Exhibit 10 to Declaration of Jack E. Pace III in Support of Motion to Dismiss (Dkt. 491.11)

Summary

Exhibit 10 (Document 491-11) in Case 1:21-md-02989-CMA, entered on the FLSD docket 06/22/2022, is an email chain dated January 28, 2021 with the subject RE: Follow up among William Brennan, Ellen Chen, Lawrence Ho, Dennis Chenfu, John Mollica and Tricia Rothschild. William Brennan writes that retail can buy and hold fully paid positions but no margin, and that all APEX customers face the same restrictions on short sells as before and need to go home flat. Another message from Brennan states that it was shut down because of the size of the call at one point, with only $250M in capital, and that Apex has been on with the senior folks at DTC working through potential solutions.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Text recognized from a scanned document; may contain errors.

Case 1:21-md-02989-CMA Document 491-11 Entered on FLSD Docket 06/22/2022 Page 1 of 4

Exhibit 10
Case 1:21-md-02989-CMA Document 491-11 Entered on FLSD Docket 06/22/2022 Page 2 of 4

Message

From: William Brennan [wbrennan@apexclearing.com]

Sent: 1/28/2021 7:25:26 PM

To: Ellen Chen - Apexpro [ellen.chen@apexpro.com]; Lawrence Ho - Apexpro [lawrence.ho@apexpro.com]; Dennis
Chenfu [dchenfu@apexclearing.com]; John Mollica [jmollica@apexclearing.com]

cc: Tricia Rothschild [trothschild @apexclearing.com]

Subject: RE: Follow up

Yes — flat meant the big boys. Retail can buy and hold fully paid positions, but no margin

From: Ellen Chen <ellen.chen@apexpro.com>

Sent: Thursday, January 28, 2021 1:24 PM

To: William Brennan <wbrennan@apexclearing.com>; Lawrence Ho - Apexpro <lawrence.ho@apexpro.com>; Dennis
Chenfu <dchenfu@apexclearing.com>; John Mollica <jmollica@apexclearing.com>

Ce: Tricia Rothschild <trothschild@apexclearing.com>

Subject: RE: Follow up

Can public trade this long no margin, no options?
Just clarifying the flat EOD doesn’t apply there.
ELLEN CHEN | Relationship Management

O: (213) 402-1577

Electronic Transaction Clearing (doing business as Apex Pro) is a broker-dealer, Member FINRA/NYSE/SIPC

From: William Brennan <whrennan@apexciearing com>

Sent: Thursday, January 28, 2021 11:18 AM

To: Lawrence Ho <Jawrence ho @anexnro.com>; Dennis Chenfu <cchentu@ apexciearing.cam>; Ellen Chen
<ellen chen@ apexora com>; John Mollica <imoltica@apexciearing com>

Ce: Tricia Rothschild <trethschiid@apexciearing com>

Subject: RE: Follow up

All APEX customers. One team, one dream — same restrictions on short sells as before and need to go home flat

From: Lawrence Ho <iawrence. ho@apexprse com>

Sent: Thursday, January 28, 2021 1:09 PM

To: William Brennan <whrennan@apexclearing com>; Dennis Chenfu <dcheniu@apexciearing com>; Ellen Chen -
Apexpro <élen chen@apexpre.com>; John Mollica <jmoliica@apexclearing. cori>

Ce: Tricia Rothschild <trothschild@apexciearing com>

Subject: RE: Follow up

All Pro customers?

From: William Brennan <whrennan@anexciearing com>
Sent: Thursday, January 28, 2021 11:08 AM
To: Dennis Chenfu <dchenfu@apexctearing.cam>; Ellen Chen <elen.chen@apexpre.com>; John Mollica

Confidential Treatment Requested APEX-TXAG-01-00003560
by Apex Clearing Corp.
HIGHLY CONFIDENTIAL — ATTORNEYS’ EYES ONLY APEX-MDL00002375
Case 1:21-md-02989-CMA Document 491-11 Entered on FLSD Docket 06/22/2022 Page 3 of 4

Ce: Tricia Rothschild <trothschiid@@anexclearing com>; Lawrence Ho <lawrence ho@anexora.cam>
Subject: RE: Follow up

We are opening back up shortly..go ahead and give them clearance

From: William Brennan

Sent: Thursday, January 28, 2021 12:20 PM

To: Dennis Chenfu <dchenfu@apexciearing com>; Ellen Chen - Apexpro <ellen. chen @apexpro.carmi>; John Mollica

Ce: Tricia Rothschild <trothschild@apexciearing corm>; Lawrence Ho - Apexpro <lawrence ho @anexpre.com>
Subject: RE: Follow up

Guys — | would love to open this up. | am hearing similar from literally every client. The message back to the client is this
isn’t about what Apex is willing to do — its is the archaic way this is treated at NSCC. If we allowed all client to buy
whatever they wanted to buy (even if the client has the cash to do it), our requirement would be enormous. We shut it
down today because at one point our call was almost $1B. We only have $250M in capital.

We have been on with the senior folks at DTC and are working through potential solutions.

From: Dennis Chenfu <dchenfu@anexciesring. com>

Sent: Thursday, January 28, 2021 12:08 PM

To: Ellen Chen - Apexpro <élien.chen@apexpre.cam>; John Mollica <imolica@apexclearing com>

Ce: William Brennan <wbrennan@ apexciearing.com>; Tricia Rothschild <trothschiid@ apexciearing.cam>; Lawrence Ho -

Subject: Re: Follow up

Elle, that’s a reasonable ask from my perspective, but defer to Bill as we have made a firm-wide decision regardless of
client type.

From: Ellen Chen <eien.chen@anexora.com>

Date: Thursday, January 28, 2021 at 10:05 AM

To: Dennis Chenfu <dchenfu@apexclearing.com>, John Mollica <imelica@apexciesring com>

Cc: William Brennan <wbrennan@apexciearing. com>, Tricia Rothschild <trethschiid @apexciearing com>,
Lawrence Ho - Apexpro <lawrence. ho@apexpre.com>

Subject: FW: Follow up

Just fyi.

O: (213) 402-1577

Electronic Transaction Clearing {doing business as Apex Pro) is a broker-dealer, Member FINRA/NYSE/SIPC

From: Tom Harrison <tharrison@directaioha.cam>
Sent: Thursday, January 28, 2021 10:01 AM

To: Ellen Chen <eilen. chen@apexnro.com>
Subject: Follow up

Confidential Treatment Requested APEX-TXAG-01-00003561
by Apex Clearing Corp.
HIGHLY CONFIDENTIAL — ATTORNEYS’ EYES ONLY APEX-MDL00002376
Case 1:21-md-02989-CMA Document 491-11 Entered on FLSD Docket 06/22/2022 Page 4 of 4

Elle,

Thanks for calling me earlier.

We really would like to escalate this immediately. The longer this goes on the worse it is for us. We have
carefully built our business over the years and taking advantage of rare opportunities like this are very
important. We need service from APEX on the day when it really matters.

We truly believe this is unacceptable and unnecessary.

We are willing to put in risk mitigating criteria such as:

We will trade no more than 300 shares.
If shorting is somehow a larger perceived risk at 300 shares, then we will go long-only.

Please understand that 300 shares of GME is currently worth around $75k. At its all-time high of $500 that is
about $150k. Even if the stock halted and went to zero we have plenty in the account (S6mm+) to cover this.

The same is true for KOSS and AMC (which are far less expensive). We will trade no more than 300 of each.
Please let me know who we can speak too and when.

Thank you,

Tom Harrison | Research and Trading
Direct Alpha
P: 858-947-8650

E: tharrison(aidirectalpha.com

See http://www apexclearing com/email-cisclanner/ for terms and conditions related to this email.

Confidential Treatment Requested APEX-TXAG-01-00003562
by Apex Clearing Corp.
HIGHLY CONFIDENTIAL — ATTORNEYS’ EYES ONLY APEX-MDL00002377


File and source

File

gov.uscourts.flsd.590042.491.11.pdf

Size

602,371 bytes

SHA-256

32252715cf9acc1c64ff7c3f90c5adc6a048098f28dab838f7139902346da55e

Our copy

gov.uscourts.flsd.590042.491.11.pdf

Original

archive.org