Document:

Exhibit 10.15

 

Execution Version

 

THIRD AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This THIRD AMENDED
AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated August 2, 2020 (the “Effective Date”)
is between Grosvenor Capital Management, L.P., an Illinois limited partnership (the “Employer”), Grosvenor Capital
Management Holdings, LLLP, an Illinois limited liability limited partnership (the “Partnership”) and Michael
J. Sacks (the “Employee”) (collectively, the “Parties”).

 

WHEREAS, the Employee
is a party to that certain Second Amended and Restated Employment Agreement with the Employer, dated and effective as of October
5, 2017 (as amended, the “Existing Employment Agreement”), pursuant to which the Employee currently is employed
by the Employer as its Chairman and Chief Executive Officer;

 

WHEREAS, pursuant to
that certain Transaction Agreement that will be entered into between CF Finance Acquisition Corp., a Delaware corporation , the
Partnership, and the other parties thereto pursuant to which CF Finance Acquisition Corp. or its successor by merger (the “Corporation”),
directly or indirectly, including through a wholly-owned subsidiary (“Holdco”), a Delaware limited liability company,
will acquire interests in the Partnership (the “Transaction Agreement”), among other things, upon the closing
of the transactions contemplated by the Transaction Agreement (the “Closing”) (i) Holdco will acquire certain
Common Units in the Partnership and (ii) an entity controlled by the Employee will acquire a majority of the outstanding voting
power of the Corporation (the “Transaction”), provided, that, in the event the Transaction Agreement is not
signed, then the provisions herein relating to the Corporation shall be null and void; and

 

WHEREAS, the Employee
and the Employer now desire to amend and restate the Existing Employment Agreement on and after the Effective Date so that this
Agreement shall thereafter govern the terms and conditions of the Employee’s continued employment by the Employer; and

 

WHEREAS, it is the
intent of the Parties that the Employee’s rights and benefits during the Post-Employment Period (as defined below) shall
be identical to those provided under the Existing Employment Agreement and, therefore, shall not be considered materially modified
by this Agreement for purposes of, and shall continue to be exempted from the provisions of, Section 409A of the Internal Revenue
Code of 1986, as amended (“Code”) and Department of Treasury regulations and other interpretive guidance issued
thereunder (together, “Section 409A”).

 

NOW, THEREFORE, it is hereby agreed as follows:

 

§1 EMPLOYMENT.

 

(a) The
Employer hereby continues to employ the Employee, and the Employee hereby accepts continuation of such employment, upon the terms
and subject to the conditions hereinafter set forth, effective on the Effective Date.

 

    

     

    

 

§2 TITLES AND DUTIES; PLACE OF EMPLOYMENT.

 

(a) Titles
and Duties. During the Term (as defined below), the Employee shall serve as Chairman and Chief Executive Officer of the Employer,
the Partnership and, subject to and effective upon the Closing, the Corporation. In such positions, the Employee shall have the
responsibilities and duties associated and consistent with such positions and shall act only within the scope of authority granted.
With respect to periods after the Closing, the Employee agrees to consult with the board of directors of the Corporation (the “Corporation
Board”), on management succession planning and related matters as reasonably requested by the Corporation Board from
time to time. During the Term, the Employee agrees to devote such time and efforts as are necessary to the performance of his duties
hereunder. Notwithstanding anything to the contrary contained in this Agreement, including in this subsection 2(a), the Employee
may engage in Permitted Activities (as defined in subsection 8(k)) whether prior to or following the Term. In addition, so long
as such activities do not materially interfere with the Employee’s duties hereunder, result in a conflict of interest for
the Employer and its business or a violation of any the Employer policies and codes of conduct, as the same may be in effect from
time to time, or otherwise result in the breach of subsection 8(a) hereof, the Employee shall be permitted to (i) accept directorships,
roles equivalent to that of a non-executive chairman and roles that do not involve day-to-day operational involvement in businesses
and entities in which the Employee is permitted to invest under subsection 8(k) hereof, or (ii) engage and be actively involved
in charitable, community, cultural, educational, civic, literary and artistic activities.

 

(b) Place
of Employment. The Employee’s principal place of employment shall be in the metropolitan area of Chicago, Illinois.

 

§3 TERM; POST-EMPLOYMENT COOPERATION.

 

(a) Term.
The Employee’s employment and related services under this Agreement shall be in effect from the Effective Date and continue
until terminated pursuant to §5 hereof (the “Term”).

 

(b) Post-Employment
Cooperation. For one year following the termination of the Employee’s employment hereunder (the “Post-Employment
Period”), for any reason other than (i) the Employee’s death, (ii) the Employee becoming Disabled (as defined below
in subsection 5(a)) or (iii) the termination of the Employee’s employment for Cause (as defined below in subsection 5(b)),
the Employee shall be available to cooperate with the Employer from time to time, at reasonable times and on reasonable notice,
concerning such matters with respect to the business of the Employer or the Employee’s previous activities and responsibilities
with the Employer as the Employer may reasonably request, and to provide such other cooperation as described in subsection 8(n).
It is the expectation of the parties that the cooperation requested of the Employee during the Post-Employment Period shall in
all events be less than, and the Employee shall not be required to spend time cooperating during the Post-Employment Period in
excess of twenty percent (20%) of the average level of bona fide time provided by the Employee hereunder during the thirty-six
month period immediately preceding the termination of his employment.

 

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§4 SALARY, BENEFITS AND EXPENSE REIMBURSEMENT.

 

(a) Salary.
After January 1, 2020, the Employer shall pay the Employee a salary, which shall be at an annual rate of $3,700,000 multiplied
by the Escalation Percentage for such calendar year. The Escalation Percentage for calendar year 2020 shall be one hundred percent
(100%) and the Escalation Percentage for each subsequent calendar year shall be the Escalation Percentage in effect for calendar
year 2020 (that is, 100%) multiplied by a fraction, the numerator of which is the Consumer Price Index – All Urban Consumers
published by the United States Department of Labor/Bureau of Labor Statistics in effect on the first day of such subsequent calendar
year, and the denominator of which is such Consumer Price Index as in effect on the first day of calendar year 2020. The salary
shall be paid in the amounts and according to the formula described above provided Employee is serving as either Executive Chairman,
Chairman, Chief Executive Officer or any combination thereof, and shall be paid in accordance with the Employer’s normal
payroll practice, but no less frequently than monthly. The Employee shall not be entitled to any bonus during the Term, but nothing
shall prohibit the Employer, the Partnership or, following the Closing, the Corporation from awarding the Employee a discretionary
bonus from time to time.

 

(b) Benefits.
The Employee shall be eligible, on at least as favorable a basis as any other member of senior management of the Employer, to participate
in and receive benefits under all of the Employer’s employee benefit plans, programs or arrangements, in accordance with
the terms of such plans, programs or arrangements, as in effect from time to time, including, for the avoidance of doubt, any carried
interest, deferred compensation programs and long-term incentive award plan, including any plan providing for equity-based awards,
established at any time by the Employer or its Affiliates (including, with respect to periods after the Closing, the Corporation).
During the course of his employment hereunder, the Employee shall continue to be eligible to receive the perquisites provided to
him as of immediately prior to the Effective Date, including (but not by way of limitation) a private office and services of a
personal assistant as well as such additional perquisites as may be added from time to time. Any benefit or perquisites provided
to the Employee and otherwise includible in the Employee’s taxable income shall not reduce or in any way offset the obligation
of the Employer to pay the Employee’s salary pursuant to subsection 4(a) above.

 

(c) Reimbursement
of Expenses.

 

(i) General
Business Expenses. The Employee shall be entitled to reimbursement of all ordinary, necessary and convenient business expenses
incurred by the Employee in connection with the performance of his duties hereunder. The Employee shall report such expenses on
a regular basis and shall submit with each request for reimbursement adequate records and other documentary evidence as may be
required by applicable state and federal tax laws governing the reimbursement of business expenses.

 

(ii) Non-Commercial
Air Travel. Effective following the Closing, the Employer agrees, for non-commercial air travel for personal purposes, to either
pay directly or reimburse the Employee for all costs of non-commercial air travel incurred by the Employee or parties identified
by the Employee, whether provided by parties related to the Employee or by persons unrelated to the Employee, up to an aggregate
maximum of $1,500,000 in any one calendar year (including the year of the Closing), multiplied by the Escalation Percentage. Employer
agrees, for non-commercial air travel for business purposes of the Employer, to pay for all costs of non-commercial air travel
incurred by the Employee, whether provided by parties related to the Employee or by persons unrelated to the Employee.

 

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(d) Post-Employment
Separation Payments.

 

(i) During
the Post-Employment Period, the Employee shall be paid an amount equal to the product of twenty-five percent (25%) and the sum
of the Employee’s salary as in effect at the time his employment terminates (the “Separation Payments”).
Such payments shall be made in equal monthly installments commencing on the fifteenth day of the first month following the month
in which the Employee’s employment terminates pursuant to §5 hereof, provided that in the event that the Employer reasonably
believes that such payment may reasonably be treated as the payment of deferred compensation for purposes of Section 409A of the
Code, payment shall not commence until the Employee has incurred a separation from service for purposes of Section 409A of the
Code. The Employee shall not be an employee for any purpose during the Post-Employment Period and shall not be entitled to participate
in any benefit plans, programs or arrangements of the Employer during such period, pursuant to subsections 4(b) or (c) above.

 

(ii) If
the Employee is required to cooperate for more than forty (40) hours during any month during the Post-Employment Period, the Employee
shall be paid a fee of $1,500.00 for each hour of service provided in such month in excess of forty (40) hours. Payment of such
fee shall be made in the calendar month immediately following the month in which such services are performed.

 

(e) Existing
Employment Agreement. Nothing in this Agreement shall affect the obligation of the Employer with respect to any amount earned
or accrued by the Employee under the Existing Employment Agreement prior to the Effective Date.

 

§5 TERMINATION.
The Employee’s employment hereunder and the Term shall terminate:

 

(a) Death
or Disability. Upon the death of the Employee during his employment hereunder or, at the option of the Employer, in the event
the Employee is Disabled (as defined below) upon written notice from the Employer specifying the date on which the Employee became
Disabled. The Employee shall be deemed “Disabled” if a medical doctor selected by the Employer, and reasonably acceptable
to the Employee, certifies that the Employee has for one hundred eighty (180) days, consecutive or non-consecutive, in any twelve
(12) month period, been unable to perform the essential functions of his job with or without reasonable accommodation as a result
of a physical or mental condition and such condition can reasonably be expected to continue for an indefinite period.

 

(b) For
Cause. For purposes of this Agreement, a termination shall be for “Cause” if any one or more of the following has
occurred:

 

(i) the
Employee shall have been convicted by a court of competent jurisdiction (which conviction shall be final and all rights of appeal
shall have been exhausted) of, or pleaded guilty or nolo contendere to, any felony (i) involving fraud against or embezzlement
from the Employer or (ii) otherwise directly related to and arising out of the performance of the Employee’s duties under
this Agreement that demonstrably and materially injures the Employer; or

 

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(ii) the
Employee shall have willfully or intentionally materially breached any one or more of the provisions of this Agreement (excluding
§8) that demonstrably and materially injures the Employer and such breach shall have continued for a period of thirty (30)
days after written notice to the Employee specifying such breach in reasonable detail.

 

(c) Resignation.
Upon ninety (90) days’ written notice by the Employee to the Employer.

 

(d) Limitation.
The Employer shall not have the right to terminate the Employee’s employment and related services during the Term except
for Disability or for Cause as provided in subsections (a) and (b) of this §5; provided, that, following the Sunset Date (as
such term is defined in the Stockholders’ Agreement, as such term is defined in the Transaction Agreement), the Employer
shall have the right to terminate Employee’s employment and related services without Cause upon 90 days’ prior written
notice. The proviso in the immediately preceding sentence shall have no force or effect until the consummation of the Closing (if
the Closing is consummated at all).

 

§6 RIGHTS, REMEDIES AND OBLIGATIONS ON
TERMINATION.

 

(a) Death
or Disability. If the Term is terminated under subsection 5(a) hereof because of death or because the Employee becomes Disabled,
the Employee (or his estate, as applicable) shall be paid compensation as described in subsection 4(a) hereof through the date
of termination and for an additional period of one year after the date of termination of employment at the annual rate of salary
set forth in subsection 4(a) above. Such payments shall be made in accordance with the Employer’s normal payroll practices.

 

(b) For
Cause. If the Term is terminated under subsection 5(b) hereof for “Cause,” the Employee shall be paid compensation
as described in subsection 4(a) hereof through the date of such termination of employment.

 

(c) Resignation.
If the Term is terminated under subsection 5(c) hereof, the Employee shall be paid compensation as described in subsection 4(a)
hereof through the date of termination of employment, and the Separation Payments described in subsection 4(d) hereof with respect
to the Post-Employment Period.

 

(d) Termination
without Cause. If, following the Sunset Date, the Term is terminated under subsection 5(d) hereof by the Employer without “Cause”,
the Employee shall be paid compensation as described in subsection 4(a) hereof through the date of termination of employment, and
the Separation Payments described in subsection 4(d) hereof with respect to the Post-Employment Period. This clause (d) shall have
no force or effect until the consummation of the Closing occurs (if the Closing is consummated at all).

 

(e) Miscellaneous.
Except as otherwise expressly set forth in this §6, the Employee shall not be entitled to any severance or other compensation
from the Employer after termination whether in respect of the period before or after such termination or during or after the Post-Employment
Period. The Employee’s right to be reimbursed expenses incurred prior to such termination shall survive such termination.

 

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§7 CONFIDENTIAL INFORMATION.

 

(a) “Confidential
Information.” “Confidential Information” as used herein shall mean all confidential and proprietary information
of Employer, the Partnership and/or their respective Affiliates, which, for the avoidance of doubt, with respect to all periods
after the Closing, shall include the Corporation and its Affiliates (each a “Grosvenor Party,” and collectively,
the “GCM Group”), including, without limitation, confidential or proprietary information regarding the business
affairs, operations, clients or prospective clients, client lists, fee and pricing policies, marketing materials, business strategies,
portfolio selection, trading practices and policies, investment techniques, investment processes, investment advisory, technical,
and research data, methods of operation, proprietary computer programs, sales, products, profits, costs, markets, key personnel
(including the Employee), formulae, product applications, technical processes, trade secrets, Performance Records (as defined below),
descriptive materials relating to any of the foregoing, and information provided to any Grosvenor Party by others which the Grosvenor
Party is obligated to keep confidential, whether such information is in the memory of the Employee or is embodied in written, electronic,
or other tangible form. For the avoidance of doubt, the Employee agrees that “Performance Records” means the
financial performance, track record, investment decisions and analysis or any related information (whether alone or in aggregate
or composite form) of (i) any current, former or future Investment Product (as defined below) or account managed or advised directly
or indirectly by a GCM Group entity (a “GCM Grosvenor Fund”), irrespective of inception date, investment date
or date on which a GCM Group entity began managing or advising any such GCM Grosvenor Fund, and (ii) any current, former or future
investment made by a GCM Group entity, irrespective of the investment date of such investment.

 

(b) Restrictions
on Use and Disclosure. The Employee recognizes and acknowledges that the Confidential Information constitutes valuable, special,
and unique assets of the GCM Group because, among other reasons, such Confidential Information (i) has been developed at substantial
expense and effort over a period of many years, (ii) constitutes a material competitive advantage for the Grosvenor Parties which
is not known to the general public or competitors, (iii) could not be duplicated by others without extraordinary expense, effort
and time, (iv) constitutes “trade secrets” as such term is used in the Illinois Trade Secrets Act (and counterpart
statutes of other states where the Grosvenor Parties conduct business) or (v) is information of a private nature. The Employee
shall not, either before or at any time after the termination of his employment for any reason or under any circumstance, use for
the Employee’s benefit or disclose to or use for the benefit of any other Person (defined below), any Confidential Information
for any reason or purpose whatsoever, directly or indirectly, except as may be required or otherwise appropriate in a Permitted
Capacity (as defined in subsection 8(j)), unless and until such Confidential Information becomes public or generally available
to Persons other than Employer or Affiliates of the Employer other than as a consequence of the breach by the Employee of his confidentiality
obligations hereunder (after which such public or otherwise generally available information shall no longer be deemed to be “Confidential
Information”). Notwithstanding the foregoing, if the Employee is in the opinion of counsel acceptable to Employer compelled
by law to disclose Confidential Information or else stand liable for contempt or suffer other censure or penalty, the Employee
may disclose such information, provided, however, that the Employee shall promptly notify Employer of such requirement so that
Employer may seek a protective order. Nothing in this §7 or otherwise in this Agreement prohibits the Employee from reporting
possible violations of applicable federal law or regulation to any governmental agency or entity, or making other disclosures that
are protected under the whistleblower provisions of applicable federal law or regulation. The Employee does not need Employer’s
prior authorization to make any such reports or disclosures, and the Employee is not required to notify Employer that the Employee
has made such reports or disclosures. The parties expressly acknowledge that Performance Records are the exclusive property of
Employer (even if they are otherwise publicly available), and the Employee is not authorized to use or disclose them for any reason
other than the Employer’s legitimate business purposes.

 

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(c) Return
Information. Upon the termination of the Employee’s employment and all other Permitted Capacities, he shall cause to
be delivered to the Employer all documents and data pertaining to the Confidential Information (whether maintained in electronic
or tangible media) and shall not retain any documents or data of any kind or any reproductions (in whole or in part) or extracts
of any items containing Confidential Information. The foregoing obligation shall not extend to Confidential Information that the
Employee has the right to retain as a member or manager of Grosvenor Holdings, L.L.C.

 

(d) Permitted
Activities. Notwithstanding anything to the contrary in subsections (a), (b) or (c) of this §7 or in §8, the Employee
may use Confidential Information for the purpose of engaging in Permitted Activities (as defined below in subsection 8(k)) whether
prior to or following termination of his employment. Subject to the aforesaid limitation, the Employee may retain documents and
data after such termination for such purpose (and pursuant to a Permitted Capacity, if any) or in his capacity as a member or manager
of Grosvenor Holdings, L.L.C.

 

(e) “Affiliate.”
As used in this Agreement, “Affiliate” means with respect to a specified Person (i) any Person that directly or indirectly
through one or more intermediaries controls, alone or through an affiliated group, is controlled by, or is under common control
with such Person; (ii) any Person that is an officer, director, partner, or trustee of, or serves in a similar capacity with respect
to, such Person or of which such Person is an officer, director, partner, or trustee, or with respect to which such Person serves
in a similar capacity; (iii) any Person that, directly or indirectly, is the beneficial owner of ten percent (10%) or more of any
class of equity securities of, or otherwise has a substantial beneficial interest in, the specified Person or of which the specified
Person is directly or indirectly the owner of ten percent (10%) or more of any class of equity securities or in which the specified
Person has a substantial beneficial interest; (iv) any spouse, descendant, parent, grandparent, or descendant of a parent or grandparent
of the specified Person or of any Person identified in clauses (i) through (iii); and (v) any partnership, trust, or other entity
or arrangement for the principal benefit of the specified Person and/or of any one or more Persons identified in clauses (i) through
(iv).

 

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§8
NON-COMPETITION AND OTHER PROTECTIVE COVENANTS. The Employee acknowledges that (i) Employer, by and through its subsidiaries
and affiliated companies, conducts business throughout the world, (ii) Employer has a vital and continuing interest in protecting
that business, including without limitation, its existing and prospective relationships with clients and with investment funds
in which any Grosvenor Party or investment funds managed by any of them invest, its marketing agents, and its officers, employees,
and consultants (“Employer’s Interests”), (iii) the covenants contained in this §8 are reasonably
necessary to protect Employer’s Interests, including, but not limited to, those identified above, and (iv) the restrictions
and other provisions hereafter set forth in this §8 are reasonable and necessary in all respects including, without limitation, duration, geographic reach, and
scope of activities covered, to provide such protection of Employer’s Interests. The Employee further acknowledges and represents
that the compensation, benefits, expense reimbursement and Post-Employment Separation Payments provided by Employer under §4
adequately compensate the Employee for any potential employment opportunities he may forego as a result of his compliance with
the protective covenants contained in this §8, that such payments will enable him to provide for the needs and wants of his
family without violating such restrictions, and that the truth of the foregoing representations is a material condition to his
employment by Employer. Accordingly, in special consideration of the promises and covenants given to the Employee under this Agreement,
including, without limitation, the Employee’s entitlement to participate in any carried interest, deferred compensation or
long-term incentive programs established at any time by the Employer or its Affiliates (including, with respect to periods after
the Closing, the Corporation), pursuant to subsection 4(b) and, effective upon and following the Closing, Employee’s positions
with the Corporation, and other consideration deliverable directly or indirectly to the Employee and his Affiliates in connection
with the Transaction, the Employee agrees to be bound by and to faithfully observe the restrictions and covenants set forth hereafter
in this §8 and further agrees that he will not do or attempt to do indirectly, through any other Person, or by any other manner,
means, or artifice, anything which this §8 prohibits him from doing directly.

 

(a) Investment
Management or Advisory Services. The Employee shall not, directly or indirectly (except in a Permitted Capacity), until two
years after the termination of the Employee’s employment for any reason, either (x) provide or offer or attempt to provide
or offer, whether as an officer, director, employee, partner, consultant, shareholder, independent contractor or otherwise, investment
advisory or investment management services to any Person anywhere in the world, or (y) become an officer, director, partner, owner,
or employee of, or contractor with or consultant to, or invest in, any Person which provides services described in clause (x) or
which acts as distribution agent for (or otherwise sells or markets the services of) any Person that provides the services described
in clause (x), to the extent that an act described in this clause (y) relates to the business or activity of providing any of the
services described in clause (x); provided, however, that this subsection 8(a) shall not prohibit the Employee from making an investment
as a shareholder, partner or other owner, in a Person which provides services described in clause (x) so long as such investment
is passive in nature and the Employee does not participate in any aspect of the management (including, without limitation, management
of client funds or investments) of the business of such Person.

 

(b) Multi-Manager
Alternative Strategies. The Employee shall not, directly or indirectly (except in a Permitted Capacity), until two years after
the termination of the Employee’s employment for any reason, either (x) provide or offer, or attempt to provide or offer,
whether as an officer, director, employee, partner, consultant, shareholder, independent contractor or otherwise, investment advisory
or investment management services which are directly competitive with the types of services offered by the Employer or by any investment
fund directly or indirectly managed by it, at any time during the four year period ending on the date of termination of the Employee’s
employment, to any Person or (y) become an officer, director, partner, owner, or employee of, or contractor with or consultant
to, or invest in, any Person which provides services described in clause (x), to the extent that an act described in this clause
(y) relates to the business or activity of providing any of the services described in clause (x); provided, however, that this
subsection 8(b) shall not prohibit the Employee from making an investment as a shareholder, partner or other owner, in a Person
which provides services described in clause (x) so long as such investment is passive in nature and the Employee does not participate
in any aspect of the management (including, without limitation, management of client funds or investments) of the business of such
Person.

 

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(c) Interference.
The Employee shall not, directly or indirectly (except in a Permitted Capacity), until two years after the termination of the Employee’s
employment for any reason, interfere with the relations of the Employer, or of any investment fund directly or indirectly managed
by it, with any Person who, at any time during the four year period ending on the date of termination of the Employee’s employment,
was (u) a Past Client, Present Client or Potential Client, (v) a fund or other Investment Product in which were invested any funds
managed directly or indirectly by any Grosvenor Party, (w) a manager included in the GCM Group’s database of investment managers,
(x) the manager, advisor, general partner or similar entity or Person of any Person described in clause (w) (a “Investment
Product Manager”), (y) an officer, partner, director, manager or other Affiliate of any such Investment Product Manager
(a “Manager of an Investment Product Manager”), or (z) a distribution agent or other Person acting on behalf
of the Employer in selling or marketing the services of the Employer (“Marketing Agent”).

 

(d) Employment,
Consulting or Other Business Relationship. The Employee shall not, directly or indirectly (except in a Permitted Capacity),
until two years after the termination of the Employee’s employment for any reason, solicit, enter into, or propose to enter
into any employment, consulting, investment management, investment advisory, or any other business relationship, or agreement,
with any Past Client, Present Client, Potential Client, or Marketing Agent.

 

(e) No
Employee Solicitation. The Employee shall not, directly or indirectly (except in a Permitted Capacity), until two years after
the termination of the Employee’s employment for any reason, induce or attempt to induce any officer or employee of or consultant
to the Employer or of any investment fund managed directly or indirectly by it (other than any current or former personal assistant
to the Employee), to terminate his or her employment or consultancy with such entity.

 

(f) Hiring
by Employee. The Employee shall not, directly or indirectly (except in a Permitted Capacity), until two years after the termination
of the Employee’s employment for any reason, directly or indirectly hire or retain, or attempt to hire or retain, any Person
described in subsection 8(e) (other than any current or former personal assistant to the Employee), who was such an employee or
consultant at any time within the six (6) month period immediately preceding such termination.

 

(g) Time
Limitation. During the two year period after the termination of employment, subsections 8(c) and 8(d) shall apply only to (i)
Past Clients, Present Clients and Potential Clients who were such as of such termination, (ii) Investment Products in which funds
were invested directly or indirectly by any Grosvenor Party or a manager of which was contained in the GCM Group’s database
of investment managers at any time within two (2) years prior to such termination, and to Investment Product Managers and Managers
of Investment Product Managers of such Investment Products, and (iii) Marketing Agents who acted in such capacity at any time within
two (2) years prior to such termination.

 

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(h) “Clients.”
For purposes of subsections (c) and (d) of this §8, “Past Client” shall mean at any particular time, any
Person who at any time within two years prior to such time has been but at such time is not, directly or indirectly, an advisee,
investment advisory customer or client of (or a partner of or investor in any investment vehicle (other than a registered investment
company) managed directly or indirectly by) a Grosvenor Party, or any consultant to such Person; “Present Client”
shall mean at any particular time, any Person who is at such time, directly or indirectly, an advisee, investment advisory customer
or client of (or a partner of or investor in any investment vehicle (other than a registered investment company) managed directly
or indirectly by) a Grosvenor Party, or any consultant to such Person; and “Potential Client” shall mean at
any particular time, any Person to whom a Grosvenor Party, any investment fund directly or indirectly managed by it, or any distribution
agent or other Person acting on behalf of either, has within two years prior to such time, offered or solicited (by means of personal
meeting, telephone call, or a letter or written proposal specifically directed to the particular Person) to serve as investment
adviser or manager, or who has been offered or solicited to invest in any investment fund or other investment product directly
or indirectly managed by a Grosvenor Party (other than a registered investment company), but who is not at such time, directly
or indirectly, an advisee, investment advisory customer or client of (or a partner of or investor in any investment vehicle (other
than a registered investment company) managed directly or indirectly by) a Grosvenor Party, or (y) any consultant to such Person.

 

(i) “Investment
Product.” As used in this Agreement, “Investment Product” means (i) any investment entity or vehicle
of a type commonly known as a “hedge fund,” a private equity fund, a fund of hedge funds, or a fund of private equity
funds, or (ii) any other type of investment product which is, at the time of such investment, similar to an investment product
managed or sponsored directly or indirectly by a Grosvenor Party (each such fund or product, an “Investment Product”).

 

(j) “Permitted
Capacity.” As used in this Agreement, “Permitted Capacity” means and includes (x) the Employee acting
in his capacity as an employee, officer, director or manager of or consultant to a Grosvenor Party, and (y) the Employee or any
Affiliate of the Employee acting in his or its capacity of managing Grosvenor Holdings, L.L.C. or any of its successors (collectively
“Holdings”), but only with respect to Holdings’ activities of directly or indirectly managing the business
of the GCM Group.

 

(k) “Permitted
Activities”; “Family Member.” Notwithstanding anything in §7 or this §8, the Employee
shall be permitted to engage in Permitted Activities, whether prior to or following termination of his employment. As used in this
Agreement, “Permitted Activities” means any business or investment activity to the extent it relates to the
investment or management of assets held beneficially by (i) the Employee, (ii) one or more Family Members of the Employee, (iii)
one or more members of Grosvenor Holdings, L.L.C. (other than any Person who hereafter becomes a member for the purpose of enabling
the Employee to evade the restrictions contained in §7 and/or §8), (iv) one or more Family Members of such member, (v)
one or more direct or indirect owners of any such member (other than any Person who hereafter becomes a direct or indirect owner
of any such member for the purpose of enabling the Employee to evade the restrictions contained in §7 and/or §8), (vi)
one or more Family Members of any such direct or indirect owner of such member, (vii) any charitable, tax-exempt, not-for-profit
or governmental organization or body or (viii) any investment vehicle at least ninety percent (90%) of the equity of which is owned,
directly or indirectly, by Persons described in clause (i), (ii), (iii), (iv), (v), (vi) or (vii). As used in this subsection,
“Family Member” means (U) the Employee or such member of Grosvenor Holdings, L.L.C., and in the case of such
member which is not a natural person, the direct and indirect owners of such member, (V) the spouse and descendants of such member
or such owners or the Employee, (W) the grandparents of such member, such owners or the Employee, the grandparent’s descendants,
and spouses of such descendants, (X) any trust created for the benefit of any one or more of the Persons described in clause (U),
(V) or (W), and (Y) a partnership, corporation, limited liability company or other entity substantially all of the equity interests
in which are held by one or more of the Persons described in clause (U), (V), (W) or (X). Acts described in subsections 8(c), 8(e)
and 8(f) shall be prohibited (except in a Permitted Capacity) whether engaged in pursuant to Permitted Activities or otherwise;
provided, however, that investment of funds pursuant to a Permitted Activity shall not be deemed to constitute interference prohibited
by subsection 8(c).

 

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(l) Compliance
with Policies. The Employee shall comply with all applicable policies and procedures adopted from time to time by the Employer
regarding engagement in Permitted Activities, including but not limited to any associated disclosure and reporting requirements,
applicable code of ethics, Employer trading policies and prohibitions on transactions that would create a conflict of interest
with Grosvenor Parties.

 

(m) No
Disparagement. The Employee shall not at any time disparage any Grosvenor Party, any Affiliate, any officer or employee of
any of the foregoing, or any member of Grosvenor Holdings, L.L.C., and the Employer, the Corporation and the Partnership shall
not at any time disparage the Employee. Nothing in this subsection 8(m) shall prevent the Employee from testifying truthfully in
any judicial proceeding, law enforcement matter, or government investigation or lawfully filing or the lawful filing or prosecution
of any claim against any of the foregoing Persons in any judicial, arbitration, governmental, or other appropriate forum for adjudication
of disputes.

 

(n) Cooperation.
Both during and after the Employee’s employment, the Employee shall cooperate with the Employer and the GCM Group, as reasonably
requested by the Employer in connection with the Employer’s or the GCM Group’s business, including but not limited
to, any litigation, arbitration, or other dispute in which the Employer or the GCM Group has or may have an interest. The Employee
shall also cooperate with the Employer or the GCM Group in connection with any investigation, review or hearing of any federal,
state or local governmental authority that relates to events or occurrences that happened while the Employee was employed by the
Employer. The Employee’s reasonable cooperation shall include, but not be limited to, being available to meet with the Employer’s
counsel, acting as a witness on behalf of the Employer, and treating all communications with the Employer’s counsel as confidential.
The Employee acknowledges that in any legal action, investigation, hearing or review covered by this §8(n), the Employer expects
the Employee to provide only accurate and truthful information or testimony. The Employer will reimburse the Employee for all reasonable,
necessary, and pre-approved out-of-pocket expenses incurred in fulfilling the Employee’s obligations under this §8(n),
provided, that if Employer requests that the Employee cooperate for two or more consecutive days after the conclusion of the Post-Employment
Period, the Employer will provide the Employee with a per diem payment of $1,500.00 for each full day of cooperation.

 

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(o) Future
Business Activities. If, at any time or times in the future, the Employer engages in business or activities in addition to
or in lieu of its present activity, the provisions of this §8 shall apply to all such business and activities.

 

(p) Restrictions
Reasonable. The Employee acknowledges and agrees that the restrictions and other provisions set forth above in this §8
are reasonable, in all respects, including without limitation duration, geographic reach, and scope of activities covered, and
will not prevent the Employee from earning a living in his profession. Further, the Employee acknowledges that in agreeing to said
restrictions, he has received and has relied upon the independent advice and counsel of attorneys selected by him. Accordingly,
the Employee agrees to be bound by and to faithfully observe the restrictions and covenants set forth above in this §8, and
further agrees that he will not do or attempt to do indirectly, through any other Person, or by any other manner, means, or artifice,
anything which this §8 prohibits him from doing directly.

 

(q) Revision.
The parties hereto expressly agree that in the event that any of the provisions, covenants, warranties or agreements in this §8
are held to be in any respect an unreasonable restriction upon the Employee or are otherwise invalid, for whatsoever cause, then
the court so holding is hereby authorized to (i) reduce the territory to which said covenant, warranty or agreement pertains, the
period of time in which said covenant, warranty or agreement operates or the scope of activity to which said covenant, warranty
or agreement pertains or (ii) effect any other change to the extent necessary to render any of the restrictions contained in this
Agreement enforceable.

 

(r) Notice
of Immunity. The Employee acknowledges that the Employer has provided the Employee with the following notice of immunity rights
in compliance with the requirements of the Defend Trade Secrets Act of 2016: (i) the Employee shall not be held criminally or civilly
liable under any U.S. federal or state trade secret law for the disclosure of Confidential Information that is made in confidence
to a U.S. federal, state or local government official or to an attorney solely for the purpose of reporting or investigating a
suspected violation of law; (ii) the Employee shall not be held criminally or civilly liable under any U.S. federal or state trade
secret law for the disclosure of Confidential Information that is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal; and (iii) if the Employee files a lawsuit for retaliation by the Employer for reporting
a suspected violation of law, the Employee may disclose the Confidential Information to the Employee’s attorney and use the
Confidential Information in the court proceeding, if the Employee files any document containing the proprietary information under
seal, and does not disclose the Confidential Information, except pursuant to court order. However, under no circumstance will the
Employee be authorized to disclose any information covered by attorney-client privilege or attorney work product of the Employer
without prior written consent of the Employer’s general counsel or other officer designated by the Employer. Notwithstanding
anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or
any other individual) from reporting possible violations of U.S. federal law or regulation to any governmental agency or entity,
including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, and
any agency Inspector General of the U.S. government, or making other disclosures under the whistleblower provisions of U.S. federal
law or regulation. The Employee does not need the prior authorization of the Employer to make any such reports or disclosures and
the Employee shall not be not required to notify the Employer that such reports or disclosures have been made.

 

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§9 ARBITRATION OF DISPUTES.

 

In the event of any
dispute or claim relating to or arising out of this Agreement (including, but not limited to, any claims of breach of contract,
wrongful termination or age, sex, race or other discrimination), the Employee and the Employer agree that all such disputes shall
be fully and finally resolved by binding arbitration conducted by the American Arbitration Association (“AAA”) in Chicago,
Illinois in accordance with the AAA’s National Rules for the Resolution of Employment Disputes, provided, however, that this
arbitration provision shall not apply to, and the Employer shall be free to seek, injunctive or other equitable relief with respect
to any actual or threatened breach or violation by the Employee of his obligations under §§7 and 8 hereof in any court
specified under subsection 11(j) hereof. The Employee acknowledges that by accepting this arbitration provision he is waiving any
right to a jury trial in the event of a covered dispute. The arbitrator may, but is not required, to order that the prevailing
party shall be entitled to recover from the losing party its attorneys’ fees and costs incurred in any arbitration arising
out of this Agreement.

 

§10 INDEMNIFICATION.

 

(a) To
the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, the Employee and the Employee’s
Group (the “Indemnified Party”) shall be indemnified and held harmless by the Employer and each of its respective
direct and indirect consolidated subsidiaries or Affiliates from and against any and all losses, claims, damages, liabilities,
joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, penalties, interest, settlements or
other amounts arising from any and all threatened, pending or completed third-party claims, demands, actions, suits or proceedings,
whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, directly or indirectly,
by reason of or arising from (A) the Employee’s actions or inactions with respect to the Employee’s duties under this
Agreement, and (B) the Employee’s actions or inactions with respect to any limited partnership agreement or similar governing
document of any Grosvenor Party, whether arising from acts or omissions to act as set forth in this subsection 10(a) occurring
before or after the Effective Date; provided, that the Indemnified Party shall not be indemnified and held harmless if there has
been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter
for which the Indemnified Party is seeking indemnification pursuant to this subsection 10(a), the Employee acted in bad faith or
engaged in actual fraud or willful misconduct. For purposes of clarification, because a conveyance may be allegedly or actually
void or voidable or deemed “fraudulent” pursuant to the provisions of Title 11 of the U.S. Code or any similar State
or foreign statute, does not render the Employee’s conduct with respect to the conveyance non-indemnifiable, and the Indemnified
Party will be entitled to indemnification with respect to such conveyances unless the Employee “acted in bad faith or engaged
in actual fraud or willful misconduct” as provided for herein.

 

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(b) To
the fullest extent permitted by law, expenses (including reasonable legal fees and expenses) incurred by the Indemnified Party
in appearing at, participating in or defending any indemnifiable claim, demand, action, suit or proceeding pursuant to subsection
10(a) shall be advanced by the Employer on a monthly basis prior to a final and non-appealable determination that the Indemnified
Party is not entitled to be indemnified upon receipt by the Employer of an undertaking by or on behalf of the Indemnified Party
to repay such amount if it ultimately shall be determined that the Indemnified Party is not entitled to be indemnified pursuant
to this subsection 10(b). Notwithstanding the immediately preceding sentence, except as otherwise provided in subsection 10(i),
the Employer shall be required to indemnify the Indemnified Party pursuant to the immediately preceding sentence in connection
with any action, suit or proceeding (or part thereof) commenced by such Indemnified Party only if the commencement of such action,
suit or proceeding (or part thereof) by the Indemnified Party was authorized by the Employer in its sole discretion.

 

(c) The
indemnification provided by this Section 10 shall be in addition to any other rights to which the Indemnified Party may be entitled
under any agreement, as a matter of law, in equity or otherwise, both as to actions in the Employee’s capacity as the Chairman
and Chief Executive Officer of the Employer, and, with respect to periods after the Closing, of the Corporation and as to actions
in any other Permitted Capacity, and shall continue as to the Indemnified Party if the Employee has ceased to serve in any such
capacity.

 

(d) Any
indemnification pursuant to this Section 10 shall be made only out of the assets of the Employer and/or its valid assignees. In
no event may the Indemnified Party subject the members of the Employer to personal liability by reason of the indemnification provisions
set forth in this Agreement.

 

(e) The
Indemnified Party shall be denied indemnification in whole or in part under this Section 10 because such Indemnified Party had
an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by
the terms of this Agreement.

 

(f) The
provisions of this Section 10 are for the benefit of the Indemnified Parties and their respective heirs, successors, valid assigns,
executors and administrators and shall not be deemed to create any rights for the benefit of any other persons.

 

(g) The
Employee shall, in the performance of the Employee’s duties under this Agreement or otherwise to the GCM Group, be fully
protected in relying in good faith upon the records of the Corporation, the Employer, their respective Affiliates and their respective
direct or indirect subsidiaries and on such information, opinions, reports or statements presented to any of the foregoing by any
of the respective officers, directors or employees, or committees of the board, or by any other Person as to matters that the Employee,
as the case may be, reasonably believes are within such other Person’s professional or expert competence.

 

(h) No
amendment, modification or repeal of this Section 10 or any provision hereof shall in any manner terminate, reduce or impair the
right of the Indemnified Parties or any third party beneficiary to be indemnified by the Employer, nor the obligations of the Employer
to indemnify the Indemnified Party or any third party beneficiary under and in accordance with the provisions of this Section 10
as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters
occurring, in whole or-in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted.

 

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(i) If
a claim for indemnification (following the final disposition of the action, suit or proceeding for which indemnification is being
sought) or advancement of expenses under this Section 10 is not paid in full within thirty (30) days after a written claim therefor
by an Indemnified Party or any third party beneficiary has been received by the Employer, such Indemnified Party or such third
party beneficiary, as the case may be, may file suit to recover the unpaid amount of such claim and, if successful in whole or
in part, shall be entitled to be paid the expenses of prosecuting such claim, including reasonable attorneys’ fees.

 

(j) As
used in this Agreement, “Group” means with respect to the Employee, the Employee and (i) the Employee’s
spouse, (ii) a lineal descendant of the Employee’s parents, the spouse of such descendant or a lineal descendant of any such
spouse, (iii) a charitable institution solely controlled by the Employee and other members of his Group, (iv) a trustee of a trust
(whether inter vivos or testamentary), all of the current beneficiaries and presumptive remaindermen of which are one or
more of the Employee and Persons described in clauses (i) through (iii) of this definition, (v) a corporation, limited liability
company or partnership, of which all or substantially all of the outstanding shares of capital stock or interests therein are owned
by one of more of the Employee and Persons described in clauses (i) through (iv) of this definition provided, that the equity not
owned by the Employee and Persons described in clauses (i) through (iv) of this definition is owned by current or former service
providers of such corporation, limited liability company or partnership, (vi) an individual mandated under a qualified domestic
relations order, or (vii) the executor, personal representative or administrator of the estate of such Employee or of the estate
of any individual described in clauses (i), (ii) or (vi) above. For purposes of this definition, (x) “lineal descendants”
shall not include individuals adopted after attaining the age of eighteen (18) years and such adopted individual’s descendants;
and (y) “presumptive remaindermen” shall refer to those Persons entitled to a share of a trustee’s assets if
it then to terminate.

 

(k) Liability
of Indemnified Persons. Notwithstanding anything to the contrary herein, the Indemnified Party shall not be liable to the Grosvenor
Parties or any other Persons who have acquired interests in the Grosvenor Parties’ securities, for any losses, claims, damages,
liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements
or other amounts arising as a result of any act or omission of the Employee, or for any breach of contract (including breach of
this Agreement) or any breach of duties (including breach of fiduciary duties) whether arising hereunder, at law, in equity or
otherwise, unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that,
in respect of the matter in question, the Employee acted in bad faith or engaged in actual fraud or willful misconduct. For purposes
of clarification, because a conveyance may be allegedly or actually void or voidable or deemed “fraudulent” pursuant
to the provisions of Title 11 of the U.S. Code or any similar State or foreign statute does not render an employee’s conduct
with respect to the conveyance non-indemnifiable, and the Indemnified Party will be entitled to indemnification with respect to
such conveyances unless the Employee “acted in bad faith or engaged in actual fraud or willful misconduct” as provided
for herein. Any amendment, modification or repeal of this Section 10 or any provision hereof shall be prospective only and shall
not in any way affect the limitations on the liability of an Indemnified Party under this Section 10 as in effect immediately prior
to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

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(l) Defense
of Claim. With respect to any indemnifiable claim, demand, action, suit or proceeding hereunder: (i) the Employer shall be
entitled to participate therein at its own expense; and (ii) the Employee shall be entitled to control the defense thereof, with
counsel of the Employee’s choosing, which counsel may be the regular counsel to the Employer, the Partnership or the Corporation
and may be counsel to other officers and directors of the Employer, the Partnership or the Corporation or any of their respective
Affiliates. The fees and expenses of the counsel shall be borne by the Employer.

 

§11 SECTION 409A.

 

(a) To
the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this
Agreement to the contrary, if the Employer determines that any compensation or benefits payable under this Agreement may be subject
to Section 409A, the Employer shall work in good faith with the Employee to adopt such amendments to this Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that
the Employer determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation,
actions intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply
with the requirements of Section 409A; provided, that this subsection 11(a) shall not create an obligation on the
part of the Employer to adopt any such amendment, policy or procedure or take any such other action, nor shall the Employer have
any liability for failing to do so.

 

(b) Any
right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments.
To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed
“nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation
Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject
to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following
the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar
year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A.
All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this
Agreement may only be made upon the Employee’s “separation from service” from the Company (within the meaning
of Section 409A, a “Separation from Service”).

 

(c) If,
at the time of a Separation from Service of the Employee, the Employee is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) (a “Specified Employee”), then any payments and benefits constituting Section 409A
deferred compensation to be paid or provided upon the Separation from Service of the Employee shall be paid or provided commencing
on the later of (i) the date that is six months after the date of such Separation from Service or, if earlier, the date of death of the Employee (in either case, the “Delayed
Payment Date”), or (ii) the date or dates on which such Section 409A deferred compensation would otherwise be paid or
provided. All such amounts that would, but for this subsection 11(c), become payable prior to the Delayed Payment Date shall be
accumulated and paid on the Delayed Payment Date.

 

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(d) To
the extent that any payments or reimbursements provided to the Employee under this Agreement are deemed to constitute compensation
to the Employee to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably
promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such
payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement
in any other taxable year, and the Employee’s right to such payments or reimbursement of any such expenses shall not be subject
to liquidation or exchange for any other benefit.

 

§12 GENERAL.

 

(a) Notices.
All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have
been duly given if delivered personally or if mailed by certified mail, return receipt requested, postage prepaid or sent by overnight
courier, or sent by written telecommunication or telecopy, to the relevant address set forth below, or to such other address as
the recipient of such notice or communication shall have specified to the other party hereto in accordance with this subsection
12(a):

 

If to the Employer, to:

 

Grosvenor Capital Management, L.P.

900 North Michigan Avenue

Suite 1100

Chicago, Illinois 60611

Attention:          Michael
J. Sacks

 

If to the Employee, to:

 

Michael J. Sacks

209 E. Lake Shore Drive

Apartment 11E

Chicago, Illinois 60611

 

Any such notice shall be effective only when received
at such address.

 

(b) Equitable
Remedies. The Employee acknowledges that violation of any of the provisions of §§7 and/or 8 of this Agreement could
result in irreparable injury to the Employer, for which the Employer would have no adequate remedy at law. Accordingly, it is agreed
that the Employer shall be entitled, in addition to any and all other remedies provided by law, to equitable relief with respect
to any such violation, including without limitation specific performance and preliminary and permanent injunctive relief, with
respect to any such violation, without the need to post any bond or other security, and the Employee shall not assert that the
Employer will not suffer irreparable injury or that it has an adequate remedy at law or is otherwise not entitled to equitable
relief in such circumstances.

 

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(c) Severability
and Modification. Each restriction which is separately stated in any section, subsection, paragraph, or clause of §§7
or 8 of this Agreement is independent of each other such restriction, and if any such restriction is held for any reason not to
be capable of modification so as to cause it to be valid and enforceable, then the invalidity or unenforceability of such restriction
shall not invalidate, affect, or impair in any way the validity and enforceability of any other such restriction.

 

(d) “Person.”
For purposes of this Agreement, “Person” means and includes a natural person and any other person, entity, trust or
fiduciary arrangement, partnership, corporation, limited liability company, group, or association, whether or not recognized by
law as having a separate legal personality.

 

(e) Waivers.
No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power
or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof
or the exercise of any other right, power or privilege.

 

(f) Counterparts.
This Agreement may be executed in multiple counterparts, any of which may bear the signature of only one of the two parties, and
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(g) Assigns.
This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto, except
that the employment obligations of and restrictions upon the Employee shall not bind his heirs or successors. Neither this Agreement
nor the obligations of any party hereunder shall be assignable or transferable by such party without the prior written consent
of the other party hereto, except the Employer may assign its rights and obligations hereunder in connection with the sale of its
entire business.

 

(h) Entire
Agreement; Supercession. This Agreement contains the entire understanding of the parties with respect to the subject matter
hereof, and by amending and restating the Existing Employment Agreement, it supercedes, from and after the Effective Date, all
other prior agreements and understandings relating to the subject matter hereof. This Agreement shall not be amended except by
a written instrument hereafter signed by each of the parties hereto, and no waiver or release of a party’s rights hereunder
shall be effective unless made in writing by the party whose rights are thereby waived or released.

 

(i) Governing
Law. This Agreement and the rights of the parties hereunder will be interpreted in accordance with the laws of the State of
Illinois and all rights and remedies will be governed by such laws without regard to principles of conflict of laws.

 

(j) Consent
to Jurisdiction. Subject to §9 hereof, each party to this Agreement hereby irrevocably submits to the exclusive jurisdiction
of any state or federal court sitting in Chicago, Illinois in any action or proceeding arising out of or relating to this Agreement,
and each party hereby irrevocably agrees that all claims asserted in such action or proceeding shall be heard and determined in
any such court. Each party further irrevocably waives any objection which such party may now or hereafter have to the venue of
the state or federal court in Chicago having jurisdiction, and irrevocably agrees not to assert that such court is an inconvenient
forum. The preceding shall not impair the right of any party to seek removal to federal court in Chicago of any action or proceeding
commenced in a state court in Chicago nor the right of any party to seek the dismissal or remand to state court in Chicago for
lack of federal subject matter jurisdiction of the federal court in Chicago.

 

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(k) WAIVER OF
JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

[The remainder of this page is left intentionally
blank]

[Signature page follows]

 

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IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto
have caused this Agreement to be duly executed as of the Effective Date

 

	 	Grosvenor Capital Management, L.P. 

an Illinois limited partnership
	 	 
	 	By: GCM, L.L.C., its General Partner

 

	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	President of GCM, L.L.C.

 

	 	GROSVENOR CAPITAL:
	 	 
	 	Grosvenor Capital Management Holdings, LLLP
	 	an Illinois limited liability limited partnership

 

	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	Chairman and Chief Executive Officer of Grosvenor Capital Management Holdings, LLLP

 

	 	Employee:

 

	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:Exhibit 10.16

 

Execution Version

 

AMENDED AND
RESTATED EMPLOYMENT AND

NON-COMPETITION AGREEMENT

 

This AMENDED AND RESTATED
EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”), dated as July 29, 2020 (the “Effective
Date”) is between Grosvenor Capital Management, L.P., an Illinois limited partnership (“Employer”),
and Jonathan R. Levin (“Employee”);

 

WHEREAS, Employee is
a party to that certain Employment and Non-Competition Agreement with Employer, dated and effective as of May 9, 2011 (as amended,
the “Existing Employment Agreement”), pursuant to which Employee currently is employed by Employer as its President;

 

WHEREAS, pursuant to
that certain Transaction Agreement that will be entered into between CF Finance Acquisition Corp., a Delaware corporation, Grosvenor
Capital Management Holdings, LLLP, an Illinois limited liability limited partnership (the “Partnership”), and
the other parties thereto pursuant to which CF Finance Acquisition Corp. or its successor by merger (the “Corporation”),
directly or indirectly, including through a wholly-owned subsidiary (“Holdco”), a Delaware limited liability company,
will acquire interests in the Partnership (the “Transaction Agreement”), among other things, upon the closing
of the transactions contemplated by the Transaction Agreement (the “Closing”) (i) Holdco will acquire certain
Common Units in the Partnership and (ii) an entity controlled by Michael J. Sacks will acquire a majority of the outstanding voting
power of the Corporation (the “Transaction”), provided, that, in the event the Transaction Agreement is not
signed, then the provisions herein relating to the Corporation shall be null and void; and

 

WHEREAS, Employee and
Employer now desire to amend and restate the Existing Employment Agreement on and after the Effective Date so that this Agreement
shall thereafter govern the terms and conditions of Employee’s continued employment by Employer; and

 

NOW, THEREFORE, it is hereby agreed as follows:

 

§1 EMPLOYMENT. Employer hereby
continues to employ Employee, and Employee hereby accepts continuation of such employment, upon the terms and subject to the
conditions hereinafter set forth, effective on the Effective Date.

 

§2. FREEDOM
TO CONTRACT. Employee represents and warrants to Employer that as of the Effective Date, (i) Employee is free to enter into
this Agreement, (ii) Employee is not party to or bound by any noncompetition or nonsolicitation agreement with any Person other
than the noncompetition and nonsolicitation agreements set forth in this Agreement, and (iii) Employee’s execution, delivery,
and performance of this Agreement are not in violation or breach of, and do not conflict with or constitute a default under, any
agreement or commitment to which Employee is a party.

 

§3. DUTIES.
Employee shall be employed as an executive of Employer. In that capacity, Employee shall have the responsibilities and
duties assigned by Employer and shall act only within the scope of authority granted. Employee agrees to devote his full time
and best efforts to the performance of his duties to Employer while employed by Employer. Employee will comply with all lawful
policies and procedures established by Employer from time to time.

 

     

    

    

 

§4. TERM
OF EMPLOYMENT; POST EMPLOYMENT COOPERATION. The employment of Employee under this Agreement shall commence on the Effective
Date and shall continue until the second anniversary of the Effective Date (the “Initial Term”), unless terminated
earlier pursuant to §6 hereof, and shall continue thereafter until terminated pursuant to §6 hereof. For one (1) year
following the termination of Employee’s employment hereunder (the “Post-Employment Period”) for any reason
(other than a termination resulting from an event described in §6(a) or §6(b)), Employee shall be available to cooperate
with Employer from time to time, at reasonable times and on reasonable notice, concerning such matters with respect to the business
of Employer or Employee’s previous activities and responsibilities with Employer, and for such amount of time, as Employer
may reasonably request.

 

§5. COMPENSATION,
BENEFITS AND EXPENSE REIMBURSEMENT.

 

(a) (i) Employment Compensation. After
the Effective Date and while Employee is employed hereunder, in consideration for the services of Employee hereunder,
Employer shall compensate Employee and provide benefits to Employee as determined by Employer; provided, however, that (A)
the rate of base salary hereunder shall be not less than Five Hundred Thousand Dollars ($500,000) per year during the Initial
Term, (B) Employer shall provide at least basic medical insurance or other medical coverage, and (C) Employee may participate
in any other group insurance plan maintained by Employer from time to time in accordance with the terms of such plan.
Employee shall be eligible, on at least as favorable a basis as any other member of senior management of Employer, to
participate in and receive benefits under all of Employer’s employee benefit plans, programs or arrangements, in
accordance with the terms of such plans, programs or arrangements, as in effect from time to time, including, for the
avoidance of doubt, any carried interest, deferred compensation programs and long-term incentive award plan, including any
plan providing for equity-based awards, established at any time by Employer or its Affiliates (including, with respect to
periods after the Closing, the Corporation). Employee’s base salary as in effect from time to time shall be paid in
substantially equal installments in accordance with Employer’s normal payroll practices, but no less frequently than
monthly. In addition, Employer shall reimburse Employee for all reasonable expenses of the types authorized by Employer and
incurred by Employee in the performance of his duties hereunder. Employee shall comply with such budget limitations and other
policies and procedures of Employer relating to reimbursable expenses, including without limitation those relating to
approval and reporting, as are applicable to Employee, which policies and procedures are subject to change in the sole
discretion of Employer from time to time, and need not be the same as those applicable to other employees.

 

(ii) Non-Commercial
Air Travel. Effective following the Closing, Employer agrees, for non-commercial air travel for personal purposes, to
either pay directly or reimburse Employee for all costs of non-commercial air travel incurred by Employee or parties
identified by Employee, whether provided by parties related to Employee or by persons unrelated to Employee, up to an
aggregate maximum of $300,000 in any one calendar year (including the year of the Closing), multiplied by the Escalation
Percentage for such calendar year. The Escalation Percentage for calendar year 2020 shall be one hundred percent (100%) and
the Escalation Percentage for each subsequent calendar year shall be the Escalation Percentage in effect for calendar year
2020 (that is, 100%) multiplied by a fraction, the numerator of which is the Consumer Price Index – All Urban Consumers
published by the United States Department of Labor/Bureau of Labor Statistics in effect on the first day of such subsequent
calendar year, and the denominator of which is such Consumer Price Index as in effect on the first day of calendar year 2020.
Employer agrees, for non-commercial air travel for business purposes of Employer, to pay for all costs of non-commercial air
travel incurred by Employee, whether provided by parties related to Employee or by persons unrelated to Employee.

 

    2

     

    

 

(iii) Discretionary
Bonus. For each 12-month period (or portion thereof) ending February 28, commencing with the period ending February 28, 2012
(each such period, a “Bonus Period”) during which Employee is employed by Employer under this Agreement, Employee
shall be eligible for a bonus in an amount to be determined in the discretion of Employer (the “Discretionary Bonus”);
provided. however, that the Discretionary Bonus for each of the Bonus Periods ending February 28, 2012, and February 28, 2013,
shall not be less than Five Hundred Thousand Dollars ($500,000) (the “Initial Bonus”). The Discretionary Bonus
for a Bonus Period, if any, shall be determined and paid to Employee in a lump sum not later than the 15th day of the third calendar
month after the end of the Bonus Period. Notwithstanding anything to the contrary in this §5(a)(iii), except as provided in
§7(a) and §7(c) with respect to the Initial Bonus, the Discretionary Bonus for a Bonus Period shall not be payable to
Employee if (A) Employee does not remain employed under this Agreement on the last day of the Bonus Period or (B) a notice of termination
of employment has been given by Employee or Employer on or before the last day of such Bonus Period.

 

(b) Post-Employment
Separation Payments. Commencing on Employee’s Separation from Service (within the meaning of Treas. Reg. §
1.409A-l (h)(l)) for any reason other than an event described in §6(a) or §6(b)), and continuing during the Post
Employment Period, Employer shall pay to Employee in full compensation for Employee’s cooperation hereunder rendered
during the Post-Employment Period, an annual rate of Three Hundred Seventy-Five Thousand Dollars ($375,000) (the
“Separation Payments”), payable in equal monthly installments. In the event that the working time of
Employee required by Employer exceeds forty (40) hours in any month during the Post-Employment Period, Employer shall pay
Employee an additional fee with respect to such month equal to the product of (A) the excess of such hours over forty (40),
multiplied by (B) Two Hundred Dollars ($200) per hour. Such additional fee shall be payable in the calendar month immediately
following the month in which such services are performed. Employee shall not be an employee during the Post Employment
Period, shall not be entitled to the benefits described in §5(a) or any other employee benefits during such period, and
shall not be reimbursed for any expenses unless and to the extent Employer otherwise agrees in a particular case in writing
before such expenditure is incurred. For the avoidance of doubt, the parties acknowledge that payment of monthly installments
of Separation Payments shall commence with the month following the month in which Employee has a Separation from Service
within the meaning of Treas. Reg. § 1.409A-1(h)(l) based on the level of bona fide services it is anticipated Employee
will perform for Employer. In no event shall the Separation Payments be paid over a period of more than one (1) year.
Notwithstanding anything to the contrary in this Agreement, in the event that Employee commits a material violation of any of
the covenants contained in §8 or §9 of this Agreement, Employer may cease paying any unpaid installments of
Separation Payments.

 

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§6. TERMINATION. Employee’s employment
hereunder shall terminate:

 

(a) Death or Disability.
Upon the death of Employee during his employment hereunder or, at the option of Employer, in the event Employee is Disabled (as
defined below), upon written notice from Employer specifying the date on which Employee became Disabled. Employee shall be deemed
Disabled if a medical doctor selected by Employer certifies that Employee has for one hundred eighty (180) days, consecutive or
non-consecutive, in any twelve (12) month period, been disabled in a manner which seriously interferes with his ability to perform
his duties under this Agreement. Any failure or refusal by Employee to submit to a medical examination for the purpose of certifying
whether he is Disabled under this §6(a) shall, at the option of Employer, be deemed to constitute conclusive evidence that
Employee is Disabled.

 

(b) For Cause.
For “Cause” immediately upon written notice by Employer to Employee. For purposes of this Agreement, a termination
shall be for “Cause” if any one or more of the following has occurred:

 

(i) Employee
has committed (whether or not at the workplace) (A) an act of fraud, embezzlement, or misappropriation of funds or property, (B)
a breach of fiduciary duty, or (C) an illegal, unethical, or dishonest act or omission, including, but not limited to, the offer,
payment, solicitation or acceptance of any unlawful bribe or kickback; or

 

(ii) Employee
has been convicted by a court of competent jurisdiction of, or has pleaded guilty or nolo contendere to, (A) any felony, (B) any
crime involving moral turpitude, or (C) any other crime that reasonably could impair Employee’s ability to perform his duties
hereunder in a satisfactory manner; or

 

(iii) Employee
has committed a willful breach of any of the covenants, terms or provisions of this Agreement, including without limitation §8
or §9, or engaged in any other willful act or omission (whether or not at the workplace) that (A) injures or has the potential
to injure any Grosvenor Party or Affiliate thereof, or (B) impairs or has the potential to impair Employee’s ability to perform
his duties hereunder in a satisfactory manner, which, if curable, remains uncured following ten (10) days written notice to Employee
describing such breach; or

 

(iv) Employee
has willfully failed or refused to follow the lawful and good faith directions of Employer, which, if curable, remains uncured
following ten (10) days’ written notice to Employee describing such failure or refusal; or

 

(v) Employee
has been grossly negligent or has engaged in willful misconduct in the performance of his duties hereunder; or

 

(vi) Employee
has reported to work under the influence of alcohol, used or possessed illegal drugs (whether or not at the workplace), or engaged
in other conduct (whether or not in conjunction with his duties hereunder) that is detrimental to any Grosvenor Party or any Affiliates
thereof or causes any of them public disgrace, disrepute or material harm; or

 

(vii)
Employee has violated any of the terms of Employer’s established policies or any applicable law, statute, regulation,
or rule of any government authority having jurisdiction over Employee’s business or affairs, which is not cured to
Employer’s reasonable satisfaction within ten (10) days after written notice thereof to Employee.

 

    4

     

    

 

For purposes of this
definition, no act or failure to act on the part of Employee shall be considered “willful” unless done, or omitted
to be done, by him in bad faith or without a reasonable belief that his action or omission is in the best interests of Employer
or its Affiliates.

 

(c)
Without Cause. Upon ninety (90) days’
written notice by either Employer or Employee to the other party hereto.

 

§7. RIGHTS, REMEDIES AND OBLIGATIONS ON
TERMINATION.

 

(a) Death or Disability.
If Employee’s employment is terminated under §6(a) hereof because of death or because Employee becomes Disabled, Employee
(or his estate, as applicable) shall be paid (i) base salary, at the rate of salary that was payable to Employee under §5(a)(i)
at the time said employment was terminated, through the date of termination of employment (or, if later, the expiration of the
Initial Term); (ii) benefits (as specified in §5(a)(i)) through the date of termination of employment (unless a different
date is specified by the terms of the applicable benefit plans); and (iii) reimbursement of expenses (as specified in §5(a)(i))
through the date of termination of employment. In addition, if Employee’s employment is terminated under §6(a) before
the end of the Initial Term, Employee (or his estate, as applicable) shall be paid the Initial Bonus in the amount set forth in
§5(a)(iii). All such payments (other than the Initial Bonus, which shall be payable as provided in §5(a)(iii)) shall
be made in accordance with Employer’s normal payroll practices.

 

(b) For Cause.
If Employee’s employment is terminated under §6(b) hereof for “Cause,” Employee shall be paid (i) base
salary (at the rate of salary that was payable to Employee under §5(a)(i) at the time said employment was terminated) prorated
through the date of termination of employment; (ii) benefits (as specified in §5(a)(i)) through the date of termination (unless
a different date is specified by the terms of the applicable benefit plans); and (iii) expense reimbursements as described in
§5(a)(i) hereof through the date of such termination of employment.

 

(c) Without Cause.
If Employee’s employment is terminated by Employer under §6(c) hereof, Employee shall be paid (i) reimbursement of
expenses through the date of termination; (ii) base salary (at the rate of salary that was payable to Employee under §5(a)(i)
at the time said employment was terminated) through the date of termination of employment (or, if later, the expiration of the
Initial Term); and (iii) benefits (as specified in §5(a)(i)) through the date of termination of employment (unless a different
date is specified by the terms of the applicable benefit plans). In addition, if Employee’s employment is terminated by
Employer under §6(c) on or before the end of the Initial Term, Employee shall be paid the Initial Bonus in the amount set
forth in §5(a)(iii). All such payments (other than the Initial Bonus, which shall be payable as provided in §5(a)(iii))
shall be made in accordance with Employer’s normal payroll practices. In addition to the foregoing, Employee shall be paid
the Separation Payments described in §5(b)(i) hereof.

 

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(d) Resignation.
If Employee’s employment is terminated by Employee under §6(c) hereof, Employee shall be paid (i) reimbursement of
expenses through the date of termination; (ii) base salary (at the rate of salary that was payable to Employee under §5(a)(i)
at the time said employment was terminated) through the date of termination of employment; and (iii) benefits (as specified in
§5(a)(i)) through the date of termination of employment (unless a different date is specified by the terms of the applicable
benefit plans). In addition, Employee shall be paid the Separation Payments described in §5(b)(i) hereof.

 

(e) Miscellaneous.
Except as otherwise expressly set forth in this §7, Employee shall not be entitled to any severance or other compensation
from Employer after termination whether in respect of the period before or after such termination or during or after the Post
Employment Period.

 

§8. CONFIDENTIAL INFORMATION.

 

(a) “Confidential
Information.” “Confidential Information” as used herein
shall mean all confidential and proprietary information of Employer, Grosvenor Holdings, L.L.C., Grosvenor Capital Management
Holdings, LLLP, their respective general partners, managing members, or managers, and/or their respective Affiliates (each a “Grosvenor
Party”), including, without limitation, confidential or proprietary information regarding clients, client lists, fee
and pricing policies, marketing materials, portfolio selection, trading practices and policies, investment techniques, investment
processes, investment advisory, technical, and research data, methods of operation, proprietary computer programs, sales, products,
profits, costs, markets, key personnel, formulae, product applications, technical processes, trade secrets, descriptive materials
relating to any of the foregoing, and information provided to any Grosvenor Party by others which the Grosvenor Party is obligated
to keep confidential, whether such information is in the memory of Employee or is embodied in written, electronic, or other tangible
form.

 

(b) Restricted.
Employee recognizes and acknowledges that the Confidential Information constitutes valuable, special, and unique assets of the
Grosvenor Parties because, among other reasons, such Confidential Information (i) has been developed at substantial expense and
effort over a period of many years, (ii) constitutes a material competitive advantage for the Grosvenor Parties which is not known
to the general public or competitors, (iii) could not be duplicated by others without extraordinary expense, effort and time,
(iv) constitutes “trade secrets” as such term is used in the Illinois Trade Secrets Act or (v) is information of a
private nature. Employee shall not, either before or at any time after the termination of his employment for any reason or under
any circumstance, use for Employee’s benefit or disclose to or use for the benefit of any other Person, any Confidential
Information for any reason or purpose whatsoever, directly or indirectly, except as may be required or otherwise appropriate pursuant
to his employment by Employer, unless and until such Confidential Information becomes public or · generally available to
Persons other than the Grosvenor Parties other than as a consequence of the breach by Employee of his confidentiality obligations
hereunder (after which such public or otherwise generally available information shall no longer be deemed to be “Confidential
Information”).

 

(c) Return Information.
Upon the termination of Employee’s employment, he shall cause to be delivered to Employer all documents and data
pertaining to the Confidential Information (whether maintained in electronic or tangible media) and shall not retain any such
documents or data, any reproductions (in whole or in part) thereof, or any extracts of any such documents or data containing Confidential
Information.

 

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(d) “Affiliate.” As used in
this Agreement, “Affiliate” means with respect to a specified Person (i) any Person that directly or
indirectly through one or more intermediaries controls, alone or through an affiliated group, is controlled by, or is under
common control with such Person; (ii) any Person that is an officer, director, partner, or trustee of, or serves in a similar
capacity with respect to, such Person or of which such Person is an officer, director, partner, or trustee, or with respect
to which such Person serves in a similar capacity; (iii) any Person that, directly or indirectly, is the beneficial owner of
10% or more of any class of equity securities of, or otherwise has a substantial beneficial interest in, the specified Person
or of which the specified Person is directly or indirectly the owner of 10% or more of any class of equity securities or in
which the specified Person has a substantial beneficial interest; (iv) any spouse, descendant, parent, grandparent, or
descendant of a parent or grandparent of the specified Person or of any Person identified in clauses (i) through (iii); and
(v) any partnership, trust, or other entity or arrangement for the principal benefit of the specified Person and/or of any
one or more Persons identified in clauses (i) through (iv).

 

§9. NON-COMPETITION. Employee
acknowledges that (i) Employer, by and through its subsidiaries and affiliated companies, conducts business throughout the
world, (ii) Employer has a vital and continuing interest in protecting that business, including without limitation, its
existing and prospective relationships with clients and with investment funds in which Employer or investment funds managed
by Employer invest, its marketing agents, and its officers, employees, and consultants (“Employer’s
Interests”), (iii) the covenants contained in this §9 are reasonably necessary to protect Employer’s
Interests, including, but not limited to, those identified above, and (iv) the restrictions and other provisions hereafter
set forth in this §9 are reasonable and necessary in all respects including, without limitation, duration, geographic
reach, and scope of activities covered, to provide such protection of Employer’s Interests. Employee further
acknowledges and represents that the basic salary, Discretionary Bonus, expense reimbursement and the Separation Payments to
which Employee is eligible under §5 adequately compensate Employee for any potential employment opportunities he may
forego as a result of his compliance with the restrictive covenants contained in this §9, that such compensation will
enable him to provide for the needs and wants of his family without violating such restrictions, and that the truth of the
foregoing representations is a material condition to his employment by Employer. Accordingly, in special consideration of the
promises and covenants given to Employee under this Agreement, including, without limitation, Employee’s entitlement to
participate in any carried interest, deferred compensation or long-term incentive programs established at any time by
Employer or its Affiliates (including, with respect to periods after the Closing, the Corporation), pursuant to subsection
5(a) and Employee’s entitlement to the Separation Payments and expense reimbursements in §5, Employee agrees to be
bound by and to faithfully observe the restrictions and covenants set forth hereafter in this §9 and further agrees that
he will not do or attempt to do indirectly, through any other Person, or by any other manner, means, or artifice, anything
which this §9 prohibits him from doing directly.

 

    7

     

    

 

(a) Investment
Management or Advisory Services. Employee shall not, directly or indirectly (except
in a Permitted Capacity), until (i) the expiration of his Post-Employment Period or (ii) if Employee is terminated for Cause or
because he is Disabled, one (1) year after termination of employment, either (x) provide or offer (or attempt to provide or offer),
whether as an officer, director, employee, partner, consultant, shareholder, independent contractor or otherwise, investment advisory
or investment management services to any Person anywhere in the world, or (y) become an officer, director, partner, owner, or
employee of, or contractor with or consultant to, or invest in, any Person which provides services described in clause (x) or
which acts as distribution agent for (or otherwise sells or markets the services of) any Person that provides the services described
in clause (x), to the extent that an act described in this clause (y) relates to the business or activity of providing any of
the services described in clause (x).

 

(b) Multi-Manager Alternative Strategies.
Employee shall not, directly or indirectly (except in a Permitted Capacity), until (i) the expiration of his Post-Employment
Period or (ii) if Employee is terminated for Cause or because he is Disabled, one (1) year after termination of employment,
either:

 

(x) provide
or offer (or attempt to provide or offer), whether as an officer, director, employee, partner, consultant, shareholder, independent
contractor or otherwise, investment advisory or investment management services which are directly competitive with the types of
services that are or were offered by Employer (or by any investment fund directly or indirectly managed by it) at any time during
the period from the date Employee’s employment by Employer commenced until the termination of Employee’s employment;
or

 

(y) become
an officer, director, partner, owner, or employee of, or contractor with or consultant to, or invest in, any Person which provides
services described in subparagraph (x), or which acts as distribution agent for (or otherwise sells or markets the services of)
any Person that provides the services described in subparagraph (x), to the extent that an act described in this subparagraph (y)
relates to the business or activity of providing any of the services described in subparagraph (x).

 

(c) Investment of
Employee s Own Funds. Employee shall not, directly or indirectly, until (i) the expiration of his Post-Employment Period
or (ii) if Employee is terminated for Cause or because he is Disabled, one (1) year after termination of employment, invest
(or assist in the investment of) Employee’s own funds or any other funds controlled, advised or administered in any way
by him in any investment entity or vehicle of a type commonly known as a “hedge fund” or a fund of hedge funds
(collectively, a “Hedge Fund”), other than one managed directly or indirectly by Employer.

 

(d) Interference. Employee
shall not, directly or indirectly (except in a Permitted Capacity), until two (2) years after termination of employment,
interfere with the relations of Employer, or of any investment fund directly or indirectly managed by it, with any Person
who, at any time during the period from the date Employee’s employment by Employer commenced until the termination of
the employment of Employee, was or had been (v) a Past Client, Present Client or Potential Client, (w) a Hedge Fund in which
were invested any funds managed directly or indirectly by Employer, or which was included in Employer’s database of
investment managers, (x) the manager, advisor, general partner or similar entity or Person of any such Hedge Fund (a
“Hedge Fund Manager”), (y) an officer, partner, director, manager or other Affiliate of any such Hedge
Fund Manager (a “Manager of a Hedge Fund Manager”), or (z) any distribution agent or other Person who acts
on behalf of Employer in selling or marketing the services of Employer (“Marketing Agent”).

 

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(e) No Solicitation
of Clients or Marketing Agents. Employee shall not, directly or indirectly (except in a Permitted Capacity), until two (2)
years after termination of employment, solicit, enter into, or propose to enter into any employment, consulting, investment management,
investment advisory, or any other business relationship or agreement with any Past Client, Present Client, Potential Client, or
Marketing Agent.

 

(f) No Employee
Solicitation. Employee shall not, directly or indirectly (except in a Permitted Capacity), until two (2) years after termination
of employment, induce or attempt to induce any officer or employee of or consultant to Employer (other than Employee’s personal
secretary) or of any investment fund managed directly or indirectly by it, to terminate his employment or consultancy with such
entity.

 

(g) Hiring by Employee.
Employee shall not, directly or indirectly (except in a Permitted Capacity), until two (2) years after termination of employment,
directly or indirectly hire or retain, or attempt to hire or retain, any Person described in §9(f).

 

(h) Time Limitation.
During the period after the termination of employment, subsections 9(d) and 9(e) shall apply only to (i) Past Clients, Present
Clients and Potential Clients who were such as of such termination, (ii) Hedge Funds, which, at any time within two (2) years
prior to such termination, had funds that were invested directly or indirectly by Employer or were contained in Employer’s
database of investment managers, and to Hedge Fund Managers and Managers of Hedge Fund Managers of such Hedge Funds, and (iii)
Marketing Agents who acted in such capacity at any time within two (2) years prior to such termination.

 

(i) “Invest
In.” For purposes of subsections 9(a) and (b), the term “invest in” shall be deemed to exclude any investment
or related series of investments constituting less than five per cent (5%) of the outstanding capital stock of a company whose
stock is publicly traded.

 

(j) “Clients.”
For purposes of subsections (d) and (e) of this §9, “Past Client” shall mean at any particular time, any Person
who at any time within two years prior to such time has been but at such time is not, directly or indirectly, an advisee, investment
advisory customer or client of (or a partner of or investor in any investment vehicle (other than a registered investment company)
managed directly or indirectly by) Employer; “Present Client” shall mean at any particular time, any Person who is
at such time, directly or indirectly, an advisee, investment advisory customer or client of (or a partner of or investor in any
investment vehicle (other than a registered investment company) managed directly or indirectly by) Employer; and “Potential
Client” shall mean at any particular time, any Person to whom Employer, any investment fund directly or indirectly managed
by it, or any distribution agent or other Person acting on behalf of either, has within two years prior to such time, offered
or solicited (by means of personal meeting, telephone call, or a letter or written proposal specifically directed to the particular
Person) to serve as investment adviser or manager, or who has been offered or solicited to invest in any investment fund directly
or indirectly managed by Employer (other than a registered investment company), but who is not at such time, directly or indirectly,
an advisee, investment advisory customer or client of (or a partner of or investor in any investment vehicle (other than a registered
investment company) managed directly or indirectly by) Employer.

 

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(k) “Permitted Capacity.” As
used in this Agreement, “Permitted Capacity” means Employee acting in his capacity as an employee of or
consultant to Employer.

 

(I) No Disparagement. Employee shall not
at any time disparage any Grosvenor Party, any Affiliate thereof, any officer or employee of any of the foregoing, or any
member of Grosvenor Holdings, L.L.C. Employee shall not, without the prior written consent of Employer, make any written or
oral statement concerning the termination of his employment or any circumstances, terms or conditions relating thereto, which
statement is reasonably likely to become generally known to the public. Nothing in this §9(1) shall prevent Employee
from testifying truthfully in any judicial proceeding, law enforcement matter, or government investigation or lawfully filing
or prosecuting any claim against any of the foregoing Persons in any judicial, arbitration, governmental, or other
appropriate forum for adjudication of disputes.

 

(m) Future Business
Activities. If, at any time or times in the future, Employer engages in business or activities in addition to or in lieu of
its present activity, the provisions of this §9 shall apply to all such business and activities.

 

(n) Restrictions
Reasonable. Employee acknowledges and agrees that the restrictions and other provisions set forth above in this §9 are
reasonable, in all respects, including without limitation duration, geographic reach, and scope of activities covered, and will
not prevent Employee from earning a living in his profession. Further, Employee acknowledges that in agreeing to said restrictions,
he has received and has relied upon the independent advice and counsel of attorneys selected by him. Accordingly, Employee agrees
to be bound by and to faithfully observe the restrictions and covenants set forth above in this §9, and further agrees that
he will not do or attempt to do indirectly, through any other Person, or by any other manner, means, or artifice, anything which
this §9 prohibits him from doing directly.

 

(o) Revision.
The parties hereto expressly agree that in the event that any of the provisions, covenants, warranties or agreements in this §9
are held to be in any respect an unreasonable restriction upon Employee or are otherwise invalid, for whatsoever cause, then the
court so holding is hereby authorized to (i) reduce the territory to which said covenant, warranty or agreement pertains, the
period of time in which said covenant, warranty or agreement operates or the scope of activity to which said covenant, warranty
or agreement pertains or (ii) effect any other change to the extent necessary to render any of the restrictions contained in this
Agreement enforceable.

 

§10. ARBITRATION OF DISPUTES.

 

(a) Arbitration. Notwithstanding anything
to the contrary contained in this Agreement, but subject to the last sentence of this §10(a), all claims, disputes and
controversies between the parties hereto arising out of or in connection with this Agreement, relating to the validity,
construction, performance, breach, enforcement or termination thereof, or otherwise, shall be resolved by binding arbitration
at Chicago, Illinois, in accordance with this §10 and, to the extent not inconsistent herewith, the commercial
arbitration rules of the American Arbitration Association. Employer may elect, on a claim by claim basis, that this §10
not apply to a claim which would otherwise be governed by this §10 and to require instead that such claim be adjudicated
in a court of law.

 

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(b) Procedures. Any arbitration called for
by this §10 shall be conducted in accordance with the following procedures:

 

(i) Employee
or Employer (the “Requesting Party”) may demand arbitration pursuant to §10(a) hereof at any time by giving
written notice of such demand (the “Demand Notice”) to the other (the “Responding Party”),
which Demand Notice shall describe in reasonable detail the nature of the claim, dispute or controversy.

 

(ii) Within
thirty (30) days after the giving of a Demand Notice, each of the Requesting Party and the Responding Party shall select and designate
in writing to the other party one reputable, disinterested individual (a “Qualified Individual”) willing to
act as an arbitrator of the claim, dispute or controversy in question. Each of the Requesting Party and the Responding Party shall
use their best efforts to select an ex- judge having no affiliation with any of the parties as their respective Qualified Individual.
If either party fails to make such a designation, then, on the application of the other party, the American Arbitration Association
shall promptly select and appoint a Qualified Individual to act as the second arbitrator. Within forty-five (45) days after the
foregoing selections have been made, the arbitrators so selected shall jointly select an ex-judge having no affiliation with any
of the parties as the third Qualified Individual willing to act as an arbitrator of the claim, dispute or controversy in question.
In the event that the two arbitrators initially selected are unable to agree on a third arbitrator within the forty-five (45) day
period referred to above, then, on the application of either party, the American Arbitration Association shall promptly select
and appoint an ex-judge having no affiliation with any of the parties, as the Qualified Individual to act as the third arbitrator.
The three arbitrators selected pursuant to this §10(b)(ii) shall constitute the arbitration panel for the arbitration in question.

 

(iii) All
filings, submissions and presentations in the arbitration proceeding shall be confidential. Any decision concurred in by any two
(2) of the arbitrators shall constitute the decision of the arbitration panel, and unanimity shall not be required. Any decision
by the arbitrators shall be confidential and shall be shielded from public access.

 

(iv) The
arbitration panel shall award attorney’s fees and costs only in accordance with the next sentence. In the event Employee
brings any proceeding against Employer and Employee does not fully prevail on each and every claim Employee brings in that proceeding,
then Employee shall reimburse Employer for all the attorneys’ fees, costs and expenses paid or incurred by Employer in or
as a result of that proceeding. On the application of a party before or after the initial decision of the arbitration panel, and
proof of its attorneys’ fees and costs, the arbitration panel shall order the other party to make any payments directed pursuant
to the preceding sentence.

 

(c) Binding
Character. Any decision rendered by the arbitration panel pursuant to this §10 shall be final and binding on, and
nonappealable by, the parties hereto, and judgment thereon may be entered by any state or federal court of competent
jurisdiction. Any action to enforce an award shall be filed under seal.

 

    11

     

    

 

(d) Exclusivity.
Except for claims which Employer elects to adjudicate in a court of law pursuant to § 10(a), arbitration shall be the exclusive
method available for resolution of claims, disputes and controversies described in §10a) hereof, and Employer and Employee
stipulate that the provisions hereof shall be a complete defense to any suit, action, or proceeding in any court or before any
administrative or arbitration tribunal with respect to any such claim, controversy or dispute. The provisions of this §10
shall survive the dissolution of Employer.

 

(e) No Alteration
of Agreement. Nothing contained herein shall be deemed to give the arbitrators any authority, power or right to alter, change,
amend, modify, add to, or subtract from any of the provisions of this Agreement.

 

§11. GENERAL.

 

(a) Notices.
All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have
been duly given if delivered personally or if mailed by certified mail, return receipt requested, postage prepaid or sent by overnight
courier, or sent by written telecommunication or telecopy, to the relevant address set forth below, or to such other address as
the recipient of such notice or communication shall have specified to the other party hereto in accordance with this §11(a):

 

If to Employer, to:

 

Grosvenor Capital Management, L.P.

900 North Michigan Avenue Suite

1100 Chicago, Illinois
60611

Attention: Michael J. Sacks

 

If to Employee, to
the attention of Employee at the address set forth in Employer’s records (or at such other address as may be provided in
writing by Employee to Employer).

 

Any such notice shall be effective only when received
at such address.

 

(b) Equitable Remedies.
Employee acknowledges that violation of any of the provisions of §§8 and/or 9 of this Agreement would result in irreparable
injury to Employer, for which Employer would have no adequate remedy at law. Accordingly, it is agreed that Employer shall be
entitled, in addition to any and all other remedies provided by law and this Agreement (including, without limitation, termination
of the Separation Payments under §5(b)(i)), to equitable relief with respect to any such violation, including without limitation
specific performance and preliminary and permanent injunctive relief, with respect to any such violation, without the need to
post any bond or other security, and Employee shall not assert that Employer will not suffer irreparable injury or that it has
an adequate remedy at law or is otherwise not entitled to equitable relief in such circumstances.

 

(c) Severability
and Modification. Each restriction which is separately stated in any section, subsection, paragraph, or clause of §§8
or 9 of this Agreement is independent of each other such restriction, and if any such restriction is held for any reason not to
be capable of modification so as to cause it to be valid and enforceable, then the invalidity or unenforceability of such restriction
shall not invalidate, affect, or impair in any way the validity and enforceability of any other such restriction.

 

    12

     

    

 

(d) “Person.”
For purposes of this Agreement, “Person” means and includes a natural person and any other person, entity,
trust or fiduciary arrangement, partnership, corporation, limited liability company, group, or association, whether or not recognized
by law as having a separate legal personality.

 

(e) Waivers.
No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power
or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof
or the exercise of any other right, power or privilege.

 

(f) Counterparts.
This Agreement may be executed in multiple counterparts, any of which may bear the signature of only one of the two parties, and
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(g) Assigns.
This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto, except
that the employment obligations of and restrictions upon Employee shall not bind his heirs or successors. Neither this Agreement
nor the obligations of any party hereunder shall be assignable or transferable by such party without the prior written consent
of the other party hereto, except Employer may assign its rights and obligations hereunder in connection with the sale of its
entire business.

 

(h) Entire Agreement;
Supercession. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof, and
by amending and restating the Existing Employment Agreement, it supercedes, from and after the Effective Date, all other prior
agreements and understandings relating to the subject matter hereof. This Agreement shall not be amended except by a written instrument
hereafter signed by each of the parties hereto, and no waiver or release of a party’s rights hereunder shall be effective
unless made in writing by the party whose rights are thereby waived or released.

 

(i) Governing
Law. This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Illinois.

 

(j) IRC Section
409A.

 

(i) To the
extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this
Agreement to the contrary, if Employer determines that any compensation or benefits payable under this Agreement may be subject
to Section 409A, Employer shall work in good faith with Employee to adopt such amendments to this Agreement or adopt other policies
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that Employer
determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions
intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the
requirements of Section 409A; provided, that this subsection 11(j)(i)
shall not create an obligation on the part of Employer to adopt any such amendment, policy or procedure or take any such other
action, nor shall Employer have any liability for failing to do so.

 

    13

     

    

 

(ii) Any
right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments.
To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed
“nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation
Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject
to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following
the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar
year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A.
All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this
Agreement may only be made upon Employee’s “separation from service” from Employer (within the meaning of Section
409A, a “Separation from Service”).

 

(iii) If,
at the time of a Separation from Service of Employee, Employee is a “specified employee” within the meaning of Section
409A(a)(2)(B)(i) (a “Specified Employee”), then any payments and benefits constituting Section 409A deferred
compensation to be paid or provided upon the Separation from Service of Employee shall be paid or provided commencing on the later
of (i) the date that is six months after the date of such Separation from Service or, if earlier, the date of death of Employee
(in either case, the “Delayed Payment Date”), or (ii) the date or dates on which such Section 409A deferred
compensation would otherwise be paid or provided. All such amounts that would, but for this subsection 11(j), become payable prior
to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date.

 

(iv) To
the extent that any payments or reimbursements provided to Employee under this Agreement are deemed to constitute compensation
to Employee to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably
promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such
payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement
in any other taxable year, and Employee’s right to such payments or reimbursement of any such expenses shall not be subject
to liquidation or exchange for any other benefit.

 

    14

     

    

 

§12. INDEMNIFICATION.

 

(a) To the
fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, Employee and
Employee’s Group (the “Indemnified Party”) shall be indemnified and held harmless by Employer
and each of its respective direct and indirect consolidated subsidiaries or Affiliates from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines,
penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed third-party
claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal
or informal and including appeals, directly or indirectly, by reason of or arising from (A) Employee’s actions or
inactions with respect to Employee’s duties under this Agreement, and (B) Employee’s actions or inactions with
respect to any limited partnership agreement or similar governing document of any Grosvenor Party, whether arising from acts
or omissions to act as set forth in this subsection 12(a) occurring before or after the Effective Date; provided, that the
Indemnified Party shall not be indemnified and held harmless if there has been a final and non-appealable judgment entered by
a court of competent jurisdiction determining that, in respect of the matter for which the Indemnified Party is seeking
indemnification pursuant to this subsection 12(a), Employee acted in bad faith or engaged in actual fraud or willful
misconduct. For purposes of clarification, because a conveyance may be allegedly or actually void or voidable or deemed
“fraudulent” pursuant to the provisions of Title 11 of the U.S. Code or any similar State or foreign statute,
does not render Employee’s conduct with respect to the conveyance non-indemnifiable, and the Indemnified Party will be
entitled to indemnification with respect to such conveyances unless Employee “acted in bad faith or engaged in actual
fraud or willful misconduct” as provided for herein.

 

(b) To
the fullest extent permitted by law, expenses (including reasonable legal fees and expenses) incurred by the Indemnified Party
in appearing at, participating in or defending any indemnifiable claim, demand, action, suit or proceeding pursuant to subsection
12(a) shall be advanced by Employer on a monthly basis prior to a final and non-appealable determination that the Indemnified Party
is not entitled to be indemnified upon receipt by Employer of an undertaking by or on behalf of the Indemnified Party to repay
such amount if it ultimately shall be determined that the Indemnified Party is not entitled to be indemnified pursuant to this
subsection 12(b). Notwithstanding the immediately preceding sentence, except as otherwise provided in subsection 12(i), Employer
shall be required to indemnify the Indemnified Party pursuant to the immediately preceding sentence in connection with any action,
suit or proceeding (or part thereof) commenced by such Indemnified Party only if the commencement of such action, suit or proceeding
(or part thereof) by the Indemnified Party was authorized by Employer in its sole discretion.

 

(c) The
indemnification provided by this Section 12 shall be in addition to any other rights to which the Indemnified Party may be entitled
under any agreement, as a matter of law, in equity or otherwise, both as to actions in Employee’s capacity as an executive
officer of Employer, and, with respect to periods after the Closing, of the Corporation and as to actions in any other Permitted
Capacity, and shall continue as to the Indemnified Party if Employee has ceased to serve in any such capacity.

 

(d) Any
indemnification pursuant to this Section 12 shall be made only out of the assets of Employer and/or its valid assignees. In no
event may the Indemnified Party subject the members of Employer to personal liability by reason of the indemnification provisions
set forth in this Agreement.

 

(e) The
Indemnified Party shall be denied indemnification in whole or in part under this Section 12 because such Indemnified Party had
an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by
the terms of this Agreement.

 

    15

     

    

 

(f) The
provisions of this Section 12 are for the benefit of the Indemnified Parties and their respective heirs, successors, valid assigns,
executors and administrators and shall not be deemed to create any rights for the benefit of any other persons.

 

(g) Employee
shall, in the performance of Employee’s duties under this Agreement or otherwise to the GCM Group, be fully protected in
relying in good faith upon the records of the Corporation, Employer, their respective Affiliates and their respective direct or
indirect subsidiaries and on such information, opinions, reports or statements presented to any of the foregoing by any of the
respective officers, directors or employees, or committees of the board, or by any other Person as to matters that Employee, as
the case may be, reasonably believes are within such other Person’s professional or expert competence.

 

(h) No
amendment, modification or repeal of this Section 12 or any provision hereof shall in any manner terminate, reduce or impair the
right of the Indemnified Parties or any third party beneficiary to be indemnified by Employer, nor the obligations of Employer
to indemnify the Indemnified Party or any third party beneficiary under and in accordance with the provisions of this Section 12
as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters
occurring, in whole or-in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted.

 

(i) If
a claim for indemnification (following the final disposition of the action, suit or proceeding for which indemnification is being
sought) or advancement of expenses under this Section 12 is not paid in full within thirty (30) days after a written claim therefor
by an Indemnified Party or any third party beneficiary has been received by Employer, such Indemnified Party or such third party
beneficiary, as the case may be, may file suit to recover the unpaid amount of such claim and, if successful in whole or in part,
shall be entitled to be paid the expenses of prosecuting such claim, including reasonable attorneys’ fees.

 

(j) As
used in this Agreement, “Group” means with respect to Employee, Employee and (i) Employee’s spouse, (ii)
a lineal descendant of Employee’s parents, the spouse of such descendant or a lineal descendant of any such spouse, (iii)
a charitable institution solely controlled by Employee and other members of his Group, (iv) a trustee of a trust (whether inter
vivos or testamentary), all of the current beneficiaries and presumptive remaindermen of which are one or more of Employee
and Persons described in clauses (i) through (iii) of this definition, (v) a corporation, limited liability company or partnership,
of which all or substantially all of the outstanding shares of capital stock or interests therein are owned by one of more of Employee
and Persons described in clauses (i) through (iv) of this definition provided, that the equity not owned by Employee and Persons
described in clauses (i) through (iv) of this definition is owned by current or former service providers of such corporation, limited
liability company or partnership, (vi) an individual mandated under a qualified domestic relations order, or (vii) the executor,
personal representative or administrator of the estate of such Employee or of the estate of any individual described in clauses
(i), (ii) or (vi) above. For purposes of this definition, (x) “lineal descendants” shall not include individuals adopted
after attaining the age of eighteen (18) years and such adopted individual’s descendants; and (y) “presumptive remaindermen”
shall refer to those Persons entitled to a share of a trustee’s assets if it then to terminate.

 

    16

     

    

 

(k) Liability of
Indemnified Persons. Notwithstanding anything to the contrary herein, the Indemnified Party shall not be liable to the Grosvenor
Parties or any other Persons who have acquired interests in the Grosvenor Parties’ securities, for any losses, claims, damages,
liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements
or other amounts arising as a result of any act or omission of Employee, or for any breach of contract (including breach of this
Agreement) or any breach of duties (including breach of fiduciary duties) whether arising hereunder, at law, in equity or otherwise,
unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect
of the matter in question, Employee acted in bad faith or engaged in actual fraud or willful misconduct. For purposes of clarification,
because a conveyance may be allegedly or actually void or voidable or deemed “fraudulent” pursuant to the provisions
of Title 11 of the U.S. Code or any similar State or foreign statute does not render an employee’s conduct with respect
to the conveyance non-indemnifiable, and the Indemnified Party will be entitled to indemnification with respect to such conveyances
unless Employee “acted in bad faith or engaged in actual fraud or willful misconduct” as provided for herein. Any
amendment, modification or repeal of this Section 12 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the liability of an Indemnified Party under this Section 12 as in effect immediately prior to such amendment,
modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

(l) Defense of Claim.
With respect to any indemnifiable claim, demand, action, suit or proceeding hereunder: (i) Employer shall be entitled to participate
therein at its own expense; and (ii) Employee shall be entitled to control the defense thereof, with counsel of Employee’s
choosing, which counsel may be the regular counsel to Employer, the Partnership or the Corporation and may be counsel to other
officers and directors of Employer, the Partnership or the Corporation or any of their respective Affiliates. The fees and expenses
of the counsel shall be borne by Employer.

 

[The remainder of this page is left intentionally
blank]

 

[Signature page follows]

 

    17

     

    

 

IN WITNESS WHEREOF, and intending to be
legally bound hereby, the parties hereto have caused this Agreement to be duly executed as of the Effective Date.

 

	 	EMPLOYER
	 	 
	 	GROSVENOR CAPITAL MANAGEMENT, L.P.
	 	 	 
	 	By: 	GCM, L.L.C., its General Partner
	 	 	 
	 	By: 	Grosvenor Holdings, L.L.C., its Manager
	 	 	 
	Date:	By:	/s/ Michael J. Sacks
	 	 	Michael J. Sacks, Managing Member
	 	 	 
	 	and
	 	 	 
	 	By: 	MJS LLC, Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Michael J. Sacks, Member
	 	 	 
	 	EMPLOYEE
	 	 	 
	Date:	By:	/s/ Jonathan R. Levin
	 	 	Jonathan R. Levin

 

 

18

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