Document:

Exhibit 10.19

 

GALAXY DIGITAL HOLDINGS GP LLC

 

April 1, 2020

 

Christopher Ferraro

 

Re: Grant of Class B Units

 

Galaxy Digital Holdings GP
LLC (the “General Partner”), in its capacity as general partner of Galaxy Digital Holdings LP (the “Partnership”),
is pleased to confirm the following award terms to you. Capitalized terms used but not defined in this letter will have the meanings assigned
in the Third Amended and Restated Limited Partnership Agreement of the Partnership (the “Limited Partnership Agreement”),
a copy of which has previously been provided to you and is also attached as Schedule 1.

 

		1.	Class B Units. Provided that you sign and return this letter, you are hereby granted the number
of Class B Units indicated on the signature page (“Award Units”), of none are Subtype R Class B Units (“Standard
Units”) and 315,000 are Subtype P Class B Units (“Profits Interest Units”). Your Award Units are subject
to the terms of this letter and the Limited Partnership Agreement.

 

		2.	Admission to the Partnership as a Class B Limited Partner. Subject to you having signed
and returned this letter, the General Partner hereby admits you to the Partnership as a Class B Limited Partner and you hereby accept
such admission with effect from the date hereof and the parties hereto hereby agree to be bound by the terms of the Limited Partnership
Agreement as if you had been an original party thereto with the benefit of all of the rights and obligations of a limited partner under
the Limited Partnership Agreement, and you will be eligible to participate in the profits and losses of the Partnership as provided in
the Limited Partnership Agreement and this letter.

 

You represent that you have read,
and you agree to join and be bound by, the Limited Partnership Agreement, including any applicable transfer restrictions, and hereby confirm
the grant of the power of attorney to the General Partner in such manner as set out in Section 13.4 of the Limited Partnership Agreement
as if it were set out in this letter in full. You hereby irrevocably constitute and appoint the General Partner as your true and lawful
agent and attorney-in-fact with full power to make, execute, deliver, sign, swear to, acknowledge and file all certificates and other
instruments necessary to carry out the provisions of the Limited Partnership Agreement or to admit you as a Class B Limited Partner and,
in connection therewith, to complete any relevant details and schedules of and to the Limited Partnership Agreement.

 

		3.	Section 83(b) Election and Spousal Consent.

 

		3.1	Section 83(b) Election. Within 30 days of today’s date, on your behalf, we will file a
                                                           protective election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) in respect of your
                                                           Profits Interest Units, in the form attached as Annex A (the “83-b Form”). You hereby agree that you will promptly (a)
                                                           provide any information reasonably requested to
fill out the 83(b) Form and (b) execute the completed 83(b) Form. In addition, you will submit to the Internal Revenue Service a copy
of the election with your tax return for the current taxable year. You hereby agree and acknowledge that your compliance with this covenant
is essential to the Company’s willingness to grant you the Award Units.

 

     

     

    

 

		3.2	Consent by Spouse. If you are or become married (and not formally separated with an agreed-upon
division of assets) and are subject to the community property laws of any State, you must deliver an executed Consent by Spouse in the
form attached as Annex B at the time of the execution of this letter, or at such later time as you become married. You hereby agree
and acknowledge that your compliance with this covenant is essential to the Company’s willingness to grant you the Award Units.

 

		4.	Vesting.

 

		4.1	Generally. Your Award Units will vest in the amounts and on the vesting date (each, a “Vesting
Date”) as set forth in the table below, in each case subject to your continued employment with the Partnership on the applicable
Vesting Date.

 

	Vesting Date	Award Units That Will Vest
	September 1, 2020	50% of your Profits Interest Units
	September 1, 2021	The remaining 50% of your Profits Interest Units

 

		4.2	Termination Treatment. In the event of a termination of your employment with the Partnership, the
following rules will apply:

 

	Type of Termination	Vesting Treatment of Award Units
	By the Partnership for Cause	All Award Units, whether vested or unvested, will be forfeited on the date of your termination of employment with the Partnership or any affiliate thereof (the Termination Date
	By the Partnership without Cause, or by you for Good Reason	As of the day immediately prior to the Termination Date, the tranche of Award Units scheduled to vest on the Vesting Date immediately following the Termination Date will vest.
	As a result of death or disability	As of the day immediately prior to the Termination Date, all unvested Award Units will vest.

 

    -2-

     

    

 

	Type of Termination	Vesting Treatment of Award Units
	By the Partnership without Cause, or by you for Good Reason, in each case, within two years following a Change in Control	As of the day immediately prior to the Termination Date, all unvested Award Units will vest.

 

For the avoidance of doubt, if you are
placed on garden leave, the Termination Date will be the date of the termination of your employment at the end of such garden leave period.

 

In addition to the foregoing vesting
treatment, upon any termination of employment other than a termination by the Partnership for Cause, as of the day immediately prior to
the Termination Date (and after giving effect to the vesting treatment described in the table above) (i) all vested Standard Units will
be exchanged automatically for shares of common stock of Galaxy Digital Holdings Ltd. (“PubCo,” and such shares the
 “Shares”) in accordance with Article 5 of the Limited Partnership Agreement and the Exchange Terms thereunder, (ii)
all vested Profits Interest Units that are “Fully Caught Up” as provided in Section 11.1(c) of the Limited Partnership Agreement
will be exchanged automatically for Shares in accordance with Article 5 of the Limited Partnership Agreement and the Exchange Terms of
the Limited Partnership Agreement and (iii) all of your vested Profits Interest Units that are not “Fully Caught Up” (the
 “Non-Caught Up Units”) will be exchanged in the aggregate for a number of Shares, rounded down to the nearest whole
Share, equal to the product of (i) the number of Shares that would be received if the Non-Caught Up Units were Fully Caught Up and were
exchanged in accordance with Article 5 of the Limited Partnership Agreement and the Exchange Terms of the Limited Partnership Agreement,
multiplied by (ii) the Capital Account Fraction, where the “Capital Account Fraction” is the quotient of (A) the value
of the total capital account corresponding to the Non-Caught Up Units divided by (B) the value of the total capital account corresponding
to a number of Class B Units, other than Profits Interest Units, equal to the number of Non-Caught Up Units.

 

		4.3	Definitions. For purposes of this letter:

 

		(a)	“Cause” will have the meaning set forth in an offer letter, employment agreement or
other written agreement between you and the Partnership (or any of its affiliates) or, if there is no such agreement which defines Cause,
Cause will mean your (A) conviction of, or plea of guilty or nolo contendere to, a misdemeanor involving moral turpitude or a felony;
(B) failure to substantially perform your responsibilities for the Partnership after notice and 30 days to cure (other than such failure
resulting from your incapacity due to physical or mental illness); (C) material breach of any of the Partnership’s written policies;
(D) breach of any restrictive covenant applicable to you; or (E) gross misconduct or negligence that is or may reasonably be expected
to have a material adverse effect on the reputation, business or interests of the Partnership.

 

    -3-

     

    

 

		(b)	“Change in Control” means the occurrence, in a single transaction or in a series of
related transactions, of any of the following events:

 

		(i)	any transaction (other than a transaction described in clause (B) below) pursuant to which any person
or group of persons acting jointly or in concert acquires the direct or indirect beneficial ownership of securities of the Partnership
representing 30% or more of the aggregate voting power of all of the Partnership’s then issued and outstanding securities entitled
to vote in the election of directors or managers of the General Partner; provided that the event described in this clause (A) will
not be deemed to be a Change in Control by virtue of the ownership, or acquisition, of securities of the Class A Limited Partner by any
person who is (or was) a holder of limited partnership units of the Partnership prior, or pursuant, to the Plan of Arrangement;

 

		(ii)	there is consummated an arrangement, amalgamation, merger, consolidation or similar transaction involving
(directly or indirectly) the Partnership and, immediately after the consummation of such arrangement, amalgamation, merger, consolidation
or similar transaction, the Limited Partners immediately prior thereto do not beneficially own, directly or indirectly, either (i) outstanding
voting securities representing more than 50% of the combined outstanding voting power of the surviving or resulting entity in such amalgamation,
merger, consolidation or similar transaction or (ii) more than 50% of the combined outstanding voting power of the ultimate parent company
that directly or indirectly has beneficial ownership of at least 95% of the combined outstanding voting power of the surviving or resulting
entity in such arrangement, amalgamation, merger, consolidation or similar transaction, in each case in substantially the same proportions
as their beneficial ownership of the outstanding voting securities of the Partnership immediately prior to such transaction;

 

		(iii)	the sale, lease, exchange, license or other disposition of all or substantially all of the Partnership’s
assets to a person other than (i) a disposition to a Person that was an Affiliate of the Partnership at the time of such sale, lease,
exchange, license or other disposition or (ii) a sale, lease, exchange, license or other disposition to an entity, more than 50% of the
combined voting power of the voting securities of which are beneficially owned by Limited Partners in substantially the same proportions
as their beneficial ownership of the outstanding voting securities of the Partnership immediately prior to such sale, lease, exchange,
license or other disposition; or

 

		(iv)	any other event or circumstance that the GP Board determines in its discretion constitutes a “Change
in Control”;

 

    -4-

     

    

 

		(c)	“Good Reason” will have the meaning set forth in an offer letter, employment agreement
or other written agreement between you and PubCo (or any of its subsidiaries) or, if there is no such agreement which defines Good Reason,
Good Reason will mean (A) a material reduction by the Partnership in your base salary or annual target bonus opportunity; (B) a diminution
in your title, duties or responsibilities; or (C) a relocation of your location of employment to more than 35 miles from your principal
place of employment; provided that any such event will not constitute Good Reason unless (x) you provide the Partnership with written
notice of the event giving rise to Good Reason within 30 days following the occurrence of such event, (y) the Partnership fails to cure
such event within 30 days after receipt of such notice and (z) you terminate your employment within 90 days following the occurrence of
such event.

 

		5.	Your Representations and Warranties to the Partnership and the Group. The Partnership is
a private business in which only certain sophisticated persons are eligible to become Limited Partners. In addition, the Partnership has
taken steps to rely on the exemption from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”). Accordingly, to establish your eligibility, and in addition to the representations and warranties in the Limited
Partnership Agreement, you acknowledge, represent and warrant to the Partnership as follows:

 

		5.1	You are accepting your Award Units for your own account, for investment and not with a view to the resale
or distribution in violation of the Securities Act of 1933, as amended (the “Securities Act”) or other applicable securities
laws. You have not entered into any agreement or arrangement to, and you agree that you will not, sell, hedge, pledge or otherwise transfer
your Award Units. You understand that your Award Units are compensatory in nature.

 

		5.2	You have such knowledge and experience in financial and investment matters and in other business matters
that you are capable of evaluating the merits and risks of your Award Units. In addition, you have a business relationship with the Partnership
that is of a nature to make you aware of the business and financial circumstances of the Partnership. Your financial condition is such
that you have no need for liquidity with respect to your Award Units and no need to dispose of them to satisfy any existing or contemplated
undertaking or indebtedness. You understand that your Award Units are a speculative investment that involves a high degree of risk of
loss (or of never having any value), and you acknowledge that you have adequate means of providing for your current needs and possible
contingencies and are financially able to withstand the loss of the entire value of your Award Units (or, again, their never having any
value).

 

		5.3	You acknowledge that there is and will be no public market for your Award Units. You understand that your
Award Units have not been and will not be registered under the Securities Act and that you will therefore not be afforded most of the
protections of the Securities Act.

 

    -5-

     

    

 

		5.4	You are an “accredited investor” as defined in Regulation D under the Securities Act (an “Accredited
Investor”).

 

		5.5	You are a “knowledgeable employee” as defined in Rule 3c-5 under the U.S. Investment Company
Act (a “Knowledgeable Employee”).

 

		5.6	You understand and agree that neither the Partnership nor PubCo is making any representation or warranty
with respect to the Partnership or PubCo or their respective business or prospects or the potential value of your Award Units.

 

You agree to notify the Partnership promptly if,
at any time, one or more of these representations and warranties ceases to be true.

 

		6.	Transferability of Award Units and Shares

 

		6.1	No Award Unit is transferable in any manner except that, (i) upon vesting, an Award Unit is exchangeable
for a Share in accordance with Article 5 of the Limited Partnership Agreement and the Exchange Terms, (ii) upon vesting, a Standard Unit
and a Fully Caught Up Profits Interest Unit may be transferred in connection with a Tag-Along Offer in accordance with the terms of Section
3.6(b) of the Limited Partnership Agreement, and (iii) all Award Units may be transferred in connection with a Drag Along Offer in accordance
with the terms of Section 3.6(e) of the Limited Partnership Agreement. Any other transfer of an Award Unit is void unless approved by
the GP Board.

 

		6.2	Shares issued pursuant to the exercise of your exchange right under the Exchange Terms may only be issued
if you are a “Qualified Purchaser” as defined in Section 2(a)(51) of the Investment Company Act (a “Qualified Purchaser”)
or a Knowledgeable Employee at the time of issuance; provided that, in the case of the exchange upon your death, the automatic exchange
will be deemed to be made by you at the time you were an employee of the Partnership or any subsidiary thereof.

 

		6.3	Any Shares issued upon exchange of an Award Unit will be issued in certificated form.

 

		6.4	The Shares issued upon exchange of an Award Unit pursuant to Article 5 of the Limited Partnership Agreement
will be restricted shares, meaning that such Shares may only be transferred by you (or any other person receiving such Shares upon exercise
of the exchange right under Article 5 of the Limited Partnership Agreement) in the follow ways:

 

		(a)	The Shares may be transferred to a person that is simultaneously an Accredited Investor, a Qualified Purchaser
and a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act (a “Qualified Institutional
Buyer”) in a transaction that is not subject to registration under the Securities Act or any other applicable securities laws
in a minimum amount of US$250,000; or

 

		(b)	The Shares may be transferred in a transaction that is an “offshore transaction” as defined
in Regulation S under the Securities Act.

 

Any other transfer of such Shares will
be void.

 

    -6-

     

    

 

		6.5	Prior to any transfer of Shares pursuant to Section 6.4(a), both the transferor and transferee will deliver
letters to the Partnership in the forms to be determined by the GP Board in its sole discretion (which is expected to be materially consistent
with similar letters to be delivered with respect to the transfer of Shares represented by certificates to other investors that are U.S.
Persons).

 

		6.6	Prior to any transfer of Shares pursuant to Section 6.4(b), the transferor will deliver a letter to the
Partnership substantially in the form to be determined by the GP Board in its sole discretion (which is expected to be materially consistent
with similar letters to be delivered with respect to the transfer of Shares represented by certificates to other investors that are U.S.
Persons).

 

		6.7	Each Share certificate issued pursuant to the exercise of the exchange right under Article 5 of the Limited
Partnership Agreement will include a legend to be determined by the GP Board in its sole discretion (which is expected to be materially
consistent with legends included on certificates representing Shares issued to other investors that are U.S. Persons), which may only
be removed if and upon being transferred pursuant to Section 6.4(b).

 

		7.	Other Terms and Conditions.

 

		7.1	Part of Limited Partnership Agreement. As between you and the Partnership, this letter will be
considered to be part of the Limited Partnership Agreement and will be interpreted and administered accordingly. This letter may be amended
by the General Partner, acting through the GP Board, in accordance with Section 13.4 of the Limited Partnership Agreement.

 

		7.2	Amendment of Award Agreement. The General Partner, acting through the GP Board, may amend, alter,
substitute, cancel or terminate this Agreement; provided, that no such amendment, alternation, substitution, cancellation or termination
shall be made without any requisite approval of the PubCo shareholders if such approval is necessary to comply with any applicable legal
or regulatory requirement (including, without limitation, as necessary to comply with any rules or regulations of the TSX-V); provided,
further, that any such amendment, alternation, substitution, cancellation or termination that would materially and adversely affect
your rights shall not to that extent be effective without your consent.

 

		7.3	No Effect on At-Will Employment or Any Other Agreement. Nothing in this letter or your status as
a Class B Limited Partner confers upon you any right to continued employment with the Partnership or affects any right that the Partnership
may have to terminate your employment.

 

		7.4	Right of Offset. The Partnership will have the right to offset against any distribution from the
Partnership any outstanding amounts that you may then owe to the Partnership.

 

		7.5	Nature of the Award Units. The Award Units constitutes special discretionary incentive compensation
and will not be required to be taken into account in computing the amount of your salary or compensation for determining any contributions
to or any benefits under any pension, retirement, profit-sharing,
bonus, life insurance, severance or other benefit plan of the Partnership.

 

    -7-

     

    

 

		7.6	Non-Uniform Determinations. Determinations by the Partnership under this letter and other letter
agreements with Class B Limited Partners do not need to be uniform and may be made selectively among Class B Limited Partners, whether
or not such persons are similarly situated.

 

		7.7	Governing Law. The validity, interpretation, construction and performance of this letter will be
governed by the laws of the Cayman Islands without regard to its conflicts of law principles.

 

		7.8	Arbitration. Any controversy or claim between you and the Partnership arising out of or relating
to or concerning this letter will be settled by arbitration pursuant to Section 13.12 of the Limited Partnership Agreement.

 

*                                    *                                    *

 

    -8-

     

    

 

If you agree, please sign
a copy of this letter and return it to the undersigned. This letter, the grant of the Award Units and your admission to the Partnership
will be effective upon the Partnership’s receipt of your signed counterpart of this signature page.

 

	 	Very truly yours,
	 	 
	 	
    Galaxy
    Digital Holdings GP LLC, as

 General Partner of Galaxy Digital

 Holdings LP, for itself and as attorney for 

the Limited Partners
    of the Partnership.

     

    Executed as a Deed:

     

	 	By:	/s/ Andrew Siegel
	 	 	Name:	Andrew Siegel
	 	 	Title:	Authorized Signatory

 

Number of Award Units granted hereby: 315,000
Profits

 

	
    Interest Units Intending to be legally bound,
    I accept and agree to the terms of this letter and the Limited Partnership Agreement as of the date written on the first page.

     

    Executed as a Deed:

     
	

     

	/s/ Christopher Ferraro	 
	Christopher Ferraro	 

 

	Witnessed:	 
	 	By:	/s/ Brynn Mannino	 
	 	Name: Brynn Mannino	 

 

     

     

    

 

ANNEX A

 

PROTECTIVE ELECTION UNDER SECTION 83(B) OF
THE INTERNAL REVENUE CODE OF 1986 WITH RESPECT TO PROPERTY

CONSISTING OF INTERESTS IN GALAXY DIGITAL HOLDINGS LP

 

Pursuant to Section 83(b)
of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.83-2, the undersigned taxpayer (the “Taxpayer”)
hereby elects to include in the Taxpayer’s gross income the excess, if any, of the fair market value of the Property (as defined
below) at the time of transfer over the amount that the Taxpayer paid for the Property. The following information is furnished in accordance
with Treasury Regulation 1.83-2(e).

 

		1.	The name, address and social security number of the Taxpayer are as follows:

 

	Name:	Christopher Ferraro	 
	Address:	200 E 62nd Street, Apt. 22D	 
	 	New York, NY	 
	 	 	 
	SSN:	###-##-####	 

 

 

		2.	The property with respect to which the election is made (the “Property”) is described as follows:
Subtype P Class B Units in Galaxy Digital Holdings LP (the “Partnership”).

 

		3.	The election is made for the 2020 calendar year with respect to the Property. The date on which the Property
was transferred is March 31, 2020.

 

		4.	The Property, which is compensatory for the Taxpayer’s services to the Partnership, is subject to
the following restrictions: it may not be sold, transferred or otherwise disposed of or hedged and may be forfeited if the Taxpayer ceases
to be employed by the Partnership under certain circumstances. These restrictions will lapse upon the passage of a number of years and
satisfaction of certain other conditions agreed between the Partnership and the Taxpayer.

 

		5.	The fair market value at the time of transfer, determined without regard to any restriction other than
a restriction that by its terms will never lapse, of the Property is: $0.

 

		6.	The amount (if any) paid for the Property is: $0.

 

The Taxpayer has submitted
a copy of this statement to the Partnership. The Taxpayer understands that the foregoing election may not be revoked except with the
consent of the Commissioner.

 

Date:                                    

Name:                                  

 

     

     

    

 

ANNEX B

 

CONSENT BY SPOUSE

 

I acknowledge that I have
read the Limited Partnership Agreement, dated as of ___________, 2019 (the “Limited Partnership Agreement”),
of Galaxy Digital Holdings LP (the “Partnership”), and the letter granting Class B units to my spouse (the “Side
Letter”). I am aware that my spouse has agreed to join and be bound by the Limited Partnership Agreement and the Side Letter
and that, furthermore, under no circumstances may my spouse assign, pledge, transfer or hypothecate any interest in the Partnership without
the consent of the General Partner of the Partnership, which the General Partner may withhold in its sole discretion. I approve of and
agree to those terms and agree that I will not take any action to undermine or countermand them.

 

I further agree that in the
event of my death or a dissolution of marriage or legal separation, if I have or receive any interest in the Partnership (a “Transferred
Interest”): (a) I will not thereby become a Limited Partner in the Partnership, but rather solely an assignee of the Transferred
Interest; (b) because the Transferred Interest is granted in consideration for continued services to the Partnership that I may not provide,
the Transferred Interest will cease to accrue any additional value and may lose any value previously ascribed to it; and (c) if the Transferred
Interest does not lose all value previously ascribed to it, the Partnership may, at any time, with or without notice, purchase the Transferred
Interest and any associated rights from me.

 

This consent, including its
existence, validity, construction and operating effect, is governed by and will be construed in accordance with the laws of the Cayman
Islands, without regard to otherwise governing principles of choice of law or conflicts of law.

 

Date:                                    

Name:                                  

 

    B-1

     

    

 

SCHEDULE 1

 

LIMITED PARTNERSHIP AGREEMENT

OF GALAXY DIGITAL HOLDINGS LP

 

    Schedule 1-1Exhibit 10.20

 

STOCK OPTION GRANT AGREEMENT

 

This agreement (the “Grant
Agreement”) evidences the Options granted by the Corporation to the undersigned (the “Participant”), a portion
of which are granted pursuant to and subject to the terms of the Amended and Restated Stock Option Plan, as amended form time to time
(the “Plan”), which is incorporated herein by reference, and a portion of which are granted pursuant to Section 613(c)
of the TSX Company Manual and subject to the terms of the Plan, as amended form time to time. The Schedules attached to this Stock Option
Grant Agreement will form an integral part of this Stock Option Grant Agreement.

 

The Corporation hereby grants
to the Participant on the Date of Grant such number of Options as set forth in the attached Schedule “A”, as may be amended
from time to time, with each Option representing the right to purchase, on the terms provided herein and in the Plan (including, without
limitations, the applicable exercise provisions), a Share with an Exercise Price per Share as set forth in the attached Schedule “A”,
as may be amended from time to time, in each case subject to adjustment in accordance with the provisions of the Plan.

 

		1.	Interpretation.

 

		(a)	Capitalized terms used herein and not otherwise defined will have the meanings given to them in the Plan.

 

		(b)	Words importing the singular will include the plural and vice versa and words importing any gender include any other gender.

 

		(c)	Unless otherwise specified herein, all references to money amounts are to Canadian currency.

 

		(d)	The words “including” and “includes” mean “including (or includes) without limitation”.

 

		2.	Vesting.

 

		2.1	Options.

 

Unless earlier terminated,
relinquished or expired, Options granted pursuant to this Grant Agreement will vest in accordance with the provisions set forth in the
attached Schedule “A” as may be amended from time to time and in accordance with Section 4.3 of the Plan, as applicable.

 

		3.	General Provisions.

 

		3.1	Participation in the Plan.

 

No Participant has any
claim or right to be granted an Option (including, without limitation, an Option granted in substitution for any Option that has
expired pursuant to the terms of this Plan), and the granting of any Option is not to be construed as giving a Participant a right
to continued employment or to remain a Consultant, director, officer or employee, as the case may be, of the Corporation or an
Affiliate of the Corporation. Nothing contained in this Grant Agreement or the Plan will interfere in any way with the rights of the
Corporation or an Affiliate of the Corporation in connection with the employment or termination of any such person. Upon any such
termination, a Participant’s rights to exercise Options will be subject to restrictions and time limits for the exercise of
Options. Complete details of such restrictions are set out in the Plan, and in particular in Article 4 thereof (except to the extent
that such provisions are varied in accordance with Schedule “A” hereto). The Participant hereby agrees that any rule,
regulation or determination, including the interpretation by the Board of the Plan, the Option granted hereunder and the exercise
thereof, is final and conclusive for all purposes and binding on all persons including the Corporation and the Participant.

 

     

     

    

 

		3.2	Representations and Warranties.

 

Participant must execute this
Grant Agreement and agree to be bound by its terms and the terms of the Plan. By doing so, Participant represents and warrants to the
Corporation that:

 

		(a)	This Grant Agreement, when executed and delivered, will constitute his or her valid and binding agreement enforceable in accordance
with its terms, except as the same may be limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent transfer or other
laws affecting creditors’ rights generally or by equitable principles;

 

		(b)	The Participant is a Sophisticated Investor;

 

		(c)	The Participant is investing in the Corporation for his or her own account, for investment and not with a view to resale or distribution
in violation of the U.S. Securities Act or other applicable securities law;

 

		(d)	The Participant has such knowledge and experience in financial and investment matters and in other business matters that he or she
is capable of evaluating the merits and risks of an investment in the Corporation;

 

		(e)	The Participant’s financial condition is such that he or she has no need for liquidity with respect his or her investment in
the Corporation and no need to dispose of it to satisfy any existing or contemplated undertaking or indebtedness;

 

		(f)	The Participant has a business relationship with the Corporation that is of a nature to make him or her aware of the business and
financial circumstances of the Corporation;

 

		(g)	The Participant understands that his or her investment in the Corporation is a speculative investment that involves a high degree
of risk of loss (or of never having any value), and acknowledges that he or she has adequate means of providing for his or her current
needs and possible contingencies and are financially able to withstand the loss of the entire value of his or her investment in the Corporation
(or, again, its never having any value); and

 

		(h)	The Participant understands and acknowledges that the he or she has conducted his or her own investigation of the Corporation; that
the Corporation has provided the opportunity to ask questions and receive answers concerning the terms and conditions of the Participant’s
investment, and the Participant has had access to such information concerning the Corporation and any other matters as the Participant
has considered necessary or appropriate in connection with its investment decision, and any answers to questions and any request for information
have been complied with to the Participant’s satisfaction.

 

    A-2

     

    

 

		3.3	Consent

 

The undersigned hereby consents
to the collection, use and disclosure of Personal Information, A-2 which means any information about an identifiable individual, of the
undersigned if and as required by the rules of the applicable Stock Exchange on which the Shares are then listed and posted for trading.

 

		3.4	Good Reason

 

The definition of Good Reason
in the Plan is modified as follows: “Good Reason” means, unless otherwise defined in the offer letter, employment agreement
or other written agreement between the Participant and Corporation (or any of its subsidiaries): (1) a material reduction in a Participant’s
base salary or annual target bonus opportunity; (2) Participant no longer reports to the CEO of the Company; (3) a diminution in a Participant’s
title, duties or responsibilities; or (4) a relocation of a Participant’s location of employment to more than 35 miles from a Participant’s
principal place of employment; provided that any such event will not constitute Good Reason unless (x) the Participant provides the Corporation
with written notice of the event giving rise to Good Reason within 30 days following the occurrence of such event, (y) the Corporation
(or applicable subsidiary) fails to cure such event within 30 days after receipt of such notice and (z) the Participant terminates his
or her employment within 90 days following the occurrence of such event;

 

		3.5	Binding Agreement.

 

The exercise of the Options
granted hereby, issuance of Shares and ownership of the Shares are subject to the terms and conditions of the Plan (all of which are incorporated
into and form part of this Grant Agreement) and this Grant Agreement, including the transfer restrictions set forth in the Plan. This
Agreement will inure to the benefit of and be binding upon the parties and their respective successors (including any successor by reason
of amalgamation of any party) and permitted assigns.

 

		3.6	Governing Law.

 

The laws of the Cayman Islands,
without giving effect to its conflicts of law principles, govern all matters arising out of or relating to this Plan, including its interpretation,
construction, performance and enforcement.

 

[The remainder of this page is intentionally
left blank]

 

    A-3

     

    

 

By acceptance of these Options,
the undersigned acknowledges receipt of the Plan text and agrees hereby to be subject and bound to the terms of the Plan. The undersigned
further acknowledges and agrees that the Participant’s abovementioned participation is voluntary and has not been induced by expectation
of engagement, appointment, employment, continued engagement or continued employment, as the case may be.

 

Accepted and agreed to this
___ day of December 3, 2020.

 

	Corporation:	GALAXY DIGITAL HOLDINGS LTD.
	 	 
	 	By:	/s/ Andrew Siegel
	 	 	Name: Andrew Siegel
	 	 	Title:   Authorized Signatory

 

	Participant:	 
	 	 
	 	/s/ Damien Vanderwilt
	 	Signature of Option Holder
	 	 
	 	Damien Vanderwilt
	 	Name of Option Holder (Please Print)

 

	Address:	(900 Old Sag Harbor Road, Water Mill, NY, 11976
	 	 
	 	 
	 	 

 

     

     

    

 

Schedule “A”

OPTION GRANT

 

	Participant:	Damien Vanderwilt
	Number of Options	7,500,000

(2,189,532 of which are granted under the Plan and 5,310,468 of which are granted pursuant to Section 613(c) of the TSX Company Manual)
	Exercise Price:	C$6.21
	Date of Grant:	December 3, 2020
	Vesting Schedule	25% December 1, 2021

25% December 1, 2022

25% December 1, 2023

25% December 1, 2024
	Expiry Date	December 3, 2025
	Type of Option	Non-Qualified Options
	Exchange Hold Period:	Without prior written approval of TSX and compliance with all applicable securities legislation, the securities represented by this certificate and the securities issuable upon the exercise hereof if exercised prior to April 3, 2021 may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of TSX or otherwise in Canada or to or for the benefit of a Canadian resident until April 3, 2021.

 

     

     

    

 

EXHIBIT “B”

ELECTION TO EXERCISE STOCK OPTIONS

 

TO:                              GALAXY DIGITAL HOLDINGS LTD. (the “Corporation”)

 

The undersigned option holder
hereby elects to exercise Options granted by the Corporation to the undersigned pursuant to a Grant Agreement dated _________________,
20_____ under Stock Option Plan (the “Plan”), for the number Shares set forth below. Capitalized terms used
herein and not otherwise defined will have the meanings given to them in the Plan.

 

	Number of Shares to be Acquired:	 	
	 	 	 
	Option Exercise Price (per Share):	 	$	
	 	 	 
	Aggregate Purchase Price:	 	$	 
	 	 	 
	Amount enclosed that is payable on account of any  source deductions and/or withholding taxes relating to this Option exercise (contact the Corporation for details of such amount):	 	
	 	 	 

		Or check here if alternative arrangements have been made with the Corporation;  	 

 

and hereby tenders a certified cheque, bank draft
or other form of payment confirmed as acceptable by the Corporation for such aggregate purchase price, and, if applicable, all Source
Deductions, and directs such Shares to be registered in the name of

 

I hereby agree to file or cause the Corporation
to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities
laws. I understand that this request to exercise my Options is irrevocable.

 

DATED this ____ day of _________________, _________.

___________________.

 

	 	 
	 	Signature of Option Holder
	 	 
	 	 
	 	Name of Option Holder (Please Print)

 

     

     

    

 

EXHIBIT “C”

SURRENDER NOTICE

 

TO:                        GALAXY DIGITAL HOLDINGS LTD. (the “Corporation”)

 

The undersigned option holder hereby elects to
transfer, dispose and surrender _______ Options granted by the Corporation to the undersigned pursuant to a Grant Agreement dated ___________________,
20___ under the Stock Option Plan (the “Plan”) to the Corporation in exchange for Shares as calculated in accordance
with Section 4.1(b) of the Plan. Capitalized terms used herein and not otherwise defined will have the meanings given to them in the Plan.

 

Please issue a certificate or certificates representing
the Shares in the name of:

 

 

I hereby agree to file or cause the Corporation
to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities
laws. I understand that this request to exercise my Options is irrevocable.

 

DATED this ____ day of _________________, _________.

 

	 	 
	 	Signature of Option Holder
	 	 
	 	 
	 	Name of Option Holder (Please Print)

 

     

     

    

 

REGISTRATION INSTRUCTIONS FOR SHARES RECEIVED UPON EXERCISE:

 

	 	 
	Registration Name (please print)	 
	 	 
	 	 
	Registration Address, including city, province/state,
    country and postal/zip code	 
	 	 
	 	 
	Email Address	 
	 	 
	 	 
	Account # (applicable only if registering and
    depositing the securities into a brokerage or corporate account - not if registering in own name)	 
	 	 
	DELIVERY INSTRUCTIONS (if different from
    registration instructions):	 
	 	 
	 	 
	Name of Contact	 
	 	 
	 	 
	Delivery Address including city, province/state,
    country and postal/zip code	 
	 	 
	 	 
	Contact’s Telephone Number	 
	 	 
	 	 
	Contact’s E-mail Address

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