee shall be required to execute a Joinder to the Operating Agreement substantially in the form
attached hereto as Exhibit A and such other documents as the Board deems appropriate. 

  
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 (b) Limitations on Issuance or Transfer of Award Units. No Award Units shall be
issued or transferred in connection with an Award until all legal requirements applicable to the issuance or transfer of such Award Units have been satisfied. The Board shall have the right to condition any Award made to any Grantee hereunder on
such Grantee’s undertaking in writing to comply with such restrictions on his or her subsequent disposition of such Award Units as the Board shall deem necessary or advisable. 

(c) Each Grantee shall agree to abide by the transfer restrictions in Article X of the Operating Agreement and the provisions relating to
an Initial Public Offering in Article XV of the Operating Agreement. 
  

	 	10.	Amendment and Termination of the Plan 

 (a) Amendment. The Board may amend or terminate the Plan at any time. 
 (b)
Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its effective date, unless the Plan is terminated earlier by the Board or is extended by the Board. 

(c) Termination and Amendment of Outstanding Awards. A termination or amendment of the Plan that occurs after an Award is made
shall not materially impair the rights of a Grantee unless the Grantee consents or unless the Board acts under Section 15(a). The termination of the Plan shall not impair the power and authority of the Board with respect to an outstanding
Award. Whether or not the Plan has terminated, an outstanding Award may be amended by agreement of the Company and the Grantee consistent with the Plan. 
 (d) Governing Document. The Plan, the Operating Agreement and the Grant Agreement shall be the controlling documents with respect to an Award. No other statements, representations, explanatory
materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company, the Company Affiliates and their successors and assigns. 

 

	 	11.	Funding of the Plan 

This Plan shall be unfunded. The Company and Company Affiliates shall not be required to establish any special or separate fund or to make
any other segregation of assets to assure the payment of any Awards under this Plan. In no event shall interest be paid or accrued on any Award. 
  

	 	12.	Rights of Participants 

 Nothing in this Plan shall entitle any Grantee or any other person to any claim or right to receive an Award under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving
any individual any rights to be retained by or in the employ of the Company or the Company Affiliate or any other employment rights. 

  
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	 	13.	Headings 

 Section
headings are for reference only. In the event of a conflict between a title and the content of a Section, the content of the Section shall control. 
  

	 	14.	Effective Date of the Plan  

 The Plan shall be effective on April 24, 2012. 
  

	 	15.	Miscellaneous 

 (a)
Compliance with Law. The Plan and the obligations of the Company to issue or transfer Award Units in connection with Awards shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.
The Board may revoke any Award if it is contrary to law or modify an Award to bring it into compliance with any valid and mandatory government regulation. The Board may also adopt rules regarding the withholding of taxes on payments to Grantees.

 (b) Arbitration. In the event of any dispute under this Plan or any Grant Agreement, the parties shall have the
dispute settled by arbitration in New York, NY in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom will be selected
by the Company and the Grantee, respectively, and the third of whom will be selected by the other two arbitrators. Any award entered by the arbitrators will be final, binding and non-appealable and judgment may be entered thereon by either party in
accordance with applicable law in any court of competent jurisdiction. This arbitration provision is specifically enforceable. The arbitrators will have no authority to modify any provision hereof or to award a remedy for a dispute involving the
forfeiture of an Award other than the non-forfeiture of such Award. 
 (c) Governing Law. This Plan shall be construed in
accordance with and governed by the laws of the State of Delaware, without giving effect to principles of conflicts of law. 

  
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