Document:

EX-10.25

 Exhibit 10.25 

SERVICE AGREEMENT 
 This
Service Agreement (“Agreement”) is made between Cullinan Management, Inc., a Delaware corporation (the “Company”), and Patrick Baeuerle, Ph.D. (the “Executive”) and is effective as of the closing of
the Company’s first underwritten public offering of its equity securities pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Effective Date”). Except with respect to the Equity
Documents (as defined below) and subject to Section 10 below, this Agreement supersedes in all respects all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation (i) the
Consulting Agreement between the Executive and the Company dated January 1, 2019 (the “Prior Agreement”), except for Sections 4 through 15 thereof, which are preserved and remain in full force and effect (the “Preserved
Provisions”), and (ii) any offer letter, employment agreement or severance agreement. 
 WHEREAS, the Company desires to
continue to engage the Executive and the Executive desires to continue to be engaged by the Company on the new terms and conditions contained herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Engagement as Service Provider. 

(a) Term. The Company shall engage the Executive and the Executive shall be engaged by the Company pursuant to this Agreement commencing
as of the Effective Date and continuing until such engagement is terminated in accordance with the provisions hereof (the “Term”). The Executive’s engagement with the Company shall continue to be “at will,” meaning
that the Executive’s engagement may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. 

(b) Services. The Executive shall serve as the Acting Chief Scientific Officer—Biologics of the Company and shall have such powers
and duties as may from time to time be prescribed by the Chief Executive Officer (the “CEO”) or other duly authorized executive. The Executive may serve on other boards of directors, with the approval of the Board of Directors of
the Company (the “Board”), or engage in religious, charitable or other community activities as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties to the
Company. 
 2. Compensation and Related Matters. 

(a) Consulting Fees. The Executive’s initial consulting fees shall be paid at the rate of $450,000 per year. The Executive’s
consulting fees shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The annualized consulting fees in effect at any given time is referred to herein as
“Annualized Consulting Fees.” The Annualized Consulting Fees shall be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers. 

 (b) Incentive Compensation. The Executive shall be eligible to receive cash incentive
compensation as determined by the Board or the Compensation Committee from time to time. Commencing January 1, 2021, the Executive’s initial target annual incentive compensation shall be 40% percent of the Executive’s Annualized
Consulting Fees. The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.” The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in
the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable incentive compensation plan that may be in effect from time to time. Except as otherwise provided herein, as may be provided by the Board or the
Compensation Committee or as may otherwise be set forth in the applicable incentive compensation plan, the Executive must be engaged by the Company on the date such incentive compensation is paid in order to earn or receive any annual incentive
compensation. 
 (c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. 

(d) Location. It is understood that during the COVID-19 pandemic, the Executive will perform
services outside of the United States. 
 (e) Equity. The equity awards held by the Executive shall continue to be governed by
the terms and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) (collectively, the “Equity Documents”); provided, however, and notwithstanding anything to the contrary
in the Equity Documents, (i) in the event that the Date of Termination (as defined below) is a result of the Executive’s death pursuant to Section 3(a) or disability pursuant to Section 3(b), 25% of the Executive’s
then-unvested stock options and other stock-based awards held by the Executive, including, without limitation, any awards that are subject to performance-based vesting, except to the extent otherwise provided in the applicable option agreement that
governs such performance-based award (the “Equity Awards”), plus an additional 5% for each full year of the Executive’s service to the Company, shall immediately accelerate and become fully vested and exercisable or
nonforfeitable on the Date of Termination, and (ii) in the event that the Date of Termination is a result of a termination by the Company without Cause under Section 3(d) or a termination by the Executive for Good Reason under
Section 3(e), in each case during the Change in Control Period (as such terms are defined below), then any outstanding Equity Awards shall immediately accelerate and become fully vested and exercisable or nonforfeitable on the Date of
Termination. 
 3. Termination. The Executive’s engagement hereunder may be terminated without any breach of this Agreement under
the following circumstances: 
 (a) Death. The Executive’s engagement hereunder shall terminate upon death. 

 (b) Disability. The Company may terminate the Executive’s engagement if the
Executive is disabled and unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180
days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the
Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the
Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this
Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the
Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical
Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 
 (c)
Termination by the Company for Cause. The Company may terminate the Executive’s engagement hereunder for Cause. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties,
including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the CEO; (B) dishonesty to the CEO with respect to any material matter; or (C) misappropriation of
funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; 

(ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; 
 (iii) any misconduct by the Executive, regardless of whether or not in the course of the
Executive’s engagement with the Company, that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were to continue to be engaged in the same
position; 
 (iv) continued non-performance by the Executive of the Executive’s duties
hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the
CEO; 
 (v) a breach by the Executive of any of the provisions contained in Section 8 of this Agreement or the Restrictive Covenants
Agreement (as defined below); 
 (vi) a material violation by the Executive of any of the Company’s written employment policies; or

 (vii) the Executive’s failure to cooperate with a bona fide internal investigation or
an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 
 (d)
Termination by the Company without Cause. The Company may terminate the Executive’s engagement hereunder at any time without Cause. Any termination by the Company of the Executive’s engagement under this Agreement which does not
constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

(e) Termination by the Executive. The Executive may terminate his engagement hereunder at any time for any reason, including but not
limited to, Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events
without the Executive’s consent (each, a “Good Reason Condition”): 
 (i) a material diminution in the
Executive’s responsibilities, authority or duties; 
 (ii) a material diminution in the Executive’s Annualized
Consulting Fees except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior
management employees of the Company; 
 (iii) a material change in the geographic location of the principal office of the
Company to which the Executive is assigned, such that there is an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change; or 

(iv) a material breach of this Agreement by the Company. 

The “Good Reason Process” consists of the following steps: 

(i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 

(ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the
first occurrence of such condition; 
 (iii) the Executive cooperates in good faith with the Company’s efforts, for a
period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 

(iv) notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and 

 (v) the Executive terminates his engagement with the Company within 60 days
after the end of the Cure Period. 
 If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have
occurred. 
 4. Matters related to Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s engagement
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon. 
 (b) Date of Termination. “Date of
Termination” shall mean: (i) if the Executive’s engagement by the Company is terminated by death, the date of death; (ii) if the Executive’s engagement is terminated on account of disability under Section 3(b) or by
the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s engagement is terminated by the Company without Cause under Section 3(d), the date on which a Notice of
Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s engagement is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date
on which a Notice of Termination is given, and (v) if the Executive’s engagement is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period.
Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for
purposes of this Agreement. 
 (c) Accrued Obligations. If the Executive’s engagement with the Company is terminated for any
reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Annualized Consulting Fees earned through the Date of Termination; and (ii) unpaid expense
reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) (collectively, the “Accrued Obligations”). 

(d) Resignation of All Other Positions. To the extent applicable, the Executive shall be deemed to have resigned from all officer and
board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s engagement with the Company for any reason. The Executive shall execute any documents
in reasonable form as may be requested to confirm or effectuate any such resignations. 
 5. Severance Pay and Benefits Upon Termination
by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period. If the Executive’s engagement with the Company is terminated by the Company without Cause as provided in Section 3(d), or the
Executive terminates his engagement with the Company for Good Reason as provided in Section 3(e), in each case outside of the Change in Control Period, then, in addition 

 
to the Accrued Obligations, and subject to (i) the Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which shall include, without
limitation, a general release of claims against the Company and all related persons and entities, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s sole discretion, a one-year post-engagement noncompetition agreement, and shall provide that if the Executive breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease (the
“Separation Agreement”), and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement): the Company shall pay the
Executive an amount equal to the sum of (A) 9 months of the Executive’s Annualized Consulting Fees plus (B) a pro-rata portion of the Target Bonus based on the Date of Termination (the
“Severance Amount”). 
 The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal
installments in accordance with the Company’s payroll practice over 9 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in
one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment
shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 6. Severance Pay and Benefits Upon
Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if
(i) the Executive’s engagement with the Company is terminated either (a) by the Company without Cause as provided in Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the
Date of Termination is within the Change in Control Period. These provisions shall terminate and be of no further force or effect after the Change in Control Period. 

(a) If the Executive’s engagement with the Company is terminated by the Company without Cause as provided in Section 3(d) or the
Executive terminates his engagement with the Company for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition to the Accrued Obligations, and subject to
the signing of a general release of claims against the Company and all related persons and entities (the “Release”) by the Executive and the Release becoming fully effective, all within the time frame set forth in the Release but in
no event more than 60 days after the Date of Termination: the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) twelve (12) months of the Executive’s then-current Annualized Consulting Fees (or
the Executive’s Annualized Consulting Fees in effect immediately prior to the Change in Control, if higher) plus (B) 1.0 times the Executive’s Target Bonus for the then-current year (or the Executive’s Target Bonus in effect
immediately prior to the Change in Control, if higher). 

 The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to be
paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify
as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. 
 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code,
and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of
all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the
Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each
case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to
Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in
the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or
(c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

(ii) For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments
less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to
pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(iii) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i)
shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date
of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

 (c) Definitions. For purposes of this Agreement, the following terms shall have the
meanings set forth below: 
 (i) “Change in Control” shall mean a “Sale Event” as defined in the
Company’s 2021 Stock Option and Incentive Plan, as amended or restated from time to time. 
 (ii) “Change in
Control Period” shall mean the period commencing on the occurrence of the first event constituting a Change in Control and ending twelve (12) months after the occurrence of the first event constituting a Change in Control. 

7. Section 409A. 
 (a)
Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from
service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment
shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash
payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the
six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 

(b) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be
provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of
the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of his engagement with the
Company, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

 (d) The parties intend that this Agreement will be administered in accordance with
Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this
Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party. 
 (e) The Company makes no representation or warranty and shall have no liability to the Executive
or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations.  

(a) Restrictive Covenants Agreement. As a condition of the Executive’s continued engagement with the Company, the Executive is
required to enter into the Confidentiality, Assignment and Nonsolicitation Agreement attached hereto as Exhibit A (the “Restrictive Covenants Agreement”). For purposes of this Agreement, the obligations in this Section 8
and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing
Obligations.” 
 (b) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the
terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the Executive’s engagement in any business.
The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s engagement with the Company and the performance of the Executive’s proposed duties for the Company will not violate any
obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such
previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such
previous employment or other party. 
 (c) Litigation and Regulatory Cooperation. During and after the Executive’s engagement
with the Company, the Executive shall cooperate fully with the Company, including in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate
to events or occurrences that transpired while the Executive was engaged by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive

 
may have knowledge or information. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet
with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s engagement with the Company, the Executive also shall
cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was engaged
by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of
obligations pursuant to this Section 8(c). 
 (d) Relief. The Executive agrees that it would be difficult to measure any damages
caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the
Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such
breach without showing or proving any actual damage to the Company. 
 9. Consent to Jurisdiction. The parties hereby consent to the
jurisdiction of the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to
service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

10. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, except for the Preserved Provisions, which remain in full force and effect, provided that the Equity Documents and any
obligations regarding confidentiality and invention assignment remain in full force and effect. 
 11. Taxes; Independent Contractor.
The Executive acknowledges and agrees that he will perform the services hereunder as an independent contractor. The Executive agrees to and acknowledges the obligation to pay all self-employment and other taxes thereon. The Executive further
acknowledges and agrees that he will not be eligible for any employee benefits and expressly waives any entitlement to such benefits. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the
Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. The Company shall not be liable for any taxes or benefit contributions with respect to the Executive. For
the avoidance of doubt, and notwithstanding anything to the contrary herein, the Executive shall not be eligible for the payments set forth under Section 5 or Section 6 in the event that his engagement as an independent contractor with the
Company (or its successor) ends and he immediately thereafter becomes an employee of the Company (or its successor). 

 12. Assignment; Successors and Assigns. Neither the Executive nor the Company may
make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement
(including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom
it transfers all or substantially all of its properties or assets; provided further that if the Executive remains engaged or becomes engaged by the Company, the purchaser or any of their affiliates in connection with any such transaction,
then the Executive shall not be entitled to any payments or vesting pursuant to Section 2(e), Section 5 or Section 6 of this Agreement solely as a result of such transaction. This Agreement shall inure to the benefit of and be binding
upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death after the termination of the
Executive’s engagement with the Company but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to
the Company prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such designation). 
 13.
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 14. Survival. The provisions of
this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s engagement with the Company to the extent necessary to effectuate the terms contained herein. 

15. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of
any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach. 
 16. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be
sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed
in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 
 17. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. 

 18. Effect on Other Plans and Agreements. An election by the Executive to resign for
Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this
Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance
benefits under any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms
of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to
payments pursuant to both Section 5 and Section 6 of this Agreement. 
 19. Governing Law. This is a Massachusetts contract
and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes shall
be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

20. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement effective on the Effective Date. 
  

			
	CULLINAN MANAGEMENT, INC.
		
	By:	 	 /s/ Owen Hughes

	Name:	 	Owen Hughes
	Its:	 	President and Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Patrick Baeuerle

	Patrick Baeuerle, Ph.DExhibit 10.1

  

FIRST
AMENDED AND RESTATED employment and

PROTECTIVE
COVENANTS agreement

 

This FIRST AMENDED
AND RESTATED EMPLOYMENT AND PROTECTIVE COVENANTS AGREEMENT (this “Agreement”), effective as of January
1, 2021 (“Effective Date”), is between Grosvenor Capital Management, L.P., an Illinois limited partnership
(“Employer”), and Pamela L. Bentley (“Employee”);

 

WHEREAS, Employer and
Employee are parties to that certain Employment and Protective Covenants Agreement dated as of October 1, 2020 (the “First
Employment Agreement”), pursuant to which Employee currently is employed by Employer; and

 

WHEREAS, Employer desires
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 continue to employ Employee, and Employee hereby accepts such continued
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 to the best of Employee’s knowledge as
of the Effective Date, (i) Employee is free to enter into this Agreement, (ii) Employee is not party to or bound by any non-competition
or non-solicitation agreement with any Person (as defined in §12 below) other than as previously disclosed to Employer, (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 , 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.
Effective as of the Effective Date, Employee shall be employed as the Chief Financial Officer of Employer. In that capacity, Employee
shall have the responsibilities including: Corporate Accounting, Fund Accounting, Corporate Financial Planning & Analysis,
Treasury, Tax, Investment Operations and Operational Due Diligence 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 her full time and best efforts to the performance of 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 COOPERATION. The employment of Employee under this Agreement shall continue until terminated
pursuant to §6 hereof. The period commencing on October 1, 2020 through the second anniversary thereof shall be the “Initial
Term” for purposes of this Agreement. 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
Period”), Employee shall be available to cooperate with Employer from time to time, at reasonable times and on reasonable
notice, concerning such matters with respect to the business of Employer or Employee’s previous activities and responsibilities
with Employer, and for such amount of time, as Employer may reasonably request, and to provide such other cooperation as described
in subsection 9(n).

 

     

     

    

 

§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, 2021
(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 the Annual Bonus for the Bonus Period ending February 28, 2021 shall be not less
than Nine Hundred Thousand U.S. Dollars ($900,000), and the annual Bonus for the Bonus Period ending February 28, 2022 shall be
not less than Four Hundred Thousand U.S. Dollars ($400,000) (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 the 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, and subject to approval of the Board of Directors of GCM Grosvenor Inc., Employee shall receive a
one-time bonus (“One-Time Bonus”) of 260,000 restricted stock units (“RSUs”)
of GCM Grosvenor Inc., which includes 150,000 RSUs that are paid as reimbursement for certain forfeited economics. RSUs will be
granted in accordance with GCM Grosvenor Inc.’s 2020 Incentive Award Plan and pursuant to an award agreement. The award agreement
will include various terms and conditions, including a vesting schedule and non-solicitation and non-competition provisions similar
to those set forth in §9 of this Agreement, and will be in substantially the same form as the form generally applicable to
other employees. The One-Time Bonus will be granted at the same time as RSU awards are granted generally to employees in 2021.
The One-Time Bonus shall be subject to tax deductions required by law.

 

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(iv) Temporary
Housing.  GCM Grosvenor will provide you with twelve (12) months of temporary housing
accommodations in Chicago beginning on or around January 1, 2021. The Firm will directly pay for all costs and expenses associated
with the temporary housing, including but not limited to, rent, utilities, and association fees. In the event the costs and expenses
associated with the temporary housing are determined to be taxable compensation to you, then the Firm shall ‘gross-up’
the costs and expenses so as to fully compensate you for the applicable taxes.

 

(v) Relocation
Reimbursement.  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 eligible to receive a relocation reimbursement of up to $80,000 to be
paid within the first five (5) years of your employment when you relocate to Chicago. Such relocation reimbursement may be used
for actual moving expenses, home visits, temporary housing, broker fees, or any other related expense and must be used on or before
October 31, 2025.

 

(b) Separation
Payments. 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 Period, Employer
shall pay to Employee separation payments at the annual rate of Two Hundred Thousand U.S. Dollars ($200,000) (“Separation
Payments”), payable in substantially equal installments in accordance with Employer’s normal payroll practices
applicable to the payment of base salary, but no less frequently than monthly. Employee shall not be an employee during the Post
Employment Period, shall not be entitled to the benefits described in §5(a) or any other employee benefits during such period,
and shall not be reimbursed for any expenses unless and to the extent Employer otherwise agrees in a particular case in writing
before such expenditure is incurred. For the avoidance of doubt, the parties acknowledge that payment of monthly installments of
Separation Payments shall commence with the month following the month in which Employee has a Separation from Service within the
meaning of Treas. Reg. §1.409A-1(h)(1) (or any later date required under Section 409A). Employee’s entitlement to and
right to receive any Separation Payments 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. During
the Post-Employment Period, Employer shall either pay directly or reimburse Employee for the COBRA continuation group health insurance
premiums for Employee’s group health insurance coverage (the “Insurance Benefit”), provided that
Employee timely applies for COBRA benefits. 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 Separation Payments and Insurance
Benefit; provided, however, that such nonpayment of Separation Payments and Insurance Benefit shall not relieve Employee of her
obligations under §8 or §9 of this Agreement.

 

§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.

 

    -3-

     

    

 

(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 representations, covenants, terms or provisions of this Agreement or any disclosure
schedule related to 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

 

(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

 

    -4-

     

    

 

(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.

 

§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 an amount equal to the Minimum Base Salary,
reduced by $200,000 (but not below zero), through the end of the Initial Term in substantially equal installments in accordance
with Employer’s normal payroll practices applicable to the payment of base salary, but no less frequently than monthly; 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 receive the Separation
Payments 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 Separation Payments described in §5(b) hereof, subject
to the provisions of §5(b). In the event of Employee’s resignation pursuant §6(c) hereof, Employee shall not be
entitled to any unpaid Minimum Annual Bonus, any unpaid relocation bonus or any unawarded Initial LTIP Awards, and Employer shall
not be required to make any further payments in respect of Employee’s temporary housing.

 

(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 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. 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.

 

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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. Employee also expressly acknowledges that Performance
Records constitute Confidential Information. For the avoidance of doubt, Employee agrees that “Performance Records”
means the financial performance, track record, investment decisions and analysis or any related information (whether alone or in
aggregate or composite form) of (i) any current former or future Investment Product or account managed or advised directly or indirectly
by a GCM Group entity (a “GCM Grosvenor Fund”), irrespective of inception date, investment date or date
on which a GCM Group entity began managing or advising any such GCM Grosvenor Fund, and (ii) any current, former or future investment
made by a GCM Group entity, irrespective of the investment date of such investment. The parties expressly acknowledge that Performance
Records are the exclusive property of Employer (even if they are otherwise publicly available), and Employee is not authorized
to use or disclose them for any reason other than the Employer’s legitimate business purposes.

 

(c) Return
of Information and Property. 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. In addition, Employee
shall return, in good working order, all Employer property to which Employee has possession of or access to on or prior to the
effective date of Employee’s termination.

 

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

 

§9. NON-COMPETITION
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, Initial LTIP Awards, relocation bonus, temporary housing
allowance, Separation Payments and Insurance Benefit 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).

 

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(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

 

(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. Other than those investments previously disclosed to Employer, 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, to the best of Employee’s knowledge, (u) a Past Client, Present Client
or Potential Client, (v) a fund or other Investment Product in which were invested any funds managed directly or indirectly
by any Grosvenor Party, (w) a manager included in the GCM Group’s database of investment managers, (x) the manager,
advisor, general partner or similar entity or Person of any Person described in clause (w) (a “Investment Product Manager”),
(y) an officer, partner, director, manager or other Affiliate of any such Investment Product Manager (a “Manager
of an Investment Product Manager”), or (z) 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
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 Person who, to the best of Employee’s
knowledge, is a 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 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.

 

    -9-

     

    

 

(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 (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).

 

(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.

 

    -10-

     

    

 

(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.

 

    -11-

     

    

 

§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 pursuant to the Federal Arbitration Act, before
a single arbitrator, 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, either party hereto may immediately apply to a state or
federal court in Cook County, Illinois for any provisional remedy, including a temporary restraining order or preliminary injunction,
to enforce the Employment Agreement which shall remain in effect until a final award is made in the arbitration. “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) Additional
Rules & Procedures. Any arbitration called for by this §10 shall be conducted in accordance with the following additional
rules and procedures:

 

(i) Employee
or Employer 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, which Demand Notice shall describe in reasonable detail the nature of the claim, dispute or controversy.

 

(ii) The
parties shall be allowed additional discovery, including additional depositions of parties and third-parties, if reasonable and
appropriate given the matters in dispute.

 

(iii) All
filings, submissions and presentations in the arbitration proceeding shall be confidential. Any decision by the arbitrator shall
be confidential and shall be shielded from public access.

 

(iv) The
arbitrator 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 & Jurisdiction. Any decision rendered by the arbitrator 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. The parties agree to submit to the jurisdiction of the federal and state
courts in Cook County, Illinois in any action seeking a provisional remedy, or any action for judgment on the award entered by
the arbitrator.

 

    -12-

     

    

 

(d) Exclusivity.
Except for actions seeking a provisional remedy which a party 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 arbitrator shall have the exclusive authority to resolve any dispute relating to the interpretation,
scope, 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 arbitrator 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 arbitrator
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.

 

    -13-

     

    

 

§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: General Counsel  

 

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 the Separation Payments 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.

 

    -14-

     

    

 

(h) Entire
Agreement; Supercession. This Agreement and any related disclosure schedules contain 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, including, for the avoidance of doubt, the First Employment Agreement. 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.

 

i. To
the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this
Agreement to the contrary, if Employer determines that any compensation or benefits payable under this Agreement may be subject
to Section 409A, Employer shall work in good faith with Employee to adopt such amendments to this Agreement or adopt other policies
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that Employer
determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions
intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the
requirements of Section 409A; provided, that this subsection 12(j)(i) shall not create an obligation on the part of Employer to
adopt any such amendment, policy or procedure or take any such other action, nor shall Employer have any liability for failing
to do so.

 

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

 

    -15-

     

    

 

iii. Notwithstanding
anything to the contrary in this Agreement, if, at the time of a Separation from Service of Employee, Employee is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) (a “Specified Employee”), then any payments
and benefits constituting Section 409A deferred compensation to be paid or provided upon the Separation from Service of Employee
shall be paid or provided commencing on the later of (i) the date that is six months after the date of such Separation from Service
or, if earlier, the date of death of Employee (in either case, the “Delayed Payment Date”), or (ii) the
date or dates on which such Section 409A deferred compensation would otherwise be paid or provided. All such amounts that would,
but for this subsection 12(j), become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment
Date.

 

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

 

v. To
the extent that any payment or benefit to be received by Employee hereunder is to be offset hereunder, such offset may occur only
if it would not result in an impermissible acceleration or deferral under Section 409A.

 

[The remainder of this
page is left intentionally blank]

 

[Signature page follows]

 

    -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.
	 	 	 	 	 
	Date:	December 31, 2020	 	By:	               /s/ Sandra M. Hurse
	 	 	 	 	Sandra M. Hurse, Managing Director, CHRO
	 	 	 	 	 
	 	 	 	EMPLOYEE
	 	 	 	 	 
	Date:	December 31, 2020	 	 /s/ Pamela L. Bentley
	 	 	 	Pamela L. Bentley

 

 

-17-

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