Document:

Exhibit 10.4 

 

Execution Version

 

FORM OF LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of July 5, 2021 by and among (i) Satellogic Inc., a business company
with limited liability incorporated under the laws of the British Virgin Islands (“PubCo”), (ii) CF Acquisition
Corp. V, a Delaware corporation (“SPAC”) and (iii) the undersigned (“Holder”). Any
capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as defined
below).

 

WHEREAS, on or about
the date of this Agreement, PubCo, SPAC, Ganymede Merger Sub 1 Inc., a business company with limited liability incorporated under the
laws of the British Virgin Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), Ganymede
Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”) and
Nettar Group, Inc. a business company with limited liability incorporated under the laws of the British Virgin Islands (“Company”),
are entering into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger
Agreement”), pursuant to which, among other matters, upon the consummation of the transactions contemplated thereby (the
“Closing”), Merger Sub 1 will merge with and into the Company, with the Company continuing as the surviving
entity and a wholly-owned subsidiary of PubCo (the “Initial Merger”), and Merger Sub 2 will merge with and into
SPAC, with SPAC continuing as the surviving entity and a wholly-owned subsidiary of PubCo (the “Acquisition Merger”),
and as a result of which all of the issued and outstanding capital stock of each of the Company and SPAC immediately prior to the Closing
shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right to receive newly
issued PubCo Ordinary Shares, all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with
the applicable provisions of the DGCL and the BVI Act, as applicable;

 

WHEREAS, as of the
date hereof, Holder is a holder of Company Shares, Company Options and/or Convertible Equity Instruments in such amounts and classes or
series as set forth underneath Holder’s name on the signature page hereto; and

 

WHEREAS, pursuant to
the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties desire to enter into this Agreement, pursuant to which the PubCo Ordinary Shares and/or Assumed Options to be received by Holder
as consideration in the Merger, including any PubCo Ordinary Shares underlying the Assumed Options, and further including any other securities
held by the Holder immediately following the Merger which are convertible into, or exercisable, or exchangeable for, PubCo Ordinary Shares
(all such securities, together with any securities paid as dividends or distributions with respect to such securities or into which such
securities are exchanged or converted, but not including any shares issued in connection with the PIPE Subscription Agreements, the “Restricted
Securities”) shall become subject to limitations on disposition as set forth herein.

 

     

     

    

 

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

 

1. Lock-Up
Provisions.

 

(a) Holder
hereby agrees not to, without the prior written consent of PubCo in accordance with Section 2(h), during the period (the “Lock-Up
Period”) commencing from the Closing and ending on the earlier of (A) the one (1) year anniversary of the date of the Closing;
(B) the date on which the closing price of the PubCo Ordinary Shares on the stock exchange on which the PubCo Ordinary Shares are listed
equals or exceeds $20.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 180 days after the date hereof; (C) with respect to 25% of the
Restricted Securities owned by Holder, the date on which the closing price of the PubCo Ordinary Shares on the stock exchange on which
the PubCo Ordinary Shares are listed equals or exceeds $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after the date hereof
and (B) subsequent to the Closing, the date on which PubCo consummates a liquidation, merger, capital stock exchange, reorganization,
or other similar transaction that results in all of PubCo’s shareholders having the right to exchange their PubCo Ordinary Shares
for cash, securities or other property: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC
promulgated thereunder, with respect to any Restricted Securities owned by Holder, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities owned by Holder,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction specified in clause (i) or (ii) (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Holder
(each, a “Permitted Transferee”):

 

(i) in
the case of an entity, transfers (A) to another entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act
of 1933, as amended) of the undersigned, (B) as part of a distribution to members, partners or shareholders of the undersigned and (C)
to officers or directors, any current or future affiliate or family member of any of Holder’s officers or directors, or to any member(s),
officers, directors or employees of Holder or any of its current or future affiliates;

 

(ii) in
the case of an individual, transfers by gift to members of the individual’s immediate family or to a trust, the beneficiary of which
is a member of one of the individual’s immediate family, an affiliate of such person or to a charitable organization;

 

(iii) in
the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual;

 

(iv) in
the case of an individual, transfers by operation of law or pursuant to a court order, such as a qualified domestic relations order, divorce
decree or separation agreement;

 

(v) in
the case of an individual, transfers to a partnership, limited liability company or other entity of which the undersigned and/or the immediate
family (as defined below) of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar
interests;

 

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(vi) in
the case of an entity that is a trust, transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

 

(vii) in
the case of an entity, transfers by virtue of the laws of the state of the entity’s organization and the entity’s organizational
documents upon dissolution of the entity;

 

(viii) the
exercise of stock options or warrants to purchase PubCo Ordinary Shares or the vesting of stock awards of PubCo Ordinary Shares and any
related transfer of PubCo Ordinary Shares to PubCo in connection therewith for the purpose of paying the exercise price of such options
or warrants or for paying taxes due as a result of the exercise of such options or warrants, the vesting of such options, warrants or
stock awards, or as a result of the vesting of such PubCo Ordinary Shares, it being understood that all PubCo Ordinary Shares received
upon such exercise, vesting or transfer will remain subject to the restrictions of this Lock-Up Agreement during the Lock-Up Period;

 

(ix) Transfers
to PubCo pursuant to any contractual arrangement in effect at the effective time of the Merger that provides for the repurchase by PubCo
or forfeiture of PubCo Ordinary Shares or other securities convertible into or exercisable or exchangeable for PubCo Ordinary Shares in
connection with the termination of the Holder’s service to PubCo; and

 

(x) the
entry, by the Holder, at any time after the effective time of the Merger, of any trading plan providing for the sale of PubCo Ordinary
Shares by the Securityholder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act; provided, however, that
such plan does not provide for, or permit, the sale of any PubCo Ordinary Shares during the Lock-Up Period and no public announcement
or filing is voluntarily made or required regarding such plan during the Lock-Up Period;

 

provided, however, that it
shall be a condition to any transfer pursuant to clauses (i) through (vii) above that the Permitted Transferee of such Transfer shall
enter into a written agreement, in substantially the form of this Lock-Up Agreement (it being understood that any references to “immediate
family” in the agreement executed by such transferee shall expressly refer only to the immediate family of the Holder and not to
the immediate family of the transferee), stating that such permitted transferee is receiving and holding the Lock-Up Shares subject to
the provisions of this Lock-Up Agreement, and that there shall be no further transfer of such Lock-Up Shares except in accordance with
this Lock-Up Agreement. For purposes of this paragraph 2, “immediate family” shall mean a spouse, domestic partner, child
(including by adoption), father, mother, brother or sister, in each case, of the undersigned, and lineal descendant (including by adoption)
of the undersigned or of any of the foregoing persons; and “affiliate” shall have the meaning set forth in Rule 405 under
the Securities Act of 1933, as amended. Holder further agrees to execute such agreements as may be reasonably requested by PubCo that
are consistent with the foregoing or that are necessary to give further effect thereto.

 

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

 

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

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF JULY 5, 2021, BY AND AMONG
THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), THE ISSUER’S SECURITY HOLDER NAMED THEREIN AND CERTAIN OTHER PARTIES NAMED
THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.”

 

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

 

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

 

(e) Holder hereby
acknowledges and agrees that, upon the Closing, each of Holder’s Company Options outstanding immediately prior to the Closing,
whether vested or unvested, shall automatically and without any required action on the part of Holder or any other beneficiary
thereof, be converted into Assumed Options in accordance with Section 2.2(g)(iii) of the Merger Agreement, as applicable, and
without any right or claim to any further equity or other compensation with respect to such Company Options.

 

(f) Holder
shall be free to engage in transactions relating to PubCo Ordinary Shares or other securities convertible into or exercisable or exchangeable
for PubCo Ordinary Shares acquired in open market transactions after the effective time of the Merger, provided, that no such transaction
is required to be, or is, publicly announced (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G
or 13G/A) during the Lock-Up Period.

 

2. Miscellaneous.

 

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

 

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

 

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

 

(d) Governing
Law; Jurisdiction; Waiver of Jury Trial. Sections 11.7 and 11.14 of the Merger Agreement shall apply to this Agreement mutatis
mutandis.

 

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

 

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

 

	
    If to SPAC prior to the Closing, to: 

     
	
    CF Acquisition Corp. V

    110 East 59th Street

    New York, New York 10022

    Attention: Chief Executive Officer

    Email: CFV@cantor.com

     

    and

     

    Hughes Hubbard & Reed LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Ken Lefkowitz

    Email: ken.lefkowitz@hugheshubbard.com

     

	
    If to SPAC from and after the Closing, to:

    If to PubCo prior to the Closing, to:

     

     
	
    Email: ceo@satellogic.com, gc@@satellogic.com

    Attention: Emiliano Kargieman

     

    with a copy (which shall not constitute notice) to:

    Friedman Kaplan Seiler & Adelman LLP

     

    7 Times Square

    New York, NY 10036-6516

    Email: areindel@fklaw.com

    Attention: Asaf Reindel

     

    and

     

    Greenberg Traurig LLP

    333 SE 2nd Avenue

    Suite 4400

    Miami, FL 33131

    Email: annexa@gtlaw.com

    Attention: Alan I. Annex

     

	
    If to PubCo from and after the Closing, to:

     

    Email: ceo@satellogic.com, gc@satellogic.com

    Attention: Emiliano Kargieman

     
	
    With copies (which shall not constitute notice) to:

     

    Friedman Kaplan Seiler & Adelman LLP

    7 Times Square

    New York, NY 10036-6516

    Email: areindel@fklaw.com

    Attention: Asaf Reindel

     

    and

     

    Greenberg Traurig LLP

    333 SE 2nd Avenue

    Suite 4400

    Miami, FL 33131

    Email: annexa@gtlaw.com

    Attention: Alan I. Annex

     

    and

     

    CFAC Holdings V, LLC

    110 East 59th Street

    New York, New York 10022

    Attention: Chief Executive Officer

    Email: CFV@cantor.com

     

    and

     

    Hughes Hubbard & Reed LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Kenneth Lefkowitz

    Email: ken.lefkowitz@hugheshubbard.com

     

	If to Holder, to: the address set
    forth below Holder’s name on the signature page to this Agreement.

 

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

 

(h) Authorization
on Behalf of PubCo. The parties acknowledge and agree that notwithstanding anything to the contrary contained in this Agreement, any
and all determinations, actions or other authorizations under this Agreement on behalf of PubCo from and after the Closing, including
enforcing PubCo’s rights and remedies under this Agreement, or providing any waivers or amendments with respect to this Agreement
or the provisions hereof, shall solely be made, taken and authorized by, or as directed by CFAC Holdings V, LLC (the “Sponsor”);
provided that the Sponsor may, without being required to obtain the consent of any party hereto, assign all of its rights under
this Agreement to any Affiliate of the Sponsor to whom the Sponsor’s PubCo Ordinary Shares are transferred after the Closing in
compliance with any applicable contractual or legal requirments. Without limiting the foregoing, in the event that Holder or Holder’s
Affiliate serves as a director, officer, employee or other authorized agent of PubCo or any of its current or future Affiliates, Holder
and/or Holder’s Affiliate shall have no authority, express or implied, to act or make any determination on behalf of PubCo or any
of its current or future Affiliates in connection with this Agreement or any dispute or Action with respect hereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	PubCo:
	 	 	 
	 	Satellogic Inc. 
	 	 	 
	 	By:	             
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	SPAC:
	 	 	 
	 	CF Acquisition Corp. V
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

[Signature Page to Lock-Up Agreement between PubCo, SPAC and Holder
(Project Ganymede)]

 

    7

     

    

 

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

 

	Holder:	 
	 	 	 
	Name of Holder: [ _____________________ ]	 
	 	 	 

 

	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

	
    Number and Type of Company Securities:

     

    Company Ordinary Shares:  _______________________________________________________

     

    Company Preference Shares: ______________________________________________________

     

                                                      ______________________________________________________

     

                                                      ______________________________________________________

     

    Company Options:                 ______________________________________________________

     

                                                      ______________________________________________________

     

                                                      ______________________________________________________

     

    Convertible Equity Instruments1:__________________________________________________

     

                                                      ______________________________________________________

     

    Address for Notice:

     

    Address:_________________________________
 ________________________________________

    ________________________________________

    Facsimile No.:_____________________________

    Telephone No.:____________________________

    Email:___________________________________

     

 

 

1
NTD: To include number of preference shares the note holder would be entitled to receive of Company Ordinary Shares
on an as converted basis prior to the Closing.

 

 

 

[Signature Page to Lock-Up Agreement between [PubCo], SPAC and Holder
(Project Ganymede)]Exhibit 10.5

 

Execution Version

 

SERIES X PREFERENCE SHAREHOLDER AGREEMENT

 

This SERIES X PREFERENCE SHAREHOLDER
AGREEMENT (this “Agreement”) is made and entered into as of July 5, 2021 by and among the persons identified on Schedule
I hereto (each, a “Shareholder” and collectively the “Shareholders”), CF Acquisition Corp. V, a
Delaware corporation (“SPAC”), Satellogic Inc., a business company with limited liability incorporated under the laws
of the British Virgin Islands (“PubCo”) and Nettar Group, Inc., a business company with limited liability incorporated
under the laws of the British Virgin Islands (the “Company”). Capitalized terms used but not defined herein have the
meanings assigned to them in the Agreement and Plan of Merger dated as of the July ___, 2021 (as amended from time to time, the “Merger
Agreement”) by and among PubCo, SPAC, Ganymede Merger Sub 1 Inc., a business company with limited liability incorporated under
the laws of the British Virgin Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), Ganymede Merger
Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”) and the Company.
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS, each Shareholder
owns the number of Series X Preference Shares of the Company, par value $0.00001 per share, set forth next to the name of such Shareholder
on Schedule I (the “Series X Shares”).

 

NOW, THEREFORE, in consideration
of the representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto agree as follows:

 

Section 1Agreement
to Not Redeem. Subject to the occurrence of the Closing under the Merger Agreement, each Shareholder agrees that (i) notwithstanding
anything contained in (x) Regulation 26 of the Company Articles or any other provision thereof, (y) the Company Memorandum, or (z) any
other agreement to which such Shareholder is a party, such Shareholder waives its right to redeem (or require the Company to redeem),
and any obligation of the Company to redeem, the Series X Shares owned by such Shareholder, and (ii) the Series X Shares owned by such
Shareholder shall automatically (without any further action on the part of the Company, such Shareholder or any person or entity) convert
at the Initial Merger Effective Time into such number of newly issued PubCo Class A Ordinary Shares as set forth in the Company Governing
Documents. For illustration purposes only, if such Shareholder acquired 1,000 Series X Shares (at a per of $10 per share) on April 23,
2021, and Initial Merger Effective Time falls on October 23, 2021, and assuming a SPAC Transaction Conversion Price (as defined in the
Company Memorandum) of $10, such Shareholder shall be entitled to receive 1,035 PubCo Class A Ordinary Share (taking into account the
cumulative dividend on the Series X Shares at the Series X Dividend Rate for such six-month period).

 

     

     

    

 

Section 2Additional
Shares. In the event the Adjustment Period VWAP is less than $10.00 per PubCo Class A Ordinary Share, each Shareholder shall be entitled
to receive a number of additional PubCo Class A Ordinary Shares equal to the product of (x) the sum of the PubCo Class A Ordinary Shares
that such Shareholder holds through the Effectiveness Date, multiplied by (y) a fraction, (A) the numerator of which is $10.00 minus the
Adjustment Period VWAP, and (B) the denominator of which is the Adjustment Period VWAP (such additional shares, the “Shareholder
Additional Shares”); provided that in the event the Adjustment Period VWAP is less than $8.00, the Adjustment Period
VWAP for purposes of this calculation shall be deemed to be $8.00 (i.e., in no event shall the number of Shareholder Additional Shares
exceed 25% of the number of PubCo Class A Ordinary Shares that such Shareholder holds through the Effectiveness Date).

 

Definitions: for the purpose
of this Section 2:

 

“Adjustment Period”
shall mean the 30 calendar day period ending on (and including) the Effectiveness Date.

 

“Adjustment Period
VWAP” means the volume weighted average price of a PubCo Class A Ordinary Share, as reported on the Trading Market, determined
for the Trading Days that occur during the Adjustment Period (as reported on Bloomberg).

 

“Effectiveness Date”
means the date on which the registration statement registering the resale of the PubCo Ordinary Shares issued pursuant to the PIPE Subscription
Agreements is declared effective by the Securities and Exchange Commission.

 

“Trading Day”
means any day on which the Trading Market is open for trading.

 

“Trading Market”
means the national stock exchange on which the Issuer Shares are listed for trading, which shall be either Nasdaq Stock Market (“Nasdaq”)
or The New York Stock Exchange (“NYSE”).

 

“PubCo Class A Ordinary
Shares” means Class A Ordinary Shares of PubCo, par value $0.0001 per share.

 

Section 3No
Transfers.

 

(a) Each
Shareholder hereby agrees not to, during the period beginning on the date of this Agreement and terminating when this Agreement terminates
in accordance with Section 4.5 hereof, Transfer (as defined below), or cause to be Transferred, any Series X Shares owned of record or
beneficially by such Shareholder, or any voting rights with respect thereto (“Subject Securities”), or enter into any
Contract with respect to conducting any such Transfer. Any Transfer or attempted Transfer of any Subject Securities in violation of any
provision of this Agreement shall be void ab initio and of no force or effect. “Transfer” means (i) any direct
or indirect sale, tender pursuant to a tender or exchange offer, assignment, encumbrance, disposition, pledge, hypothecation, gift or
other transfer (by operation of law or otherwise), either voluntary or involuntary, of any capital stock, options or warrants or any interest
or (ii) in respect of any capital stock, options or warrants or interest (including any beneficial ownership interest) in any capital
stock, options or warrants to directly or indirectly enter into any swap, derivative or other agreement, transaction or series of transactions,
in each case referred to in this clause (ii) that has an exercise or conversion privilege or a settlement or payment mechanism determined
with reference to, or derived from the value of, such capital stock, options or warrants and that hedges or transfers, in whole or in
part, directly or indirectly, the economic consequences of such capital stock, options or warrants or interest (including any beneficial
ownership interest) in capital stock, options or warrants whether any such transaction, swap, derivative or series of transactions is
to be settled by delivery of securities, in cash or otherwise. A “Transfer” shall not include the transfer of Subject
Securities by a Shareholder to such Shareholder’s estate, such Shareholder’s immediate family, to a trust for the benefit
of such Shareholder’s family, upon the death of such Shareholder or to an Affiliate of such Shareholder (each such transferee a
“Permitted Transferee” and each such transfer, a “Permitted Transfer”). As a condition to any Permitted
Transfer, the applicable Permitted Transferee shall be required to become a party to this Agreement by signing a joinder agreement hereto
in form and substance reasonably satisfactory to the Company (a “Joinder”). References to “the parties hereto”
and similar references shall be deemed to include any later party signing a Joinder.

 

(c) Each
Shareholder hereby agrees not to, and not to permit any Person under such Shareholder’s control to deposit any of such Shareholder’s
Series X Shares in a voting trust or subject any of the Shareholder Shares owned beneficially or of record by such Shareholder to any
arrangement with respect to the voting of such Series X Shares other than agreements entered into with the Company.

 

    -2-

     

    

 

Section 4General.

 

4.1. Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (a) when delivered
in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested,
postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service, or (d) when delivered by email
during normal business hours at the location of the recipient, and otherwise on the next following Business Day, addressed as follows:

 

If to SPAC:

 

CF Acquisition Corp. V

110 East 59th Street

New York, NY 10022

Attention: Chief Executive Officer

Email: CFV@cantor.com

 

with a copy to (which shall not constitute notice):

 

Hughes Hubbard & Reed LLP

One Battery Park Plaza

New York, NY 10004

Attention: Kenneth A. Lefkowitz

Facsimile: +1 212 299-6557

Email: ken.lefkowitz@hugheshubbard.com

 

    -3-

     

    

 

If to the Company or PubCo:

 

Nettar
Group Inc.

Email: ceo@satellogic.com, gc@satellogic.com

Attention: Emiliano Kargieman

 

with a copy (which shall not constitute notice) to:

 

Friedman Kaplan Seiler & Adelman LLP

7 Times Square

New York, NY 10036-6516

Email: areindel@fklaw.com

Attention: Asaf Reindel

 

and

 

Greenberg Traurig LLP

333 SE 2nd Avenue

Suite 4400

Miami, FL 33131

Email: annexa@gtlaw.com

Attention: Alan I. Annex

 

If to a Shareholder,
at such Shareholder’s address set forth on Schedule I

 

with a copy (which shall
not constitute notice) to:

 

Friedman Kaplan Seiler & Adelman LLP

7 Times Square

New York, NY 10036-6516

Email: areindel@fklaw.com

Attention: Asaf Reindel

 

and

 

Greenberg Traurig LLP

333 SE 2nd Avenue

Suite 4400

Miami, FL 33131

Email: annexa@gtlaw.com

Attention: Alan I. Annex

 

4.2 Governing
Law; Jurisdiction; Waiver of Jury Trial; Other Provisions. Sections 11.2, 11.4, 11.7, 11.8, and 11.10
through 11.15 of the Merger Agreement shall apply to this Agreement mutatis mutandis.

 

    -4-

     

    

 

4.3 Failure
or Delay Not Waiver; Remedies Cumulative. No provision of this Agreement may be waived except by a written instrument signed by the
party against whom such waiver is to be effective. Any agreement on the part of a party to any such waiver shall be valid only if set
forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. No failure or delay on the
party of any party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of or acquiescence in,
any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude any
other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and
not exclusive of any rights or remedies otherwise available.

 

4.4 Costs
and Expenses. Each party to this Agreement will pay his, her or its own costs and expenses (including legal, accounting and other
fees) relating to the negotiation, execution, delivery and performance of this Agreement.

 

4.5. Termination.
This Agreement shall terminate on the earlier to occur of (a) the Closing, or (b) the termination of the Merger Agreement in
accordance with its terms; provided, however, that no termination of this Agreement shall relieve or release any Shareholder
from any obligations or liabilities arising out of such Shareholder’s breaches of this Agreement prior to such termination.

 

[The next page is the signature page]

 

    -5-

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Series X Preference Shareholder Agreement as of the date first written above.

 

	 	CF ACQUISITION CORP. V
	 	 	 
	 	By:	 
	 		Name:
	 		Title:
	 	 	 
	 	SATELLOGIC INC.
	 	 	 
	 	By:	 
	 		Name:
	 		Title:
	 	 	 
	 	NETTAR GROUP, INC.
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

 

 

[Signatures continue on following pages]

 

[Signature Page to Series X Preference Shareholder
Agreement]

 

     

     

    

 

	 	 	 
	 	 	[SHAREHOLDER]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Series X Preference Shareholder
Agreement]

 

     

     

    

 

SCHEDULE I

 

	Shareholder & Notice Address	 	Number of Series X Shares	 	Beneficial or Record Ownership
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

Exhibit A

Form of Spousal Consent

 

SERIES X PREFERENCE SHAREHOLDER AGREEMENT

SPOUSAL CONSENT

 

I ____________________, spouse of ____________________,
have read and approve the foregoing Series X Preference Shareholder Agreement, dated as of date hereof, by and among my spouse, CF Acquisition
Corp. V, Satellogic Inc. and Nettar Group Inc., by and among my spouse and Satellogic Inc. (collectively, the “Agreements”).
In consideration of the terms and conditions as set forth in the Agreements, I hereby appoint my spouse as my attorney-in-fact with respect
to the exercise of any rights and obligations under the Agreements, and agree to be bound by the provisions of the Agreements insofar
as I may have any rights or obligations in the Agreements under the community property laws or similar laws relating to marital or community
property in effect in the state of our residence as of the date of the Agreements.

 

Date _____________________________________________

 

Signature of Spouse _________________________________

 

Printed Name of Spouse ______________________________

 

WITNESSED BY:

 

Date ____________________________________________

 

Signature ________________________________________

 

Printed Name _____________________________________

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