Exhibit 10.3


 


LOCK-UP AGREEMENT


 


THIS LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of October 9, 2022 by and among (i) XBP Europe, Inc., a Delaware corporation
(the “Company”), (ii) CF Acquisition Corp. VIII, a Delaware corporation (“Acquiror”)
and (iii) BTC International Holdings, Inc., a Delaware corporation (“Holder”). Any capitalized term used but
not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as defined below).


 


WHEREAS, on or about
the date of this Agreement, Acquiror, Sierra Merger Sub, Inc., a Delaware corporation and direct wholly subsidiary of Acquiror (“Merger
Sub”), Holder and the Company have entered into an Agreement and Plan of Merger (as amended from time to time in accordance
with the terms thereof, the “Merger Agreement”), pursuant to which, among other matters, upon the consummation
of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with and into the Company with
the Company continuing as the surviving entity and a wholly-owned subsidiary of Acquiror (“Merger”), and as
a result of which all of the issued and outstanding capital stock of the Company immediately prior to the Closing shall no longer be outstanding
and shall automatically be cancelled and shall cease to exist in exchange for the right to receive the Merger Consideration in accordance
with Section 2.7 of the Merger Agreement, without interest;


 


WHEREAS, as of the
date hereof, Holder is the holder of 100% of the total issued and outstanding interest or equity securities of the Company; and


 


WHEREAS, pursuant to
the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties desire to enter into this Agreement, pursuant to which the Acquiror Class A Common Stock to be received by Holder as consideration
pursuant to the transactions contemplated by the Merger Agreement, and further including any other securities held by the Holder immediately
following the Merger which are convertible into, or exercisable, or exchangeable for, Acquiror Common Stock (all such securities, together
with any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or
converted, the “Restricted Securities”) shall become subject to limitations on disposition as set forth herein.


 


 NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:


 


1. Lock-Up
Provisions.


 


(a) Holder
hereby agrees not to, without the prior written consent of Acquiror (subject to Section 2(h)), during the period (the “Lock-Up
Period”) commencing from the Closing and ending on the earlier of (A) the one (1) year anniversary of the date of the Closing
and (B) subsequent to the Closing, the date on which Acquiror consummates a liquidation, merger, capital stock exchange, reorganization,
or other similar transaction that results in all of Acquiror’s stockholders having the right to exchange their Acquiror Common Stock
for cash, securities or other property: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC
promulgated thereunder, with respect to any Restricted Securities owned by Holder, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities owned by Holder,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction specified in clause (i) or (ii) (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”). The foregoing sentence shall not apply to any of the following actions in respect of any or all of the Restricted
Securities owned by Holder (each transferee of a transfer or other action referred to below, a “Permitted Transferee”):


 


(i) transfers
by virtue of the laws of the state or province of the entity’s organization and the entity’s organizational documents upon
dissolution of the entity;


 






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(ii) transfers
of Restricted Securities as a bona fide gift, or to a charitable organization or educational institution in a transaction not involving
a disposition for value; and


 


(iii) transfers
to a Subsidiary of Exela Technologies, Inc. that is not a Restricted Subsidiary or Subsidiary Guarantor (as such terms are defined in
the Exela Credit Documents).


 


provided, however, that it
shall be a condition to any transfer pursuant to clauses (i) through (iii) above that the Permitted Transferee of such transfer shall
enter into a written agreement, in substantially the form of this Lock-Up Agreement, stating that such Permitted Transferee is receiving
and holding the Restricted Securities subject to the provisions of this Lock-Up Agreement, and that there shall be no further transfer
of such Restricted Securities except in accordance with this Lock-Up Agreement. For purposes of this paragraph, “affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act. Holder further agrees to execute such agreements as may be reasonably
requested by Acquiror that are consistent with the foregoing or that are necessary to give further effect thereto.


 


(b) If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be
null and void ab initio, and Acquiror shall refuse to recognize any such purported transferee of the Restricted Securities as one
of its equity holders for any purpose. In order to enforce this Section 1, Acquiror may impose stop-transfer instructions
with respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period.


 


(c) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:


 


“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF OCTOBER 9, 2022, BY AND AMONG THE ISSUER
OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP
AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”


 


Promptly upon the expiration of the Lock-Up Period,
Acquiror will make reasonable best efforts to remove such legend from the certificates evidencing the Restricted Securities.


 


(d) For
the avoidance of any doubt, Holder shall retain all of its rights as a stockholder of Acquiror during the Lock-Up Period, including the
right to vote any Restricted Securities.


 


(e) Without
limiting the terms set forth in clauses (i)-(iii) of Section 1(a) hereof, Holder shall be free to engage in bona-fide purchase
or sale transactions involving Acquiror Common Stock or other securities convertible into or exercisable or exchangeable for Acquiror
Common Stock in compliance with applicable laws and solely to the extent acquired in bona fide open market transactions, provided,
that no such sale transaction is required to be, or is, publicly announced (whether on Form 4, Form 5 or otherwise) during the Lock-Up
Period.


 






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2. Miscellaneous.


 


(a) Termination
of Merger Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this Agreement, but
this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained herein, in the event that
the Merger Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of
the parties hereunder shall automatically terminate and be of no further force or effect.


 


(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and
may not be transferred or delegated by Holder at any time without the prior written consent of Acquiror in accordance with Section
2(h), except in accordance with the procedures set forth for transfers of Restricted Securities to Permitted Transferees in the second
sentence of Section 1(a). Each of Acquiror and the Company may freely assign any or all of its rights under this Agreement, in
whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale plan of arrangement/exchange or otherwise)
without obtaining the consent or approval of Holder. For the avoidance of doubt this Section 2(b) does not apply to Sponsor’s
rights under Section 2(h).


 


(c) Third
Parties. Except for the rights of the Sponsor (or its assignee) as provided in Section 2(h), nothing contained in this Agreement
or in any instrument or document executed by any party in connection with the transactions contemplated hereby shall create any rights
in, or be deemed to have been executed for the benefit of, any person or entity that is not a party hereto or thereto or a successor or
permitted assign of such a party.


 


(d) Governing
Law; Jurisdiction; Waiver of Jury Trial. Sections 10.7 and 10.14 of the Merger Agreement shall apply to this Agreement mutatis
mutandis.


 


(e) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import shall be deemed in each
case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term
“or” means “and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.


 






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(f) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by email during normal business hours, (iii) by FedEx, UPS or other nationally recognized overnight courier
service or (iv) after posting in the United States mail having been sent registered or certified mail return receipt requested, postage
prepaid, and otherwise on the next Business Day, addressed as follows (or at such other address for a party as shall be specified by like
notice):


 


	
    If to Acquiror prior to the Closing, to: 

     
	
    CF Acquisition Corp. VIII

    110 East 59th Street

    New York, New York 10022

    Attention: Chief Executive Officer

    Email: CFVIII@cantor.com

     

    and

     

    Hughes Hubbard & Reed LLP

    One Battery Park Plaza

    New York, New York 10004

    Email: ken.lefkowitz@hugheshubbard.com and michael.traube@hugheshubbard.com

    Attention: Ken Lefkowitz and Michael Traube

	If to the Company and, from and after the Closing, Acquiror, to:	
    c/o Exela Technologies, Inc.

    300 First Stamford Place, Second Floor West

    Stamford, CT 06902

    E-mail: legalnotices@exelatech.com

Attention: Erik Mengwall, Deputy General Counsel and Secretary

     

    with a copy to:

     

    Willkie Farr & Gallagher LLP

    787 Seventh Avenue

    New York, NY 10019

    E-mail:                 mlefkort@willkie.com

                                sewen@willkie.com

    Attention:          Maurice Lefkort, Esq.

                                 Sean Ewen, Esq.

     

	If to Sponsor, to:	
    CFAC Holdings VIII, LLC

    110 East 59th Street

    New York, New York 10022

    Attention: Chief Executive Officer

    Email: CFVIII@cantor.com

     

    and

     

    Hughes Hubbard & Reed LLP

    One Battery Park Plaza

    New York, New York 10004

    Email: ken.lefkowitz@hugheshubbard.com and michael.traube@hugheshubbard.com

    Attention: Ken Lefkowitz and Michael Traube




 






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	If to Holder, to: 	
    c/o Exela Technologies, Inc.

    300 First Stamford Place, Second Floor West

    Stamford, CT 06902

    E-mail: legalnotices@exelatech.com

    Attention: Erik Mengwall, Deputy General Counsel and Secretary

     

    with a copy to:

     

    Willkie Farr & Gallagher LLP

    787 Seventh Avenue

    New York, NY 10019

    E-mail:                 mlefkort@willkie.com

                                sewen@willkie.com

    Attention:          Maurice Lefkort, Esq.

                                Sean Ewen, Esq.

     



 


(g) Amendments
and Waivers. This Agreement may be amended or modified only with the written consent of (i) Acquiror, the Company and Holder (if prior
to the Closing) or (ii) Acquiror (in accordance with Section 2(h)) and Holder (if from and after the Closing). The observance of
any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only
with the written consent of the party against whom enforcement of such waiver is sought. No failure or delay by a party in exercising
any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.


 


(h) Authorization
on Behalf of Acquiror. The parties acknowledge and agree that notwithstanding anything to the contrary contained in this Agreement,
any consent, waiver or amendment with respect to the restrictions set forth in Section 1 of this Agreement shall require the prior
written consent of CFAC Holdings VIII, LLC (the “Sponsor”), and the Sponsor shall be entitled to cause the Acquiror
to enforce its rights and remedies under this Agreement. The Sponsor may, without being required to obtain the consent of any party hereto,
assign all of its rights under this Agreement to any Affiliate of the Sponsor to whom the Sponsor’s Acquiror Common Stock is transferred
after the Closing in compliance with any applicable contractual or legal requirements.


 


(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a court of competent jurisdiction, such provision
shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal
or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent
and purpose of such invalid, illegal or unenforceable provision.


 






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(j) Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages will be inadequate and Acquiror will have no adequate remedy at law, and agrees that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance with
their specific terms or were otherwise breached. Accordingly, Acquiror shall be entitled to an injunction or restraining order to prevent
breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any
bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such party may be entitled under this Agreement, at law or in equity.


 


(k) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties
under the Merger Agreement or any Ancillary Agreements. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the
rights or remedies of Acquiror or any of the obligations of Holder under any other agreement between Holder and Acquiror or any certificate
or instrument executed by Holder in favor of Acquiror, and nothing in any other agreement, certificate or instrument shall limit any of
the rights or remedies of Acquiror or any of the obligations of Holder under this Agreement.


 


(l) Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.


 


(m) Counterparts;
Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email in portable document format
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.


 


(n)
No Recourse. No director, officer, employee, member, partner, shareholder or other owner (whether direct or indirect), Affiliate,
agent, attorney or representative of any party to this Agreement (other than any Permitted Transferee of Holder), shall have any obligation
or liability for the obligations or liabilities of a party under this Agreement. Without limiting the foregoing, this Agreement may only
be enforced against the entities that have executed and delivered a counterpart to this Agreement.


 


[Remainder of Page Intentionally Left Blank;
Signature Pages Follow.] 


 




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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.


 


	 	ACQUIROR:
	 	 
	 	CF ACQUISITION
    CORP. VIII
	 	 	 
	 	By:	/s/
    Howard W. Lutnick


  
	 	Name:  	Howard W. Lutnick


  
	 	Title:  	Chief Executive Officer


  
	 	 	 
	 	Company:
	 	 	 
	 	XBP Europe,
    Inc.
	 	 	 
	 	By:	/s/ Vitalie
    Robu
	 	Name:  	Vitalie Robu
	 	Title:  	President 
	 	 	 
	 	Holder:
	 	 
	 	BTC INTERNATIONAL
    HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Vitalie
    Robu
	 	Name:  	Vitalie Robu
	 	Title:  	President