Document:

Exhibit 10.18

 

EMPLOYMENT AND

PROTECTIVE COVENANTS AGREEMENT

 

This EMPLOYMENT AND
PROTECTIVE COVENANTS AGREEMENT (this “Agreement”), effective as of May 22, 2017 (Effective Date),
is between Grosvenor Capital Management, L.P., an Illinois limited partnership (“Employer”), and Francis
ldehen (“Employee”);

 

WHEREAS, Employer desires
to employ Employee and Employee desires to accept such employment on the terms and subject to the conditions set forth below; and

 

WHEREAS, Employee’s
first day of employment with Employer will be on the Effective Date.

 

NOW, THEREFORE, it
is hereby agreed as follows:

 

§1 EMPLOYMENT.
Effective on the Effective Date, Employer hereby agrees to employ Employee, and Employee hereby accepts such employment, upon the
terms and subject to the conditions set forth in this Agreement.

 

§2. FREEDOM
TO CONTRACT; REPRESENTATIONS. 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 (as defined in §12 below) other than the noncompetition and nonsolicitation agreements set forth in this Agreement,
(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, and (iv) Employee is not a party
to or bound by any confidentiality or nondisclosure agreement or obligation except as previously disclosed to Employer in writing,
and Employee agrees with Employer not to use or disclose any information in violation of any such agreement or obligation, if any.

 

§3. POSITION.

 

(a) Position.
During the Initial Term (as defined in §4 below), Employee shall be employed as Managing Director, Chief Operating Officer
of Employer and such position shall be a member of Employer’s executive team (currently known as “The Office of the
Chairman”). In that capacity, Employee shall have the responsibilities and duties assigned by Employer and shall act only
within the scope of the authority granted. Employee’s title and/or job duties may change at Employer’s sole discretion.

 

(b) Commitment.
Employee agrees to devote his/her full time and best efforts to the performance of his/her duties to Employer while employed by
Employer. Employee will comply with all lawful policies and procedures established by Employer from time to time. Employee shall
not engage in any activities that conflict with, or create an appearance of conflict with respect to the interests of Employer
or any of the members of the GCM Group (as defined in §8 below).

 

     

     

    

 

§4. TERM OF
EMPLOYMENT; POST EMPLOYMENT CONSULTING. 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 the period commencing upon the date that Employee first ceases to be employed by Employer or an Affiliate (as defined in §8
below) of Employer (the “Employment Termination Date”) for any reason
(other than a termination resulting from an event described in §6(a) or §6(b)) and ending on the end of the 12th
full calendar month following said Employment Termination Date (such period, the “Post-Employment
Consulting Period”), Employee shall consult 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) Base Salary; Benefits; Expense Reimbursements. After the Effective Date and while Employee is employed, in consideration
for the services of Employee, Employer shall compensate Employee and provide benefits to Employee as determined by Employer; provided,
however, that (A) during the Initial Term the rate of base salary shall be Five Hundred Thousand U.S. Dollars ($500,000)
per year (the “Minimum Base Salary”), (B) Employer shall offer to
Employee 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’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, subject to the following sentence, Employer shall reimburse Employee for all
reasonable expenses of the types authorized by Employer and incurred by Employee in the performance of his/her 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. During the Initial Term Employee shall also be eligible to participate in various long term incentive programs offered
to senior executives from time to time (it being understood and agreed that Employee’s participation in any Employer long
term incentive program shall be in the discretion of Employer). Employee shall be entitled to 4 weeks of paid vacation per calendar
year.

 

(ii) Annual Bonus.
For each 12-month period (or portion thereof) ending February 28, commencing with the period ending February 28, 2018 (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 sole discretion of
Employer (the “Annual Bonus”); provided, however,
that (x) the Annual Bonus for the Bonus Period ending February 28, 2018 shall be Five Hundred Thousand U.S. Dollars ($500,000)
and (y) the Annual Bonus for the Bonus Period ending February 28, 2019 shall be Five Hundred and Fifty Thousand U.S. Dollars ($550,000)
((x) and (y) each a “Minimum Annual Bonus”). Employer may increase
the Minimum Annual Bonus in its sole discretion. The Annual Bonus for a Bonus Period, if any, shall be determined and paid to
Employee in a lump sum not later than the 45th day after the end of the Bonus Period. Notwithstanding anything to the
contrary in this §5(a)(ii), except as provided in §7(c) with respect to a Minimum Annual Bonus, the Annual 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.

 

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(iii) Sign-On Bonus.
As additional consideration for Employee entering into this Agreement and the covenants and other undertakings of Employee set
forth in this Agreement, Employee shall receive a one-time sign-on bonus (“Sign-On Bonus”)
of $900,000, as reimbursement to Employee of his/her forfeited “PSUs” and “RSUs” from his/her previous
employer. The Sign-On Bonus shall be paid as follows: (i) Three Hundred Thousand U.S. Dollars ($300,000) within 30 days of the
first year anniversary of the Effective Date; (ii) Three Hundred Thousand U.S. Dollars ($300,000) within 30 days of the second
year anniversary of the Effective Date; and (iii) Three Hundred Thousand U.S. Dollars ($300,000) within 30 days of the third year
anniversary of the Effective Date. If Employee’s employment is terminated by Employer under any of the circumstances described
in§ 7(b) or by Employee under§ 7(d) prior to the three year anniversary of the Effective Date, he/she shall repay to
Employer any paid Sign-On Bonus no later than 30 days following the effective date of termination. The Sign-On Bonus shall be subject
to tax deductions required by law.

 

(iv) Holdings Profits
Participation. As additional consideration for Employee entering into this Agreement and the covenants and other undertakings
of Employee set forth in this Agreement, no later than 30 days following the Effective Date, Employee will be admitted as a member
of Grosvenor Holdings, L.L.C. pursuant to the terms and conditions set forth in a Participation Certificate issued pursuant to
the Second Amended and Restated Operating Agreement of Grosvenor Holdings, L.L.C. (“Holdings
Participation”).

 

(b)
Post-Employment Consulting Compensation. Subject to the further provisions of this §5(b), 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 Consulting Period, Employer shall pay to Employee in full
compensation for Employee’s consulting services hereunder rendered during the Post Employment Consulting Period, a consulting
fee at the annual rate of Two Hundred and Fifty Thousand U.S. Dollars ($250,000) (“Post-Employment Consulting Compensation”),
payable in equal monthly installments; provided that if Employee is entitled to receive a continuation of his/her Minimum Base
Salary following said termination of employment pursuant to §7(c), the amount of the Post-Employment Consulting Compensation
payable for any month during the Post-Employment Consulting Period, shall be reduced (but not below zero) by the amount of the
total salary continuation payable to employee for such month. 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 Consulting
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 Post
Employment Consulting Compensation shall commence with the month following the month in which Employee has a Separation from Service
within the meaning of Treas. Reg. §l.409A-l(h)(l) based on the level of bona fide services it is anticipated Employee will
perform for Employer. Employee’s entitlement to and right to receive any Post Employment Consulting Compensation is conditioned
upon Employee’s execution and delivery to the Employer of (and non-revocation of) a separation agreement that includes a
general release, in the form that is then in use by Employer for such purposes. 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, or fails to timely sign the separation agreement referred to above, Employer may cease paying any unpaid installments
of Post-Employment Consulting Compensation; provided, however, that such nonpayment of Post-Employment Consulting Compensation
shall not relieve Employee of his/her obligations under §8 or §9 of this Agreement.

 

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

 

(a) Death or Disability.
Upon the death of Employee during his/her 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/her ability to perform his/her duties under this Agreement. Any failure or refusal by Employee to submit to a medical
examination for the purpose of certifying whether he/she 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 indicted for or 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/her 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 (B) impairs or has the potential to impair Employee’s ability to perform
his/her duties hereunder in a satisfactory manner, which, if curable, remains uncured following ten (10) days written notice to
Employee describing such breach; or

 

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(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/her 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/her duties hereunder) that is detrimental to any Grosvenor Party 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, if curable, remains uncured following
ten (10) days written notice to Employee describing such violation;

 

(viii) Employee
has failed to fulfill Employee’s obligations pursuant to §6(c) of this Agreement; or

 

(ix) Employee
has resigned other than pursuant to the written notice required pursuant to §6(c) of this Agreement.

 

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/her in bad faith or without a reasonable belief that his/her action or omission is in the best interests of Employer
or its Affiliates.

 

(c)
Without Cause. Upon ninety (90) days’ written notice (the “Notice Period”) by either
Employer or Employee to the other party hereto, other than pursuant to §6(a) or §6(b).

 

During the Notice Period,
Employer may, in its sole discretion:

 

		(i)	require Employee to perform only such duties as it may allocate to Employee;

 

		(ii)	require Employee not to perform any of Employee’s duties;

 

		(iii)	require Employee not to have any contact with Past Clients, Present Clients, Potential Clients,
Marketing Agents, Investment Product Managers or Managers of Investment Product Managers (as those terms are defined in §9
below);

 

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		(iv)	require Employee not to have any contact with such employees of Employer and/or any of the members
of the GCM Group (as defined in §8 below) as Employer shall determine; and

 

		(v)	exclude Employee from Employer’s premises.

 

During the Notice Period, Employee must
fulfill all of Employee’s duties and responsibilities set forth above as directed by Employer. Employee’s failure to
comply with this requirement may result in Termination for Cause as set forth in §6(b) above.

 

§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/her 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 (prorated through the date of termination of
employment); (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. All such payments 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
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.

 

(c)
Without Cause. If Employee’s employment is terminated by Employer under §6(c) hereof, Employee shall be paid
(i) reimbursement of expenses (as specified in §5(a)(i)) 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 (prorated through the
date of termination of employment), or, if such termination occurs before the end of the Initial Term, continued payment of the
Minimum Base Salary through the end 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
continue to be paid each Minimum Annual Bonus in the amounts set forth in §5(a)(ii) and any unpaid installments of the Sign-On
Bonus in the amounts set forth in §5(a)(iii). All such payments shall be made in accordance with Employer’s normal payroll
practices except that (x) each Minimum Annual Bonus shall be payable as provided in §5(a)(ii) and (y) each installment of
the Sign-On Bonus shall be payable as provided in §5(a)(iii) . In addition to the foregoing, Employee shall be paid the Post-Employment
Consulting Compensation described in §5(b) hereof, subject to the provisions of §5(b) above.

 

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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 (prorated 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 Post-Employment Consulting Compensation described in §5(b) hereof,
subject to the provisions of §5(b). Payments made pursuant to this §7 shall, to the fullest extent permitted by applicable
law, be subject to offset for any debts or money owed to Employer by Employee.

 

(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 of employment whether in respect of the period before or after such termination or during or after
the Post-Employment Consulting Period. In addition, in the event that Employee commits a material violation of any of the covenants
contained in §8 or §9 of this Agreement after the termination of Employee’s employment hereunder, or fails to timely
sign the separation agreement described in §5(b) above, Employer shall have no further obligation to make any payments to
Employee under this §7; provided, however, that such nonpayment shall not relieve Employee of his/her obligations under §8
or §9 of this Agreement.

 

§8. CONFIDENTIAL
INFORMATION.

 

(a) Confidential
Information. “Confidential Information” as used herein shall mean all confidential and proprietary
information of Grosvenor Capital Management, L.P., GCM Customized Fund Investment Group, L.P., Grosvenor Holdings, L.L.C., Grosvenor
Holdings II, LLC, Grosvenor Capital Management Holdings, LLLP, their respective general partners, managing members, or managers,
and/or their respective affiliates (each a “Grosvenor Party” and collectively, the “GCM
Group”), 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.

 

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(b)
Non-Disclosure. 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.
Employee shall not, either before or at any time after the termination of his/her 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/her 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/her 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 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, Employee may disclose such information, provided, however,
that Employee shall promptly notify Employer of such requirement so that Employer may seek a protective order. Nothing in this
§8 or otherwise in this Agreement prohibits 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. Employee does not need Employer’s prior authorization to make any such reports or disclosures,
and Employee is not required to notify Employer that Employee has made such reports or disclosures.

 

(c) Return of Information.
Upon the termination of Employee’s employment, he/she 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.
Employer retains the right to examine any home or laptop computers or similar devices used by Employee, and to copy and/or erase
all Confidential Information contained on such computers and devices.

 

(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).

 

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§9.
NON-COMPETITION AND OTHER PROTECTIVE COVENANTS. Employee acknowledges that (i) Employer, by and through its subsidiaries
and affiliated companies, conducts business throughout the world, (ii) Employer and the GCM Group have a vital and continuing interest
in protecting that business, including without limitation, their 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 §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 base salary, Annual Bonus, Sign-On Bonus, Holdings Participation and Post-Employment Consulting Compensation
provided by Employer under §5 adequately compensate Employee for any potential employment opportunities he/she may forego
as a result of his/her compliance with the protective covenants contained in this §9, that
such compensation will enable him/her to provide for the needs and wants of his/her family without violating such restrictions,
and that the truth of the foregoing representations is a material condition to his/her employment by Employer. Accordingly, 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/she 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/her from doing directly.

 

(a) Investment Management
or Advisory Services. Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration of
the Restricted Period, 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 the expiration of
the Restricted Period, 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, within the preceding two (2) years, offered by any Grosvenor Party (or by any investment fund directly
or indirectly managed by a Grosvenor Party) at any time during the period from the date Employee’s employment by Employer
commenced until the termination of Employee’s employment; or

 

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(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), or which acts as a distribution agent for (or otherwise sells
or markets the services of) any Person which provides 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. Without the consent of Employer, Employee shall not, directly or indirectly, until the expiration
of the Restricted Period, invest (or assist in the investment of) Employee’s own funds or any other funds controlled, advised
or administered in any way by him/her in (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, a “Investment Product”), other than one managed directly or indirectly
by a Grosvenor Party.

 

(d)
Interference. Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration of the Restricted
Period, interfere with the relations of any Grosvenor Party, or of any investment fund directly or indirectly managed by a Grosvenor
Party, 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 (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 a Investment Product Manager”), or (z) any distribution agent or other Person
who acts on behalf of a Grosvenor Party in selling or marketing the services of such Grosvenor Party (“Marketing Agent”).

 

(e) No Solicitation
of Clients or Marketing Agents. Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration
of the Restricted Period, 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 the expiration of the Restricted
Period, induce or attempt to induce any officer or employee of or consultant to any Grosvenor Party (other than Employee’s
personal secretary) or of any investment fund managed directly or indirectly by it, to terminate his/her employment or consultancy
with such entity.

 

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(g) Hiring
by Employee. Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration of the Restricted
Period, 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) 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.

 

(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 (2) 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, (x) 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 (2) 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.

 

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

 

(l) Restricted Period. As used in this Agreement, “Restricted Period” means the period beginning on the
Effective Date and ending on the first anniversary of the effective date of Employee’s termination (i.e., the first anniversary
of the date on which the Notice Period, if applicable, has expired).

 

    -11-

     

    

 

(m) No
Disparagement. Employee shall not at any time disparage any Grosvenor Party, any Affiliate thereof, or any officer or employee
of any of the foregoing. Employee shall not, without the prior written consent of Employer, make any written or oral statement
concerning the termination of Employee’s 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(m) 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 accordance with §10 below.

 

(n) Cooperation. Both during and after Employee’s employment, Employee shall cooperate with Employer and the GCM Group, as reasonably
requested by Employer in connection with Employer’s or the GCM Group’s business, including but not limited to, any
litigation, arbitration, or other dispute in which Employer or the GCM Group has or may have an interest. Employee shall also cooperate
with 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 Employee was employed by Employer. Employee’s reasonable
cooperation shall include, but not be limited to, being available to meet with Employer’s counsel, acting as a witness on
behalf of Employer, and treating all communications with Employer’s counsel as confidential. Employee acknowledges that in
any legal action, investigation, hearing or review covered by this §9(n), Employer expects Employee to provide only accurate
and truthful information or testimony. Employer will reimburse Employee for all reasonable, necessary, and pre-approved out-of-pocket
expenses incurred in fulfilling Employee’s obligations under this §9(n).

 

(o) Future
Business Activities. If, at any time or times in the future, any Grosvenor Party 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.

 

(p) 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/her profession. Further, Employee acknowledges that in agreeing to said
restrictions, he/she has received and has relied upon the independent advice and counsel of attorneys selected by him/ her. 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/she 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/her 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
§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.

 

    -12-

     

    

 

§10. ARBITRATION OF DISPUTES.

 

(a) Arbitration.
Notwithstanding anything to the contrary contained in this Agreement, but subject to the last sentence of this §l0(a), all
claims, disputes and controversies (collectively “Claims”) between the parties hereto or between Employee
and any Grosvenor Party arising out of or in connection with Employee’s employment with Employer including but not limited
to Claims relating to the validity, construction, performance, breach, enforcement or termination of this Agreement, to Statutory
Claims (as defined below), or otherwise, shall be resolved by binding arbitration by JAMS in Chicago, Illinois, in accordance
with this §10 and, to the extent not inconsistent herewith, the JAMS Employment Arbitration Rules & Procedures then in
effect. Employee and Employer further agree that Claims by Employee or by Employer may only be brought in the party’s individual
capacity, and not as a plaintiff or class member in any purported class or representative proceeding. In that regard, Employee
specifically agrees not to file, initiate directly or indirectly, join, or participate in any class or collective action. If a
class or collective is filed purporting to include Employee, then Employee shall take all steps necessary to refrain from opting
in or to opt out or otherwise exclude Employee from the action, as appropriate. Employee and Employer hereby waive their respective
rights to have any such Claims tried before a judge or jury except as provided in the next sentence. Notwithstanding the foregoing,
Employer may elect to enforce §§8 and/or 9 by filing an action in a court of law or equity. “Statutory Claims”
shall mean Claims that arise under any federal, state or local act, statute, law, ordinance or rule related to employment including
but not limited to Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code,
the Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under
any tax qualified benefit plan), the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Fair
Labor Standards Act, the Family and Medical Leave Act, the Immigration Reform and Control Act, the Americans with Disabilities
Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act, the Sarbanes-Oxley Act of 2002, the
Occupational Safety and Health Act, the Genetic Information Non-Discrimination Act, the New York State Human Rights Law, the New
York City Human Rights Law, the Illinois Human Rights Act, the Chicago Human Rights Ordinance, the Cook County Human Rights Ordinance,
and any other state or local law applicable to the employment of Employee. Only with respect to Statutory Claims, Employee shall
bear only those costs of arbitration Employee would otherwise bear had he/she filed an action in court.

 

(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 no later than
six months after the events or omissions giving rise to the demand for arbitration, 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.

 

    -13-

     

    

 

(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 his/her/its best efforts to select a former 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, JAMS 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, JAMS 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
§l0(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 may award the same remedies (which may include attorney’s fees) to the prevailing party that would have
been available in court for the type of claim that was brought.

 

(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.

 

(d) Exclusivity.
Except for claims which Employer elects to adjudicate in a court of law pursuant to §l0(a), and except as set forth in §l0(e)
below, arbitration shall be the exclusive method available for resolution of claims, disputes and controversies described in §l0(a)
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 arbitration
panel shall have the exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or
formation of the agreement to arbitrate set forth in this §10. The provisions of this §10 shall survive the dissolution
of Employer.

 

(e) Governmental
Agencies. Nothing in this §10 or otherwise in this Agreement shall be deemed to prohibit Employee from contacting, speaking,
participating or cooperating with any governmental agency or self-regulatory organization in any investigation, administrative
proceeding or action.

 

    -14-

     

    

 

(f) Severability.
If the arbitration panel finds any part of this §10 illegal, invalid or unenforceable, such a finding shall not affect the
legality, validity, or enforceability of the remaining parts of §10, and the illegal, invalid or unenforceable part will be
stricken from this Agreement. Except as set forth in the preceding sentence, nothing contained herein shall be deemed to give the
arbitration panel any authority, power or right to alter, change, amend, modify, add to, or subtract from any of the provisions
of this Agreement.

 

§11. PROPERTY ASSIGNMENT.

 

(a) Assignment.
To the fullest extent permitted by law, Employee shall assign, and does hereby assign, to Employer all of Employee’s right,
title and interest in and to all “Intellectual Property” (which, as used herein, shall include all original
works of authorship, developments, concepts, improvements or trade secrets, whether or not patentable or registrable under copyright
or similar laws) improved, developed, discovered or written by Employee, alone or in collaboration with others, while Employee
is employed by Employer.

 

(b) Further
Cooperation. Employee shall, upon request of Employer, execute, acknowledge, deliver and file any and all documents necessary
or useful to vest in Employer all of Employee’s right, title and interest in and to all such matters.

 

§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 §12(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.

 

    -15-

     

    

 

(b) Equitable
and Other 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 Post-Employment Consulting Compensation under §5(b), 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. In addition to any other equitable or legal remedies to
which Employer shall be entitled, Employee shall reimburse Employer for all reasonable .costs and expenses (including,
without limitation, reasonable attorneys’ fees and expenses) incurred by Employer in connection with the enforcement of
§§8 and/or 9 of this Agreement.

 

(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 .

 

(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/her 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 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. This Agreement may not be amended by e-mail.

 

    -16-

     

    

 

(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. If and to the extent that any amounts payable under §5 of this Agreement may be deemed to be payments of
deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended, the Parties agree that this Agreement
shall be interpreted and administered in accordance with the requirements of such Section 409A, which are hereby incorporated by
reference. Employer shall have, in its sole discretion, the right to modify the timing of any payments to be made under this Agreement
if, and to the extent, required to comply with such Section 409A.

 

[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.

 

	 	EMPLOYER
	 	 	 
	 	GROSVENOR CAPITAL MANAGEMENT, L.P.
	 	 	 
	 	By:	GCM, L.L.C., its General Partner
	 	 	 
	Date: April 10, 2017	By: 	Grosvenor Holdings, L.L.C., its Manager
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Michael J. Sacks, Managing Member
	 	 	 
	 	and
	 	 	 
	 	By:	MJS LLC, Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Michael J. Sacks, Manager
	 	 
	 	EMPLOYEE
	 	 	 
	Date: March 30, 2017	/s/ Francis ldehen
	 	Francis ldehen

 

 

-18-Exhibit 10.19

 

AMENDED AND RESTATED EMPLOYMENT AND

PROTECTIVE COVENANTS AGREEMENT

 

This AMENDED AND RESTATED
EMPLOYMENT AND PROTECTIVE COVENANTS AGREEMENT (this “Agreement”), effective as of October 1, 2017 (Effective
Date), is between Grosvenor Capital Management, LP, an Illinois limited partnership (“Employer”),
and Frederick E. Pollock (“Employee”);

 

WHEREAS, Employer and
Employee are parties to that certain Employment and Restrictive Covenant Agreement dated as of April 8, 2015 (the “First
Employment Agreement”), pursuant to which Employee currently is employed by Employer; and

 

WHEREAS, Employer and
Employee desire to amend and restate the First Employment Agreement under the terms and conditions set forth herein;

 

NOW, THEREFORE, it is hereby agreed as follows:

 

§1 EMPLOYMENT.
Effective on the Effective Date, Employer hereby agrees to employ Employee, and Employee hereby accepts such employment, upon the
terms and subject to the conditions set forth in this Agreement. The parties agree that this Agreement supersedes and replaces
the First Employment Agreement in all respects.

 

§2. FREEDOM
TO CONTRACT; REPRESENTATIONS. 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 (as defined in §12 below) other than the noncompetition and nonsolicitation agreements set forth in this Agreement,
(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, and (iv) Employee is not a party
to or bound by any confidentiality or nondisclosure agreement or obligation except as previously disclosed to Employer in writing,
and Employee agrees with Employer not to use or disclose any information in violation of any such agreement or obligation, if any.

 

§3. POSITION.

 

(a) Position.
During the Initial Term (as defined in §4 below), Employee shall be employed as a Managing Director of Employer. In that capacity,
Employee shall have the responsibilities and duties assigned by Employer and shall act only within the scope of the authority granted.
Employee’s title and/or job duties may change at Employer’s sole discretion.

 

(b) Commitment.
Employee agrees to devote his/her full time and best efforts to the performance of his/her duties to Employer while employed by
Employer. Employee will comply with all lawful policies and procedures established by Employer from time to time. Employee shall
not engage in any activities that conflict with, or create an appearance of conflict with respect to the interests of Employer
or any of the members of the GCM Group (as defined in §8 below).

 

     

     

    

 

§4. TERM OF
EMPLOYMENT; POST EMPLOYMENT CONSULTING. 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 the period commencing
upon the date that Employee first ceases to be employed by Employer or an Affiliate (as defined in §8 below) of Employer (the
“Employment Termination Date”) for any reason (other than a termination resulting from an event described
in §6(a) or §6(b)) ending on the end of the 24th full calendar month
following said Employment Termination Date (such period, the “Post-Employment Consulting Period”), Employee
shall consult 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) Base
Salary; Benefits; Expense Reimbursements. After the Effective Date and while Employee is employed, in consideration for
the services of Employee, Employer shall compensate Employee and provide benefits to Employee as determined by Employer;
provided, however, that (A) during the Initial Term the rate of base salary shall be not less than Five Hundred Thousand U.S.
Dollars ($500,000) per year (the “Minimum Base Salary”), (B) Employer shall provide to Employee 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’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, subject to the following sentence, Employer shall reimburse
Employee for all reasonable expenses of the types authorized by Employer and incurred by Employee in the performance of
his/her 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) Annual Bonus.
For each 12-month period (or portion thereof) ending February 28, commencing with the period ending February 28, 2018 (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 sole discretion of Employer (the “Annual Bonus”);
provided, however, that (x) the Annual Bonus for the Bonus Period ending February 28, 2018, shall not be less than One Million
Two Hundred and Fifty Thousand U.S. Dollars ($1,250,000) and (y) the Annual Bonus for the Bonus Period ending February 28, 2019,
shall not be less than One Million Five Hundred Thousand U.S. Dollars ($1,500,000) (each a “Minimum Annual Bonus”).
The Annual Bonus for a Bonus Period, if any, shall be determined and paid to Employee in a lump sum not later than the 45th day
after the end of the Bonus Period. Notwithstanding anything to the contrary in this §5(a)(ii), except as provided in §7(c)
with respect to each Minimum Annual Bonus, the Annual 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.

 

(iii) One-Time Bonus.
As additional consideration for Employee entering into this Agreement and the covenants and other undertakings of Employee set
forth in this Agreement, within thirty (30) days of execution of this Agreement, Employee will receive a “one-time”
bonus of Two Hundred Thousand U.S. Dollars ($200,000) (“One-Time Bonus”).

 

    -2-

     

    

 

(iv) Grosvenor Interest.
As additional consideration for Employee entering into this Agreement, Employee shall be admitted as a member of Grosvenor Holdings,
L.L.C. and receive a membership interest having the right to receive a minimum percentage of distributions as specified in a Participation
Certificate of even date herewith (the “Grosvenor Interest”).

 

(v) Altscape Carried
Interest. As additional consideration for Employee entering into this Agreement and the covenants and other undertakings of
Employee set forth in this Agreement, Employee shall be entitled to acquire and hold an ownership interest (or interests) in the
entity or entities (each, an “Altscape Carry Vehicle”) entitled to receive any performance fee, performance
allocation, carried interest, promote, or other performance-based compensation payable to or receivable in respect of MCG Altscape
Fund, L.P. (collectively, “Altscape Carried Interest”). Such ownership interests shall entitle Employee
to an allocation of 20% of the total Altscape Carried Interest allocated to all partners (including the general partner) or other
owners of each Altscape Carry Vehicle; provided that Employee’s rights with respect to the Altscape Carried Interest shall
be governed by all the terms and conditions set forth in the governing documents of the applicable Altscape Carry Vehicle (including
any terms regarding vesting or forfeiture); and provided further, that Employee’s ownership of each Altscape Carried
Interest shall be subject to vesting as follows: 1/3 vests upon execution of this Agreement, 1/3 vests on March 1, 2018 if Employee
is actively employed by Employer on that vesting date; and 1/3 vests on March 1, 2019 if Employee is actively employed by Employer
on that vesting date. If Employee’s employment is terminated by Employer pursuant to §6(a) or §6(c), all unvested
Altscape Carried Interest shall vest upon the effective date of such termination. Employer and Employee shall execute, or cause
to be executed, such documentation as is required to carry out the purposes of this § 5(a)(v).

 

(vi) MAC Carried
Interest. As additional consideration for Employee entering into this Agreement and the covenants and other undertakings of
Employee set forth in this Agreement Employee shall be admitted as a limited partner in the entity or entities (each, a “MAC
Carry Vehicle”) entitled to receive any performance fee, performance allocation, carried interest, promote, or other
performance-based compensation payable to or receivable in respect of the GCM Grosvenor Multi-Asset Class Fund II, L.P. and any
similar subsequent Employer multi-asset class funds (other than MCG Altscape Fund, L.P.) managed by the investment department currently
known as Employer’s “Strategic Investment Group” (collectively, “MAC Carried Interest”).
While Employee is actively employed with Employer, Employee shall be entitled to an allocation of 10% of the total MAC Carried
Interest allocated to all partners (including the general partner) or other owners of the MAC Carry Vehicle, subject to all the
terms and conditions set forth in the governing documents of the applicable MAC Carry Vehicle (including any terms relating to
vesting or forfeiture); provided, however, that: (x) if the Trigger Event (defined in §9(l) below) does not occur on or before
March 31, 2019, Employee shall be entitled to a MAC Carried Interest award in the calendar year of 2019 and all unvested MAC Carried
Interest awarded prior to December 31, 2019 shall fully vest on December 31, 2019 (irrespective of any termination of employment
by Employee pursuant to §6(c) hereof); (y) if the Trigger Event does not occur on or before March 31, 2020, Employee shall
be entitled to a MAC Carried Interest award in the calendar year of 2020 and all unvested MAC Carried Interest awarded prior to
December 31, 2020 shall fully vest on December 31, 2020 (irrespective of any termination of employment by Employee pursuant to
§6(c) hereof) and (z) if Employee’s employment is terminated by Employer pursuant §6(a) or §6(c), all unvested
MAC Carried Interest awarded prior to such termination shall vest upon the effective date of such termination. Employer and Employee
shall execute, or cause to be executed, such documentation as is required to carry out the purposes of this § 5(a)(vi).

 

    -3-

     

    

 

(vii) SOF Award.
As additional consideration for Employee entering into this Agreement and the covenants and other undertakings of Employee set
forth in this Agreement, while Employee is actively employed by Employer, Employee shall be eligible to receive an award (“SOF
Award”) of either (in the sole discretion of Employer) (A) periodic payments of cash equal to the product
of (x) 10% multiplied by (y) the SOF Incentive Compensation (defined below) (each an “SOF Bonus Payment”)
or (B) an allocation of 10% of the total SOF Carried Interest (defined below) allocated to all partners (including the general
partner). In each case, Employee’s right to receive an SOF Award shall be subject to all the terms and conditions set forth
in the applicable governing documents (including any terms relating to vesting or forfeiture). Subject to §12(j), Employer
shall cause any SOF Bonus Payment payable hereunder to be paid within 90 days following the date Employer receives the cash distribution
of corresponding SOF Incentive Compensation from SOF. Notwithstanding anything to the contrary herein, Employee shall not be entitled
to receive any SOF Award upon the termination of Employee’s employment hereunder; provided, however, that: (x) if the Trigger
Event does not occur on or before March 31, 2019, Employee shall be entitled to an SOF Award in the calendar year of 2019 and all
unvested SOF Awards granted prior to December 31, 2019 shall fully vest on December 31, 2019 (irrespective of any termination of
employment by Employee pursuant to §6(c) hereof); (y) if the Trigger Event does not occur on or before March 31, 2020, Employee
shall be entitled to an SOF Award in the calendar years of 2020 and 2021 and all unvested SOF Awards granted prior to December
31, 2021 shall fully vest on December 31, 2021 (irrespective of any termination of employment by Employee pursuant to §6(c)
hereof) and (z) if Employee’s employment is terminated by Employer pursuant §6(a) or §6(c), all unvested SOF Awards
granted prior to such termination shall vest upon the effective date of such termination. Employer and Employee shall execute,
or cause to be executed, such documentation as is required to carry out the purposes of this § 5(a)(vii). For purposes of
this Section 5(a)(vii), the following terms shall have the following meanings:

 

(1) “SOF”
means GCM Grosvenor Special Opportunities Fund, L.P. ;

 

(2) “SOF
Incentive Compensation” means the aggregate “Carried Interest” (as such term is defined in the Confidential
Explanatory Memorandum or Placing Memorandum or other similar disclosure or governing documents), if any, allocated from time to
time by SOF to Employer; and

 

(3) “SOF
Carried Interest” means any performance fee, performance allocation, carried interest, promote, or other performance-based
compensation payable to Employer or receivable by Employer in respect of SOF.

 

(b) Post-Employment
Consulting Compensation. Subject to the further provisions of this §5(b), commencing on Employee’s Separation from
Service (within the meaning of Treas. Reg. §1.409A-1(h)(1)) for any reason other than an event described in §6(a) or
§6(b)), and continuing during the Post-Employment Consulting Period, Employer shall pay to Employee in full compensation for
Employee’s consulting services hereunder rendered during the Post-Employment Consulting Period, a consulting fee at the annual
rate of Two Hundred and Fifty Thousand U.S. Dollars ($250,000) (“Post- Employment Consulting Compensation”),
payable in equal monthly installments; provided that if Employee is entitled to receive a continuation of his/her Minimum Base
Salary following said termination of employment through the end of the Initial Term pursuant to §7(c), the amount of the Post-Employment
Consulting Compensation payable for any month during the Post-Employment Consulting Period shall be reduced (but not below zero)
by the amount of the total salary continuation payable to employee for such month pursuant to §7(c). Employee shall not be
an employee during the Post Employment Consulting 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 Post- Employment Consulting Compensation 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)(1) based on the level of bona
fide services it is anticipated Employee will perform for Employer. Employee’s entitlement to and right to receive any Post
Employment Consulting Compensation is conditioned upon Employee’s execution and delivery to Employer of (and non-revocation
of) a separation agreement that includes a general release, in the form that is then in use by Employer for such purposes. 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, or fails to timely sign the separation agreement referred to above, Employer may cease
paying any unpaid installments of Post-Employment Consulting Compensation; provided, however, that such nonpayment of Post-Employment
Consulting Compensation shall not relieve Employee of his/her obligations under §8 or §9 of this Agreement.

 

    -4-

     

    

 

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

 

(a) Death or Disability.
Upon the death of Employee during his/her 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/her ability to perform his/her duties under this Agreement. Any failure or refusal by Employee to submit to a medical
examination for the purpose of certifying whether he/she 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 indicted for or 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/her 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 (B) impairs or has the potential to impair Employee’s ability to perform his/her duties
hereunder in a satisfactory manner, which, if curable, remains uncured following ten (10) days written notice to Employee describing
such breach; or

 

    -5-

     

    

 

(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/her 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/her duties hereunder) that is detrimental to any Grosvenor Party 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, if curable, remains uncured following
ten (10) days written notice to Employee describing such violation; or

 

(viii) Employee has failed to
fulfill Employee’s obligations pursuant to §6(c) of this Agreement; or

 

(ix) Employee has resigned other
than pursuant to the written notice required pursuant to §6(c) of this Agreement.

 

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/her in bad faith or without a reasonable belief that his/her action or omission is in the best interests of Employer
or its Affiliates.

 

(c) Without Cause. Upon ninety (90)
days’ written notice (the “Notice Period”) by either Employer or Employee to the other party hereto,
other than pursuant to §6(a) or §6(b).

 

During the Notice Period, Employer may, in its sole
discretion:

 

		(i)	require Employee to perform only such duties as it may
allocate to Employee;

 

		(ii)	require Employee not to perform any of Employee’s
duties;

 

		(iii)	require Employee not to have any contact with Past Clients,
Present Clients, Potential Clients, Marketing Agents, Investment Product Managers or Managers of Investment Product Managers (as
those terms are defined in §9 below);

 

		(iv)	require Employee not to have any contact with such employees
of Employer and/or any of the members of the GCM Group (as defined in §8 below) as Employer shall determine; and

 

		(v)	exclude Employee from Employer’s premises.

 

During the Notice Period, Employee must
fulfill all of Employee’s duties and responsibilities set forth above as directed by Employer. Employee’s failure to
comply with this requirement may result in Termination for Cause as set forth in §6(b) above.

 

    -6-

     

    

 

§7. RIGHTS, REMEDIES AND OBLIGATIONS ON TERMINATION.

 

(a) Death or Disability.
Subject to the provisions of §5(a)(v), §5(a)(vi) and §5(a)(vii), if Employee’s employment is terminated under
§6(a) hereof because of death or because Employee becomes Disabled, Employee (or his/her estate, as applicable) shall receive
(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); and (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). All such payments
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 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.

 

(c) Without
Cause. Subject to the provisions of §5(a)(v), §5(a)(vi), and §5(a)(vii), if Employee’s employment is
terminated by Employer under §6(c) hereof, Employee shall be paid (i) reimbursement of expenses (as specified in
§5(a)(i)) 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 (prorated through the date of termination of employment), or, if
such termination occurs before the end of the Initial Term, continued payment of the Minimum Base Salary through the end 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 continue to be paid the
Minimum Annual Bonus in the amounts set forth in §5(a)(ii). All such payments shall be made in accordance with
Employer’s normal payroll practices except that (x) Minimum Annual Bonus shall be payable as provided in
§5(a)(ii). In addition to the foregoing, Employee shall be paid the Post-Employment Consulting Compensation described in
§5(b) hereof, subject to the provisions of §5(b) above.

 

(d) Resignation.
Subject to the provisions of §5(a)(v), §5(a)(vi) and §5(a)(vii), 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 (prorated
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 Post-Employment Consulting Compensation described in §5(b) hereof, subject to the provisions of §5(b).

 

(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 of employment whether in respect of the period before or after such termination or during or after
the Post- Employment Consulting Period. In addition, in the event that Employee commits a material violation of any of the covenants
contained in §8 or §9 of this Agreement after the termination of Employee’s employment hereunder, or fails to timely
sign the separation agreement described in §5(b) above, Employer shall have no further obligation to make any payments to
Employee under this §7; provided, however, that such nonpayment shall not relieve Employee of his/her obligations under §8
or §9 of this Agreement.

 

    -7-

     

    

 

(f) Offset. Payments made pursuant
to this §7 shall, to the fullest extent permitted by applicable law, be subject to offset for any debts or money owed to Employer
by Employee.

 

§8. CONFIDENTIAL INFORMATION.

 

(a) Confidential
Information. “Confidential Information” as used herein shall mean all confidential and proprietary
information of Grosvenor Capital Management, L.P., GCM Customized Fund Investment Group, L.P., Grosvenor Holdings, L.L.C., Grosvenor
Holdings II, LLC, Grosvenor Capital Management Holdings, LLLP, their respective general partners, managing members, or managers,
and/or their respective affiliates (each a “Grosvenor Party” and collectively, the “GCM Group”),
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) Non-Disclosure.
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. Employee shall not, either
before or at any time after the termination of his/her 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/her 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/her 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 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, Employee may disclose such information, provided, however, that Employee shall
promptly notify Employer of such requirement so that Employer may seek a protective order. Nothing in this §8 or otherwise
in this Agreement prohibits 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. Employee does not need Employer’s prior authorization to make any such reports or disclosures, and Employee is
not required to notify Employer that Employee has made such reports or disclosures.

 

    -8-

     

    

 

(c) Return of Information.
Upon the termination of Employee’s employment, he/she 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.
Employer retains the right to examine any home or laptop computers or similar devices used by Employee, and to copy and/or erase
all Confidential Information contained on such computers and devices.

 

(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
AND OTHER PROTECTIVE COVENANTS. Employee acknowledges that (i) Employer, by and through its subsidiaries and affiliated
companies, conducts business throughout the world, (ii) Employer and the GCM Group have a vital and continuing interest in
protecting that business, including without limitation, their 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 §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 base salary,
Annual Bonus, One-Time Bonus, Grosvenor Interest, MAC Carried Interest, Altscape Carried Interest, SOF Awards and Post-
Employment Consulting Compensation provided by Employer under §5 adequately compensate Employee for any potential
employment opportunities he/she may forego as a result of his/her compliance with the protective covenants contained in this
§9, that such compensation will enable him/her to provide for the needs and wants of his/her family without violating
such restrictions, and that the truth of the foregoing representations is a material condition to his/her employment by
Employer. Accordingly, 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/she 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/her from doing directly.

 

(a) Investment Management
or Advisory Services. Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration of
the Restricted Period, 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 (including but not limited to providing any services to any investment entity or vehicle of a
type commonly known as a “hedge fund,” a private equity fund, a fund of hedge funds, a fund of private equity funds,
or an infrastructure fund), 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).

 

    -9-

     

    

 

(b) Multi-Manager Alternative Strategies.
Employee shall not, directly or indirectly (except in a Permitted Capacity), until the expiration of the Restricted Period, 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, within the preceding two (2) years, offered by any Grosvenor Party (or by any investment fund directly
or indirectly managed by a Grosvenor Party); 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), or which acts as a distribution agent for (or otherwise sells
or markets the services of) any Person which provides 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. Without the consent of Employer, Employee shall not, directly or indirectly, until the expiration
of the Restricted Period, invest (or assist in the investment of) Employee’s own funds or any other funds controlled, advised
or administered in any way by him/her in (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, a “Investment Product”), other than one managed directly or indirectly
by a Grosvenor Party.

 

(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 any Grosvenor Party, or of any investment fund directly or indirectly managed by a Grosvenor Party,
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 (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 a Investment Product Manager”),
or (z) any distribution agent or other Person who acts on behalf of a Grosvenor Party in selling or marketing the services of such
Grosvenor Party (“Marketing Agent”).

 

    -10-

     

    

 

(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 any Grosvenor Party (other than Employee’s
personal secretary) or of any investment fund managed directly or indirectly by it, to terminate his/her 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) 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.

 

(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) 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, (x) 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.

 

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

 

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(l) Restricted Period.
As used in this Agreement, “Restricted Period” means the period beginning on the Effective Date and ending
on the second anniversary of the effective date of Employee’s termination (i.e., the second anniversary of the date on which
the Notice Period, if applicable, has expired); provided, however, that (x) if Employee’s employment is terminated by Employer
between the Effective Date and March 31, 2020 pursuant to §6(c) hereof, the Restricted Period shall terminate on the first
anniversary of the of the effective date of Employee’s termination, (y) if the Trigger Event does not occur on or before
March 31, 2019, and Employee’s employment is terminated between March 31, 2019 and March 31, 2020 pursuant to §6(a)
or §6(c), the Restricted Period shall terminate on the first anniversary of the of the effective date of Employee’s
termination, and (z) if the Trigger Event does not occur on or before March 31, 2020, and Employee’s employment is terminated
after March 31, 2020 pursuant to §6(a) or §6(c), the Restricted Period shall terminate on the nine-month anniversary
of the effective date of Employee’s termination. As used in this Agreement, the term “Trigger Event” means
the promotion of Employee to sole Chief Investment Officer of Employer.

 

(m) No Disparagement.
Employee shall not at any time disparage any Grosvenor Party, any Affiliate thereof, or any officer or employee of any of the foregoing.
Employee shall not, without the prior written consent of Employer, make any written or oral statement concerning the termination
of Employee’s 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(m) 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 accordance with §10 below.

 

(n) Cooperation.
Both during and after Employee’s employment, Employee shall cooperate with Employer and the GCM Group, as reasonably requested
by Employer in connection with Employer’s or the GCM Group’s business, including but not limited to, any litigation,
arbitration, or other dispute in which Employer or the GCM Group has or may have an interest. Employee shall also cooperate with
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 Employee was employed by Employer. Employee’s reasonable cooperation
shall include, but not be limited to, being available to meet with Employer’s counsel, acting as a witness on behalf of Employer,
and treating all communications with Employer’s counsel as confidential. Employee acknowledges that in any legal action,
investigation, hearing or review covered by this §9(n), Employer expects Employee to provide only accurate and truthful information
or testimony. Employer will reimburse Employee for all reasonable, necessary, and pre-approved out-of-pocket expenses incurred
in fulfilling Employee’s obligations under this §9(n).

 

(o) Future Business
Activities. If, at any time or times in the future, any Grosvenor Party 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.

 

(p) 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/her profession. Further, Employee acknowledges that in agreeing to said restrictions,
he/she has received and has relied upon the independent advice and counsel of attorneys selected by him/her. 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/she 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/her from doing directly.

 

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(q) 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 (collectively “Claims”) between the parties hereto or between Employee
and any Grosvenor Party arising out of or in connection with Employee’s employment with Employer including but not limited
to Claims relating to the validity, construction, performance, breach, enforcement or termination of this Agreement, to Statutory
Claims (as defined below), or otherwise, shall be resolved by binding arbitration by JAMS in Chicago, Illinois, in accordance with
this §10 and, to the extent not inconsistent herewith, the JAMS Employment Arbitration Rules & Procedures then in effect.
Employee and Employer further agree that Claims by Employee or by Employer may only be brought in the party’s individual
capacity, and not as a plaintiff or class member in any purported class or representative proceeding. In that regard, Employee
specifically agrees not to file, initiate directly or indirectly, join, or participate in any class or collective action. If a
class or collective action is filed purporting to include Employee, then Employee shall take all steps necessary to refrain from
opting in or to opt out or otherwise exclude Employee from the action, as appropriate. Employee and Employer hereby waive their
respective rights to have any such Claims tried before a judge or jury except as provided in the next sentence. Notwithstanding
the foregoing, Employer may elect to enforce §§8 and/or 9 by filing an action in a court of law or equity. “Statutory
Claims” shall mean Claims that arise under any federal, state or local act, statute, law, ordinance or rule related
to employment including but not limited to Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of
the United States Code, the Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any
vested benefits under any tax qualified benefit plan), the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Fair Labor Standards Act, the Family and Medical Leave Act, the Immigration Reform and Control Act, the Americans with
Disabilities Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act, the Sarbanes-Oxley Act
of 2002, the Occupational Safety and Health Act, the Genetic Information Non- Discrimination Act, the New York State Human Rights
Law, the New York City Human Rights Law, the Illinois Human Rights Act, the Chicago Human Rights Ordinance, the Cook County Human
Rights Ordinance, and any other state or local law applicable to the employment of Employee. Only with respect to Statutory Claims,
Employee shall bear only those costs of arbitration Employee would otherwise bear had he/she filed an action in court.

 

(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 no later than
six months after the events or omissions giving rise to the demand for arbitration, 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.

 

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(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 his/her/its best efforts to select a former 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, JAMS 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, JAMS 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 may award the same remedies (which may include attorney’s fees) to the prevailing party that would have
been available in court for the type of claim that was brought.

 

(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.

 

(d) Exclusivity.
Except for claims which Employer elects to adjudicate in a court of law pursuant to §10(a), and except as set forth in §10(e)
below, arbitration shall be the exclusive method available for resolution of claims, disputes and controversies described in §10(a)
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 arbitration
panel shall have the exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or
formation of the agreement to arbitrate set forth in this §10. The provisions of this §10 shall survive the dissolution
of Employer.

 

(e) Governmental
Agencies. Nothing in this §10 or otherwise in this Agreement shall be deemed to prohibit Employee from contacting, speaking,
participating or cooperating with any governmental agency or self-regulatory organization in any investigation, administrative
proceeding or action.

 

(f) Severability.
If the arbitration panel finds any part of this §10 illegal, invalid or unenforceable, such a finding shall not affect the
legality, validity, or enforceability of the remaining parts of §10, and the illegal, invalid or unenforceable part will be
stricken from this Agreement. Except as set forth in the preceding sentence, nothing contained herein shall be deemed to give the
arbitration panel any authority, power or right to alter, change, amend, modify, add to, or subtract from any of the provisions
of this Agreement.

 

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§11. PROPERTY ASSIGNMENT.

 

(a) Assignment.
To the fullest extent permitted by law, Employee shall assign, and does hereby assign, to Employer all of Employee’s right,
title and interest in and to all “Intellectual Property” (which, as used herein, shall include all original
works of authorship, developments, concepts, improvements or trade secrets, whether or not patentable or registrable under copyright
or similar laws) improved, developed, discovered or written by Employee, alone or in collaboration with others, while Employee
is employed by Employer.

 

(b) Further
Cooperation. Employee shall, upon request of Employer, execute, acknowledge, deliver and file any and all documents necessary
or useful to vest in Employer all of Employee’s right, title and interest in and to all such matters.

 

§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 §12(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 and
Other 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 Post-Employment Consulting Compensation under §5(b), 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. In addition to
any other equitable or legal remedies to which Employer shall be entitled, Employee shall reimburse Employer for all reasonable
costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by Employer in connection
with the enforcement of §§8 and/or 9 of this Agreement.

 

    -15-

     

    

 

(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.

 

(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/her 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
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. This Agreement may not be amended by e- mail.

 

(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. If and to the extent that any amounts payable under §5 of this Agreement may be deemed to be payments of deferred
compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended, the Parties agree that this Agreement shall
be interpreted and administered in accordance with the requirements of such Section 409A, which are hereby incorporated by reference.
Employer shall have, in its sole discretion, the right to modify the timing of any payments to be made under this Agreement if,
and to the extent, required to comply with such Section 409A.

 

    -16-

     

    

 

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: 10/24, 2019	By:	/s/ Michael J. Sacks
	 	 	Michael J. Sacks, Managing Member
	 	 	 
	 	and
	 	 	 
	 	By:	MJS LLC, Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Michael J, Sacks, Manager

 

	 	 	EMPLOYEE
	 	 	 
	Date: October 24th, 2017	 	/s/ Frederick E. Pollock
	 	 	Frederick E. Pollock

 

 

-17-

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