AN1651 v.04 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA IN RE MARQETA, INC. SECURITIES Case No. 4:24-cv-08874-YGR LITIGATION NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES A Federal Court authorized this Notice. This is not a solicitation from a lawyer. • Did you purchase or otherwise acquire the publicly traded Class A common stock of Marqeta, Inc. (“Marqeta” or the “Company”), and/or purchase or otherwise acquire publicly traded call options on such stock, and/or write publicly traded put options on such stock, between February 28, 2024 and November 4, 2024, both dates inclusive? • There is a settlement of $13 million. You may be entitled to money. • Read this Notice and comply with the deadlines. • If you do nothing, you will be bound by the terms of the Settlement. Stock and Securities purchases of the publicly traded Marqeta common stock and Call Transactions at Issue Options and Sale of Publicly Traded Marqeta Put Options Time Period Covered by this February 28, 2024 and November 4, 2024, both dates inclusive Lawsuit Settlement Amount $13 Million Lawyers for Plaintiff Glancy Prongay Wolke & Rotter LLP Requested Attorneys’ Fees No More Than 25% of the Settlement Fund Requested Litigation Expenses No more than $85,000 Estimated Average Recovery $0.14 Gross Recovery Per Security and $0.11 Net of Attorneys’ FeeS, Per Marqeta Security Administration Costs and Expenses Deadline to File a Claim december 31, 2026 Deadline to Exclude Yourself december 22, 2026 From the Settlement Deadline to File Objections to december 22, 2026 the Terms of the Settlement Court Hearing on Fairness of january 12, 2027 at 9:00am pt the Settlement Who to Contact with Questions Claims Administrator Claims Administrator Epiq Website for Settlement Information and Court www.MarqetaSecuritiesSettlement.com Documents 1 AN1652 v.04 TABLE OF CONTENTS Summary Of Important Information......................................................................................................................Page 2 Why Did I Get A Notice?.......................................................................................................................................Page 4 What Is This Case About?......................................................................................................................................Page 5 How Do I Know If I Am Affected By The Settlement? Who Is Included In The Settlement Class?..........................................................................................................................Page 6 What Are Plaintiff’s Reasons For The Settlement?................................................................................................Page 7 What Might Happen If There Were No Settlement?..............................................................................................Page 8 How Are Settlement Class Members Affected By The Action And The Settlement?........................................................................................................................................Page 8 How Do I Participate In The Settlement? What Do I Need To Do?......................................................................Page 9 How Much Will My Payment Be?.........................................................................................................................Page 9 What Payment Are The Attorneys For The Settlement Class Seeking? How Will The Lawyers Be Paid?............................................................................................................ Page 16 What If I Do Not Want To Be A Member Of The Settlement Class? How Do I Exclude Myself?.................................................................................................................... Page 16 When And Where Will The Court Decide Whether To Approve The Settlement? Do I Have To Come To The Hearing? May I Speak At The Hearing If I Don’t Like The Settlement?.................................................................................................................... Page 16 What If I Bought Shares On Someone Else’s Behalf?......................................................................................... Page 17 Can I See The Court File? Whom Should I Contact If I Have Questions?.......................................................... Page 18 SUMMARY OF IMPORTANT INFORMATION Notice of Pendency of Class Action: Please be advised that your rights may be affected by the above-captioned securities class action (the “Action”)1 pending in the United States District Court for the Northern District of California (the “Court”), if you purchased or otherwise acquired the publicly traded Class A common stock of Marqeta, Inc. (“Marqeta Common Stock”), and/or purchased or otherwise acquired publicly traded call options on such stock (“Marqeta Call Options”), and/or wrote publicly traded put options on such stock (“Marqeta Put Options,” and, together with Marqeta Common Stock and Marqeta Call Options, “Marqeta Securities”), between February 28, 2024 and November 4, 2024, both dates inclusive (“Settlement Class Period”), and were damaged thereby. Notice of Settlement: Please also be advised that the Court-appointed lead plaintiff Tyler Hogge (“Lead Plaintiff” or “Plaintiff”), on behalf of himself and the Settlement Class (as defined in ¶ 25 below), has reached a proposed settlement of the Action for $13,000,000 in cash that, if approved, will resolve all claims in the Action (the “Settlement”). PLEASE READ THIS NOTICE CAREFULLY. This Notice explains important rights you may have, including the possible receipt of cash from the Settlement. If you are a member of the Settlement Class, your legal rights will be affected whether or not you act. If you have any questions about this Notice, the proposed Settlement, or your eligibility to participate in the Settlement, please DO NOT contact any Defendants in the Action, or their counsel. All questions should be directed to Lead Counsel or the Claims Administrator (see ¶ 100 below). 1. Description of the Action and the Settlement Class: This Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendant Marqeta, and defendants Simon Khalaf and Michael Milotich (collectively, “Individual Defendants”; and together with Marqeta, “Defendants”), violated the federal securities laws by disseminating materially false and misleading information to the investing public about: (i) Marqeta’s speed of operations and improvements in the time it took to launch 1 All capitalized terms used in this Notice that are not otherwise defined herein have the meanings ascribed to them in the Amended Stipulation and Agreement of Settlement dated August 13, 2026 (the “Stipulation”), which is available at www.MarqetaSecuritiesSettlement.com. 2 AN1653 v.04 new programs; and (ii) the strength of Marqeta’s regulatory compliance capabilities and its level of investment in regulatory compliance. A more detailed description of the Action is set forth in paragraphs 11-24 below. The proposed Settlement, if approved by the Court, will settle claims of the Settlement Class, as defined in paragraph 25 below. 2. Statement of the Settlement Class’s Recovery: Subject to Court approval, Plaintiff, on behalf of himself and the Settlement Class, has agreed to settle the Action in exchange for a settlement payment of $13,000,000 in cash (the “Settlement Amount”) to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed plan of allocation (the “Plan of Allocation”) is set forth on pages 10-15 below. 3. Estimate of Average Amount of Recovery Per Marqeta Security: Assuming that all Settlement Class Members elect to participate in the Settlement, the estimated average recovery (before the deduction of any Court-approved fees, expenses and costs as described herein) per eligible Marqeta Security is $0.14. Settlement Class Members should note, however, that the foregoing average recovery per Marqeta Security is only an estimate. Some Settlement Class Members may recover more or less than this estimated amount depending on, among other factors, when and at what prices they purchased, acquired and/or sold their Marqeta Securities, and the total number of valid Claim Forms submitted. Distributions to Settlement Class Members will be made based on the Plan of Allocation set forth herein (see pages 10-15 below) or such other plan of allocation as may be ordered by the Court. 4. Average Amount of Damages Per Marqeta Security: Plaintiff and Defendants (the “Parties”) do not agree on the average amount of damages per share of Marqeta security that would be recoverable if Plaintiff were to prevail in the Action. Among other things, Defendants do not agree with the assertion that they violated the federal securities laws or that any damages were suffered by any members of the Settlement Class as a result of their conduct. 5. Attorneys’ Fees and Expenses Sought: Court-appointed lead counsel, Glancy Prongay Wolke & Rotter LLP (formerly known as Glancy Prongay & Murray LLP; “Lead Counsel”), which has been prosecuting the Action on a wholly contingent basis since its appointment as Lead Counsel on March 11, 2025, has not received any payment of attorneys’ fees for its representation of the Settlement Class and has advanced the funds to pay expenses necessarily incurred to prosecute this Action. Lead Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 25% of the Settlement Fund. In addition, Lead Counsel will apply for reimbursement of Litigation Expenses paid or incurred in connection with the institution, prosecution and resolution of the claims against the Defendants, in an amount not to exceed $85,000 (consisting of actual expenses of up to $80,000 for litigating the case and negotiating the Settlement, and reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to his representation of the Settlement Class in an amount not to exceed $5,000). Any fees and expenses awarded by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses. The estimate of the average cost per affected Marqeta Security, if the Court approves Lead Counsel’s fee and expense application, is $0.04 per share, which means that the estimated average recovery (after the deduction of any Court-approved fees, expenses and costs) is $0.11 per eligible Marqeta Security. 6. Identification of Attorneys’ Representative: Plaintiff and the Settlement Class are represented by Jason Krajcer, Esq. of Glancy Prongay Wolke & Rotter LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, (310) 201-9150, settlements@glancylaw.com. 7. Reasons for the Settlement: Plaintiff’s principal reason for entering into the Settlement is the substantial immediate cash benefit for the Settlement Class without the risk or the delays inherent in further litigation. Moreover, the substantial cash benefit provided under the Settlement must be considered against the significant risk that a smaller recovery – or indeed no recovery at all – might be achieved after contested motions, a trial of the Action and the likely appeals that would follow a trial. This process could be expected to last several years. Defendants, who deny all allegations of wrongdoing or liability whatsoever, are entering into the Settlement solely to eliminate the uncertainty, burden and expense of further protracted litigation. 3 AN1654 v.04 YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: SUBMIT A CLAIM FORM ONLINE OR RECEIVED NO This is the only way to be eligible to receive a payment LATER THAN DECEMBER 31, 2026 AT: from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you In Re Marqeta, Inc. Securities Litigation will be bound by the Settlement as approved by the c/o Epiq Court and you will give up any Released Plaintiff’s P.O. Box 4620 Claims (defined in ¶ 37 below) that you have against Portland, OR 97208-4620 Defendants and the other Released Defendants’ Parties (defined in ¶ 38 below), so it is in your interest to submit or a Claim Form. For more information on submitting a www.MarqetaSecuritiesSettlement.com Claim Form, please see ¶ 43. EXCLUDE YOURSELF FROM THE SETTLEMENT If you exclude yourself from the Settlement Class, you CLASS BY SUBMITTING A WRITTEN REQUEST FOR will not be eligible to receive any payment from the EXCLUSION THAT IS RECEIVED NO LATER THAN Settlement Fund. This is the only option that allows you DECEMBER 22, 2026. ever to be part of any other lawsuit against any of the Defendants or the other Released Defendants’ Parties concerning the Released Plaintiff’s Claims. OBJECT TO THE SETTLEMENT BY SUBMITTING A If you do not like the proposed Settlement, the proposed WRITTEN OBJECTION THAT IS FILED NO LATER Plan of Allocation, or the request for attorneys’ fees and THAN DECEMBER 22, 2026. reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. Please note that with respect to the Settlement, you can only ask the Court to deny approval by filing an objection. You can’t ask the Court to order a different settlement; the Court can only approve or reject the Settlement before it. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. GO TO A HEARING ON JANUARY 12, 2027 AT Submitting a written objection and notice of intention 9:00 A.M., AND FILE A NOTICE OF INTENTION TO to appear by January 5, 2027 allows you to speak in APPEAR NO LATER THAN JANUARY 5, 2027. Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. DO NOTHING. If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. WHY DID I GET A NOTICE? 8. The Court directed that the Postcard Notice be mailed, or a link to this Notice and the Claim Form emailed, to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired Marqeta Common Stock, and/or purchased or otherwise acquired Marqeta Call Options, and/or wrote Marqeta Put Options during the Settlement Class Period. The Court also directed that this Notice be posted online at www.MarqetaSecuritiesSettlement.com. The Court has directed us to disseminate these notices because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement. Additionally, you have the right to understand how this class action lawsuit 4 AN1655 v.04 may generally affect your legal rights. If the Court approves the Settlement, and the Plan of Allocation (or some other plan of allocation), the claims administrator selected by Plaintiff and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved. 9. The purpose of this Notice is to inform you of the existence of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It is also being sent to inform you of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed Plan of Allocation and the motion by Lead Counsel for an award of attorneys’ fees and reimbursement of Litigation Expenses (the “Settlement Hearing”). See paragraphs 88-89 below for details about the Settlement Hearing, including the date and location of the hearing. 10. The issuance of this Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement. If the Court approves the Settlement and a plan of allocation, then payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing. Please be patient, as this process can take some time to complete. WHAT IS THIS CASE ABOUT? 11. This litigation is about allegedly false and misleading statements made by Defendants concerning: (i) Marqeta’s speed of operations and improvements in the time it took to launch new programs; and (ii) the strength of Marqeta’s regulatory compliance capabilities and its level of investment in regulatory compliance. Defendants have denied and continue to deny Lead Plaintiff’s allegations and claims, including with respect to these alleged misstatements. 12. On December 9, 2024, a class action complaint was filed in the Court, styled Wai v. Marqeta, Inc. et al., Case No. 4:24-cv-08874-YGR (“Wai”). 13. On December 10, 2024, a substantially similar class action complaint was filed in the Court, styled Ford v. Marqeta, Inc. et al., Case No. 4:24-cv-08892-YGR (“Ford”). 14. On February 17, 2025, Tyler Hogge filed a motion to consolidate Wai and Ford, to be appointed Lead Plaintiff, and to approve his selection of Glancy Prongay & Murray LLP as Lead Counsel. 15. On March 11, 2025, the Court granted Mr. Hogge’s motion. The Court consolidated Wai and Ford and recaptioned the consolidated action as In re Marqeta, Inc. Securities Litigation, Case No. 24-cv-08874-YGR, appointed Mr. Hogge to serve as Lead Plaintiff, and approved his selection of Glancy Prongay & Murray LLP to serve as Lead Counsel.2 16. On April 10, 2025, Lead Plaintiff filed an Amended Complaint (the “Complaint”). The Complaint asserted claims against (i) all Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder; and (ii) Defendants Khalaf and Milotich under Section 20(a) of the Exchange Act. Among other things, the Complaint alleged that Defendants materially misled investors regarding: (i) Marqeta’s speed of operations and improvements in the time it took to launch new programs; and (ii) the strength of Marqeta’s regulatory compliance capabilities and its level of investment in regulatory compliance. The Complaint further alleged that the price of Marqeta’s publicly traded Class A common stock was artificially inflated during the putative class period as a result of Defendants’ allegedly false and misleading statements, and declined when the truth was revealed. Defendants deny those allegations and claims. 17. Defendants moved to dismiss the Complaint on May 15, 2025. Plaintiff filed his opposition brief on June 20, 2025, and Defendants filed their reply on July 11, 2025. 18. On September 2, 2025, the Parties filed a stipulation to continue the hearing on the motion to dismiss to January 13, 2026 or some date thereafter given that the Parties had agreed to participate in a mediation in an attempt to resolve the Action. The Court entered the proposed order that same day. 19. On November 3, 2025, Lead Counsel and Defendants’ Counsel participated in a full-day, in-person mediation session with their agreed mediator, Robert A. Meyer, Esq., of JAMS. In advance of that session, the Parties exchanged, and provided to the mediator, detailed mediation statements and exhibits, which addressed the issues of both liability and damages. The mediation culminated in Mr. Meyer making a mediator’s recommendation to resolve the Action for $13,000,000 in cash for the benefit of the Settlement Class, which the Parties accepted. 2 In January 2026, Glancy Prongay & Murray LLP changed its name to Glancy Prongay Wolke & Rotter LLP. 5 AN1656 v.04 20. The agreement in principle to settle the Action was memorialized in a term sheet dated November 3, 2025 (the “Term Sheet”). The Term Sheet provided, among other things, that Defendants would provide Plaintiff certain informal discovery to enable Plaintiff to further evaluate the fairness, reasonableness, and adequacy of the Parties’ agreement in principle. The Term Sheet also set forth a process for Plaintiff to withdraw from the Settlement in the event Plaintiff reasonably believed that the discovery rendered the proposed Settlement unlikely to be approved by the Court as fair, reasonable, and adequate. 21. On December 3, 2025, the Parties entered into a stipulation providing for confidential treatment of the discovery materials produced by Defendants. From December 3, 2025 to January 2, 2026, Defendants produced nearly 12,000 pages of documents concerning the matters at issue in the Complaint. On March 10, 2026, Defendants made available a senior Marqeta employee for an interview with Lead Counsel to discuss the subjects at issue in the Action. After evaluating the discovery produced, Lead Counsel has concluded that it supports the fairness, reasonableness, and adequacy of the Settlement. 22. Based on the investigation and mediation of the case and Plaintiff’s direct oversight of the prosecution of this matter and with the advice of his counsel, Plaintiff has agreed to settle and release the claims raised in the Action pursuant to the terms and provisions of the Stipulation, after considering, among other things: (a) the substantial financial benefit that Plaintiff and the other members of the Settlement Class will receive under the proposed Settlement; and (b) the significant risks and costs of continued litigation and trial. 23. Defendants are entering into the Stipulation solely to eliminate the uncertainty, burden and expense of further protracted litigation. Each of the Defendants denies any wrongdoing, and the Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any of the Defendants, or any other of the Released Defendants’ Parties (defined in ¶ 38 below), with respect to any claim or allegation of any fault or liability or wrongdoing or damage whatsoever, or any infirmity in the defenses that the Defendants have, or could have, asserted. Similarly, the Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of Plaintiff of any infirmity in any of the claims asserted in the Action, or an admission or concession that any of the Defendants’ defenses to liability had any merit. 24. On September 3, 2026, the Court preliminarily approved the Settlement, authorized the Postcard Notice to be mailed to potential Settlement Class Members and this Notice to be posted online and mailed to potential Settlement Class Members upon request, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement. HOW DO I KNOW IF I AM AFFECTED BY THE SETTLEMENT? WHO IS INCLUDED IN THE SETTLEMENT CLASS? 25. If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded. The Settlement Class consists of: all persons and entities that purchased or otherwise acquired the publicly traded Class A common stock of Marqeta, Inc., and/or purchased or otherwise acquired publicly traded call options on such stock, and/or wrote publicly traded put options on such stock, between February 28, 2024 and November 4, 2024, both dates inclusive, and who were damaged thereby. Excluded from the Settlement Class are: (a) persons and entities that suffered no compensable losses; and (b)(i) Defendants; (ii) any person who served as a partner, control person, officer, and/or director of Marqeta during the Settlement Class Period, and members of their Immediate Families; (iii) present and former parents, subsidiaries, assigns, successors, affiliates, and predecessors of Marqeta; (iv) any entity in which the Defendants have or had a controlling interest; (v) any trust of which an Individual Defendant is the settlor or which is for the benefit of an Individual Defendant and/or member(s) of their Immediate Families; (vi) Defendants’ D&O Insurers; and (vii) the legal representatives, heirs, successors, and assigns of any person or entity excluded under provisions (i) through (vi) hereof. Also excluded from the Settlement Class are any persons and entities who or which submit a request for exclusion from the Settlement Class that is accepted by the Court (see “What If I Do Not Want To Be A Member Of The Settlement Class? How Do I Exclude Myself,” on page 16 below). PLEASE NOTE: RECEIPT OF THE POSTCARD NOTICE DOES NOT MEAN THAT YOU ARE A SETTLEMENT CLASS MEMBER OR THAT YOU WILL BE ENTITLED TO RECEIVE PROCEEDS FROM THE SETTLEMENT. 6 AN1657 v.04 If you are a Settlement Class Member and you wish to be eligible to participate in the distribution of proceeds from the Settlement, you are required to submit the Claim Form that is available online at www.MarqetaSecuritiesSettlement.com or which can be mailed to you upon request to the Claims Administrator, and the required supporting documentation as set forth therein. The Claim Form must be either online or received by the Claims Administrator no later than December 31, 2026. WHAT ARE PLAINTIFF’S REASONS FOR THE SETTLEMENT? 26. Lead Plaintiff and Lead Counsel believe that the claims asserted against Defendants have merit. They recognize, however, many offsetting factors such as the expense and length of the continued litigation necessary to pursue their claims against the Defendants through trial and appeals, as well as the very substantial risks they would face in establishing liability and damages. For instance, as discussed above, Lead Plaintiff alleged that Defendants made material omissions and misleading statements about: (i) Marqeta’s speed of operations and improvements in the time it took to launch new programs; and (ii) the strength of Marqeta’s regulatory compliance capabilities and its level of investment in regulatory compliance. Defendants argued in their motion to dismiss the Complaint, and would likely continue to argue, that, among other things: (i) their challenged statements were not materially false or misleading; (ii) the statements were made were not made with the requisite state of mind to support the securities fraud claim; (iii) the alleged misstatements were inactionable forward-looking statements accompanied by meaningful cautionary language; (iv) the Court should not consider the allegations of former employees in the Complaint; (v) Plaintiff failed to plead motive; and (vi) the Individual Defendants did not intend to mislead investors as evidenced by the fact that they increased their Marqeta stock holdings during the Settlement Class Period. 27. When the Parties agreed to the Settlement, Defendants’ motion to dismiss remained under consideration by the Court. Motions to dismiss in securities class actions are often granted in whole or in part, and a ruling in Defendants’ favor on any of their arguments could have significantly reduced, or altogether eliminated, Defendants’ potential liability in the Action. If Lead Plaintiff prevailed over Defendants’ motion to dismiss, they would then have to obtain information in discovery to prove their claims, and Defendants would have likely challenged the sufficiency of Lead Plaintiff’s evidence in a motion for summary judgment and at trial. Specifically, Plaintiff would have to prove each of the following elements: (i) falsity (i.e., that the Defendants made false statements); (ii) materiality (that the Defendants made false statements about a material fact); (iii) scienter (that there was a strong, or cogent inference that the Defendants made such materially false statements on purpose, or recklessly); (iv) loss causation (that the Defendants’ materially false statements proximately caused the decline in Marqeta’s stock price); and (v) damages. Defendants need only negate one element for Lead Plaintiff and the class to lose, and each element had risks. 28. In addition to proving liability and damages, Lead Plaintiff would have to show that the Action was entitled to proceed as a class action. While Lead Counsel believes that class certification in the Action is warranted, Defendants likely would have contested this issue as well, for example by arguing that their challenged statements were too general to impact Marqeta’s stock price. Even if the hurdles to establishing liability and class certification were overcome, the amount of damages that could be attributed to the allegedly false statements would be hotly contested. Defendants would likely continue to argue that Lead Plaintiff could not show that investors’ losses were caused by the revelation of any previously concealed information, as opposed to other factors. 29. Simply put, if the litigation were to continue, Lead Plaintiff would need to prevail on multiple elements, and at several stages—the pending motion to dismiss, motions for class certification and summary judgment, and at trial—in order to recover anything. And if Lead Plaintiff prevailed at all those stages, he would likely face appeals. Thus, there were very significant risks attendant to the continued prosecution of the Action, and even if Lead Plaintiff prevailed, it would be several years in the future. 30. In light of these risks and other considerations, the amount of the Settlement and the immediacy of recovery to the Settlement Class, Lead Plaintiff and Lead Counsel believe that the proposed Settlement is fair, reasonable and adequate, and in the best interests of the Settlement Class. Lead Plaintiff and Lead Counsel believe that the Settlement provides a substantial benefit to the Settlement Class, namely $13,000,000 in cash (less the various deductions described in this Notice), as compared to the risk that the claims in the Action would produce a smaller, or no recovery after summary judgment, trial and appeals, possibly years in the future. 31. Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law of any kind whatsoever. Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation. Accordingly, the Settlement may not be construed as an admission of any wrongdoing by Defendants. 7 AN1658 v.04 WHAT MIGHT HAPPEN IF THERE WERE NO SETTLEMENT? 32. If there were no Settlement and Lead Plaintiff failed to establish any essential legal or factual element of their claims against Defendants, neither Lead Plaintiff nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all. HOW ARE SETTLEMENT CLASS MEMBERS AFFECTED BY THE ACTION AND THE SETTLEMENT? 33. As a Settlement Class Member, you are represented by Lead Plaintiff and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her appearance on the attorneys listed in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?,” on page 16 below. 34. If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class? How Do I Exclude Myself?,” on page 16 below. 35. If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?,” below. 36. If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court. If the Settlement is approved, the Court will enter a judgment (the “Judgment”). The Judgment will dismiss with prejudice the claims against Defendants and will provide that, upon the Effective Date of the Settlement, Plaintiff and all the other members of the Settlement Class, on behalf of themselves, and on behalf of any other person or entity legally entitled to bring Released Plaintiff’s Claims (as defined in ¶ 37 below) on behalf of the respective Settlement Class Member in such capacity only, shall be deemed to have, and by operation of law and of the judgment shall have, fully, finally and forever released each and every Released Plaintiff’s Claim against the Defendants and the other Released Defendants’ Parties (as defined in ¶ 38 below), and shall forever be barred and enjoined from prosecuting any or all of the Released Plaintiff’s Claims. 37. “Released Plaintiff’s Claims” means all claims and causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, common or foreign law, that Plaintiff or any other member of the Settlement Class: (i) asserted in the operative Complaint (ECF No. 47); or (ii) could have asserted in any forum that arise out of both (a) the allegations, transactions, facts, matters, events or occurrences, representations or omissions set forth, or referred to, in the operative Complaint, and (b) the purchase, acquisition, or sale of Marqeta Securities during the Settlement Class Period. Released Plaintiff’s Claims do not include: (i) any claims relating to the enforcement of the Settlement; (ii) any derivative claims, including those asserted in the following action: In re Marqeta, Inc. Derivative Litig., 4:25-cv-01174-YGR (Consolidated) (N.D. Cal.); and (iii) any claims of any person or entity who or which submits a request for exclusion that is accepted by the Court. 38. “Released Defendants’ Parties” means (i) Defendants; (ii) the Immediate Family members of the Individual Defendants; (iii) any trust of which any Individual Defendant is the settlor or which is for the benefit of any Individual Defendant and/or his or her Immediate Family members; (iv) for any of the entities listed in parts (i) through (iii), their respective past and present general partners, limited partners, principals, shareholders, joint venturers, officers, directors, managing directors, supervisors, employees, contractors, consultants, experts, auditors, accountants, financial advisors, insurers, trustees, trustors, agents, attorneys, parents, predecessors, successors, subsidiaries, assigns, heirs, executors, and any controlling person thereof; and (v) any entity in which a Defendant has a controlling interest; all in their capacities as such. 39. “Unknown Claims” means any Released Plaintiff’s Claims which Plaintiff, any other Settlement Class Member, or any other person or entity legally entitled to bring Released Plaintiff’s Claims on behalf of any Settlement Class Member in such capacity only, does not know or suspect to exist in his, her or its favor at the time of the release of such claims, and any Released Defendants’ Claims which any Defendant, or any other person or entity legally entitled to bring Released Defendants’ Claims on behalf of the Defendants in such capacity only, does not know or suspect to exist in his, her, or its favor at the time of the release of such claims, which, if known by him, her or it, might 8 AN1659 v.04 have affected his, her or its decision(s) with respect to this Settlement. With respect to any and all Released Claims, the Parties stipulate and agree that, upon the effective date of the Settlement, Plaintiff and Defendants shall expressly waive, and each of the other Settlement Class Members and each of the other releasing parties shall be deemed to have waived, and by operation of the Judgment or the Alternate Judgment, if applicable, shall have expressly waived, any and all provisions, rights, and benefits conferred by any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code §1542, which provides: A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party. Plaintiff and Defendants acknowledge, and each of the other releasing parties shall be deemed by operation of law to have acknowledged, that the foregoing waiver was separately bargained for and a key element of the Settlement. 40. The Judgment will also provide that, upon the Effective Date of the Settlement, Defendants, on behalf of themselves, and on behalf of any other person or entity legally entitled to bring Released Defendants’ Claims (as defined in ¶ 41 below) on behalf of the respective Defendant in such capacity only, shall be deemed to have, and by operation of law and of the judgment shall have, fully, finally and forever released each and every Released Defendants’ Claim against Plaintiff and the other Released Plaintiff’s Parties (as defined in ¶ 42 below), and shall forever be barred and enjoined from prosecuting any or all of the Released Defendants’ Claims against any of the Released Plaintiff’s Parties. 41. “Released Defendants’ Claims” means all claims and causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, common or foreign law, that arise out of or are based upon the institution, prosecution, or settlement of the claims asserted in the Action against Defendants. Released Defendants’ Claims do not include any claims relating to the enforcement of the Settlement or any claims against any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court. 42. “Released Plaintiff’s Parties” means (i) Plaintiff, all Settlement Class members, any other plaintiff in the Action, Lead Counsel, any other counsel for plaintiffs in the Action, and (ii) each of their respective family members, and their respective partners, general partners, limited partners, principals, shareholders, joint venturers, officers, directors, managing directors, supervisors, employees, contractors, consultants, experts, auditors, accountants, financial advisors, insurers, trustees, trustors, agents, attorneys, parents, predecessors, successors, subsidiaries, assigns, heirs, executors, and any controlling person thereof; all in their capacities as such. HOW DO I PARTICIPATE IN THE SETTLEMENT? WHAT DO I NEED TO DO? 43. To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form to the Claims Administrator by first-class mail to: In Re Marqeta, Inc. Securities Litigation c/o Epiq P.O. Box 4620 Portland, OR 97208-4620 OR SUBMITTED ONLINE at www.MarqetaSecuritiesSettlement.com. The completed Claim Form must include adequate supporting documentation and must be received no later than December 31, 2026. A Claim Form is available on the website maintained by the Claims Administrator for the Settlement, www.MarqetaSecuritiesSettlement.com, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at (877) 239-7087. Please retain all records of your ownership of and transactions in Marqeta Securities, as they may be needed to document your Claim. If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund. HOW MUCH WILL MY PAYMENT BE? 44. At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement. 9 AN16510 v.04 45. Pursuant to the Settlement, Defendants have agreed to pay or caused to be paid thirteen million dollars ($13,000,000) in cash. The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve. 46. The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal or review, whether by certiorari or otherwise, has expired. 47. Neither Defendants nor any other person or entity that paid any portion of the Settlement Amount on their behalf are entitled to get back any portion of the Settlement Fund once the Court’s order or judgment approving the Settlement becomes Final. Defendants shall not have any liability, obligation or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund or the plan of allocation. 48. Approval of the Settlement is independent from approval of a plan of allocation. Any determination with respect to a plan of allocation will not affect the Settlement, if approved. 49. Unless the Court otherwise orders, any Settlement Class Member who fails to submit a Claim Form online or that is received on or before December 31, 2026 shall be fully and forever barred from receiving payments pursuant to the Settlement but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given. This means that each Settlement Class Member releases the Released Plaintiff’s Claims (as defined in ¶ 37 above) against the Released Defendants’ Parties (as defined in ¶ 38 above) and will be enjoined and prohibited from filing, prosecuting, or pursuing any of the Released Plaintiff’s Claims against any of the Released Defendants’ Parties whether or not such Settlement Class Member submits a Claim Form. 50. Participants in and beneficiaries of a plan covered by ERISA (“ERISA Plan”) should NOT include any information relating to their transactions in Marqeta Securities held through the ERISA Plan in any Claim Form that they submit. They should include ONLY those securities that they purchased or acquired outside of the ERISA Plan. Marqeta’s employee retirement and/or benefit plan(s) are excluded from the Settlement Class. 51. The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member. 52. Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to his, her or its Claim Form. 53. Only Settlement Class Members will be eligible to share in the distribution of the Net Settlement Fund. Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible to receive a distribution from the Net Settlement Fund and should not submit Claim Forms. PROPOSED PLAN OF ALLOCATION 54. The objective of the Plan of Allocation is to equitably distribute the Settlement proceeds to those Settlement Class Members who suffered economic losses as a proximate result of the alleged wrongdoing. The calculations made pursuant to the Plan of Allocation are not intended to be estimates of, nor indicative of, the amounts that Settlement Class Members might have been able to recover after a trial. Nor are the calculations pursuant to the Plan of Allocation intended to be estimates of the amounts that will be paid to Authorized Claimants pursuant to the Settlement. The computations under the Plan of Allocation are intended solely as a method to weigh the claims of Authorized Claimants against one another for the purposes of making a pro rata allocation of the Net Settlement Fund. 55. The Plan of Allocation generally measures the amount of loss that a Settlement Class Member can claim for purposes of making pro rata allocations of the cash in the Net Settlement Fund to Authorized Claimants. The Plan of Allocation is not a formal damage analysis. Recognized Loss Amounts are based primarily on the price declines observed over the period during which Lead Plaintiff alleges corrective information was entering the marketplace. 10 AN16511 v.04 56. In the Action, Lead Plaintiff alleges that Defendants made false statements and omitted material facts during the Settlement Class Period (i.e., February 28, 2024 through November 4, 2024, both dates inclusive) which had the effect of artificially inflating the price of Marqeta Common Stock.3 The estimated alleged artificial inflation in the price of Marqeta Common Stock during the Settlement Class Period is reflected in Table 1 below. The computation of the estimated alleged artificial inflation in the price of Marqeta Common Stock during the Settlement Class Period is based on certain misrepresentations alleged by Lead Plaintiff and the price change in the stock, net of market- and industry-wide factors, in reaction to the public announcements that allegedly corrected the misrepresentations alleged by Lead Plaintiff. 57. The U.S. securities laws allow investors to seek to recover losses caused by disclosures that correct the defendants’ previous misleading statements or omissions. In this Action, Lead Plaintiff alleges that corrective disclosures that occurred after the close of the U.S. financial markets on November 4, 2024 removed the artificial inflation from the price of Marqeta Common Stock. Accordingly, in order to have a Recognized Loss Amount, with respect to Marqeta Common Stock and Marqeta Call Options, the stock or call options must have been purchased during the Settlement Class Period and held through the close of trading on November 4, 2024. With respect to Marqeta Put Options, those options must have been sold (written) during the Settlement Class Period and still outstanding at the close of trading on November 4, 2024. 58. To the extent a Claimant does not satisfy the conditions set forth in the preceding paragraph, his, her or its Recognized Loss Amount for those transactions will be zero. Table 1 Estimated Artificial Inflation in Marqeta Common Stock From To Per-Share Inflation February 28, 2024 November 4, 2024 $2.67 November 5, 2024 Thereafter $0.00 59. The “90-day look back” provision of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) is incorporated into the calculation of the Recognized Loss Amount for Marqeta Common Stock. The limitations on the calculation of the Recognized Loss Amount imposed by the PSLRA are applied such that losses on Marqeta Common Stock purchased during the Settlement Class Period and held as of the close of the 90-day period following the end of the Settlement Class Period (the “90-Day Lookback Period”) shall not exceed the difference between the purchase price paid for such stock and its average closing price during the 90-Day Lookback Period. The Recognized Loss Amount on Marqeta Common Stock purchased during the Settlement Class Period and sold during the 90-Day Lookback Period shall not exceed the difference between the purchase price paid for such stock and its average closing price during the portion of the 90-Day Lookback Period elapsed as of the date of sale. 60. The per-share Recognized Loss Amount for Marqeta Common Stock shall be the Recognized Loss Amount as described below in “Calculation of Per-Share Recognized Loss Amounts.” The per-option Recognized Loss Amount for Marqeta Call Options and Marqeta Put Options shall be the Recognized Loss Amount as described below in “Calculation of Per-Option Recognized Loss Amounts.” 61. In the calculations below, all purchase and sale prices shall exclude any fees, taxes, and commissions. If a Recognized Loss Amount is calculated to be a negative number, that Recognized Loss Amount shall be set to zero. Any transactions in Marqeta Securities executed outside of regular trading hours for the U.S. financial markets shall be deemed to have occurred during the next regular trading session. CALCULATION OF PER-SHARE RECOGNIZED LOSS AMOUNTS 62. Based on the formula set forth below, a “Recognized Loss Amount” shall be calculated for each purchase of Marqeta Common Stock during the Settlement Class Period (i.e., February 28, 2024 through November 4, 2024, both dates inclusive) that is listed in the Claim Form and for which adequate documentation is provided. For each share of Marqeta Common Stock that was purchased during the period February 28, 2024 through November 4, 2024, both dates inclusive: a. that was sold on or before November 4, 2024, the Recognized Loss Amount is $0.00. 3 Marqeta’s Class A common stock traded on the Nasdaq Global Select Market under the ticker symbol “MQ” throughout the Settlement Class Period. 11 AN16512 v.04 b. that was sold during the period from November 5, 2024 through January 31, 2025, both dates inclusive (i.e., during the 90-Day Lookback Period), the Recognized Loss Amount is the least of: i. $2.67; or ii. the purchase price minus the sale price; or iii. the purchase price minus the “90-Day Lookback Value” on the date of sale as set forth in Table 2 below. c. that was still held as of the close of trading on January 31, 2025, the Recognized Loss Amount is the lesser of: i. $2.67; or ii. the purchase price minus the average closing price for Marqeta Common Stock during the 90-Day Lookback Period, which is $3.84. Table 2 Sale/Disposition 90-Day Sale/Disposition 90-Day Sale/Disposition 90-Day Date Lookback Value Date Lookback Value Date Lookback Value 11/5/2024 $3.42 12/4/2024 $3.89 1/3/2025 $3.86 11/6/2024 $3.61 12/5/2024 $3.89 1/6/2025 $3.86 11/7/2024 $3.68 12/6/2024 $3.88 1/7/2025 $3.86 11/8/2024 $3.70 12/9/2024 $3.89 1/8/2025 $3.86 11/11/2024 $3.79 12/10/2024 $3.89 1/10/2025 $3.86 11/12/2024 $3.84 12/11/2024 $3.90 1/13/2025 $3.86 11/13/2024 $3.85 12/12/2024 $3.90 1/14/2025 $3.85 11/14/2024 $3.86 12/13/2024 $3.91 1/15/2025 $3.85 11/15/2024 $3.87 12/16/2024 $3.91 1/16/2025 $3.85 11/18/2024 $3.87 12/17/2024 $3.91 1/17/2025 $3.85 11/19/2024 $3.88 12/18/2024 $3.90 1/21/2025 $3.85 11/20/2024 $3.88 12/19/2024 $3.90 1/22/2025 $3.84 11/21/2024 $3.88 12/20/2024 $3.89 1/23/2025 $3.84 11/22/2024 $3.89 12/23/2024 $3.89 1/24/2025 $3.84 11/25/2024 $3.90 12/24/2024 $3.88 1/27/2025 $3.84 11/26/2024 $3.90 12/26/2024 $3.88 1/28/2025 $3.84 11/27/2024 $3.90 12/27/2024 $3.87 1/29/2025 $3.84 11/29/2024 $3.90 12/30/2024 $3.87 1/30/2025 $3.84 12/2/2024 $3.90 12/31/2024 $3.87 1/31/2025 $3.84 12/3/2024 $3.89 1/2/2025 $3.86 N/A N/A CALCULATION OF PER-OPTION RECOGNIZED LOSS AMOUNTS 63. Based on the formula set forth below, a “Recognized Loss Amount” shall be calculated for each Marqeta Call Option purchased or otherwise acquired during the Settlement Class Period (i.e., February 28, 2024 through November 4, 2024, both dates inclusive) that is listed in the Claim Form and for which adequate documentation is provided. For each Marqeta Call Option purchased or otherwise acquired during the Settlement Class Period, the Recognized Loss Amount per option shall be calculated as follows: 12 AN16513 v.04 a. For each Marqeta Call Option not held at the close of trading on November 4, 2024, the Recognized Loss Amount is $0.00. b. For each Marqeta Call Option held at the close of trading on November 4, 2024, the Recognized Loss Amount is equal to: the purchase price minus the intrinsic value of the option as of the close of trading on November 5, 2024, where the intrinsic value shall be the greater of: (i) $0.00 or (ii) $3.424 minus the strike price of the option. No Recognized Loss Amount shall be calculated based upon the purchase or acquisition of any Marqeta Call Option that had been previously sold or written. 64. Based on the formula set forth below, a “Recognized Loss Amount” shall be calculated for each Marqeta Put Option written during the Settlement Class Period (i.e., February 28, 2024 through November 4, 2024, both dates inclusive) that is listed in the Claim Form and for which adequate documentation is provided. For each Marqeta Put Option written during the Settlement Class Period, the Recognized Loss Amount per option shall be calculated as follows: a. For each Marqeta Put Option not open or outstanding at the close of trading on November 4, 2024, the Recognized Loss Amount is $0.00. b. For each Marqeta Put Option sold during the Settlement Class Period and still open or outstanding at the close of trading on November 4, 2024, the Recognized Loss Amount is equal to: the intrinsic value of the option as of the close of trading on November 5, 2024 minus the sale price, where the intrinsic value shall be the greater of: (i) $0.00 or (ii) the strike price of the option minus $3.42. No Recognized Loss Amount shall be calculated based upon the sale or writing of any Marqeta Put Option that had been previously purchased or acquired. 65. Maximum Recovery for Options: Settlement proceeds available for Marqeta Call Options purchased during the Settlement Class Period and Marqeta Put Options written during the Settlement Class Period shall be limited to a total amount equal to 1.0% of the Net Settlement Fund.5 ADDITIONAL PROVISIONS 66. The Net Settlement Fund will be allocated among all Authorized Claimants whose Distribution Amount (defined in paragraph 69 below) is $10.00 or greater. 67. FIFO Matching: If a Settlement Class Member made more than one purchase/acquisition or sale of any Marqeta Security during the Settlement Class Period, all purchases/acquisitions and sales of the like security shall be matched on a First In, First Out (“FIFO”) basis. With respect to Marqeta Common Stock and Call Options, Settlement Class Period sales will be matched first against any holdings at the beginning of the Settlement Class Period, and then against purchases/acquisitions in chronological order, beginning with the earliest purchase/acquisition made during the Settlement Class Period. For Marqeta Put Options, Settlement Class Period purchases will be matched first to close out positions open at the beginning of the Settlement Class Period, and then against Marqeta Put Options sold (written) during the Settlement Class Period in chronological order. 68. Calculation of Claimant’s “Recognized Claim”: A Claimant’s “Recognized Claim” under the Plan of Allocation shall be the sum of his, her, or its Recognized Loss Amounts as calculated above with respect to all Marqeta Securities. 69. Determination of Distribution Amount: The Net Settlement Fund will be distributed to Authorized Claimants on a pro rata basis based on the relative size of their Recognized Claims. Specifically, a “Distribution Amount” will be calculated for each Authorized Claimant, which shall be the Authorized Claimant’s Recognized Claim divided by the total Recognized Claims of all Authorized Claimants, multiplied by the total amount in the Net Settlement Fund. If any Authorized Claimant’s Distribution Amount calculates to less than $10.00, it will not be included in the calculation (i.e., the Recognized Claim will be deemed to be zero) and no distribution will be made to that Authorized Claimant. Any prorated amounts of less than $10.00 will be included in the pool distributed to those whose prorated payments are $10.00 or greater. 4 $3.42 is the closing price of Marqeta Common Stock on November 5, 2024. 5 Marqeta Call and Put Option trading accounted for approximately 1.0% of total dollar trading volume for Marqeta Securities during the Settlement Class Period. Consequently, claims for Marqeta Call and Put Option transactions are allotted 1.0% of the Settlement pursuant to the Plan of Allocation. 13 AN16514 v.04 70. “Purchase/Sale” Dates: Purchases or acquisitions and sales of Marqeta Securities shall be deemed to have occurred on the “contract” or “trade” date as opposed to the “settlement” or “payment” date. The receipt or grant by gift, inheritance, or operation of law of Marqeta Securities during the Settlement Class Period shall not be deemed a purchase, acquisition, or sale of Marqeta Securities for the calculation of an Authorized Claimant’s Recognized Loss Amount, nor shall the receipt or grant be deemed an assignment of any claim relating to the purchase/acquisition of such Marqeta Securities unless: (i) the donor or decedent purchased such Marqeta Securities during the Settlement Class Period; (ii) no Claim Form was submitted by or on behalf of the donor, on behalf of the decedent, or by anyone else with respect to such Marqeta Securities; and (iii) the instrument of gift or assignment specifically provides that it is intended to transfer such rights. 71. Short Sales: With respect to Marqeta Common Stock, the date of covering a “short sale” is deemed to be the date of purchase or acquisition of the stock. The date of a “short sale” is deemed to be the date of sale of the Marqeta Common Stock. In accordance with the Plan of Allocation, however, the Recognized Loss Amount on “short sales” is zero. 72. In the event that a Claimant has a short position in Marqeta Common Stock, the earliest purchases or acquisitions of Marqeta Common Stock during the Settlement Class Period shall be matched against such short position, and shall not be entitled to a recovery, until that short position is fully covered. 73. If a Settlement Class Member has “written” Marqeta Call Options, thereby having a short position in the Call Options, the date of covering such a written position is deemed to be the date of purchase or acquisition of the Call Option. The date on which the Marqeta Call Option was written is deemed to be the date of sale of the Call Option. In accordance with the Plan of Allocation, however, the Recognized Loss Amount on “written” Marqeta Call Options is zero. In the event that a Claimant has a written position in Marqeta Call Options, the earliest purchases or acquisitions of like Call Options during the Settlement Class Period shall be matched against such written position, and shall not be entitled to a recovery, until that written position is fully covered. 74. If a Settlement Class Member has purchased or acquired Marqeta Put Options, thereby having a long position in the Put Options, the date of purchase/acquisition is deemed to be the date of purchase/acquisition of the Put Option. The date on which the Marqeta Put Option was sold, exercised, or expired is deemed to be the date of sale of the Put Option. In accordance with the Plan of Allocation, however, the Recognized Loss Amount on purchased/acquired Put Options is zero. In the event that a Claimant has a long position in Marqeta Put Options, the earliest sales or dispositions of like Put Options during the Settlement Class Period shall be matched against such position, and not be entitled to a recovery, until that long position is fully covered. 75. Marqeta Securities Acquired Through the Exercise, Conversion or Exchange of Non-Publicly Traded Securities: Notwithstanding any of the above, Marqeta Securities acquired through the exercise, conversion, or exchange of non-publicly traded securities of Marqeta are not eligible to participate in the Settlement. Furthermore, Marqeta Securities acquired in exchange for securities of any corporation or entity other than Marqeta are not eligible to participate in the Settlement. 76. Option Contracts: With respect to Marqeta Common Stock purchased or sold through the exercise of a publicly traded option, the purchase/sale date of the stock shall be the exercise date of the option, and the purchase/sale price of the stock shall be the option strike price. Any Recognized Loss Amount arising from Marqeta Common Stock purchased during the Settlement Class Period through the exercise of a publicly traded option on Marqeta Common Stock shall be computed as provided for other purchases of Marqeta Common Stock in the Plan of Allocation. 77. Market Gains and Losses: With respect to all Marqeta Common Stock and Marqeta Call Options purchased or acquired during the Settlement Class Period, and Marqeta Put Options sold (written) during the Settlement Class Period, the Claims Administrator will determine if the Claimant had a Market Gain or a Market Loss with respect to his, her or its overall transactions in those shares and options during the Settlement Class Period. For purposes of making this calculation, with respect to Marqeta Common Stock and Call Options, the Claims Administrator shall determine the difference between (i) the Claimant’s Total Purchase Amount6 and (ii) the sum of the Claimant’s 6 For Marqeta Common Stock and Call Options, the “Total Purchase Amount” is the total amount the Claimant paid (excluding all fees, taxes, and commissions) for all such Marqeta Securities purchased or acquired during the Settlement Class Period. 14 AN16515 v.04 Sales Proceeds7 and the Claimant’s Holding Value.8 If the Claimant’s Total Purchase Amount minus the sum of the Claimant’s Sales Proceeds and the Holding Value is a positive number, that number will be the Claimant’s Market Loss; if the number is a negative number or zero, that number will be the Claimant’s Market Gain. 78. With respect to Marqeta Put Options, the Claims Administrator shall determine the difference between (i) the sum of the Claimant’s Total Purchase Amount9 and the Claimant’s Holding Value;10 and (ii) the Claimant’s Sale Proceeds.11 If the sum of the Claimant’s Total Purchase Amount and the Claimant’s Holding Value minus the Claimant’s Sales Proceeds is a positive number, that number will be the Claimant’s Market Loss; if the number is a negative number or zero, that number will be the Claimant’s Market Gain. 79. To the extent a Claimant had a market gain with respect to his, her, or its overall transactions in Marqeta Securities during the Settlement Class Period, the value of the Claimant’s Recognized Claim shall be zero. To the extent that a Claimant suffered an overall market loss with respect to his, her, or its overall transactions in Marqeta Securities during the Settlement Class Period, but that market loss was less than the total Recognized Claim calculated above, then the Claimant’s Recognized Claim shall be limited to the amount of the actual market loss. 80. After the initial distribution of the Net Settlement Fund, the Claims Administrator shall make reasonable and diligent efforts to have Authorized Claimants cash their distribution checks. To the extent any monies remain in the fund nine (9) months after the initial distribution, if Lead Counsel, in consultation with the Claims Administrator, determines that it is cost-effective to do so, the Claims Administrator shall conduct a re-distribution of the funds remaining after payment of any unpaid fees and expenses incurred in administering the Settlement, including for such re-distribution, to Authorized Claimants who have cashed their initial distributions and who would receive at least $10.00 from such re-distribution. Additional re-distributions to Authorized Claimants who have cashed their prior checks and who would receive at least $10.00 on such additional re-distributions may occur thereafter if Lead Counsel, in consultation with the Claims Administrator, determines that additional re-distributions, after the deduction of any additional fees and expenses incurred in administering the Settlement, including for such re-distributions, would be cost-effective. At such time as it is determined that the re-distribution of funds remaining in the Net Settlement Fund is not cost-effective, the remaining balance shall be contributed to a non-sectarian, not-for-profit organization(s), to be recommended by Lead Counsel and approved by the Court. 81. Payment pursuant to the Plan of Allocation, or such other plan of allocation as may be approved by the Court, shall be conclusive against all Authorized Claimants. No person shall have any claim against Lead Plaintiff, Lead Counsel, Lead Plaintiff’s damages expert, Defendants, Defendants’ Counsel, or any of the other Releasees, or the Claims Administrator or other agent designated by Lead Counsel arising from distributions made substantially in accordance with the Stipulation, the plan of allocation approved by the Court, or further Orders of the Court. Lead Plaintiff, Defendants and their respective counsel, and all other Released Defendants’ Parties, shall have no responsibility or liability whatsoever for the investment or distribution of the Settlement Fund, the Net Settlement Fund, the plan of allocation, or the determination, administration, calculation, or payment of any Claim Form or nonperformance of the Claims Administrator, the payment or withholding of taxes owed by the Settlement Fund, or any losses incurred in connection therewith. 82. The Plan of Allocation set forth herein is the plan that is being proposed to the Court for its approval by Plaintiff after consultation with their damages expert. The Court may approve this plan as proposed or it may modify the Plan of Allocation without further notice to the Settlement Class. Any Orders regarding any modification of the Plan of Allocation will be posted on the settlement website, www.MarqetaSecuritiesSettlement.com. 7 For Marqeta Common Stock and Call Options, the Claims Administrator shall match any sales of such Marqeta Securities during the Settlement Class Period first against the Claimant’s opening position in the like Marqeta Securities (the proceeds of those sales will not be considered for purposes of calculating market gains or losses). The total amount received for sales of the remaining like Marqeta Securities sold during the Settlement Class Period is the “Sales Proceeds.” 8 For each share of Marqeta Common Stock purchased or acquired during the Settlement Class Period that was still held as of the close of trading on November 4, 2024, the Claims Administrator shall ascribe a “Holding Value” of $3.42. For each Marqeta Call Option purchased or acquired during the Settlement Class Period that was still held as of the close of trading on November 4, 2024, the Claims Administrator shall ascribe a “Holding Value” for that option which shall be the greater of: (i) $0.00 or (ii) $3.42 minus the strike price of the option. 9 For Marqeta Put Options, the Claims Administrator shall match any purchases during the Settlement Class Period to close out positions in Marqeta Put Options first against the Claimant’s opening position in Marqeta Put Options (the total amount paid with respect to those purchases will not be considered for purposes of calculating market gains or losses). The total amount paid for the remaining purchases during the Settlement Class Period to close out positions in Put Options is the “Total Purchase Amount.” 10 For each Marqeta Put Option sold (written) during the Settlement Class Period that was still outstanding as of the close of trading on November 4, 2024, the Claims Administrator shall ascribe a “Holding Value” for that option which shall be the greater of: (i) $0.00 or (ii) the strike price of the option minus $3.42. 11 For Marqeta Put Options, the total amount received for put options sold (written) during the Settlement Class Period is the “Sales Proceeds.” 15 AN16516 v.04 WHAT PAYMENT ARE THE ATTORNEYS FOR THE SETTLEMENT CLASS SEEKING? HOW WILL THE LAWYERS BE PAID? 83. Lead Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Settlement Class, nor have Lead Counsel been reimbursed for their out-of-pocket expenses. Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 25% of the Settlement Fund. At the same time, Lead Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $85,000 (consisting of actual expenses of up to $80,000 for litigating the case and negotiating the Settlement, and reimbursement of the reasonable costs and expenses incurred by Lead Plaintiff directly related to his representation of the Settlement Class in an amount not to exceed $5,000). The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses. Such sums as may be approved by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses. WHAT IF I DO NOT WANT TO BE A MEMBER OF THE SETTLEMENT CLASS? HOW DO I EXCLUDE MYSELF? 84. Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written request for exclusion from the Settlement Class, addressed to the Claims Administrator at In Re Marqeta, Inc. Securities Litigation, EXCLUSIONS, c/o Epiq P.O. Box 4620, Portland, OR 97208-4620. The exclusion request must be received no later than December 22, 2026. You will not be able to exclude yourself from the Settlement Class after that date. Each request for exclusion must: (a) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person; (b) state that such person or entity “requests exclusion from the Settlement Class in In Re Marqeta, Inc. Securities Litigation, Case No. 4:24-cv-08874-YGR”; and (c) be signed by the person or entity requesting exclusion or an authorized representative. In addition, a request for exclusion must state the number and type of Marqeta Securities that the person or entity requesting exclusion purchased, acquired, wrote, and sold during the Settlement Class Period, as well as the dates and prices of each such purchase/acquisition and sale/writing. A request for exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is submitted within the time stated above, or is otherwise accepted by the Court. 85. If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiff’s Claim against any of the Released Defendants’ Parties. 86. If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund. 87. Defendants have the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Plaintiff and Defendants. WHEN AND WHERE WILL THE COURT DECIDE WHETHER TO APPROVE THE SETTLEMENT? DO I HAVE TO COME TO THE HEARING? MAY I SPEAK AT THE HEARING IF I DON’T LIKE THE SETTLEMENT? 88. Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing. 89. The Settlement Hearing will be held on January 12, 2027 at 9:00 a.m., before the Honorable Yvonne Gonzalez Rogers at the United States District Court for the Northern District of California, Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street, Courtroom 1, 4th Floor, Oakland, California 94612. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class. The Court also reserves the right to hold the Settlement Hearing telephonically or by other virtual means, or to change the date and/or time of the Settlement Hearing, in which event the Claims Administrator will update its website with respect to any change in date, time, or format of the Settlement Hearing. 16 AN16517 v.04 90. Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Please note that with respect to the Settlement, you can only ask the Court to deny approval by filing an objection. You can’t ask the Court to order a different settlement; the Court can only approve or reject the Settlement before it. If the Court denies approval, no settlement payments will be sent out, and the lawsuit will continue. If that is what you want to happen, you should object. Objections must be in writing. You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Northern District of California either electronically, or in person at any location of the United States District Court for the Northern District of California, or by mail at the address set forth below. Any objection must be filed on or before December 22, 2026: Clerk’s Office United States District Court Northern District of California Attn.: Class Action Clerk of the Court Ronald V. Dellums Federal Building & United States Courthouse 1301 Clay Street, Suite 400 S Oakland, CA 94612 91. Any objection must: (a) state the name, address, and telephone number of the person or entity objecting and must be signed by the objector; (b) clearly identify the case name and number (In Re Marqeta, Inc. Securities Litigation, Case No. 4:24-cv-08874-YGR); (c) contain a statement of the Settlement Class Member’s objection or objections, and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; (d) include documents sufficient to prove membership in the Settlement Class, including the number and type of Marqeta Securities that the person or entity objecting purchased, acquired, wrote, and sold during the Settlement Class Period, as well as the dates and prices of each such purchase/acquisition and sale/writing; and (e) identify all class action settlements to which the objector or his, her, or their counsel have previously objected. You may not object to the Settlement, the Plan of Allocation or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class. 92. You may submit a written objection without having to appear at the Settlement Hearing. You may not, however, appear at the Settlement Hearing to present your objection unless you first submit and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise. 93. If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely submit a written objection as described above, you must also file a notice of appearance with the Clerk’s Office at the address set forth above on or before January 5, 2027. Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing. Such persons may be heard orally at the discretion of the Court. 94. You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing. However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court at the address set forth in ¶ 90 above on or before January 5, 2027. 95. The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class. If you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel. 96. Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval. WHAT IF I BOUGHT SHARES ON SOMEONE ELSE’S BEHALF? 97. If you purchased or otherwise acquired Marqeta Common Stock and/or Marqeta Call Options, and/or wrote Marqeta Put Options, during the period between February 28, 2024 and November 4, 2024, both dates inclusive, for the beneficial interest of persons or organizations other than yourself, within seven (7) calendar days of receipt of the 17 AN16518 v.04 Claims Administrator’s notice of the Settlement you must either: (a) request from the Claims Administrator sufficient copies of the Postcard Notice to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Postcard Notices forward them to all such beneficial owners; (b) request from the Claims Administrator a link to the Notice and Claim Form and, within seven (7) calendar days of receipt of the link, email the link to all such beneficial owners for whom valid email addresses are available; or (c) provide a list of the names, mailing addresses and email addresses (to the extent available) of all such beneficial owners to the Claims Administrator at In Re Marqeta, Inc. Securities Litigation, c/o Epiq P.O. Box 4620, Portland, OR 97208-4620 in which event the Claims Administrator shall promptly mail the Postcard Notice, or email a link to the Notice and Claim Form, to such beneficial owners. Nominees that choose to follow procedures (a) or (b) shall also send a statement to the Claims Administrator confirming that the mailing or emailing was made as directed. 98. Upon full and timely compliance with these directions, nominees may seek reimbursement of their reasonable expenses actually incurred, not to exceed: (a) $0.02 per name, mailing address, and email address (to the extent available) provided to the Claims Administrator; (b) $0.02 per email for emailing notice; or (c) $0.02 per postcard, plus postage at the pre-sort rate used by the Claims Administrator, for mailing the Postcard Notice, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought. Any dispute concerning the reasonableness of reimbursement costs shall be resolved by the Court. YOU ARE NOT AUTHORIZED TO PRINT THE POSTCARD NOTICE YOURSELF. POSTCARD NOTICES MAY ONLY BE PRINTED BY THE COURT-APPOINTED CLAIMS ADMINISTRATOR. CAN I SEE THE COURT FILE? WHOM SHOULD I CONTACT IF I HAVE QUESTIONS? 99. This Notice contains only a summary of the terms of the proposed Settlement. For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which may be inspected by accessing the Court docket in this case, for a fee, through the Court’s Public Access to Court Electronic Records (PACER) system at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street, Suite 400 S, Oakland, CA 94612, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays. Additionally, copies of the Stipulation and any related orders entered by the Court will be posted on the website maintained by the Claims Administrator, www.MarqetaSecuritiesSettlement.com. 100. All inquiries concerning this Notice and the Claim Form should be directed to the Claims Administrator or Lead Counsel at: In Re Marqeta, Inc. Securities Litigation and/or Jason Krajcer, Esq. c/o Epiq Glancy Prongay Wolke & Rotter LLP P.O. Box 4620 1925 Century Park East, Suite 2100 Portland, OR 97208-4620 Los Angeles, CA 90067 Telephone: (877) 239-7087 Telephone: (310) 201-9150 www.MarqetaSecuritiesSettlement.com Email: settlements@glancylaw.com DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS, OR THEIR COUNSEL REGARDING THIS NOTICE. Dated: October 2, 2026 By Order of the Court United States District Court for the Northern District of California 18