Exhibit 10.28


 





EQUITY PURCHASE AGREEMENT


 


This
Equity Purchase Agreement (this “Agreement”) is entered into as of November 29, 2017, between CF Corporation,
a Cayman Islands exempted company (the “Company”), and CFS Holdings II (Cayman), L.P., a Cayman limited partnership
(the “Purchaser”).


 


Recitals


 


WHEREAS, the Company has entered into that certain
Agreement and Plan of Merger, dated as of May 24, 2017, as amended (the “Merger Agreement”), pursuant to which
an indirect, wholly owned subsidiary of the Company will merge with an into Fidelity & Guaranty Life, a Delaware corporation
(“FGL”), with FGL surviving the merger as an indirect, wholly owned subsidiary of the Company (such merger and
the other transactions contemplated by the Merger Agreement, the “Business Combination”);


 


WHEREAS, the Company has entered into that certain
Share Purchase Agreement, dated as of May 24, 2017, as amended (the “FSR Purchase Agreement”), pursuant to which
FGL US Holdings Inc. will purchase from Front Street Re (Delaware) Ltd. 2,300 ordinary shares of Front Street Re (Cayman) Ltd.
(“Cayman Co”), which represent all of the issued shares of Cayman Co, and 375,000 common shares of Front Street
Re Ltd. (“Bermuda Co”), which represent all of the issued shares of Bermuda Co (the “FSR Purchase”);


 


WHEREAS, in connection with the Business
Combination and the FSR Purchase, Blackstone Tactical Opportunities Fund II L.P., a Delaware limited partnership and parent of
the Purchaser (“BTO”), entered into those certain equity commitment letters, dated as of May 24, 2017 (the “Equity
Commitment Letter”), with the Company, pursuant to which BTO committed to purchasing an aggregate of 22,500,000 ordinary
shares of the Company, par value $0.0001 (“Ordinary Shares”), for an aggregate purchase price of $225,000,000
at the closing of the Business Combination and the FSR Purchase;


 


WHEREAS, pursuant to the second amended and
restated investor agreement, dated as of October 6, 2017 and effective as of May 24, 2017 (the “Investor Agreement”),
by and among the Company, BTO, GSO Capital Partners LP and Fidelity National Financial, Inc., the Purchaser will receive one Ordinary
Share in exchange for each $10.00 funded pursuant to the Equity Commitment Letter;


 


WHEREAS, the parties wish to enter
into this Agreement, pursuant to which the Company shall issue and sell, and the Purchaser shall purchase, on a private placement
basis, 22,500,000 Ordinary Shares in accordance with the Equity Commitment Letter and Investor Agreement and subject to the terms
and conditions set forth herein;


 


WHEREAS, in connection with the Business Combination
and the FSR Purchase, the Company has entered into an equity purchase agreement with Corvex Master Fund, LP (“Corvex”)
for the issuance and sale of an aggregate of 2,000,000 Ordinary Shares (the “Corvex Shares”) to Corvex at the
closing of the Business Combination and the FSR Purchase; and


 




     


     


    

 


WHEREAS, in connection with the Business Combination
and the FSR Purchase, the Company has entered into equity purchase agreements with Fidelity National Financial, Inc., a Delaware
corporation, and certain of its subsidiaries (the “FNF Parties” and together with the Purchaser and Corvex,
the “Subscribers”), for the issuance and sale of an aggregate of 11,500,000 Ordinary Shares (such Ordinary Shares
together with the Corvex Shares and the Shares, the “Subscription Shares”) to the FNF Parties at the closing
of the Business Combination and the FSR Purchase.


 


NOW, THEREFORE, in consideration of the premises,
representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:


 


Agreement


 


		1.	Sale and Purchase.



 


(a)       (i)
The Company shall issue and sell to Purchaser, and Purchaser shall subscribe for and purchase from the Company, 21,700,000 Ordinary
Shares (the “FGL Shares”) for $10.00 per share, or an aggregate purchase price of $217,000,000 (the “FGL
Purchase Price”) and (ii) the Company shall issue and sell to Purchaser, and Purchaser shall subscribe for and purchase
from the Company, 800,000 Ordinary Shares (the “FSR Shares”, and together with the FGL Shares, collectively,
the “Shares”) for $10.00 per share, or an aggregate purchase price of $8,000,000 (the “FSR Purchase
Price”, together with the FGL Purchase Price, collectively, the “Purchase Price”) (such issuance,
sale and purchase, the “Purchase”).


 


(b)       On
or prior to November 29, 2017, Purchaser shall deliver the Purchase Price to a designated escrow account at Continental Stock Transfer
& Trust Company, the Company’s transfer agent (the “Escrow Account”), to be held on behalf of Purchaser
until the Closing (as defined below) in cash via wire transfer of United States dollars in immediately available funds in accordance
with the wire instructions provided by the Company.


 


(c)       The
closing of the Purchase contemplated hereby (the “Closing”) shall occur, (i) in the case of the purchase of
the FGL Shares, immediately prior to the closing of the Business Combination (the “Business Combination Closing”)
and (ii) in the case of the purchase of the FSR Shares, immediately prior to the FSR Purchase (the “FSR Purchase Closing”).
At the Closing, (i) immediately prior to the Business Combination Closing, and conditioned upon the immediate subsequent closing
of the Business Combination, the Company shall deliver to Purchaser the FGL Shares in exchange for the FGL Purchase Price held
in the Escrow Account and (ii) immediately prior to the FSR Purchase Closing, and conditioned upon the immediate subsequent closing
of the FSR Purchase, the Company shall deliver to Purchaser the FSR Shares in exchange for the FSR Purchase Price held in the Escrow
Account.


 


(d)       The
Company shall register Purchaser as the owner of the Shares in the register of members of the Company and with the Company’s
transfer agent by book entry on or promptly after (but in no event more than two (2) business days after) the date on which the
Closing occurs (the “Closing Date”).


 




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(e)       Each
register and book entry for the Shares shall contain a notation, and each certificate (if any) evidencing the Shares shall be stamped
or otherwise imprinted with a legend, in substantially the following form:


 


“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”


 


(f)       Legend
Removal. When the Shares are eligible to be sold without restriction under, and without the Company being in compliance with
the current public information requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”), then, at the Purchaser’s request, the Company will cause the Company’s transfer agent to remove the
legend set forth in Section 1(d) hereof. In connection therewith, if required by the Company’s transfer agent, the Company
will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations,
certificates and directions required by the transfer agent that authorize and direct the transfer agent to issue such Shares without
any such legend.


 


(g)       Registration
Rights. The Purchaser shall have registration rights with respect to the Shares as set forth on Exhibit A (the “Registration
Rights”).


 


2.            Representations
and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof:


 


(a)       Organization
and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
formation (if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite power
and authority to carry on its business as presently conducted and as proposed to be conducted.


 


(b)       Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except (a)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general
application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies, or (c) to the extent the indemnification provisions contained
in the Registration Rights may be limited by applicable federal or state securities laws.


 




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(c)       Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with
the consummation of the transactions contemplated by this Agreement.


 


(d)       Compliance
with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by
the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, if applicable, (ii) of any instrument, judgment, order, writ or decree to which it is a party
or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, or (iv) under
any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal
or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material
adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.


 


(e)       Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to
the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further
represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell,
transfer or grant participations to such Person or to any third Person, with respect to any of the Shares. If the Purchaser was
formed for the specific purpose of acquiring the Shares, each of its equity owners is an accredited investor as defined in Rule
501(a) of Regulation D promulgated under the Securities Act. For purposes of this Agreement, “Person” means
an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or any government or any department or agency thereof.


 


(f)        Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Shares, as well as the terms of the Business Combination and the FSR Purchase,
with the Company’s management.


 


(g)       Restricted
Securities. The Purchaser understands that the offer and sale of the Shares to the Purchaser has not been, and will not be,
registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which
depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations
as expressed herein. The Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal
and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered
with the U.S. Securities and Exchange Commission (the “SEC”) and qualified by state authorities, or an exemption
from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation
to register or qualify the Shares for resale, except for the Registration Rights. The Purchaser further acknowledges that if an
exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside
of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.


 




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(h)       High
Degree of Risk. The Purchaser understands that its agreement to purchase the Shares involves a high degree of risk which could
cause the Purchaser to lose all or part of its investment.


 


(i)        Accredited
Investor. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.


 


(j)        Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation
to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the
purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase,
holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial
ownership of the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.


 


(k)       No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Shares.


 


(l)        Residence.
If the Purchaser is an individual, then the Purchaser resides in the state or province identified in the address of the Purchaser
set forth on the signature page hereof; if the Purchaser is a partnership, corporation, limited liability company or other entity,
then its principal place of business is the office or offices located at the address or addresses of the Purchaser set forth on
the signature page hereof.


 


(m)       Adequacy
of Financing. The Purchaser has available to it sufficient funds to satisfy its obligations under this Agreement.


 


(n)       Affiliation
of Certain FINRA Members. The Purchaser is neither a person associated nor affiliated with Citigroup Global Markets Inc., Merrill
Lynch, Pierce, Fenner & Smith, Credit Suisse Securities (USA) LLC Incorporated or, to its actual knowledge, any other member
of the Financial Industry Regulatory Authority (“FINRA”) that participated in the Company’s initial public
offering (the “IPO”).


 




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(o)       No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf
of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall
be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering, and
the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly
made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser
Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the
Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company Parties”).


 


3.            Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser as follows:


 


(a)       Incorporation
and Corporate Power.


 


(i)       The
Company is an exempted company duly incorporated and validly existing and in good standing as an exempted company under the laws
of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as
proposed to be conducted.


 


(ii)       Each
Company Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
(if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite power and authority
to carry on its business as presently conducted and as proposed to be conducted. As used herein, “Subsidiary”
means, with respect to any person, any corporation, partnership, joint venture, limited liability company or other entity (A) of
which such person or a subsidiary of such person is a general partner or (B) of which a majority of the voting securities
or other voting interests, or a majority of the securities or other interests of which having by their terms ordinary voting power
to elect a majority of the Board of Directors or persons performing similar functions with respect to such entity, is directly
or indirectly owned by such person and/or one or more subsidiaries thereof; and “Company Subsidiary” means any
Subsidiary of the Company.


 


(b)       Capitalization.


 


(i)       As
of the date hereof, the authorized share capital of the Company consists of:


 


(1)       400,000,000
Ordinary Shares, 69,000,000 of which are issued and outstanding, and 50,000,000 Class B ordinary shares, par value, $0.0001 per
share, 15,000,000 of which are issued and outstanding. All of the issued and outstanding ordinary shares have been duly authorized,
are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.


 


(2)       1,000,000
preferred shares, par value $0.0001 per share (“Preferred Shares”), none of which are issued and outstanding.


 


(ii)       As
of the Closing Date, the authorized share capital of the Company will consist of:


 


(1)       800,000,000
Ordinary Shares, 206,000,000 of which will be issued and outstanding.



 




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(2)       100,000,000
Preferred Shares, 375,000 of which will be outstanding.


 


(c)       Authorization.
All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the
Company to enter into this Agreement and to issue the Shares has been taken or will be taken prior to the Closing. All action on
the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement,
the performance of all obligations of the Company under this Agreement to be performed as of the Closing has been taken or will
be taken prior to the Closing. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally
binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in
the Registration Rights may be limited by applicable federal or state securities laws.


 


(d)       Valid
Issuance of Shares.


 


(i)       The
Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement and
registered in the register of members of the Company, will be validly issued, fully paid and nonassessable and free of all preemptive
or similar rights, liens, stamp taxes, encumbrances and charges with respect to the issue thereof and restrictions on transfer
other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances
created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject
to the filings described in Section 3(e) below, the Shares will be issued in compliance with all applicable federal and state securities
laws.


 


(ii)       No
“bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below),
except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered
Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the
Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).


 


(e)       Governmental
Consents and Filings. Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval,
order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local
governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated
by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws.


 




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(f)       Compliance
with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement by the Company will not result in any violation or default (i) of any provisions of its memorandum
and articles of association, as in effect on the date hereof and on the Closing Date, or other governing documents, (ii) of any
instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or
mortgage to which it is a party or by which it is bound, or (iv) under any lease, agreement, contract or purchase order to which
it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the
Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate
the transactions contemplated by this Agreement.


 


(g)       Foreign
Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the
Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment to any foreign or domestic government official or employee.


 


(h)       Compliance
with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering
laws and regulations, including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is
pending or, to the knowledge of the Company, threatened.


 


(i)       Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company
or any of the Company’s officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as
such.


 


(j)       No
General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders has either
directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement
in connection with the offer and sale of the Shares.


 


(k)       No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be
deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the IPO, the
Business Combination or FSR Purchase, and the Company Parties disclaim any such representation or warranty. Except for the specific
representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement
delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Purchaser Parties.


 




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		4.	Additional Agreements and Acknowledgements of the Purchaser.



 


(a)       Trust
Account.


 


(i)       The
Purchaser hereby acknowledges that it is aware that the Company has established a trust account (the “Trust Account”)
for the benefit of its public shareholders. The Purchaser, for itself and its affiliates, hereby agrees that it 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, except for liquidation rights, if any, the Purchaser may have in respect of any Ordinary Shares sold
in the IPO (“Public Shares”) held by it.


 


(ii)       The
Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future, except for liquidation rights, if any, the Purchaser may have in respect of any Public Shares
held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust
Account, except for liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.


 


(b)       No
Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any
understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Closing. For purposes
of this Section, “Short Sales” shall include, without limitation, all “short sales” as defined in
Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended, and all types of direct and indirect
stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts,
options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers.


 




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		5.	Additional Agreements of the Company.



 


(a)       No
Public Disclosure. The Company may not identify, or permit any of its employees, agents, representatives or affiliates to identify,
the Purchaser as an investor in the Company in any written or oral communications or issue any press release or other disclosure
of the Purchaser’s name or any derivative of any such name (whether in connection with the Company or otherwise), in each
case except (i) as authorized in writing by the Purchaser in each such instance or (ii) as required by law, legal process or regulatory
request; provided, that the Company shall, to the extent reasonably practicable, notify the Purchaser of such requirement
so that the Purchaser (or its affiliate) may seek a protective order or other appropriate remedy protecting such information prior
to such disclosure. The foregoing shall not prevent the disclosure of the Purchaser’s name and address and information concerning
the number of Company equity securities held by the Purchaser (and no other information concerning the Purchaser or any of its
affiliates) (i) in the Company’s filings with the SEC (or an exhibit thereto) if the Company is requested or required to
make such disclosure pursuant to the comments from the Staff of the SEC or FINRA or (ii) to the Company’s lawyers, independent
accountants and to other advisors and service providers who reasonably require the Purchaser’s information in connection
with the provision of services to the Company and are advised of the confidential nature of such information and are obligated
to keep such information confidential.


 


(b)       No
Material Non-Public Information. The Company agrees that no information provided to the Purchaser in connection with this Agreement
will, upon the Closing, constitute material non-public information of the Company, and following the Closing, the Company will
not provide the Purchaser with any material non-public information of the Company without the prior written consent of the Purchaser.


 


(c)       New
York Stock Exchange Listing. The Company will use commercially reasonable efforts to maintain the listing of the Ordinary Shares
on the New York Stock Exchange (or another national securities exchange).


 


(d)       Purchaser
Registrable Securities. All Shares acquired by Purchaser hereunder or after the Closing shall be deemed to be “Registrable
Securities” for purposes of Exhibit A to the Forward Purchaser Agreement, dated as of April 18, 2016, by and among the Company,
CFS Holdings (Cayman), L.P., and solely for purposes of Section 6 thereof, CF Capital Growth, LLC.


 


6.            Purchase
Price Return Right. (i) If the Business Combination does not close on or prior to November 30, 2017, then, at the written request
of Purchaser, the Company shall promptly return the FGL Purchase Price to Purchaser from the Escrow Account and Purchaser will
be excused from its obligation to subscribe for and purchase the FGL Shares pursuant to Section 1(a)(i) and (ii) if the
FSR Purchase does not close on or prior to November 30, 2017, then, at the written request of Purchaser, the Company shall promptly
return the FSR Purchase Price to Purchaser from the Escrow Account and Purchaser will be excused from its obligation to subscribe
for and purchase the FSR Shares pursuant to Section 1(a)(ii).


 


		7.	Termination.



 


(a)       This
Agreement shall terminate upon the earlier to occur of: (i) such date and time as the Merger Agreement is terminated in accordance
with its terms; (ii) such date and time at which Purchaser has requested the return of the FGL Purchase Price and/or the FSR Purchase
Price from the Company and received the FGL Purchase Price and/or the FSR Purchase Price (as applicable) from the Escrow Account
pursuant to Section 6; or (iii) upon the mutual written agreement of the Company and the Purchaser.


 




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(b)       In
the event of any termination of this Agreement pursuant to Section 7(a), the Purchase Price (and interest thereon, if any), if
previously paid and not previously returned, and all Purchaser’s funds paid in connection herewith and not previously returned
shall be promptly returned to Purchaser, and thereafter this Agreement shall forthwith become null and void and have no effect,
without any liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners,
managers, members, or shareholders and all rights and obligations of each party shall cease; provided, however, that
nothing contained in this Section 7 shall relieve either party from liabilities or damages arising out of any fraud or willful
breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement.


 


		8.	General Provisions.



 


(a)       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on
the recipient’s next business day, (c) five (5) business days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of receipt. All communications sent to the Company shall
be sent to: 1701 Village Center Circle, Las Vegas, Nevada 89134, Attn: Douglas B. Newton, Chief Financial Officer, email: newton@cc.capital
with a copy to the Company’s counsel at: Winston & Strawn LLP, 200 Park Avenue, New York, NY 10166, Attn: Joel L. Rubinstein,
Esq., email: jrubinstein@winston.com, fax: (212) 294-4700.


 


All communications to the Purchaser shall be
sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if
any) or address as subsequently modified by written notice given in accordance with this Section 8(a).


 


(b)       No
Finder’s Fees. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses
of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives
is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.


 


(c)       Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing.


 


(d)       Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter 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.


 




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(e)       Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.


 


(f)        Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party.


 


(g)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.


 


(h)       Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or
interpretation of this Agreement.


 


(i)        Governing
Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of Delaware, without giving effect to its choice of laws principles.


 


(j)        Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based
upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.


 


(k)       Waiver
of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby.


 


(l)        Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of
the Company and the Purchaser.


 




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(m)       Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.


 


(n)       Expenses.
Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of
its transfer agent; stamp taxes and all The Depository Trust Company fees associated with the issuance of the Shares and the securities
issuable upon the conversion or exercise of the Shares.


 


(o)       Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.


 


(p)       Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.


 


(q)       Confidentiality.
Except as may be required by law, regulation or applicable stock exchange listing requirements, unless and until the transactions
contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto
shall keep confidential and shall not publicly disclose the existence or terms of this Agreement.


 


(r)        Specific
Performance. The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not performed
by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF, the undersigned have
executed this Agreement to be effective as of the date first set forth above.


 


	PURCHASER:	 
	 	 
	CFS HOLDINGS II (CAYMAN), L.P.	 
	 	 	 
	By:	 /s/ Menes O. Chee	 
	 	Name: Menes O. Chee	 
	 	Title:   Manager	 
	 	 	 
	COMPANY:	 
	 	 
	CF CORPORATION	 
	 	 	 
	By:	 /s/ Douglas B. Newton	 
	 	Name: Douglas B. Newton	 
	 	Title:   Chief Financial Officer	 


 


Purchaser Notice Information


 


	Name	 	Address	 	Telephone	 	Email	 	Facsimile
	CFS Holdings II (Cayman), L.P.	 	 	 	 	 	 	 	 


 


[Signature Page to Subscription Agreement] 


 




     


     


    

 


Exhibit A


 


Registration Rights


 


1.       Within
thirty (30) days after the Closing, the Company shall use reasonable best efforts (i) to file a registration statement on Form
S-3 for a secondary offering (including any successor registration statement covering the resale of the Registrable Securities
a “Resale Shelf”) of (x) the Subscription Shares and (y) any other equity security of the Company issued or
issuable with respect to the securities referred to in clause (x) by way of a stock dividend or stock split or in connection with
a combination of shares, recapitalization, merger, consolidation or reorganization (collectively, the “Registrable Securities”)
pursuant to Rule 415 under the Securities Act; provided that if Form S-3 is unavailable for such a registration, the Company shall
register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable Securities
on Form S-3 as soon as such form is available, (ii) to cause the Resale Shelf to be declared effective under the Securities Act
promptly thereafter, but in no event later than sixty (60) days thereafter, and (iii) to maintain the effectiveness of such Resale
Shelf with respect to the Purchaser’s Registrable Securities until the earliest of (A) the date on which the Purchaser ceases
to hold Registrable Securities covered by such Resale Shelf, (B) the date all of the Purchaser’s Registrable Securities covered
by the Resale Shelf can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and without
the requirement to be in compliance with Rule 144(c)(1) under the Securities Act.


 


2.       In
the event the Company is prohibited by applicable rule, regulation or interpretation by the staff (“Staff”)
of the SEC from registering all of the Registrable Securities on the Resale Shelf or the Staff requires that the Purchaser be specifically
identified as an “underwriter” in order to permit such registration statement to become effective, and such Purchaser
does not consent in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities
to be registered on the Resale Shelf will be reduced on a pro rata basis among all the holders of Registrable Securities to be
so included, unless otherwise required by the Staff, so that the number of Registrable Securities to be registered is permitted
by Staff and such Purchaser is not required to be named as an “underwriter”; provided, that any Registrable
Securities not registered due to this paragraph 2 of this Exhibit A shall thereafter as soon as allowed by the SEC guidance be
registered to the extent the prohibition no longer is applicable.


 




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3.       If
at any time the Company proposes to file a registration statement (a “Registration Statement”) on its own behalf,
or on behalf of any other Persons who have registration rights (“Other Holders”), relating to an underwritten
offering of ordinary shares, or engage in an Underwritten Takedown off an existing registration statement (a “Company
Offering”), then the Company will provide Subscribers (including the Purchaser) who have purchased at least 2,000,000
Subscription Shares (collectively, the “Piggyback Holders”) with notice in writing (an “Offer Notice”)
at least five (5) Business Days prior to such filing, which Offer Notice will offer to include in the Registration Statement a
minimum of 1,000,000 “Registrable Securities” (as defined under each Piggyback Holder’s equity purchase agreement)
of each Piggyback Holder (collectively “Piggyback Securities”). Within five (5) Business Days (or, in the case
of an Offer Notice delivered to the Purchaser or other Subscribers in connection with an Underwritten Takedown, within three (3)
Business Days) after receiving the Offer Notice, the Piggyback Holders may make a written request to the Company to include some
or all of the Piggyback Holders’ Registrable Securities in the Registration Statement. If the underwriter(s) for any Company
Offering advise the Company that marketing factors require a limitation on the number of securities that may be included in the
Company Offering, the number of securities to be so included shall be allocated as follows: (i) first, to the Company and the Other
Holders, if any; and (ii) second, to the Piggyback Holders based on the pro rata percentage of Piggyback Securities held by the
Piggyback Holders and requested to be included in the Underwritten Offering. Notwithstanding anything to the contrary in this paragraph
3, the Company hereby agrees that it will not provide an Offer Notice to any other Subscriber unless such other Subscriber agrees
in writing to treat the contents of such Offer Notice as material non-public information.


 


4.       The
determination of whether any offering of Registrable Securities pursuant to the Resale Shelf or a Underwritten Takedown Prospectus
will be an underwritten offering shall be made in the sole discretion of Purchaser, after consultation with the Company, and Purchaser
shall have the right, after consultation with the Company, to determine the plan of distribution, including the price at which
the Registrable Securities are to be sold and the underwriting commissions, discounts and fees (and the Piggyback Holders or Requesting
Holders (as applicable) shall not have the right to make any determinations other than whether they wish to include their Requesting
Holder Securities in the prospectus supplement). Purchaser shall select the investment banker or bankers and managers to administer
the offering, including the lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably
satisfactory to the Company).


 


5.       In
connection with any underwritten offering, the Company shall enter into such customary agreements and take all such other actions
in connection therewith (including those requested by the Purchaser) in order to facilitate the disposition of such Registrable
Securities as are reasonably necessary or required, and in such connection enter into a customary underwriting agreement that provides
for customary opinions, comfort letters and officer’s certificates and other customary deliverables.


 


6.       The
Company shall pay all fees and expenses incident to the performance of or compliance with its obligation to prepare, file and maintain
the Resale Shelf (including the fees of its counsel and accountants). The Company shall also pay all Registration Expenses. For
purposes of this paragraph 6, “Registration Expenses” shall mean the out-of-pocket expenses of a Company Offering
or Underwritten Shelf Takedown, including, without limitation, the following: (i) all registration and filing fees (including fees
with respect to filings required to be made with FINRA) and any securities exchange on which the Registrable Securities are then
listed; (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel
for the underwriters in connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger, telephone
and delivery expenses; (iv) reasonable fees and disbursements of counsel for the Company; (v) reasonable fees and disbursements
of all independent registered public accountants of the Company incurred specifically in connection with such Underwritten Shelf
Takedown; and (vi) reasonable fees and expenses of one legal counsel selected by Purchaser who will represent all the selling shareholders.


 




    	 	A-2	 



     


    

 


7.       The
Company may suspend the use of a prospectus included in the Resale Shelf by furnishing to the Purchaser a written notice (“Suspension
Notice”) stating that in the good faith judgment of the Company, it would be either (i) prohibited by the Company’s
insider trading policy (as if the Purchaser were covered by such policy) or (ii) materially detrimental to the Company and its
stockholders for such prospectus to be used at such time. The Company’s right to suspend the use of such prospectus under
clause (ii) of the preceding sentence may be exercised for a period of not more than sixty (60) days after the date of such notice
to the Purchaser; provided such period may be extended for an additional thirty (30) days with the consent of a majority-in-interest
of the holders of Registrable Securities covered by the Resale Shelf, which consent shall not be unreasonably withheld; provided
further, that such right to suspend the use of a prospectus shall be exercised by the Company not more than once in any twelve
(12) month period. A holder of Registrable Securities shall not effect any sales of Registrable Securities pursuant to the Resale
Shelf at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice
(as defined below). The holders may recommence effecting sales of the Registrable Securities pursuant to the Resale Shelf following
further written notice to such effect (an “End of Suspension Notice”) from the Company to the holders. The Company
shall act in good faith to permit any suspension period contemplated by this paragraph to be concluded as promptly as reasonably
practicable.


 


8.       The
Purchaser agrees that, except as required by applicable law, the Purchaser shall treat as confidential the receipt of any Suspension
Notice (provided that in no event shall such notice contain any material nonpublic information of the Company) hereunder and shall
not disclose or use the information contained in such Suspension Notice without the prior written consent of the Company until
such time as the information contained therein is or becomes public, other than as a result of disclosure by a holder of Registrable
Securities in breach of the terms of this Agreement.


 


9.       The
Company shall indemnify and hold harmless the Purchaser, its directors and officers, partners, members, managers, employees, agents,
and representatives of such Purchaser and each person, if any, who controls the Purchaser within the meaning of the Securities
Act and the Securities Exchange Act of 1934, as amended, and any agent thereof (collectively, “Indemnified Persons”),
to the fullest extent permitted by applicable law, from and against any losses, claims, damages, liabilities, joint or several,
costs (including reasonable costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties,
interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil,
criminal, administrative or investigative, in which any Indemnified Person may be involved, or is threatened to be involved, as
a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), promptly as incurred,
arising out of, based upon or resulting from any untrue statement or alleged untrue statement of any material fact contained in
the Resale Shelf (or any amendment or supplement thereto), the related prospectus, or any amendment or supplement thereto, or arise
out of, are based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided,
however, that the Company shall not be liable in any such case or to any Indemnified Person to the extent that any such Loss arises
out of, is based upon or results from an untrue statement or alleged untrue statement or omission or alleged omission or so made
in reliance upon or in conformity with information furnished by or on behalf of such Indemnified Person in writing specifically
for use in the preparation of the Resale Shelf, the related prospectus, or any amendment or supplement thereto. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Person, and shall
survive the transfer of such securities by the Purchaser.


 




    	 	A-3	 



     


    

 


10.     The
Company’s obligation under paragraph (1) of this Exhibit A is subject to the Purchaser’s furnishing to the Company
in writing such information as the Company reasonably requests for use in connection with the Resale Shelf, the related prospectus,
or any amendment or supplement thereto. The Purchaser shall indemnify the Company, its officers, directors, managers, employees,
agents and representatives, and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses resulting from any untrue statement or alleged untrue statement of material fact contained
in the Resale Shelf, the related prospectus, or any amendment or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is contained in any information so furnished in writing by such Purchaser expressly for inclusion
in such document; provided that the obligation to indemnify shall be individual, not joint and several, for each Purchaser and
shall be limited to the net amount of proceeds received by such Purchaser from the sale of Registrable Securities pursuant to the
Resale Shelf.


 


11.     The
Company shall cooperate with the Purchaser, to the extent the Registrable Securities become freely tradable, to facilitate the
timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to
be offered pursuant to a Resale Shelf and enable such certificates to be in such denominations or amounts, as the case may be,
as the Purchaser may reasonably request and registered in such names as the Purchaser may request.


 


12.     If
requested by the Purchaser, the Company shall as soon as practicable, subject to any Suspension Notice,(i) incorporate in a prospectus
supplement or post-effective amendment such information as the Purchaser reasonably requests to be included therein relating to
the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable
Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment
after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement
or make amendments to any Registration Statement if reasonably requested by the Purchaser holding any Registrable Securities.


 


13.     As
long as the Purchaser owns Registrable Securities, the Company, at all times while it shall be reporting under the Securities Exchange
Act of 1934, as amended, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended, and to promptly furnish the Purchaser with true and complete copies of all such filings, unless
filed through the SEC’s EDGAR system. The Company further covenants that it shall take such further action as the Purchaser
may reasonably request, all to the extent required from time to time, to enable the Purchaser to sell the Shares held by the Purchaser
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the
Securities Act, including providing any legal opinions. Upon the request of the Purchaser, the Company shall deliver to the Purchaser
a written certification of a duly authorized officer as to whether it has complied with such requirements.


 


14.     The
rights, duties and obligations of the Purchaser under this Exhibit A may be assigned or delegated by the Purchaser in conjunction
with and to the extent of any permitted transfer or assignment of Registrable Securities by the Purchaser to any permitted transferee
or assignee.


 




    	 	A-4