Document:

EX-10.8

 Exhibit 10.8 

SHARE RESTRICTION AGREEMENT 

This Share Restriction Agreement (this “Agreement”) is entered into by and between Steinway Musical Instruments Holdings,
Inc. (the “Company”) and Benjamin Steiner (the “Restricted Shareholder”) on and effective as of [                ], 2022 (the
“Effective Date”). 
 WHEREAS, on and as of the date hereof the Restricted Shareholder is receiving
[                ] shares (the “Restricted Shares”) of the Company’s Common Stock, $0.0001 par value (the “Common Stock”) in a
liquidating distribution from Paulson Pianissimo LLC (“Paulson Pianissimo”); 
 WHEREAS, as a condition to the distribution
of the Restricted Shares to the Restricted Shareholder, the Company is requiring the Restricted Shareholder to execute and deliver this Agreement in order to continue certain restrictions as were in place with respect to the Restricted
Shareholder’s equity interest in Paulson Pianissmo prior to such liquidating distribution. 
 NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby covenant and agree as follows: 

1.        The Restricted Shareholder hereby accepts the Restricted Shares subject to all of the terms,
conditions and restrictions set forth in this Agreement. 
 2.        The Restricted Shareholder
hereby acknowledges and agrees that the Restricted Shares shall vest as follows: 
  

	 	•	 	 50% of the Restricted Shares, meaning
[                ] Restricted Shares, shall vest on April 30, 2023; and 

  

	 	•	 	 the remaining 50% of the Restricted Shares, meaning
[                ] Restricted Shares, shall vest on April 30, 2024. 

  

	 	•	 	 Following vesting, a Restricted Share shall no longer be subject to any of the restrictions provided in this
Agreement. 

 3.        Subject to Section 2, the following additional terms
shall apply to the Restricted Shares: 
  

	 	a.	 If the employment of the Restricted Shareholder with the Company or any subsidiary or affiliate thereof is
terminated by the Company or such subsidiary or affiliate without Cause (as defined below) or due to the death or Disability (as defined below) of the Restricted Shareholder, then the Restricted Shareholder (or, if applicable, the Restricted
Shareholder’s estate) shall be entitled to retain (i) the then currently vested Restricted Shares, plus (ii) such additional pro rata portion of the Restricted Shares equal to the product of (A)
[                ]1 Restricted Shares and (B) the ratio of (x) the number of days elapsed during the
period beginning on May 1 of the applicable vesting year and ending on 

  

	1 	 To be equal to the number of Restricted Shares that vest each year (i.e., 50% of total Restricted Shares).

	 	
the date of such termination of employment to (y) 365. For clarity, any non-vested portion of the Restricted Shares as of the date of such termination
(other than non-vested portion, if any, that accelerates pursuant to subclause (ii) above) shall be forfeited, automatically and without the need for any action on the part of any party, upon such
termination without Cause, or due to death or Disability. 

  

	 	b.	 If the employment of the Restricted Shareholder with the Company or any subsidiary or affiliate thereof is
terminated either by the Company or such subsidiary or affiliate with Cause (as defined below) or by the Restricted Stockholder for any reason (other than due to death or Disability), then the Restricted Stockholder shall be entitled to retain the
then currently vested Restricted Shares only. For clarity, any non-vested portion of the Restricted Shares as of the date of such termination shall be forfeited, automatically and without the need for any
action on the part of any party, upon such termination by the Company with Cause or by the Restricted Shareholder for any reason. 

  

	 	c.	 The Restricted Shareholder hereby acknowledges and agrees that no amounts were payable in respect of the
Restricted Stockholder’s Series B1 Membership Interest in Paulson Pianissimo prior to the Effective Date and all obligations of Paulson Pianissimo to the Restricted Stockholder, whether pursuant to its Operating Agreement dated July 19,
2021 or otherwise, have been satisfied in full by the distribution of the Restricted Shares, additional unrestricted shares of Common Stock, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, to
the Restricted Shareholder, subject to the terms, conditions and restrictions set forth in this Agreement. 

  

	 	d.	 The Restricted Shareholder hereby acknowledges and agrees that this Agreement and any obligations of the
Company under this Agreement, shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to such approvals by any
regulatory or governmental agency as may be required. The Restricted Shareholder agrees to take all steps that the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and non-U.S. securities law in exercising the Restricted Shareholder’s rights under this Agreement. 

  

	 	e.	 Any certificate or book-entry position representing an unvested Restricted Share will bear the following legend
until the Restricted Share becomes vested, at which time such legend shall, without the need for any action on the part of the Restricted Shareholder, be removed: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH
THE TERMS OF A SHARE RESTRICTION AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
  

	 	f.	 For purposes of this Agreement, “Cause” means: (A) Restricted Stockholder’s commission of a
felony or any crime involving dishonesty or theft; (B) conduct in connection with Restricted Stockholder’s employment duties or responsibilities that is fraudulent, unlawful or grossly negligent; (C) Restricted Stockholder’s
willful misconduct; (D) Restricted 

	 	
Stockholder’s contravention of specific lawful directions related to a material duty or responsibility which is directed to be undertaken by the Company or Paulson & Co., Inc.; (E)
Restricted Stockholder’s breach of his material obligation under that certain letter agreement by and between the Restricted Shareholder and Paulson & Co. Inc. effective as of May 1, 2016 (the “Letter Agreement”)
(for clarity, whether or not the Letter Agreement remains in force and effect), including, but not limited to, breach of Restricted Stockholder’s obligations under paragraphs 5 through 10 thereof, and Restricted Stockholder’s continued
inattention to or failure to perform adequately his duties as identified in paragraph 1 thereof; (F) any acts of dishonesty resulting or intending to result in Restricted Stockholder’s personal gain or enrichment at the expense of the
Company, Paulson & Co., Inc. or any affiliate entity thereof; or (H) Restricted Stockholder’s engaging in personal conduct which seriously discredits or damages, or could seriously discredit or damage, the Company,
Paulson & Co., Inc. or any affiliate entity thereof (including, but not limited to, harassment or discrimination of employees, or the use or possession at work of controlled substances). 

 

	 	g.	 For purposes of this Agreement, “Disability” means Restricted Stockholder’s inability to perform
the essential functions of his job as a result of physical or mental illness or injury for 90 days during any 180 day period. 

4.        This Agreement shall terminate and be of no further force and effect upon the later of
(i) the forfeiture of all unvested Restricted Shares pursuant to Section 3 of this Agreement and (ii) April 30, 2024. 

[Remainder of this page intentionally left blank; signature page follows.] 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly
executed this Share Restriction Agreement as of the Effective Date. 
  

			
	RESTRICTED SHAREHOLDER:
	
	  

	Benjamin Steiner
	
	COMPANY:
	
	STEINWAY MUSICAL INSTRUMENTS HOLDINGS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into as of the 16th day of May, 2008, by and between
ArkivMusic, LLC, a New York limited liability company (the “Company”), and Eric Feidner (the “Executive”). 

WHEREAS, the Executive is currently employed by the Company; 

WHEREAS, Steinway Musical Instruments, Inc. (“SMI”) has entered into an agreement with the Executive and
the other members of the Company to acquire 100% of the membership interests of the Company (the “Transaction”); and 

WHEREAS, it is a condition to SMI’s obligation to acquire the Company that the Executive enter into this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Term of Employment. The Company agrees to
employ the Executive and the Executive hereby agrees to accept employment, commencing effective on the date of the closing of the Transaction (the “Commencement Date”), and continuing until the third anniversary of such date
(the “Initial Term”), unless otherwise terminated in accordance with the terms set forth in Paragraph 7 of this Agreement. Thereafter, the Executive’s employment shall continue pursuant to the
terms of this Agreement until terminated in accordance with Paragraph 7 of this Agreement (the Initial Term, as it may be extended, the “Term”). 

2. Duties and Responsibilities. 

a. The Executive shall be employed as the President of the Company, and shall perform such duties as are from time to time assigned to him by
the Chief Executive Officer of SMI and that are ordinarily and customarily performed by a person holding such position. The Executive shall report to the Chief Executive Officer of SMI. 

b. During the Term, the Executive agrees to devote his entire business time, attention, energies and his best efforts to the performance of
his duties. 
 3. Compensation. 

a. For all services to be performed by the Executive during the Term, the Company shall pay to him, together with other compensation as
hereinafter provided, an annual salary (the “Base Salary”) of $153,000 (subject to such deductions and withholdings as may be required by law or by further agreement with the Executive), beginning on the Commencement Date.

 b. The Executive shall be eligible to receive annual salary increases and/or annual bonuses, based on his performance of his duties, but
any such increases or bonuses shall be in the sole and absolute discretion of SMI. 

 4. Benefits. In addition to any other items of compensation provided for in this
Agreement, the Executive shall be entitled to the following benefits (the “Benefits”): 
 a. The Executive shall be entitled
to participate in any life insurance, health, medical, disability or other plans or benefits, whether insured or self-insured, which SMI in its sole and absolute discretion may make available generally from time to time to executives of the Company.

 b. The Executive shall be entitled to vacation in accordance with SMI’s current vacation policy during each year of this Agreement.

 5. Reimbursement of Expenses. In accordance with SMI’s reimbursement policies, the Executive shall be entitled to be
reimbursed for all reasonable travel and entertainment expenses that are (i) incurred by him in the performance of his duties hereunder and (ii) evidenced by appropriate documentation. 

6. Restrictive Covenants. The Executive acknowledges that certain of the Company’s products and services are proprietary in nature
and have been manufactured, assembled and marketed through the use of customer lists, supplier lists, trade secrets, methods of operation and other confidential information possessed by the Company and disclosed in confidence to the Executive (the
“Trade Secrets”), which may not be easily accessible to other persons in the industry. The Trade Secrets shall not include information that is readily available to the general public, so long as such information did not
become available to the general public as a direct or indirect result of the Executive’s breach of this Paragraph 6. The Executive also acknowledges that he will have substantial and ongoing contact with the
Company’s customers and suppliers and will thereby gain knowledge of customer needs and references, sources of equity funding, sources of supply, methods of assembly and other valuable information necessary for the success of the Company’s
business. Therefore, during the time the Executive is employed under the provisions of this Agreement and until the date of the first anniversary of the termination of the Executive’s employment, the Executive shall not, without the prior
written consent of the Company: 
 a. Solicit any person employed by the Company or any affiliate of the Company, appointed as a
representative of the Company, or any affiliate of the Company, to join him as a partner, co-venturer, employee, investor or otherwise, in any substantial business activity whatsoever; 

b. Intentionally disclose or reveal any Trade Secrets or other confidential information of the Company to anyone which disclosure results in
harm to the Company; or 
 c. Engage in any Competitive Business Activity or become employed by, or associated with, any entity that owns,
operates, manages or has a substantial interest in any Competitive Business Activity, or exploits or utilizes any of the Trade Secrets (in any case, other than through an investment by the Executive in five percent (5%) or less of the equity
interest in any publicly-traded company on a fully diluted basis). For purposes hereof, “Competitive Business Activity” means the sale or delivery of pre-recorded classical or jazz
music or any other significant business in which the Company is engaged at the time of the Executive’s termination of employment. 

  
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 7. Termination. The Executive’s employment with the Company shall terminate upon
the earliest to occur of: (i) the Executive’s death or Disability; (ii) the termination of the Executive’s employment by the Company for Cause or without Cause and (iii) the termination of the Executive’s employment by
the Executive at any time for any reason whatsoever, including, without limitation, resignation or for Good Reason. 
 (a) For purposes of
this Agreement, the following terms shall have the following meanings: 
  

	 	(i)	 “Cause” shall mean (i) any felony committed by the Executive in connection with the
performance of the Executive’s duties to the Company that causes damage to the Company or any of its affiliates or any of their respective properties, assets or businesses; (ii) any fraud, misappropriation or embezzlement by the Executive
involving properties, assets or funds of the Company or any of its affiliates; (iii) a conviction of the Executive, or plea of nolo contendere by the Executive, to any crime of moral turpitude or offense involving monies or other
property of the Company or any of its affiliates; (iv) the violation by the Executive of any non-competition, non-solicitation or confidentiality agreement with the
Company or any of its affiliates, or (v) willful and repeated failure of the Executive to perform the duties required by this Agreement. 

  

	 	(ii)	 “Disability” shall mean a physical or mental incapacity that prevents the Executive from
performing the essential functions of his position with the Company for a period of one hundred eighty (180) or more days, whether or not consecutive, occurring within any period of twelve (12) consecutive months as determined (A) in
accordance with any long-term disability plan provided by SMI in which the Executive is a participant, or (B) by SMI based on the opinion of a licensed healthcare professional. 

 

	 	(iii)	 “Good Reason” shall mean the Executive’s resignation within sixty (60) days after
the occurrence of one or more of the following actions taken by SMI without the Executive’s consent: (A) a material and permanent diminution of the Executive’s duties and responsibilities to the Company, or (B) a material
decrease in the Executive’s Base Salary. 

 (b) Upon any termination of the Executive’s employment, he shall be
entitled to payment of any earned but unpaid portion of the Base Salary, vested benefits in accordance with any Company benefit plans in which the Executive is a participant, and unreimbursed business expenses in accordance with applicable Company
policy, in each case with respect to the period ending on the date of termination (the “Termination Payments”). 
 (c) In
addition to the Termination Payments provided in Paragraph 7(b), if and only if the Executive’s employment is terminated during the Initial Term due to (i) Death, (ii) Disability, (iii) by the
Company without Cause or (iv) by the Executive for Good Reason, then the Company shall pay the Executive in equal monthly installments during the remainder of the Initial Term severance compensation equal to the monthly amount of Base Salary
that would have otherwise been paid the Executive during the balance of the Initial Term. In the event that the Executive’s employment is terminated due to any of the foregoing reasons after the expiration of the Initial Term, the Company shall
pay the Executive severance compensation equal to six (6) months of Base Salary, payable by the Company in six equal monthly installments. 

  
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 (d) Notwithstanding anything contained in this Paragraph 7,
the right to any payment provided for in Paragraph 7(c) shall be conditioned upon the execution and delivery by the Executive of a general release of claims, substantially in the form attached hereto as
Exhibit A (the “Release”), in favor of the Company and its affiliates, which general release remains unrevoked after the end of any statutorily required period; provided, the payment provided for in
Paragraph 7(c) shall not be conditioned upon the execution and delivery of the Release in the event of the Executive’s death or Disability. 

8. Indemnification. The Company agrees to indemnify the Executive to the same extent that the Company agrees to indemnify other
officers and directors of the Company in their capacity as such. The Company further agrees that such indemnification shall survive the Executive’s resignation, termination or expiration of this Agreement, with respect to actions taken by him
during his employment with the Company, unless such actions could have been grounds for termination for Cause. 
 9. Employment Benefits
to Continue After Termination. If the Executive’s employment is terminated by the Company or by his resignation, he shall be entitled to continue to participate in any health and medical plans maintained by the Company at his employee rate
if he so elects and pays the premium cost of such insurance in advance to the Company until such time as he becomes a participant in another plan or for an additional period of time in accordance with governmental laws and regulations. The Company
is not obligated to maintain any such benefit plans under this Agreement. 
 10. Entire Agreement. This Agreement constitutes the
entire understanding between the parties in connection with the subject matter hereof and supersedes any and all prior agreements or understandings between the parties. This Agreement may only be changed by a written instrument duly executed by each
party. 
 11. Binding Nature of Agreement Assignment. This Agreement shall be binding upon the parties hereto, the heirs and legal
representatives of the Executive and the successors and assigns of the Company. 
 12. Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof. 

13. Construction and Jurisdiction. 

a. If any legal action relating to or other proceeding is brought by any party for the enforcement of this Agreement, or because of an alleged
dispute, breach or default in connection with any provisions of this Agreement, such action shall be commenced in the State of Delaware, and the parties hereto agree that such State shall have exclusive jurisdiction thereof. 

  
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 b. The prevailing party shall be entitled to recover reasonable attorney’s fees and
other reasonable costs incurred in such action or proceeding in addition to any other relief to which it may be entitled. 
 c. The parties
hereby further agree that, in connection therewith, service of process by registered or certified mail or in person shall confer jurisdiction over them. 

14. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof,
and this Agreement shall be construed in all respects as if such invalid or unenforceable provision or provisions were omitted. 
 15.
Paragraph Headings. The section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof. 

16. Waiver of Breach. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed
as a waiver by said party of any other or subsequent breach. 
 17. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 18.
Notices. All notices and other communications required or permitted to be given under the terms of this Agreement shall be given in writing and shall be deemed to have been duly given (a) when delivered personally, (b) if sent by
telecopy, when receipt thereof is acknowledged at the telecopy number listed below for the receiving party, (c) the day following the day on which the same has been delivered prepaid for overnight delivery to a national air courier service or
(d) three (3) days following deposit in the United States mail, registered or certified, postage prepaid, in each case addressed as follows (or to such other addresses that may have been designated by the respective parties hereto for this
purpose): 
  

					
			
	 If to the Executive:
  

341 Newtown Turnpike

Wilton, CT 06897
 Fax:
                                         
       
	  	 With a copy to:
  

McCausland Keen & Buckman
 Radnor Court, Suite 160

259 North Radnor-Chester Rd.
 Radnor, PA 19087

Fax:**********
 Attn: Christopher F. Wright, Esq.
	  	
			
	 If to the Company:
  

c/o Steinway Musical Instruments, Inc.

800 South Street, Suite 305

Waltham, MA 02453

Fax:**********
 Attention:
Dennis M. Hanson
	  	 With a copy to:
  

Milbank, Tweed, Hadley & McCloy LLP
 601 South Figueroa
Street, 30th Floor
 Los Angeles, CA 90017
 Fax:**********

Attention: Neil J Wertlieb, Esq.
	  	

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written. 
  

			
	ARKIVMUSIC, LLC
		
	By:	 	/s/ Dennis M. Hanson
		 	 Dennis M. Hanson
 Executive Vice
President

	
	EXECUTIVE
	
	/s/ Eric Feidner
	Eric Feidner

  
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