Exhibit 10.2


 


May 17, 2017


 


CF Corporation


1701 Village Center Circle


Las Vegas, Nevada 89134


 


Re: Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among CF Corporation, a Cayman Islands exempted company (the “Company”),
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC, as
representatives (the “Representatives”) of the several underwriters (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 69,000,000 of the Company’s
units (the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value
$0.0001 per share (the “Ordinary Shares”), and one-half of one redeemable warrant (each, a “Warrant”).
Each whole Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment.
The Units were sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the United States Securities and Exchange Commission (the “Commission”). Certain
capitalized terms used herein are defined in paragraph 1 hereof.


 


For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned member of the board of directors of
the Company (the “Director”) hereby agrees with the Company as follows:


 


1. Definitions.
As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares”
shall mean the 15,000,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation
of the Public Offering; (iv) “Private Placement Warrants ” shall mean the Warrants to purchase Ordinary
Shares acquired by CF Capital Growth, LLC (the “Sponsor”) for an aggregate purchase price of $14,000,000
(or $15,800,000 if the Underwriters’ over-allotment is exercised), or $1.00 per Warrant, in a private placement that shall
occur simultaneously with the consummation of the Public Offering; (v) “Public Shareholders” shall mean
the holders of securities issued in the Public Offering; (vi) “Trust Account” shall mean the trust fund
into which a portion of the net proceeds of the Public Offering were deposited; (vii) “Transfer” shall
mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter”
shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time
to time.


 


2. Representations
and Warranties.


 


(a) The Director has
full right and power, without violating any agreement to which he is bound (including, without limitation, any non-competition
or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement or to serve as a director
on the Board, and the Director hereby consents to being named in any materials as a director of the Company.


 


(b) The Director’s
biographical information furnished to the Company is true and accurate in all respects and does not omit any material information
with respect to the Director’s background. The Director’s questionnaire furnished to the Company is true and accurate
in all respects. The Director represents and warrants that: he is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities
in any jurisdiction; he has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any
financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not
currently a defendant in any such criminal proceeding; and he has ever been suspended


 




    	 	 	 



     


    

 


or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.


 


3. Business Combination
Vote. The Director agrees that if the Company seeks shareholder approval of a proposed initial Business Combination, then in
connection with such proposed initial Business Combination, it or he, as applicable, shall vote all Founder Shares and any Ordinary
Shares acquired by him in favor of such proposed initial Business Combination and not redeem any Ordinary Shares owned by him in
connection with such shareholder approval.


 


4. Failure to Consummate
a Business Combination; Trust Account Waiver.


 


(a) The Director hereby
agrees that in the event that the Company fails to consummate its initial Business Combination within the time period set forth
in the Charter, the Director shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Ordinary
Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the trust account
(less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number of then outstanding
public shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right
to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of the Company’s remaining shareholders and the Board, dissolve and liquidate, subject in the case
of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in
all cases subject to the other requirements of applicable law. The Director agrees not to propose any amendment to the Charter
that would affect the substance or timing of the Company’s obligation to redeem the Offering Shares if the Company does not
complete a Business Combination within the required time period set forth in the Charter unless the Company provides its public
shareholders with the opportunity to redeem their Ordinary Shares upon approval of any such amendment at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the trust account and
not previously released to the Company, divided by the number of then outstanding public shares.


 


(b) The Director acknowledges
that he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of
the Company as a result of any liquidation of the Company with respect to the Founder Shares. The Director hereby further waives,
with respect to any Ordinary Shares and Founder Shares held by him any redemption rights he may have in connection with the consummation
of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve
such Business Combination or a shareholder vote to approve an amendment to the Charter that would affect the substance or timing
of the Company’s obligation to redeem 100% of the Ordinary Shares if the Company has not consummated an initial Business
Combination within the time period set forth in the Charter or in the context of a tender offer made by the Company to purchase
Ordinary Shares (although the Director shall be entitled to redemption and liquidation rights with respect to any Ordinary Shares
(other than the Founder Shares) he holds if the Company fails to consummate a Business Combination within the required time period
set forth in the Charter).


 


5. Lock-up; Transfer
Restrictions.


 


(a) The Director agrees
that he shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earlier of (A)
one year after the completion of an initial Business Combination and (B) the date following the completion of a Business Combination
on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder
Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price
of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, the Founder Shares shall be released from the Founder Shares Lock-up.


 


(b) The Director agrees
that he shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying such warrants, until 30 days
after the completion of a Business Combination.


 


(c) Notwithstanding the
provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary Shares
underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliates or family
members of any of the Company’s officers or directors, any members of the Sponsor or their affiliates, or any affiliates
of the Sponsor (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust,
the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and


 




    	 	 	 



     


    

 


distribution upon death of the individual;
(d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made at or
prior to the consummation of a Business Combination at prices no greater than the price at which the shares or warrants were originally
purchased; (f) by virtue of the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (g) in the
event of the Company’s liquidation prior to the completion of a Business Combination; or (h) in the event of completion of
a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having
the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of a Business Combination;
provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written
agreement agreeing to be bound by these transfer restrictions.


 


(d) During the period
commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Director shall not, without
the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants or any securities convertible into,
or exercisable, or exchangeable for, Ordinary Shares owned by him. The Director acknowledges and agrees that, prior to the effective
date of any release or waiver of the restrictions set forth in this paragraph 5, the Company shall announce the impending release
or waiver by press release through a major news service at least two business days before the effective date of the release or
waiver. Any release or waiver granted shall only be effective two business days after the publication date of such press release.
The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration
and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for
the duration that such terms remain in effect at the time of the transfer.


 


6. Remedies.
The Director hereby agrees and acknowledges that (i) each of the Underwriters and the Company would be irreparably injured in the
event of a breach by the Director of his obligations under paragraphs 3, 4, 5, 7 and 14, (ii) monetary damages may not be an adequate
remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy
that such party may have in law or in equity, in the event of such breach.


  


7. Payments by the
Company. Except as disclosed in the Prospectus, neither the Sponsor, nor any affiliate of the Sponsor, nor any director or
officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect
of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).


 


8. Entire Agreement.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto.


 


9. Assignment.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Director and his successors, heirs, personal representatives and assigns.


 


10. Governing Law.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.


 


11. Notices.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.


 


12. Director and
Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and the Director shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any of the Company’s directors or officers.


 


13. Termination.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation
of the Company.


  




    	 	 	 



     


    

 


14. Indemnification.
In the event of the liquidation of the Trust Account, the Sponsor (the “Indemnitor”) agrees to indemnify
and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third
party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has entered
into an acquisition agreement (a “Target”); provided, however, that such indemnification
of the Company by the Indemnitor shall apply only to the extent necessary to ensure that such claims by a third party for services
rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce
the amount of funds in the Trust Account to below the lesser of (i) $10.00 per share of the Offering Shares and (ii) the actual
amount per share of the Offering Shares held in the Trust Account as of the date of the liquidation of the Trust Account, in each
case less taxes payable, if less than $10.00 per share of the Offering Shares due to reductions in value of the trust assets and
such indemnification shall not apply to any claims by a third party who executed a waiver of any and all rights to seek access
to the Trust Account (whether or not such agreement is enforceable) nor shall it apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
In the event that any such executed waiver is deemed to be unenforceable against such third party, the Indemnitor shall not be
responsible for any liability as a result of any such third party claims. The Indemnitor shall have the right to defend against
any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of
notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.


 


15. Involvement
in Future Blank Check Companies. The Director agrees not to participate in the formation of, or become an officer or director
of, any other blank check company (excluding existing affiliations), until the Company has entered into a definitive agreement
with respect to a Business Combination or the Company has failed to complete a Business Combination within the time period set
forth in the Charter.


 


[Signature Page Follows]


 




    	 	 	 



     


    

 


	 	Sincerely,	 
	 	 	 
	 	/s/ Keith Wayne Abell	 
	 	Keith Wayne Abell	 


 


	Acknowledged and Agreed:	 
	 	 
	CF CORPORATION	 
	 	 
	By:	 /s/ Douglas Newton	 
	 	Name: Douglas Newton	 
	 	Title: Chief Financial Officer	 


 


[Signature Page to Letter Agreement]