Document:

EX-10.21

 EXHIBIT 10.21 

[***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this Document because it is both not
material and is the type that the registrant treats as private or confidential. 
 ADMINISTRATIVE SERVICES AGREEMENT

 THIS ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is entered into as of November 19, 2020
(the “Execution Date”), by and between Enhanced Capital Group, LLC, a Delaware limited liability company (together with its successors and permitted assigns, “LLC”), and Enhanced Capital Holdings, Inc., a Delaware
corporation (“Holdings”), to be effective as of the Effective Date (as defined herein). 
 WHEREAS, Holdings desires
to provide, and LLC desires to retain Holdings to provide, the Employees (as defined herein) subject to and in accordance with the terms and conditions set forth herein; and 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 As used
herein, the following terms shall have the meanings indicated below: 
 “Advisers Act” shall have the meaning set forth in
Section 2.3(d) hereof. 
 “Agreement” shall have the meaning set forth in the preamble hereof.

 “Budget” shall have the meaning set forth in Section 2.3(a) hereof. 

“Change of Control of Holdings” means (i) when any Person(s) who is not at the date hereof a legal or beneficial owner,
directly or indirectly, of securities of Holdings representing more than fifty percent (50%) of the combined voting power of Holdings’ then outstanding voting securities becomes such a legal or beneficial owner, or (ii) the consummation of
(A) a merger, roll-up, consolidation, or other reorganization of Holdings into or with another entity as a result of which the shareholders of Holdings as of the Effective Date cease to be the holders of
a majority of the voting securities of the surviving entity after consummation of such transaction; or (B) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the
assets of Holdings. 
 “Change of Control of LLC” means a Sale of the Company (as defined in the Amended and Restated
Limited Liability Company Agreement of LLC, dated as of December 23, 2013 (as amended, restated or modified from time to time, the “LLC Operating Agreement”)). 

 

 “Confidential Information” means: (i) information submitted by a party
hereto, a Manager or any of their Subsidiaries in connection with the negotiation or performance of this Agreement, (ii) all information designated by any such Person as, or information that would reasonably be expected to be, secret, confidential,
company private or other similar classifications, including performance data, including but not limited to all material nonpublic information relating to the holdings and trade activity of investment funds and accounts managed by a party hereto or
Manager or any of their respective Subsidiaries, (iii) all information in any such Person’s possession concerning or belonging to third Persons under a contractual or legal obligation to maintain confidentiality, (iv) information
regarding the identity of any direct or indirect investor in a party hereto or any Manager, (v) all data generated as a result of the Services rendered hereunder, and (vi) any and all documents, cards, tapes, discs and other media upon
which such data or information is contained. Confidential Information excludes information (x) in the public domain, (y) independently acquired or developed without breach of any legal or contractual obligation, and (z) information
commonly known among Persons familiar with the businesses similar to those conducted by a party hereto and any Manager. 

“ECP” means Enhanced Capital Partners, LLC, a Delaware limited liability company. 

“Effective Date” means the closing date of the SPA, after the closing of the purchase and sale contemplated by the SPA and
after the closing and effectiveness of the transactions and other actions contemplated by the Reorganization Agreement (other than the effectiveness of this Agreement). 

“Employees” shall have the meaning set forth in Section 2.3(a) hereof. 

“ESOP” means the Enhanced Capital Partners Employee Stock Ownership Plan. 

“Excess Payment” shall have the meaning set forth in Section 3.1(a) hereof. 

“Execution Date” shall have the meaning set forth in the preamble hereof. 

“FMLA” shall have the meaning set forth in Section 2.3(h) hereof. 

“Holdings” shall have the meaning set forth in the preamble hereof. 

“Holdings Costs” shall have the meaning set forth in Section 3.1(a) hereof. 

“Holdings Covered Person” shall have the meaning set forth in Section 2.6 hereof. 

“Insolvency Event” means, with respect to any Person, the occurrence of any of the following events: (i) an assignment
by such Person for the benefit of creditors; (ii) such Person’s dissolution or such Person’s loss of charter by forfeiture; (iii) such Person having been adjudged bankrupt or insolvent by a court of competent jurisdiction;
(iv) a trustee or receiver having been appointed for such Person or its assets or any substantial part thereof; (v) such Person having filed a voluntary petition under any bankruptcy or other similar law providing for its reorganization,
dissolution or liquidation; or (vi) such Person having consented to the appointment of a receiver or a trustee for itself or its assets or of any substantial part thereof. 

“Liabilities” shall have the meaning set forth in Section 2.6 hereof. 

  
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 “LLC” shall have the meaning set forth in the preamble hereof. 

“LLC Compliance Program” shall have the meaning set forth in Section 2.3(d) hereof. 

“LLC Covered Person” means Covered Person (as defined in the LLC Operating Agreement). 

“Management Contract” means any agreement (whether or not such agreement is entitled “Management Contract”) between
LLC and a Manager pursuant to which LLC agrees to provide services or Employees to such Manager. 
 “Manager” means any
Person that engages LLC to provide management or administrative services or Employees for such Person. 
 “Monthly Payment”
shall have the meaning set forth in Section 3.1(a) hereof. 
 “Newco” means Enhanced Permanent
Capital, LLC, a Delaware limited liability company. 
 “Person” means an association, firm, individual, partnership
(general or limited), corporation, limited liability company, trust, financial institution, unincorporated organization, or other entity, or any federal, state, county, municipal, quasi-governmental entities or agencies or political subdivisions
thereof, and entities created by the foregoing. 
 “Reorganization Agreement” means that certain Reorganization Agreement,
dated as of November 19, 2020, to be effective following the closing of the acquisition transaction contemplated by the SPA, by and among LLC, Enhanced Tax Credit Finance, LLC, a Delaware limited liability company, ECP, Newco, Holdings and
solely for purposes of section 3.1(c) thereof, Michael Korengold. 
 “Services” means the services described on Schedule
I attached hereto and incorporated by reference herein, as such schedule may be amended by the parties from time to time. 

“SPA” means that certain Securities Purchase Agreement, dated as of November 19, 2020, by and among P10 Intermediate
Holdings LLC, a Delaware limited liability company, LLC, ECP, the seller parties set forth on Schedule A thereto, and solely for certain limited purposes specified therein, the seller owner parties set forth on Schedule B thereto, Stone Point
Capital LLC, a Delaware limited liability company, and P10 Holdings, Inc., a Delaware corporation. 
 “Subsidiary” means,
with respect to any Person, (i) any Person controlling, controlled by or under common control with any such Person and (ii) any director or executive officer of any such Person referred to in clause (i) of this definition. For
purposes hereof, “control” and its derivatives mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or
voting interests, by contract or otherwise. Holdings shall not be deemed to be a Subsidiary of LLC or any Manager for purposes of this Agreement, and LLC and the Managers shall not be deemed Subsidiaries of Holdings for purposes of this Agreement.

  
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 ARTICLE II. 

TERM; SERVICES; EMPLOYEES 

2.1. Term. The term of this Agreement shall commence on the Effective Date and continue until terminated pursuant to the termination
provisions hereof. 
 2.2. Services. 

(a) LLC hereby engages Holdings to provide to and perform for LLC and its Subsidiaries (including services performed by LLC and its
Subsidiaries to any Manager and its Subsidiaries), and Holdings hereby accepts such engagement and agrees to provide to and perform for LLC and its Subsidiaries (including services performed by LLC and its Subsidiaries to any Manager and its
Subsidiaries), the Services, upon the terms and subject to the conditions set forth herein. Holdings shall provide personnel and resources as necessary to fulfill its responsibilities under this Agreement. Holdings shall not enter into any sub-advisor or subcontractor relationships or otherwise delegate responsibilities in connection with performing the Services unless approved in writing by LLC (which approval may be granted, conditioned or withheld
in its sole discretion). 
 (b) Holdings shall perform its obligations hereunder during the term of this Agreement (i) in a good and
workmanlike manner, using such standard of care, diligence and skill that a reasonably prudent consultant or advisor would exercise in comparable circumstances, and (ii) in accordance with all laws and regulations applicable to the Services as
from time to time in effect during the term of this Agreement. Holdings agrees to act during the term of this Agreement at all times on a basis which is honest, fair and reasonable with a view to the best interests of LLC and its Subsidiaries
(including with respect to the performance by LLC of its obligations under any Management Contract). 
 (c) Holdings shall not be authorized
to act in the name of or bind LLC, any Manager or any of their Subsidiaries and under no circumstances whatever may Holdings act or hold itself out as the agent or representative of LLC, any Manager or any of their Subsidiaries; provided,
however, that Holdings may execute transactions for and on behalf of LLC, a Manager or any of its Subsidiaries if so authorized by LLC. Such authorization may be specific with respect to a particular transaction or may be general with respect to
any class or category of transactions and, in such event, may be limited as to the maximum permissible amount. All authorizations relating to the advice provided by Holdings shall be made solely and exclusively by LLC, and in the name of LLC. All
transactions conducted by Holdings pursuant to the foregoing, or by LLC shall be, and for all purposes shall be deemed to have been, conducted solely for the benefit of LLC and not for the benefit of Holdings. 

(d) Holdings shall for all purposes be deemed to be, and shall be, an independent contractor and shall, unless otherwise expressly provided or
authorized as specified in Section 2.2(c) hereof, have no authority to act for or represent LLC, any Manager or any of their Subsidiaries in any way or otherwise be deemed an agent of LLC, any Manager or any of their
respective Subsidiaries for any purpose whatever. The parties to this Agreement further acknowledge that they are neither partners nor joint venturers, and nothing in this Agreement shall be construed to create a partnership or a joint venture and
neither party shall be liable to the other or any third party as such. 
  

  
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 2.3. Employees. 

(a) Upon the terms and subject to the conditions set forth herein, Holdings shall provide employees possessing certain skills and
qualifications (the “Employees”) to LLC and its Subsidiaries as may be necessary or appropriate in the operation of their businesses (including providing services to Managers and their Subsidiaries) during the term of this Agreement
as may be called for by the then current business plan and/or budget established (and/or amended in accordance herewith) by LLC (the “Budget”). Notwithstanding the foregoing, the “Employees” shall be the employees set
forth on Exhibit A or such other employees agreed to in writing by Holdings and LLC. LLC may, in its discretion, refuse Services from any Employee at any time and, in connection with such determination, LLC shall specify whether or not
such termination of engagement is designated with or without “cause,” due to “disability” or with or without “good reason” for purposes of determining amounts payable by LLC to Holdings in respect of such termination
pursuant to Schedule III and for other relevant purposes (with “cause,” “disability” and “good reason,” if relevant, being defined as set forth in an applicable employment, restrictive covenant or service
agreement between such Employee and Holdings). 
 (b) Holdings shall be responsible for complying with the provisions of the Immigration
Reform and Control Act of 1986, 8 U.S.C. § 1324a et seq. with respect to the Employees. 
 (c) Holdings shall be responsible for
conducting a background check on each proposed Employee. 
 (d) Before an Employee is assigned to LLC, a Manager or any of its Subsidiaries,
Holdings shall provide to that Employee adequate and sufficient training, including but not limited to orientation matters, compliance procedures, confidentiality rules, safety rules, emergency evacuation procedures, and other rules and regulations
pertaining to work at LLC’s, the Managers’ or any of their Subsidiaries’ facilities, including but not limited to the written compliance policies and procedures, including a Code of Ethics in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”), adopted by LLC in accordance with Rule 206(4)-7 under the Advisers Act (together, the
“LLC Compliance Program”). Holdings shall consult with LLC prior to implementing such training, and LLC shall provide all components of the LLC Compliance Program to Holdings. Before any Employee is assigned to LLC or its
Subsidiaries, Holdings shall furnish LLC with copies of such training program and training material. Before an Employee is assigned to LLC or its Subsidiaries, Holdings also shall furnish to LLC written proof that the Employee received the training
described in this Section 2.3(d). Holdings acknowledges that LLC Compliance Program applies to LLC and Employees assigned to it, as well as each Manager and Employees assigned to it. The LLC Compliance Program is
administered by a single Chief Compliance Officer and is designed to prevent violation of the federal securities laws by LLC, each Manager, and the Employees assigned to each. 

 

  
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 (e) When an Employee is assigned to LLC, a Manager or their respective Subsidiaries for a
job requiring a certified skill or license, Holdings shall furnish LLC, such Manager or their respective Subsidiaries, as applicable, a copy of the Employee’s certification or license before the Employee is assigned to LLC or its Subsidiaries.

 (f) Once an Employee reports to work at the facility to which he or she has been assigned, Holdings shall continue to have the sole right
to direct and control the Employee in the performance of the Employee’s duties. The Employee shall be subject to all of the policies and procedures of Holdings. 

(g) Holdings shall be responsible for paying Employee wages and providing employee benefits, if any. Holdings warrants that in doing so, it
shall at all times be in compliance with all local, state and federal statutes governing the payment of wages, deductions from such wages, and the provision of employee benefits, including but not limited to the Fair Labor Standards Act of 1938, as
amended, 29 U.S.C. § 201 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the Federal Insurance Contribution Act, 26 U.S.C. § 3101 et seq., the Federal Unemployment Tax Act, 26 U.S.C. § 3301
et seq., the Income Tax Withholding Act, 26 U.S.C. § 3401 et seq., and all applicable state law. Holdings further warrants that it will accurately complete and properly maintain all payroll and benefit records on Employees. LLC shall have
access to such records at any time after request made to Holdings. 
 (h) Holdings acknowledges that the Employees shall have the right to
leave as mandated by the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq. (“FMLA”). Holdings shall be solely responsible for the administrative requirements mandated by the FMLA with respect to the Employees. 

(i) Holdings warrants that it shall maintain in full force and effect at all times during the term of this Agreement workers’ compensation
insurance (as required by applicable law) covering all the Employees assigned to LLC, the Managers or their Subsidiaries. Evidence of this coverage, represented by a Certificate of Insurance, must be furnished to LLC, the Managers, or their
Subsidiaries, as applicable, prior to any Employee being assigned to LLC, the Managers or their Subsidiaries, as applicable. Holdings further agrees that its workers’ compensation insurance policy shall contain a Waiver of Subrogation in favor
of LLC, the Managers and their Subsidiaries. LLC warrants that upon any notice to it by any Employee of a work-related injury or illness, LLC shall promptly report the injury to Holdings in writing. Holdings shall then be responsible for filing any
report mandated by all applicable state law reporting the injury. Holdings also shall maintain all records of work-related injury or illness of each Employee. 

(j) Holdings warrants that it has and shall maintain adequate commercial general liability insurance to cover the risk associated with its
assignment of Employees to LLC, the Managers or their Subsidiaries. This policy shall include LLC and each of LLC, the Managers and their Subsidiaries as additional named insureds and it shall include coverage for bodily injury and property damage
in the following respects: (a) Personal Injury Liability with employee and contractual exclusions removed; and (b) Limited Form Contractual Liability specifically in support of, but not limited to, Section 2.6
hereof. The limits of this policy shall be in such minimum amount or amounts as LLC shall reasonably determine. Evidence of this insurance coverage, represented by a Certificate of Insurance, must be furnished to LLC, the Managers or their
Subsidiaries prior to any Employee’s assignment to LLC, the Managers or their Subsidiaries, as applicable. 

  
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 2.4. Holdings’ Right of Ingress and Egress. LLC hereby grants to Holdings the
right of ingress and egress to LLC’s facilities for purposes of providing and performing the services in accordance with this Agreement. Such right is granted to those individuals having duties to perform in LLC’s facilities hereunder.
Holdings’ and its employees’ and subcontractors’ ingress and egress shall, at all times, be conducted in accordance with the health, safety, security, confidentiality and environmental requirements and/or concerns established from
time to time by LLC, the Managers or any of their Subsidiaries. 
 2.5. Approval of Certain Matters. During the term of this
Agreement, Holdings hereby agrees not to take, or permit to be taken, any of the following actions, or engage in any of the following transactions, without the approval of LLC in accordance with the LLC Operating Agreement: 

(a) provide any services to any Person other than LLC, the Managers or their Subsidiaries or enter into any transaction or take any action
which would result in Holdings conducting or engaging in any type or line of business that is material to Holdings, that is other than (i) the types or lines of business being conducted by Holdings immediately following the date of this
Agreement or (ii) as otherwise approved by LLC in a business plan and/or budget; 
 (b) accelerate the payments or distributions of
accrued benefits to any participants of the ESOP where Holdings has the discretion to make such an alteration, amendment, or acceleration, or adopt any payment policy relating to payments or distributions of accrued benefits in respect of the ESOP
or make any change thereto; 
 (c) make a single lump sum payment of accrued benefits to any participants of the ESOP except as required
under the Plan and Trust agreement of the ESOP or any payment policy adopted in compliance with Section 2.5(b); 

(d) repurchase or redeem any of the capital stock of Holdings except as required under the ESOP; 

(e) appoint or consent to the appointment of a receiver or trustee for Holdings, or any of its assets, or a substantial part thereof; 

(f) approve any indemnification of any director, officer, shareholder or other person acting on behalf of Holdings, except as required by
mandatory provisions of the organizational documents of Holdings; or 
 (g) sell or agree to sell all or substantially all of the assets of
Holdings in a single transaction or a series of related transactions, or enter into or engage in any merger, consolidation, business combination or similar type transaction involving Holdings. 

2.6. Indemnification. LLC agrees to indemnify, defend, and hold harmless Holdings, each of Holdings’ officers, directors,
employees, agents, attorneys, successors, and assigns (each, a “Holdings Covered Person”) from any liability, damages, losses, claims, expenses, costs and attorneys’ fees of any nature, kind, or description of any person or
entity arising out of, caused by, or resulting from (a) the services performed hereunder, or any part thereof, (b) this Agreement, (c) any act or omission of Holdings which specifically arises from Holdings’ providing employees
to 

  
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LLC, any Manager or any of their Subsidiaries or (d) any claim asserted against a Holdings Covered Person related to the performance of Services hereunder (collectively,
“Liabilities”), even if such Liabilities arise from or are attributed to the concurrent negligence of Holdings; provided, that LLC will not be obligated to so indemnify, defend or hold harmless a Holdings Covered Person
(i) to the extent such Person engaged in conduct that would result in such Person not being entitled to indemnification pursuant to Section 6.1 of the LLC Operating Agreement if such Person was an LLC Covered Person or (ii) in
connection with such Person’s breach of this Agreement. For the avoidance of doubt, clause (i) in the foregoing proviso will not result in the ineligibility for indemnification of any Holdings Covered Person, other than the Employee who
engages in the disabling conduct. Holdings or LLC, as applicable, shall give prompt notice to the other party of any such Liability and shall cooperate with such other party and its counsel in the defense of such claims or lawsuits. The
indemnification provided for in this Section 2.6 shall (i) not be limited to damages, compensation, or benefits payable under insurance policies, workers’ compensation acts, or other employee benefit acts and
(ii) be subject to the limitations set forth in Sections 3.2 and 3.3, as applicable. 
 2.7. Books and Records.
Proper and complete books, records and documents relating to the Services provided by Holdings hereunder (and LLC’s, the Managers’ and their Subsidiaries’ transactions and business resulting therefrom) shall be maintained at
Holdings’ principal place of business (or at such other location approved by LLC) and shall be retained for at least six years after the effective date of any expiration or termination of this Agreement or otherwise delivered to LLC upon or
after any expiration or termination of this Agreement. LLC, the Managers, their Subsidiaries and each Person’s duly authorized representatives may, during or after the term of this Agreement, visit and inspect any of the properties owned or
leased by Holdings, examine its books of account, records, reports and other papers (including but not limited to documentation supporting LLC’s, a Manager’s or a Subsidiary’s historic investment performance and track record) relating
to the Services provided by Holdings hereunder (and LLC’s, the Managers’ and their Subsidiaries’ transactions resulting therefrom), make extracts or copies therefrom, and discuss the affairs, finances and accounts of Holdings relating
thereto with Holdings and its accountants (and by this provision Holdings authorizes said accountants to discuss with LLC, the Managers and their representatives the finances and affairs of Holdings relating to such matters), all at such reasonable
times and as often as reasonably requested. The rights and obligations of the parties under this Section 2.7 shall survive any expiration or termination of this Agreement. 

2.8. Reports. With reasonable promptness, Holdings shall deliver such reports and information available to Holdings relating to the
Services and the Employees provided by Holdings hereunder (and LLC’s, the Managers’ and their Subsidiaries’ transactions resulting therefrom) as LLC, the Managers or their Subsidiaries may from time to time reasonably request. 

2.9. Exclusivity; Nonsolicitation; Noncompetition. 

(a) During the term of this Agreement, Holdings shall devote its exclusive and full business time and attention to the performance of its
duties and obligations under this Agreement (or otherwise providing Services and Employees to LLC, the Managers and their Subsidiaries or ECP and its Subsidiaries) and shall not engage in any other activity for gain or profit unless approved in
writing by LLC (which approval may be granted, conditioned or withheld in its sole discretion). 

  
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 (b) Unless otherwise approved in writing by LLC (which approval may be granted, conditioned
or withheld in its sole discretion), Holdings covenants and agrees that it shall not, during the term of this Agreement, working alone or in conjunction with one or more Persons, for compensation or not, (i) recruit or otherwise solicit or
induce any Person other than an Employee to withdraw, curtail, cancel, terminate or otherwise cease its relationship or business with LLC, any Manager or any of their Subsidiaries or in any manner modify or fail to enter into any actual or potential
business relationship with LLC, any Manager or any of their Subsidiaries; or (ii) provide or offer to provide to any Person any service similar to that of the Services provided by Holdings under this Agreement or the services of any of
Holdings’ employees. 
 (c) Holdings acknowledges that a breach of this Section 2.9 hereof would cause
irreparable damage to LLC, the Managers and each of their Subsidiaries, and in the event of its actual or threatened breach of the provisions of Section 2.9 hereof, LLC shall be entitled to a temporary restraining order and
an injunction restraining Holdings from breaching such covenants without the necessity of posting bond or proving irreparable harm, such being conclusively admitted by Holdings. Nothing shall be construed as prohibiting LLC, any Manager or any of
their Subsidiaries from pursuing any other available remedies for such breach or threatened breach, including the recovery of damages from Holdings. Holdings acknowledges that the restrictions set forth in Section 2.9
hereof are reasonable in scope and duration, given the nature of the business of LLC, the Managers and their Subsidiaries. 
 ARTICLE III.

 COMPENSATION; PAYMENT 

3.1. Compensation. 
 (a)
Subject to the provisions of Sections 2.5 and 3.1(b) hereof, LLC shall pay directly, or reimburse Holdings for, any and all reasonable costs and expenses incurred by Holdings during the term of this Agreement in connection with
Holdings’ duties, responsibilities and Services required by this Agreement to the extent set forth on Schedule II attached hereto or as otherwise agreed to in writing by Holdings and LLC (the “Holdings Costs”). The
budgeted Holdings Costs for each month shall be paid by LLC in advance of the commencement of such month (each, a “Monthly Payment”). In addition, LLC shall pay to Holdings monthly an amount equal to two percent (2%) of the monthly
budgeted Holdings Costs (each, an “Excess Payment”). In the event that, with respect to any calendar month, the Monthly Payment plus the Excess Payment is insufficient to satisfy the costs and expenses incurred by Holdings during
such calendar month in connection with Holdings’ duties, responsibilities and Services required by this Agreement and if Holdings has complied with the last sentence of this Section 3.1(a), then LLC shall pay directly,
or reimburse Holdings for, any such excess costs and expenses (“excess costs and expenses”) no later than the fifth business day following Holdings’ demand therefor. At the end of each annual budget period, the amount of any
accumulated Excess Payments over the actual Holdings Costs incurred by Holdings during such annual budget period shall be promptly returned by Holdings to LLC. Holdings shall provide reports and information to LLC from time to time to determine
Holdings’ compliance with the terms of this Agreement as required by LLC. Notwithstanding any provision of this Agreement to the contrary, Holdings shall use its best efforts to operate in accordance with the then-effective Budget (including
without limitation by not providing compensation or benefits to Employees in excess of the Budgeted amounts therefor) so as to minimize the excess costs and expenses to be borne by LLC as provided in this Section 3.1(a).

  

  
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 (b) Holdings shall submit requests for advances of expenses or expense reimbursements to LLC
from time to time for the items referred to in Section 3.1(a) hereof in accordance with policies and procedures established from time to time by LLC. Subject to Section 3.1(a) hereof, LLC shall pay
directly, or reimburse or advance funds to Holdings monthly for, such costs and expenses listed on written statements or invoices accompanied by supporting documentation prepared by Holdings to the extent set forth on Schedule II attached
hereto, with actual funding within thirty (30) days after the receipt by LLC of a timely presented statement or invoice or with respect to budgeted monthly Holdings Costs in advance of the commencement of the applicable month. 

3.2. Compensation Payable Upon Refusal of Employee. Upon any refusal of Services by LLC with respect to any Employee, Holdings shall be
entitled to receive, (i) subject to Sections 3.1(a) and 3.1(b) hereof, payment of any advances or expense reimbursements referred to in Section 3.1(a) hereof for costs and expenses relating to the
performance of Services by such Employee under this Agreement attributable to the period ending on the date of such refusal of Service; and (ii) payment for any of the obligations of Holdings set forth on Schedule III attached hereto and
incorporated by reference herein. Except as otherwise set forth in this Section 3.2 and in Sections 2.6 (but not in respect of ongoing compensation or benefits payable to such Employee beyond that set forth in
Section 3.2 or 3.3) and 3.3, Holdings shall not be entitled to any compensation or other amounts after the effective date of any refusal of Services with respect to any Employee. 

3.3. Compensation Payable upon Termination of Agreement. Upon any termination of this Agreement for any reason, Holdings shall be
entitled to receive (i) subject to Sections 3.1(a) and 3.1(b) hereof, payment of any advances or expense reimbursements referred to in Section 3.1(a) hereof for costs and expenses relating to the
performance of Services under this Agreement attributable to the period ending on the effective date of such termination and (ii) payment for any of the obligations of Holdings set forth on Schedule III attached hereto and incorporated
by reference herein. Except as otherwise set forth in Sections 2.6 (but not in respect of ongoing compensation or benefits payable to such Employee beyond that set forth in Section 3.2 or 3.3), 3.2 and
3.3, Holdings shall not be entitled to any severance or other compensation after the effective date of any termination of this Agreement. 

3.4. Survival of Payment Obligations. The rights and obligations of the parties under this Article III shall survive any termination of
this Agreement. 
 ARTICLE IV. 

TERMINATION 
 4.1.
Termination Rights. Notwithstanding anything to the contrary in this Agreement, if the closing does not occur pursuant to the terms of the SPA, this Agreement will terminate concurrently with the termination of the SPA. In addition, this
Agreement may be terminated as follows: 

  
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 (a) LLC 

(i) At the option of LLC, upon a firm commitment underwritten public offering of equity securities of LLC pursuant to an effective registration
statement under the Securities Act of 1933, as amended; 
 (ii) At the option of LLC, upon the Change of Control of LLC; 

(iii) At the option of LLC, upon the Change of Control of Holdings; 

(iv) By LLC at any time upon or after the occurrence of an Insolvency Event with respect to Holdings; or 

(v) By LLC at any time if, after thirty (30) days’ prior notice to Holdings of its failure to perform any of its obligations
hereunder, Holdings fails to perform such obligations, or at any time with ninety (90) days’ prior notice. 
 (b) Holdings

 (i) At the option of Holdings, upon the Change of Control of LLC; 

(ii) By Holdings at any time upon or after the occurrence of an Insolvency Event with respect to LLC; or 

(iii) By Holdings at any time if, after thirty (30) days’ prior notice to LLC of its failure to perform any of its obligations
hereunder, LLC fails to perform such obligations. 
 4.2. Effect of Termination. Upon any termination of this Agreement, neither
party shall have any further right, liability or obligation hereunder after the effective date of such termination except in respect to (a) any liability or obligation arising out of such party’s (i) failure to perform prior to such
termination in all material respects any obligation or to comply with any covenant or agreement on its part to be performed or complied with hereunder prior to such termination or (ii) material breach of any of its representations or warranties
contained herein; (b) any liability or obligation hereunder which was accrued or incurred under the terms hereof prior to the effective date of such termination but remains unsatisfied or undischarged on the effective date of such termination,
subject to Section 3.1 and Section 3.3 hereof; or (c) any right, liability, obligation or provision which survives any such termination as expressly provided herein, except that LLC will not
have any indemnification obligations under Section 2.6 or otherwise relating to such termination if such termination is by LLC pursuant to Section 4.1(a)(v). 

ARTICLE V. 
 CONFIDENTIAL DATA

 5.1. General. Each party acknowledges and agrees that all Confidential Information received from the other party, any Manager
or any of their Subsidiaries is strictly confidential and that the receiving party shall take reasonable steps to implement any and all procedures necessary to safeguard the confidentiality of such Confidential Information of the disclosing party.

  
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 5.2. Specific Obligation Regarding Third Parties. All Confidential Information is and
shall remain the sole property of the Person submitting the same, and the receiving party shall not disclose, use, copy or permit to be copied any Confidential Information of the disclosing party except as otherwise permitted under this
Section 5.2. The receiving party shall, upon request of disclosing party, return such Confidential Information to its owner upon any termination of this Agreement. Without limiting the generality of the foregoing, the
receiving party specifically agrees (i) to take reasonable precautions not to disclose or otherwise permit to any other Person access to, in any manner, the Confidential Information of the disclosing party or any part thereof except as such
access shall be required by an employee or independent contractor in the course of his or her employment or engagement; (ii) to take reasonable precautions to assure that employees, agents, representatives, independent contractors, licensees,
invitees and guests of the receiving party are advised of the confidential nature of the Confidential Information and to require by agreement or otherwise that they are prohibited from copying (other than as required to perform their duties) or
revealing for any purpose whatsoever the Confidential Information or any part thereof; (iii) to notify the disclosing party promptly and in writing of the circumstances known to the receiving party surrounding any possession, use or knowledge
of the Confidential Information by any Person other than those authorized by this Section 5.2; (iv) immediately upon receipt by the receiving party of any legal process (whether initiated by private parties or governmental
agencies) requesting access to Confidential Information under the receiving party’s control, to transmit such request to the disclosing party, and not to divulge such Confidential Information in response to such legal process without the
disclosing party’s written consent (it being understood that the receiving party shall undertake the burden of opposing such process if the disclosing party should deem it necessary and shall agree to indemnify in writing the receiving party
for any costs or penalties incurred by the receiving party in connection with its refusal to comply with such process); (v) to take reasonable precautions not to use, provide, make available, or permit the use of the Confidential Information or any
part thereof in any form whatsoever, whether gratuitously or for valuable consideration, to or for the benefit of any other Person except as otherwise permitted by this Section 5.2; (vi) to take at the receiving
party’s expense to the extent it was at fault in permitting access to the Confidential Information and otherwise at the disclosing party’s expense, subject to the disclosing party’s control, any legal action reasonably necessary to
prevent unauthorized use of such Confidential Information by any third Person who or which has gained access to the Confidential Information, due, at least in part, to the fault of the receiving party; and (vii) to take any and all other
reasonable actions deemed necessary or appropriate by the disclosing party, at the disclosing party’s expense and subject to the disclosing party’s control, to assure the continued confidentiality and protection of the Confidential
Information and to prevent access to the Confidential Information by any Person not authorized under this Section 5.2. 

5.3. Use of Names. Holdings shall not use the name of LLC, any Manager or any of its Subsidiaries or partners in any promotional
materials or other statements without such Person’s consent. 
 5.4. Survival of Confidentiality. The rights and obligations of
the parties under this Article V shall survive any termination of this Agreement. 

  
 12 

 ARTICLE VI. 

MISCELLANEOUS 
 6.1.
Waiver. Notwithstanding anything to the contrary contained herein, the failure of either party to seek redress for violation, or to insist upon the strict performance, of any covenant, agreement, provision, or condition hereof shall not
constitute the waiver of the terms of such covenant, agreement, provision, or condition at subsequent times or of the terms of any other covenant, agreement, provision or condition, and each party shall have all remedies provided herein with respect
to any subsequent act which would have originally constituted the violation hereunder. 
 6.2. Governing Law. THIS
AGREEMENT, AND ALL QUESTIONS RELATING TO ITS VALIDITY, INTERPRETATION, PERFORMANCE, AND ENFORCEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY
CONFLICT-OF-LAWS DOCTRINES OF SUCH STATE OR OTHER JURISDICTION TO THE CONTRARY. 

THIS AGREEMENT HAS BEEN EXECUTED, ACCEPTED AND DELIVERED AND IS PERFORMABLE IN NEW YORK, AND VENUE IN ANY SUIT, PROCEEDING OR ACTION
ARISING OUT OF OR INVOLVING THIS AGREEMENT SHALL BE IN THE COURTS OF THE STATE OF NEW YORK, COUNTRY OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. HOLDINGS HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF
SUCH COURTS FOR THE PURPOSE OF ANY SUCH SUIT, PROCEEDING OR ACTION AND HEREBY IRREVOCABLY WAIVES (I) ANY OBJECTION THAT IT NOW HAS OR MAY HEREAFTER HAVE TO THE VENUE OF ANY SUCH COURT AND (II) ANY OBJECTION THAT ANY SUCH SUIT, PROCEEDING
OR ACTION BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY
OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 6.3. Notices. Any notice, consent, approval, request,
demand, declaration or other communication required hereunder shall be in writing to be effective and shall be given and shall be deemed to have been given if (i) delivered in person with receipt acknowledged, (ii) telexed or telecopied
and electronically confirmed, (iii) deposited in the custody of a nationally recognized overnight courier for next day delivery, or (iv) placed in the federal mail, postage prepaid, certified or registered mail, return receipt requested,
in each case addressed as follows: 
  

  
 13 

 If to LLC: 

[***] 
 [***] 

[***] 
 Attention: [***] 

With a copy to: 
 [***] 

[***] 
 [***] 

[***] 
 With a copy to 

[***] 
 [***] 

[***] 
 Attention: [***] 

If to Holdings: 
 [***]

 [***] 
 [***] 

Attention: [***] 
 or at such other address as
may be substituted by giving the other parties not fewer than five business days’ advance written notice of such change of address in accordance with the provisions hereof. The giving of any notice required hereunder may be waived in writing by
the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be deemed to have been duly served, delivered and received on the date on which personally delivered with
receipt acknowledged or telecopied or telexed and electronically confirmed, or forty-eight (48) hours after being deposited into the custody of a nationally recognized overnight courier for next day delivery, or five business days after the
same shall have been placed in the federal mail as aforesaid. 
 6.4. Severability. The provisions hereof are independent of and
separable from each other, and no provisions shall be affected or rendered invalid or unenforceable by virtue of the fact but for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

6.5. Entire Agreement. This Agreement, together with the other agreements entered into contemporaneously with this Agreement, contains
the entire understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and 

  
 14 

 
understandings, inducements, or conditions, express or implied, oral, or written, except as herein contained. The express terms hereof control and supersede any course of performance or usage of
the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing signed by an authorized representative of each party hereto (as designated from time to time by such party).

 6.6. Headings. The headings herein are for convenience only; they form no part of this Agreement and shall not be given any
substantive or interpretive effect whatsoever. 
 6.7. Multiple Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, and all such counterparts together shall constitute but one and the same instrument; provided, however, that in making proof hereof, it shall not be necessary to produce or account for more than one
such counterpart. It shall not be necessary that each party hereto execute the same counterpart, so long as identical counterparts are executed by each party. Delivery of a copy of a this Agreement bearing an original signature by facsimile
transmission (whether directly from one facsimile device to another by means of a dial-up connection or whether mediated by the worldwide web), by electronic mail in “portable document format”
(“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original signature.
“Originally signed” or “original signature” means or refers to a signature that has not been mechanically or electronically reproduced. 

6.8. Assignment. Holdings shall not (by operation of law or otherwise) assign, transfer, pledge, mortgage, delegate, subcontract or
otherwise hypothecate this Agreement or any right or interest or obligation hereunder without first obtaining the prior written consent of LLC, which consent may be granted delayed, conditioned or withheld in LLC’s sole discretion. LLC shall
not, without the consent of Holdings, assign this Agreement and any of its rights and interests hereunder to any Person; provided, that LLC may, without the consent of Holdings, assign this Agreement and any of its rights and interests
hereunder to any Person deriving title from it to all or substantially all of its assets of the business to which this Agreement relates (including, without limitation, by way of merger or consolidation or otherwise). Except for the proviso in the
immediately preceding sentence, no assignment or other transfer permitted by this Section 6.8 shall operate as a release of the assignor’s obligations or liabilities hereunder, and the assignor shall remain liable
hereunder notwithstanding such assignment or other transfer. In the event of any assignment permitted by this Section 6.8, an instrument of assignment shall be executed by the assignee and shall expressly state that the
assignee assumes all of the applicable obligations and liabilities of the assignor contained herein. Any assignment or transfer in violation of this Section 6.8 is void and not effective. Nothing in this Agreement shall
prevent LLC from enforcing the rights or remedies hereunder against Holdings for the benefit or at the direction of the Managers or their Subsidiaries. 

6.9. No Other Rights in Third Parties. This Agreement shall inure to the benefit of and bind the parties hereto and the respective
successors and permitted assigns of the parties hereto. Nothing expressed or referred to herein is intended or shall be construed to give any Person (other than the parties hereto, LLC’s Subsidiaries, the Managers, the Managers’
Subsidiaries or their respective successors or permitted assigns) any legal or equitable right, remedy, or claim under or in respect hereof or any provision contained herein, it being the intention of the parties hereto that

  
 15 

 
this Agreement shall be for the sole and exclusive benefit of such parties, LLC’s Subsidiaries, the Managers, the Managers’ Subsidiaries, or such successors and permitted assigns and
not for the benefit of any other Person (other than the Persons specified in Section 2.6). References in this Section 6.9 to “successors and permitted assigns” shall not relieve the
parties from the provisions of Section 6.8 hereof. 
 6.10. Costs. Except as otherwise specifically
provided herein, each party shall be solely responsible for all of its costs, salaries and other expenses incurred in connection with the performance of its obligations hereunder, and the other party hereto shall have no liability, obligation, or
responsibility therefor. 
 6.11. Attorneys’ Fees. The prevailing party in any dispute between the parties arising out of the
interpretation, application or enforcement of any provision hereof shall be entitled to recover all of its reasonable attorneys’ fees and costs whether suit be filed or not, including without limitation costs and attorneys’ fees related to
or arising out of any arbitration proceeding, trial or appellate proceedings. 
 6.12. Drafting. The parties acknowledge and confirm
that each of their respective attorneys has participated jointly in the review and revision hereof and that it has not been written solely by counsel for one party. The parties hereto therefore stipulate and agree that the rule of construction to
the effect that any ambiguities are to be or may be resolved against the drafting party shall not be employed in the interpretation hereof to favor any party against another. 

6.13. No Implied Covenants. Each party, against the other, waives and relinquishes any right to assert, either as a claim or as a
defense, that the other is bound to perform or liable for the nonperformance of any implied covenant or implied duty or implied obligation. 

6.14. References. The use of the words “hereof,” “herein,” “hereunder,” “herewith” and words of
similar import shall refer to this entire Agreement, and not to any particular article, section, subsection, clause or paragraph hereof, unless the context clearly indicates otherwise. 

6.15. Schedules, Exhibits and Attachments. All Schedules, Exhibits and other attachments referred to herein and attached hereto are by
this reference incorporated herein and made a part hereof for all purposes as if fully set forth herein. 
 6.16. Calendar Days, Weeks
and Months. Unless otherwise specified herein, any reference to “day,” “week” or “month” herein shall mean a calendar day, week or month. 

6.17. Gender. Where the context hereof so requires, the masculine gender shall include the feminine or neuter, and the singular shall
include the plural and the plural the singular. 
 6.18. Cooperation. Each party shall cooperate fully with the other party and shall
execute such further instruments, documents, and agreements and shall provide such further written assurances, as reasonably may be requested by the other party, to better evidence and reflect the transactions described herein and contemplated
hereby and to carry into effect the intents and purposes hereof. 

  
 16 

 6.19. Payments in U.S. Dollars. All dollar amounts set forth in this Agreement are
expressed in, and shall be payable in, United States dollars. 
 6.20. Survival. In addition to any provision that by its terms
survives the termination of this Agreement, the provisions of Sections 2.2, 2.3, 2.4, 2.6, 2.7, 3.2, 3.3, 3.4, 4.2, Article V and this Article VI shall survive termination of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

  
 17 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the
Execution Date. 
  

			
	 ENHANCED CAPITAL GROUP, LLC

		
	 By:
	 	 /s/ Michael Korengold

	 Name:
	 	Michael Korengold
	 Title:
	 	Chief Executive Officer
	
	 ENHANCED CAPITAL HOLDINGS, INC.

		
	 By:
	 	 /s/ Michael Korengold

	 Name:
	 	Michael Korengold
	 Title:
	 	Chief Executive Officer

 [SIGNATURE PAGE TO ADMINISTRATIVE SERVICES AGREEMENT] 

 SCHEDULE I 

Services 
 Holdings shall
provide the Employees to LCC to enable LLC to (i) conduct its and LLC’s Subsidiaries’ businesses, (ii) perform its obligations to Newco in connection with that certain Advisory Agreement, by and between LLC and Newco, dated as of
the Execution Date, to be effective as of the Effective Date, and (iii) perform services for, and make such Employees available to, Managers and their Subsidiaries to enable them to conduct their respective businesses. 

 SCHEDULE II 

Costs and Expenses 
 LLC
will be responsible for (i) the costs and expenses in each case borne by Holdings on account of Employee salaries, wages, bonuses, sick leave, vacation pay, paid-leaves of absences, including without limitation, military leave and jury duty, in
accordance with applicable law and Holdings’ established policies, health and welfare benefits and related insurance, workers’ compensation expenses and related insurance costs, contributions to
tax-qualified retirement plans (other than stock contributions to the employee stock ownership plan), deferred compensation arrangements, any profit incentive plans and related payroll and employment taxes of
Holdings and related out-of-pocket administration expenses, including, without limitation, record keeping costs, auditing costs, attorney’s fees and expenses,
trustee’s fees and valuation firm costs (other than severance obligations which are addressed in Schedule III), in each case, to the extent such Persons perform services for LLC, its Subsidiaries or Managers or their Subsidiaries as
contemplated hereunder, and (ii) all taxes (other than income taxes) that Holdings is required to pay to continue its corporate existence and any reasonable
out-of-pocket expenses that Holdings is required to pay to continue its corporate existence; provided, however, that LLC will not be responsible for any
costs and expenses that would customarily be borne by an employee or have been borne by employees of LLC prior to the date hereof. Such costs and expenses will be set forth in an annual Budget. The initial annual Budget is attached hereto as
Exhibit B. The then-current Budget will be amended from time to time by the parties to reflect changed circumstances and the parties will negotiate in good faith with respect thereto. If the parties are unable to agree on a new budget at the
expiration of the then-current Budget’s coverage term, a new annual Budget will be deemed adopted based upon the then-current Budget with a cost of living escalator as reasonably agreed by the parties. LLC will be responsible only for the items
in the Budget and other amounts as set forth in and consistent with Section 3.1(a). 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(a)(5) from this Document
because it does not contain information material to an investment or voting decision and that information is not otherwise disclosed in the Exhibit or the disclosure document. 

SCHEDULE III 

Severance Obligations 

[***] 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 Exhibit A

 Certain Employees 

[***] 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 Exhibit B

 Initial Annual Budget 

[***]EX-10.22

 EXHIBIT 10.22 

[***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this Document because it is both not
material and is the type that the registrant treats as private or confidential. 
 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”) is entered into as of November 19, 2020 (the “Execution
Date”), by and between Enhanced Capital Group, LLC, a Delaware limited liability company (“Advisor”), and Enhanced Permanent Capital, LLC, a Delaware limited liability company (“Company”), to be effective
as of the Effective Time. 
 WHEREAS, Advisor desires to provide, and the Company desires to retain Advisor to provide, the Services
(as such term is defined herein) subject to and in accordance with the terms and conditions set forth herein; and 
 WHEREAS, Advisor
and Enhanced Capital Holdings, Inc., a Delaware corporation (“ECH”) have entered into an Administrative Services Agreement (the “ECH Services Agreement”), to be effective as of the Effective Time, pursuant to which
ECH will provide its employees (“ECH Employees”) and certain services described in the ECH Services Agreement (“ECH Services”) to Advisor; 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

As used herein, the following terms shall have the meanings indicated below: 

“Existing Projects Fee” has the meaning set forth in Section 3.1(a) of this Agreement. 

“Company” has the meaning set forth in the Recitals hereof. 

“Company Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company dated as of the closing
date under the SPA. 
 “Company Board” means the Board of Managers of the Company established pursuant to the Company
Agreement. 
 “Confidential Information” means: (i) information submitted by a Person in connection with the
negotiation or performance of this Agreement, (ii) all information designated by any such Person as, or information that would reasonably be expected to be, secret, confidential, company private or other similar classifications, including
performance data, including but not limited to all material nonpublic information relating to such Person, (iii) all information in any such Person’s possession concerning or belonging to third Persons under a contractual or legal
obligation to maintain confidentiality, (iv) information regarding the identity of any direct or indirect investor 

 
in such Person, (v) all data generated as a result of the Services rendered hereunder, and (vi) any and all documents, cards, tapes, discs and other media upon which such data or
information is contained. Confidential Information excludes information (x) in the public domain, (y) independently acquired or developed without breach of any legal or contractual obligation, and (z) information commonly known among
Persons familiar with the businesses similar to those conducted by Company and Advisor. 
 “ECH” has the meaning set forth
in the Recitals hereof. 
 “ECH Employees” has the meaning set forth in the Recitals hereof. 

“ECH Services” has the meaning set forth in the Recitals hereof. 

“ECH Services Agreement” has the meaning set forth in the Recitals hereof. 

“Effective Time” means the closing date of the SPA, after the closing of the purchase and sale contemplated by the SPA and
after the closing and effectiveness of the transactions and other actions contemplated by the Reorganization Agreement (other than the effectiveness of this Agreement). 

“Existing Project” means the Company’s and its Subsidiaries’ permanent capital funds, related portfolio companies
and other activities initiated on or before the Effective Time. 
 “New Project” means the Company’s and its
Subsidiaries’ permanent capital funds, related portfolio companies and other activities initiated after the Effective Time and that are not an Existing Project. 

“New Project Fee” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Pre-Approved Authorizations Policy” has the meaning set forth in
Section 2.2(c) of this Agreement. 
 “Person” means an association, firm, individual, partnership
(general or limited), corporation, limited liability company, trust, financial institution, unincorporated organization, or other entity, or any federal, state, county, municipal, quasi-governmental entities or agencies or political subdivisions
thereof, and entities created by the foregoing. 
 “Reorganization Agreement” means that certain Reorganization Agreement
dated as of November 19, 2020, to be effective following the closing of the acquisition transaction contemplated by the SPA, by and among Advisor, Enhanced Tax Credit Finance, LLC, a Delaware limited liability company, Enhanced Capital
Partners, LLC, a Delaware limited liability company, the Company, ECH and solely for purposes of section 3.1(c) thereof, Michael Korengold. 

“Services” means the services described on Schedule I attached hereto and incorporated by reference herein, as such
schedule may be amended by the unanimous agreement of the parties from time to time. 

  
 2 

 “SPA” means that certain Securities Purchase Agreement dated as of
November 19, 2020, by and among P10 Intermediate Holdings LLC, a Delaware limited liability company, Advisor, Enhanced Capital Partners, LLC, a Delaware limited liability company, the seller parties set forth on Schedule A thereto, and solely
for certain limited purposes specified therein, the parties set forth on Schedule B thereto, Stone Point Capital LLC, a Delaware limited liability company, and P10 Holdings, Inc., a Delaware corporation. 

“Subsidiary” means, with respect to any Person, any other Person of which (a) more than 50% of (i) the total
combined voting power of all classes of voting securities of such entity, (ii) the total combined equity interests, or (iii) the capital or profit interests, in each case, is beneficially owned, directly or indirectly, by such first
Person; or (b) the power to vote or to direct the voting of sufficient securities to elect a majority of the board of directors or similar governing body is held by such first Person. 

“Term” means shall have the meaning set forth in Section 4.1 of this Agreement. 

ARTICLE II 

TERM; SERVICES 
 2.1
Term. The term of this Agreement, and all obligations of the parties hereunder, shall commence at the Effective Time and continue until terminated pursuant to the termination provisions of Article IV. 

2.2 Services. 
 (a)
Company hereby engages Advisor to provide to and perform for Company and its Subsidiaries, and Advisor hereby accepts such engagement and agrees to provide to and perform for Company and its Subsidiaries, the Services, upon the terms and subject to
the conditions set forth herein. Advisor shall provide personnel and resources as necessary to fulfill its responsibilities under this Agreement. Advisor shall not enter into any sub-advisor or subcontractor
relationships or otherwise delegate responsibilities in connection with performing the Services unless approved in writing by Company (which approval may be granted, conditioned or withheld in its sole discretion). Notwithstanding the foregoing,
Company acknowledges that Advisor may utilize ECH Employees or ECH Services to perform the Services. 
 (b) Advisor shall perform its
obligations hereunder during the term of this Agreement (i) in a good and workmanlike manner, using such standard of care, diligence and skill that a reasonably prudent consultant or advisor would exercise in comparable circumstances, and
(ii) in accordance with all laws and regulations applicable to the Services as from time to time in effect during the term of this Agreement. Advisor agrees to act during the term of this Agreement at all times on a basis which is honest, fair
and reasonable with a view to the best interests of Company and its Subsidiaries. 
 (c) Advisor shall not be authorized to act in the name
of or bind Company or any of its Subsidiaries, and under no circumstances whatever may Advisor act or hold itself out as the agent or representative of Company or any of its Subsidiaries. Any actions taken by the Company that are recommended or
advised to be taken by the Advisor, must be approved by the 

  
 3 

 
Company Board; provided, however, that Advisor may execute transactions for and on behalf of Company and its Subsidiaries if so authorized in writing in advance by the Company
Board. Such authorization may be specific with respect to a particular transaction or may be general with respect to any class or category of transactions and, in such event, may be limited as to the maximum permissible amount. The initial classes
and categories of pre-approved authorizations, and the amounts thereof, are set forth in the pre-approved authorizations policy attached hereto as Exhibit A (as the same
may be amended from time to time, the “Pre-Approved Authorizations Policy”). The Pre-Approved Authorizations Policy may be amended or withdrawn at any
time in the sole discretion of, and only by written notice approved by, the Company Board, effective upon delivery of such notice to the Advisor. All other authorizations relating to the advice provided by Advisor shall be made solely and
exclusively by Company, and in the name of Company. 
 (d) Advisor shall for all purposes be deemed to be, and shall be, an independent
contractor and shall, unless otherwise expressly provided or authorized as specified in Section 2.2(c) hereof, have no authority to act for or represent Company or any of its Subsidiaries in any way or otherwise be
deemed an agent of Company or any of its Subsidiaries for any purpose whatever. The parties to this Agreement further acknowledge that they are neither partners nor joint venturers, and nothing in this Agreement shall be construed to create a
partnership or a joint venture and neither party shall be liable to the other or any third party as such. 
 2.3 Advisor’s Right of
Ingress and Egress. Company hereby grants to Advisor the right of ingress and egress to Company’s facilities for purposes of providing and performing the Services in accordance with this Agreement. Such right is granted to those individuals
having duties to perform in Company’s facilities hereunder. Advisor’s and its employees’ and contractors’ ingress and egress shall, at all times, be conducted in accordance with the health, safety, security, confidentiality and
environmental requirements and/or concerns established from time to time by Company. 
 2.4 Indemnification. 

(a) Company agrees to indemnify, defend, and hold harmless Advisor and each of its members, stockholders, partners, officers, directors,
employees, agents, attorneys, representatives, successors, and assigns and each of their respective affiliates (but not ECH or such other Persons in their capacity as service providers under the ECH Services Agreement) from any liability, damages,
losses, claims, expenses, costs and attorneys’ fees of any nature, kind, or description of any person or entity arising out of, caused by, or resulting from Company’s breach of this Agreement. 

(b) Advisor agrees to indemnify, defend, and hold harmless Company and each of its members, stockholders, partners, officers, directors,
employees, agents, attorneys, representatives, successors, and assigns and each of their respective affiliates from any liability, damages, losses, claims, expenses, costs and attorneys’ fees of any nature, kind, or description of any person or
entity arising out of, caused by, or resulting from Advisor’s breach of this Agreement. 
  

  
 4 

 (c) Each indemnified party shall give prompt notice to the indemnifying party of any
indemnifiable claim hereunder and shall cooperate with such other party and its counsel in the defense of such claims or lawsuits. The indemnification provided for in this Section 2.4 shall (i) not be limited to
damages, compensation, or benefits payable under insurance policies, workers’ compensation acts, or other employee benefit acts and (ii) be subject to the limitations set forth in Sections 3.2 and 3.3, as applicable.

 2.5 Books and Records. Each of Advisor and Company shall maintain proper and complete books, records and documents relating to the
Services provided by Advisor hereunder (and Company’s and its Subsidiaries’ transactions and business resulting therefrom) at such Person’s principal place of business (or at such other location approved by the other party) and shall
be retained for at least six years after the effective date of any expiration or termination of this Agreement. Each of Advisor and Company and its duly authorized representatives may, during or after the term of this Agreement, visit and inspect
any of the properties owned or leased by the other party, examine its books of account, records, reports and other papers (including but not limited to documentation supporting such party’s and its Subsidiary’s historic investment
performance and track record) relating to the Services provided by Advisor hereunder (and Company’s and its Subsidiaries’ transactions resulting therefrom), make extracts or copies therefrom, and discuss the affairs, finances and accounts
of the other party relating thereto and its accountants (and by this provision each party authorizes said accountants to discuss with the other party and its representatives the finances and affairs of such party relating to such matters), all at
such reasonable times and as often as reasonably requested. The rights and obligations of the parties under this Section 2.5 shall survive any expiration or termination of this Agreement. 

2.6 Reports. With reasonable promptness, Advisor shall deliver such reports and information available to Advisor relating to the
Services provided by Advisor hereunder (and Company’s and its Subsidiaries’ transactions related thereto) as Company and its Subsidiaries may from time to time reasonably request. 

ARTICLE III 

COMPENSATION; PAYMENT 

3.1 Compensation. 
 (a)
Existing Project Compensation. Schedule II sets forth, for each calendar year during the primary term of this Agreement, the fixed fee (the “Existing Projects Fee”) payable by Company to Advisor with respect to such
calendar year for providing Services with respect to Existing Projects. The Existing Projects Fee will not be subject to any discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items.
Each year’s Existing Projects Fee shall be earned daily, with 1/365th of the applicable year’s Existing Projects Fee earned each day (1/366th in a leap year), and paid quarterly in arrears. The Advisor will endeavor to invoice each calendar quarter’s (or portion thereof) allocable portion of the Existing Projects Fee by the 5th business day following the end of the applicable quarter, and each invoice shall be due and payable within 10 days of receipt. Any invoice not paid within 30 days of receipt shall be subject to
an interest charge of five percent (5%) per annum on the amount due from the original due date until paid in full. Upon termination of the Agreement, a final invoice will be issued for all Existing Projects Fee earned from the end of the most recent
invoiced calendar quarter through the effective date of termination, which shall be due and payable within 10 days of receipt and, if not paid within 30 days of receipt, shall be subject to an interest charge of five percent (5%) per annum on the
amount due from the original due date until paid in full. 

  
 5 

 (b) New Project Compensation. In addition to the Existing Projects Fee, for each New
Project undertaken by Company or any of its Subsidiaries, Company shall pay Advisor a fixed fee payable over the life of the New Project for providing Services with respect to such New Project, in an amount to be agreed by Company and Advisor at the
time the New Project is begun (the “New Project Fee”). For each New Project, Advisor and Company shall enter into a supplement to this Agreement in the form of Exhibit B hereto (each, a “Supplement”) which
shall specify the fixed New Project Fee for such New Project and the amount thereof allocable to each calendar year in which Services are to be provided with respect to the New Project. Each Supplement shall become effective upon its approval by
Company’s board of managers and execution by Advisor and Company. New Project Fees will not be subject to any discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties or other similar items. Each
year’s New Project Fees shall be earned daily, with 1/365th of the applicable year’s New Project Fees earned each day (1/366th in a
leap year), and paid quarterly in arrears. The Advisor will endeavor to invoice each calendar quarter’s (or portion thereof) allocable portion of the New Project Fees by the 5th business day
following the end of the applicable quarter, and each invoice shall be due and payable within 10 days of receipt. Any invoice not paid within 30 days of receipt shall be subject to an interest charge of five percent (5%) per annum on the amount due
from the original due date until paid in full. Upon termination of the Agreement, a final invoice will be issued for all New Project Fees earned from the end of the most recent invoiced calendar quarter through the effective date of termination,
which shall be due and payable within 10 days of receipt and, if not paid within 30 days of receipt, shall be subject to an interest charge of five percent (5%) per annum on the amount due from the original due date until paid in full. 

3.2 No Additional Compensation Payable upon Termination of Agreement. Upon any termination of this Agreement for any reason, Advisor
shall be entitled to receive its earned fees as provided in Section 3.1. Except as otherwise set forth in Section 2.4 or Section 3.1, Advisor shall not be entitled
to any severance or other compensation after the effective date of any termination of this Agreement. 
 3.3 Survival of Payment
Obligations. The rights and obligations of the parties under this Article III shall survive any termination of this Agreement. 

ARTICLE IV 

TERMINATION 
 4.1
Termination Rights. The term of this Agreement shall commence on the Effective Date and end, if not terminated earlier pursuant to this Agreement, on the seventh anniversary of the Effective Date (as such period may be extended pursuant to the
following sentence, the “Term”). Upon each anniversary date on which this Agreement would otherwise expire, the Term shall renew automatically for one additional one year period, unless either Party gives written notice no less than
90 days prior to the expiration of the Term that it does not intend to extend the term. Notwithstanding the foregoing provisions of this Section 4.1, either Company or Advisor may terminate this Agreement at any time for any reason, by giving
written notice of termination 

  
 6 

 to the other party, such termination to be effective 30 days after the receipt of such notice.
Notwithstanding anything to the contrary in this Agreement, if the closing does not occur pursuant to the terms of the SPA, this Agreement will terminate concurrently with the termination of the SPA. 

4.2 Effect of Termination or Expiration. Upon any termination of this Agreement, neither party shall have any further right, liability
or obligation hereunder after the effective date of such termination except in respect of (a) any liability or obligation arising out of such party’s (i) failure to perform any obligation or to comply with any covenant or agreement on
its part, in each case, in all material respects and with respect to obligations or covenants to be performed or complied with hereunder prior to termination, or (ii) material breach of any of its representations or warranties contained herein;
(b) any liability or obligation hereunder which was earned, accrued or incurred under the terms hereof prior to the effective date of such termination, but which remains unsatisfied or undischarged on the effective date of such termination,
subject to Section 3.2 and Section 3.3 hereof; or (c) any right, liability, obligation or provision which survives any such termination as expressly provided herein. 

ARTICLE V 

CONFIDENTIAL DATA 
 5.1
General. Each party acknowledges and agrees that all Confidential Information received from the other party and its Subsidiaries is strictly confidential and that the receiving party shall take reasonable steps to implement any and all
procedures necessary to safeguard the confidentiality of such Confidential Information of the disclosing party. 
 5.2 Specific
Obligation Regarding Third Parties. All Confidential Information is and shall remain the sole property of the Person submitting the same, and the receiving party shall not disclose, use, copy or permit to be copied any Confidential Information
of the disclosing party except as otherwise permitted under this Section 5.2. The receiving party shall, upon request of disclosing party, return such Confidential Information to its owner upon any termination of this
Agreement. Without limiting the generality of the foregoing, the receiving party specifically agrees (a) to take reasonable precautions not to disclose or otherwise permit to any other Person access to, in any manner, the Confidential
Information of the disclosing party or any part thereof except as such access shall be required by an employee or independent contractor in the course of his or her employment or engagement; (b) to take reasonable precautions to assure that
employees, agents, representatives, independent contractors, licensees, invitees and guests of the receiving party are advised of the confidential nature of the Confidential Information and to require by agreement or otherwise that they are
prohibited from copying (other than as required to perform their duties) or revealing for any purpose whatsoever the Confidential Information or any part thereof; (c) to notify the disclosing party promptly and in writing of the circumstances
known to the receiving party surrounding any possession, use or knowledge of the Confidential Information by any Person other than those authorized by this Section 5.2; (d) immediately upon receipt by the receiving
party of any legal process (whether initiated by private parties or governmental agencies) requesting access to Confidential Information under the receiving party’s control, to transmit such request to the disclosing party, and not to divulge
such Confidential Information in response to such legal process without the disclosing party’s written consent (it being understood that the 

  
 7 

 
receiving party shall undertake the burden of opposing such process if the disclosing party should deem it necessary and shall agree to indemnify in writing the receiving party for any costs or
penalties incurred by the receiving party in connection with its refusal to comply with such process); (e) to take reasonable precautions not to use, provide, make available, or permit the use of the Confidential Information or any part thereof in
any form whatsoever, whether gratuitously or for valuable consideration, to or for the benefit of any other Person except as otherwise permitted by this Section 5.2; (f) to take at the receiving party’s expense
to the extent it was at fault in permitting access to the Confidential Information and otherwise at the disclosing party’s expense, subject to the disclosing party’s control, any legal action reasonably necessary to prevent unauthorized
use of such Confidential Information by any third Person that has gained access to the Confidential Information, due, at least in part, to the fault of the receiving party; and (g) to take any and all other reasonable actions deemed necessary
or appropriate by the disclosing party, at the disclosing party’s expense and subject to the disclosing party’s control, to assure the continued confidentiality and protection of the Confidential Information and to prevent access to the
Confidential Information by any Person not authorized under this Section 5.2. 
 5.3 Survival of
Confidentiality. The rights and obligations of the parties under this Article V shall survive any termination of this Agreement. 

ARTICLE VI 

MISCELLANEOUS 
 6.1
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or e-mail, upon
written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first business day following the date of dispatch if delivered utilizing a next-day
service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

If to Company: 
 Enhanced
Permanent Capital, LLC 
 c/o Michael Korengold 

One Garden Ave. 
 Bronxville, NY
10708 
 If to Advisor: 

Enhanced Capital Group LLC 
 c/o
Fritz Souder 
 353 N. Clark Street, Suite 3500 

Chicago, IL 60654 
 With a copy
to: 
 Douglass Rayburn 

Gibson, Dunn & Crutcher LLP 

2001 Ross Ave., Suite 2100 

Dallas, TX 75201 

  
 8 

 or at such other address as may be substituted by giving the other parties advance written notice of such
change of address in accordance with the provisions hereof. 
 6.2 Entire Agreement; Effective Time. This Agreement contains the
entire understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings, inducements, or conditions, express or implied, oral, or written. The express terms hereof control and
supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing approved by Advisor and the Company Board. The terms and
provisions of this Agreement shall be effective as of the Effective Time. If the Closing (as defined in the SPA) does not occur pursuant to the terms of the SPA, this Agreement will terminate concurrently with the termination of the SPA. 

6.3 Assignment. Advisor shall not (by operation of law or otherwise) assign, transfer, pledge, mortgage, delegate, subcontract or
otherwise hypothecate this Agreement or any of its right, interests or obligations hereunder (except as contemplated hereby in respect of the ECH Services Agreement) without first obtaining the prior written consent of the Company Board, which
consent may be granted, delayed, conditioned or withheld in the Company Board’s sole discretion; provided that Advisor may, without the consent of the Company Board, (i) assign this Agreement and any of its rights, interests and
obligations hereunder in connection with the sale, transfer, assignment, or other disposition of all or substantially all of its assets (including, without limitation, by way of merger or consolidation or otherwise) and (ii) pledge this
Agreement and any of its rights, interests and obligations hereunder as collateral securing the payment and performance of the obligations of Advisor and its affiliates under (x) that certain Credit and Guaranty Agreement, dated as of
October 7, 2017 (as amended, restated, supplemented and otherwise modified from time to time, including by the Fifth Amendment thereto, the “HPS Credit Agreement”), by and among P10 RCP HoldCo, LLC, as borrower, the guarantors party
thereto, the lenders party thereto and HPS Investment Partners, LLC, as administrative agent and collateral agent and (y) any credit agreement, loan agreement or other financing agreement that refinances or replaces the HPS Credit Agreement.
Company shall not (by operation of law or otherwise) assign, transfer, pledge, mortgage, delegate, subcontract or otherwise hypothecate this Agreement or any of its right, interests or obligations hereunder, without first obtaining the prior written
consent of Advisor, which may be granted, delayed, conditioned or withheld in Advisor’s sole discretion; provided that Company may, without the consent of Advisor, assign this Agreement and any of its rights, interests and obligations
hereunder in connection with the sale, transfer, assignment, or other disposition of all or substantially all of its assets (including, without limitation, by way of merger or consolidation or otherwise). Except for the provisos in the immediately
preceding two sentences, no assignment or other transfer permitted by this Section 6.3 shall operate as a release of the assignor’s obligations or liabilities hereunder, and the assignor shall remain liable
hereunder notwithstanding such assignment or other transfer. In the event of any assignment permitted by this Section 6.3, an instrument of assignment shall be executed by the assignee and shall expressly state that
the assignee assumes all of the applicable obligations and liabilities of the assignor contained herein. Any assignment or transfer in violation of this Section 6.3 is void and not effective. 

 

  
 9 

 6.4 No Third-Party Beneficiaries. Except as set forth in
Section 2.4, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit
or remedy of any nature under or by reason of this Agreement. 
 6.5 Costs. Except as otherwise specifically provided herein, each
party shall be solely responsible for all of its costs, salaries and other expenses incurred in connection with the performance of its obligations hereunder, and the other party hereto shall have no liability, obligation, or responsibility
therefor. 
 6.6 Attorneys’ Fees. The prevailing party in any dispute between the parties arising out of the
interpretation, application or enforcement of any provision hereof shall be entitled to recover all of its reasonable attorneys’ fees and costs whether suit be filed or not, including without limitation costs and attorneys’ fees related to
or arising out of any arbitration proceeding, trial or appellate proceedings. 
 6.7 No Implied Covenants. Each party, against the
other, waives and relinquishes any right to assert, either as a claim or as a defense, that the other is bound to perform or liable for the nonperformance of any implied covenant or implied duty or implied obligation. 

6.8 Schedules, Exhibits and Attachments. All Schedules, Exhibits and other attachments referred to herein and attached hereto are by
this reference incorporated herein and made a part hereof for all purposes as if fully set forth herein. 
 6.9 Payments in U.S.
Dollars. All dollar amounts set forth in this Agreement are expressed in, and shall be payable in, United States dollars. 
 6.10
Further Assurances. Each party hereto shall execute and deliver such instruments and take such other actions as may be reasonably requested in order to carry out the intent of this Agreement or to better evidence or effectuate the
transactions contemplated herein. 
 6.11 Survival. In addition to any provision that by its terms survives the termination of this
Agreement, the provisions of Sections 2.4, 2.5 and 4.2, Article III, Article V and this Article VI shall survive termination of this Agreement. 

6.12 SPA Provisions. The following provisions from the SPA shall apply mutatis mutandis to this Agreement (and are hereby
incorporated herein): Sections 11.3 (Waiver), 11.5 (Interpretation), 11.8 (Governing Law), 11.13 (Severability), 11.15 (Counterparts), 11.16 (Facsimile of .pdf Signature), 11.17 (Time of Essence), and 11.18 (No Presumption Against Drafting
Party). 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the
Execution Date. 
  

			
	ENHANCED PERMANENT CAPITAL, LLC
		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer
	
	ENHANCED CAPITAL GROUP, LLC
		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer

  
 SIGNATURE
PAGE TO ADVISORY AGREEMENT 

 SCHEDULE I 

A. Services with Respect to Existing Projects 
  

	 	•	 	 Staffing dedicated teams that will monitor covenant compliance with each portfolio company obligation;

  

	 	•	 	 Collecting scheduled interest and principal payments; 

 

	 	•	 	 Attending board meetings as an observer; 

 

	 	•	 	 Assisting companies in identifying follow-on or take-out equity or debt financing opportunities; 

  

	 	•	 	 Collecting and maintaining all impact statistics including job creation and retention data from portfolio
companies and preparing required reports to program regulators; 

  

	 	•	 	 For early refinancing’s during the life of the fund, finding and recommending new opportunities to re-deploy capital in qualified portfolio companies that meet the specified investment criteria; 

  

	 	•	 	 Performing the underwriting analysis for all such opportunities and negotiating documentation reflecting the
loan; 

  

	 	•	 	 Prior to funding each re-deployment loan, applying for and receiving
approval that such loan meets the specified investment criteria; 

  

	 	•	 	 Working with outside auditors to complete timely audits including valuation of fund assets;

  

	 	•	 	 Maintaining compliance with fund leverage provider and ensuring timely payment of debt service;

  

	 	•	 	 Providing accounting services including preparation of quarterly and annual financials, working with auditors to
produce audited financial statements and all other accounting functions requested by Company; 

  

	 	•	 	 Providing data processing services including telephone and telecopy services, computer services (including
email), technology services, clerical services, administrative services, maintenance of books and records, management of information systems and other data processing services or customary overhead or administrative support as requested by Company
from time to time; 

  

	 	•	 	 Providing marketing and fund raising services for Company and its Subsidiaries, including development of
marketing materials, assisting with the appropriate use of applicable track records, interfacing with the SEC or other agencies and utilizing the “platform” and relationships of Advisor and its Subsidiaries to assist Company with the
development of new products; 

  

	 	•	 	 Maintaining and providing information relating to the amounts of invested capital in Company funds and portfolio
companies, realized cash proceeds and returns, multiple of invested capital returned to investment vehicles, historical financial performance and all other information necessary or desirable in connection with fund raising; and

  

	 	•	 	 Providing employees (which may include ECH Employees) to perform the foregoing services. 

All of the services referenced above with respect to Existing Projects are an integrated bundle of services, provided each day as a single performance
obligation over each annual period during the life of the Existing Projects. Advisor will perform all such services during each annual period in exchange for the Existing Projects Fee allocated to that annual period. 

  
 Schedule I 

 B. Services with Respect to New Projects 

 

	 	•	 	 Staffing each fund to find and recommend potential permanent capital portfolio company transactions that qualify
to meet the specific investment criteria; 

  

	 	•	 	 Assessing and analyzing the credit profile for each potential transaction including the cash flow analysis,
collateral package and ancillary credit support; 

  

	 	•	 	 Managing the interface with the program regulator to seek pre-approval of
all transactions and negotiate loan documentation with each prospective portfolio company; 

  

	 	•	 	 During the life of the fund loan, monitoring covenant compliance with each portfolio company obligation;

  

	 	•	 	 Collecting scheduled interest and principal payments; 

 

	 	•	 	 Attending board meetings as an observer; 

 

	 	•	 	 Assisting companies in identifying follow-on or take-out equity or debt financing opportunities; 

  

	 	•	 	 Collecting and maintaining all impact statistics including job creation and retention data from portfolio
companies; 

  

	 	•	 	 Preparing required reports to program regulators; 

 

	 	•	 	 For early refinancing’s during the life of the fund, finding and recommending new opportunities to re-deploy capital in qualified portfolio companies businesses that meet the permanent capital fund specified investment criteria; 

 

	 	•	 	 Performing the underwriting analysis for all such opportunities and negotiating documentation reflecting the
loan; 

  

	 	•	 	 Prior to funding each re-deployment loan, applying for and receiving
approval that such loan meets the applicable fund specified investment criteria; 

  

	 	•	 	 Working with outside auditors to complete timely audits, including valuation of fund assets portfolio companies;

  

	 	•	 	 Maintaining compliance with fund leverage provider and ensuring timely payment of debt service;

  

	 	•	 	 Providing accounting services including preparation of quarterly and annual financials, working with auditors to
produce audited financial statements and all other accounting functions requested by Company; 

  

	 	•	 	 Providing data processing services including telephone and telecopy services, computer services (including
email), technology services, clerical services, administrative services, maintenance of books and records, management of information systems and other data processing services or customary overhead or administrative support as requested by Company
from time to time; 

  

	 	•	 	 Providing marketing and fund raising services for Company and its Subsidiaries, including development of
marketing materials, assisting with the appropriate use of applicable track records, interfacing with the SEC or other agencies and utilizing the “platform” and relationships of Advisor and its Subsidiaries to assist Company with the
development of new products; 

  

  
 Schedule I 

	 	•	 	 Maintaining and providing information relating to the amounts of invested capital in Company funds and portfolio
companies, realized cash proceeds and returns, multiple of invested capital returned to investment vehicles, historical financial performance and all other information necessary or desirable in connection with fund raising; and

  

	 	•	 	 Providing employees (which may include ECH Employees) to perform the foregoing services. 

All of the services referenced above with respect to New Projects are an integrated bundle of services, provided each day as a single performance obligation
over each annual period during the life of the New Projects. Advisor will perform all such services during each annual period in exchange for the New Project Fee allocated to that annual period. 

  
 Schedule I 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(a)(5) from this Document
because it does not contain information material to an investment or voting decision and that information is not otherwise disclosed in the Exhibit or the disclosure document. 

SCHEDULE II 
 Costs
and Expenses 
  

			
	 Year
	  	 Existing Projects Fee

	 [***]
	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  
 Schedule II 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 EXHIBIT A 

Pre-Approved Authorizations Policy 
  

The Advisor is pre-approved by the Company and its Board of Directors to perform the following actions: 

 

	 	•	 	 Market and promote the Company and its Subsidiaries to companies potentially seeking investment capital;

  

	 	•	 	 Negotiate and execute non-disclosure agreements and receive confidential information from prospective or current
investments; 

  

	 	•	 	 Provide confidential information on behalf of the Company, its Subsidiaries or its investments to entities for
the purpose of forming business relationships; 

  

	 	•	 	 Negotiate and execute statements of proposed terms, letters of intent and indications of interest related to
investments; 

  

	 	•	 	 Negotiate, accept and disburse deposits from prospective investments related to due diligence and transaction
fees; 

  

	 	•	 	 Engage service providers including but not limited to lawyers, accountants, consultants and background research
firms to facilitate due diligence processes for potential investments; 

  

	 	•	 	 Negotiate and execute definitive transaction documents related to an investment or the disposition of an
investment; 

  

	 	•	 	 Direct payments and the movement of funds to and from investments; 

 

	 	•	 	 Vote, tender or convert any investments; 

 

	 	•	 	 Negotiate and execute proxies, waivers, consents and other instruments with respect to investments;

  

	 	•	 	 Endorse, transfer or deliver investments; 

 

	 	•	 	 Participate in or consent to any class action, plan of reorganization, merger, combination, consolidation,
exchange, liquidation or similar plan with reference to investments; 

  

	 	•	 	 Negotiate and execute amendments to investment agreements and associated terms, including but not limited to
extending maturities, altering payment terms, renegotiating collateral packages and forgiving obligations from investments; 

  

	 	•	 	 Serve on an investment’s board of directors either as an observer or a as member of the board, and engage in
the full range of actions and decisions required as a member of such board; 

  

	 	•	 	 Engage consultants, lawyers, bankers, brokers or liquidators with respect to the management and disposition of
investments; 

  

	 	•	 	 Authorize the acceleration of loans and the declarations of default of investments; 

 

	 	•	 	 Authorize the sale or liquidation of investment assets; 

 

	 	•	 	 Initiate, participate and manage litigation or bankruptcy proceedings involving investments;

  

	 	•	 	 Participate in public communications and media on behalf of investments; 

 

	 	•	 	 Execute affidavits, compliance and annual reporting documentation related to government programs that administer
and regulate investments; and 

  

	 	•	 	 Open and manage checking, brokerage and custodial accounts on behalf of the Company and its Subsidiaries.

  

	 	•	 	 Execute investments in companies not affiliated with P10 Holdings or its subsidiaries. 

	 	•	 	 Execute investments in an individual company that, in the aggregate, amount to either the lesser of
$10 million or 15% of the fund from which the investment originates. 

  

	 	•	 	 Execute investments located only in the United States and its territories. 

 

	 	•	 	 Execute investments in companies involved in industries that do not violate the IFC Exclusions List or the United
Nations Principles for Responsible Investing list, including but not limited to: 

  

	 	(i)	 Production or trade in any product or activity deemed illegal under host country laws or regulations or
international conventions and agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, PCB’s, wildlife or products regulated under CITES. 

 

	 	(ii)	 Production or trade in weapons and munitions. 

 

	 	(iii)	 Production or trade in alcoholic beverages (excluding beer and wine). 

 

	 	(iv)	 Production or trade in tobacco. 

 

	 	(v)	 Gambling, casinos and equivalent enterprises. 

 

	 	(vi)	 Production or trade in radioactive materials. This does not apply to the purchase of medical equipment, quality
control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial and/or adequately shielded. 

  

	 	(vii)	 Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos
cement sheeting where the asbestos content is less than 20%. 

  

	 	(viii)	 Drift net fishing in the marine environment using nets in excess of 2.5 km. in length. 

 

	 	(ix)	 Adult entertainment. 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 EXHIBIT B 

Supplemental Agreement No. [***] to Advisory Agreement 

[***] 
 This Supplemental
Agreement No. [***] (this “Supplement”) is an addendum to the Advisory Agreement, entered into as of [•], 2020 (the “Advisory Agreement”), by and between Enhanced Capital Group, LLC, a Delaware limited
liability company (“Advisor”), and Enhanced Permanent Capital, LLC, a Delaware limited liability company (“Company”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the
Advisory Agreement. 
 WHEREAS, the Advisor and Company entered into the Advisory Agreement for the provision of Services; 

WHEREAS, Section 3.1(b) of the Advisory Agreement provides that the Advisor and Company may execute this Supplement to specify the New
Project Fee for each New Project; 
 WHEREAS, the Parties wish to supplement the Advisory Agreement to specify the New Project Fee for the
New Project specified below; 
 NOW THEREFORE, in consideration of the mutual promises and covenants set forth above and contained herein,
the parties agree as follows: 
 Supplemental Agreement 
  

	 	1.	 Effect: Supplement is entered into pursuant to the Advisory Agreement, and, when fully executed, is
considered an integral part of such Advisory Agreement subject to all of the provisions and conditions thereof. 

  

	 	2.	 New Investment
Project:                         [***] 

 

	 	3.	 New Investment Project Fees: 

 

			
	 Year
	  	 Existing Projects Fee

	20[***]	  	$[***]
	20[***]	  	$[***]
	20[***]	  	$[***]
	20[***]	  	$[***]
	20[***]	  	$[***]
	20[***]	  	$[***]
	20[***]	  	$[***]

	 	4.	 All other provisions of the Advisory Agreement shall remain in full force and effect and are reaffirmed and are
fully incorporated into this Supplement by this reference. 

 IN WITNESS WHEREOF, the parties have executed and
delivered this Agreement as of the Execution Date. 
  

			
	ENHANCED PERMANENT CAPITAL, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ENHANCED CAPITAL GROUP LLC
		
	By:	 	 
		 	Name:
		 	Title:

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