Document:

EX-10.4

 Exhibit 10.4 

Execution Version 

FORM OF LOCK-UP AGREEMENT 

THIS LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of
July 5, 2021 by and among (i) Satellogic Inc., a business company with limited liability incorporated under the laws of the British Virgin Islands (“PubCo”), (ii) CF Acquisition Corp. V, a Delaware
corporation (“SPAC”) and (iii) the undersigned (“Holder”). Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as
defined below). 
 WHEREAS, on or about the date of this Agreement, PubCo, SPAC, Ganymede Merger Sub 1 Inc., a business company with
limited liability incorporated under the laws of the British Virgin Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”), Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned
subsidiary of PubCo (“Merger Sub 2”) and Nettar Group, Inc. a business company with limited liability incorporated under the laws of the British Virgin Islands (“Company”), are entering into
that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”), pursuant to which, among other matters, upon the consummation of the transactions
contemplated thereby (the “Closing”), Merger Sub 1 will merge with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of PubCo (the “Initial
Merger”), and Merger Sub 2 will merge with and into SPAC, with SPAC continuing as the surviving entity and a wholly-owned subsidiary of PubCo (the “Acquisition Merger”), and as a result of which all of the
issued and outstanding capital stock of each of the Company and SPAC immediately prior to the Closing shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right to receive newly issued
PubCo Ordinary Shares, all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable provisions of the DGCL and the BVI Act, as applicable; 

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

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

  
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 1.    Lock-Up Provisions.

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

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

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

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

(iv)    in the case of an individual, transfers by operation of law or pursuant to a court order, such as a qualified domestic relations
order, divorce decree or separation agreement; 
 (v)    in the case of an individual, transfers to a partnership, limited liability
company or other entity of which the undersigned and/or the immediate family (as defined below) of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests; 

  
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 (vi)    in the case of an entity that is a trust, transfers to a trustor or beneficiary
of the trust or to the estate of a beneficiary of such trust; 
 (vii)    in the case of an entity, transfers by virtue of the laws of
the state of the entity’s organization and the entity’s organizational documents upon dissolution of the entity; 

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

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

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

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

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

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

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

Promptly upon the expiration of the Lock-Up Period, PubCo will make reasonable best efforts to remove such legend from
the certificates evidencing the Restricted Securities. 
 (d)    For the avoidance of any doubt, Holder shall retain all
of its rights as a shareholder of PubCo during the Lock-Up Period, including the right to vote any Restricted Securities. 

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

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

2.    Miscellaneous. 

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

(b)    Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure
to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to such Holder and may not be transferred or delegated by Holder at any time without the prior
written consent of PubCo in accordance with Section 2(h), except in accordance with the procedures set forth for transfers of Restricted Securities to Permitted Transferees in the second sentence of
Section 1(a). Each of SPAC and the Company may 

  
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freely assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without
obtaining the consent or approval of Holder. For the avoidance of doubt this Section 2(b) does not apply to Sponsor’s rights under Section 2(h). 

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

(d)    Governing Law; Jurisdiction; Waiver of Jury Trial. Sections 11.7 and 11.14 of the Merger Agreement shall
apply to this Agreement mutatis mutandis. 
 (e)    Interpretation. The titles and subtitles used in this
Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the
generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other
words of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have
participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

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

  
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	If to SPAC prior to the Closing, to:	  	 CF Acquisition Corp. V 
110 East 59th Street 
New York, New York 10022 
Attention: Chief
Executive Officer 
Email: CFV@cantor.com
  
 and

 
 Hughes Hubbard & Reed LLP 
One Battery Park Plaza 
New York, New York
10004 
Attention: Ken Lefkowitz 
Email: ken.lefkowitz@hugheshubbard.com

	If to SPAC from and after the Closing, to: 
If to PubCo prior to the Closing, to:	  	 Email: ceo@satellogic.com,

gc@@satellogic.com 
Attention: Emiliano Kargieman
  

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

Friedman Kaplan Seiler & Adelman LLP 
7 Times Square 
New York, NY 10036-6516 
Email: areindel@fklaw.com 
Attention: Asaf Reindel

 
 and
  

Greenberg Traurig LLP 
333 SE 2nd Avenue 
Suite 4400 
Miami, FL 33131 
Email: annexa@gtlaw.com 
Attention: Alan I. Annex

  
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	 If to PubCo from and after the Closing, to:

 
 Email: ceo@satellogic.com, gc@@satellogic.com 
Attention: Emiliano Kargieman
	  	 With copies (which shall not constitute notice) to:

 
 Friedman Kaplan Seiler & Adelman LLP 
7 Times Square 
New York, NY
10036-6516 
Email: areindel@fklaw.com 
Attention: Asaf Reindel
  
 and

 
 Greenberg Traurig LLP 
333 SE 2nd Avenue 
Suite 4400 
Miami, FL 33131

Email: annexa@gtlaw.com 
Attention: Alan I. Annex
  
 and

 
 CFAC Holdings V, LLC 
110 East 59th Street 
New York, New York 10022

Attention: Chief Executive Officer 
Email: CFV@cantor.com
  
 and

 
 Hughes Hubbard & Reed LLP 
One Battery Park Plaza 
New York, New York
10004 
Attention: Kenneth Lefkowitz 
Email: ken.lefkowitz@hugheshubbard.com

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

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

(h)    Authorization on Behalf of PubCo. The parties acknowledge and agree that notwithstanding anything to the
contrary contained in this Agreement, any and all determinations, actions 

  
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or other authorizations under this Agreement on behalf of PubCo from and after the Closing, including enforcing PubCo’s rights and remedies under this Agreement, or providing any waivers or
amendments with respect to this Agreement or the provisions hereof, shall solely be made, taken and authorized by, or as directed by CFAC Holdings V, LLC (the “Sponsor”); provided that the Sponsor may, without being
required to obtain the consent of any party hereto, assign all of its rights under this Agreement to any Affiliate of the Sponsor to whom the Sponsor’s PubCo Ordinary Shares are transferred after the Closing in compliance with any applicable
contractual or legal requirments. Without limiting the foregoing, in the event that Holder or Holder’s Affiliate serves as a director, officer, employee or other authorized agent of PubCo or any of its current or future Affiliates, Holder
and/or Holder’s Affiliate shall have no authority, express or implied, to act or make any determination on behalf of PubCo or any of its current or future Affiliates in connection with this Agreement or any dispute or Action with respect
hereto. 
 (i)    Severability. In case any provision in this Agreement shall be held invalid, illegal or
unenforceable in a court of competent jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and
enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. 
 (j)    Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of a breach of this Agreement by Holder, money damages will be inadequate and PubCo will have no adequate remedy at
law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly, PubCo shall be entitled to an
injunction or restraining order to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be
inadequate, this being in addition to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity. 

(k)    Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the
parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled; provided, that, for the avoidance of doubt, the
foregoing shall not affect the rights and obligations of the parties under the Merger Agreement or any Ancillary Agreements. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of PubCo or any of the
obligations of Holder under any other agreement between Holder and PubCo or any certificate or instrument executed by Holder in favor of PubCo, and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies
of PubCo or any of the obligations of Holder under this Agreement. 
 (l)    Further Assurances. From time to
time, at another party’s request and without further consideration (but at the requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement. 

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

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

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

			
	PubCo:
	
	Satellogic Inc.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SPAC:
	
	CF Acquisition Corp. V
		
	By:	 	  

		 	Name:
		 	Title:

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

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

Name of Holder:
[                                ] 

 

			
	By:	 	  

		 	Name:
		 	Title:

  

					
	Number and Type of Company Securities:
			
	 Company Ordinary Shares:
	 	             
	 	  

			
	 Company Preference Shares:
	 		 	  

		
		 	  

		
		 	  

		
	 Company Options:
	 	  

		
		 	  

		
		 	  

		
	 Convertible Equity Instruments1:
	 	  

		
		 	  

 Address for Notice: 
  

			
		
	 Address:
	 	
 

			
	
	  

	
	  

		
	Facsimile No.:	 	  

		
	Telephone No.:	 	  

			
		
	Email:	 	  

  
  

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

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

 Exhibit 10.5 

Execution Version 

SERIES X PREFERENCE SHAREHOLDER AGREEMENT 

This SERIES X PREFERENCE SHAREHOLDER AGREEMENT (this “Agreement”) is made and entered into as of July 5, 2021 by and
among the persons identified on Schedule I hereto (each, a “Shareholder” and collectively the “Shareholders”), CF Acquisition Corp. V, a Delaware corporation (“SPAC”), Satellogic Inc., a business
company with limited liability incorporated under the laws of the British Virgin Islands (“PubCo”) and Nettar Group, Inc., a business company with limited liability incorporated under the laws of the British Virgin Islands (the
“Company”). Capitalized terms used but not defined herein have the meanings assigned to them in the Agreement and Plan of Merger dated as of the July     , 2021 (as amended from time to time, the “Merger
Agreement”) by and among PubCo, SPAC, Ganymede Merger Sub 1 Inc., a business company with limited liability incorporated under the laws of the British Virgin Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub
1”), Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”) and the Company. Any capitalized term used but not defined in this Agreement will have the meaning
ascribed to such term in the Merger Agreement. 
 WHEREAS, each Shareholder owns the number of Series X Preference Shares of the Company,
par value $0.00001 per share, set forth next to the name of such Shareholder on Schedule I (the “Series X Shares”). 

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

Section 1    Agreement to Not Redeem. Subject to the occurrence of the Closing under the Merger Agreement, each
Shareholder agrees that (i) notwithstanding anything contained in (x) Regulation 26 of the Company Articles or any other provision thereof, (y) the Company Memorandum, or (z) any other agreement to which such Shareholder is a
party, such Shareholder waives its right to redeem (or require the Company to redeem), and any obligation of the Company to redeem, the Series X Shares owned by such Shareholder, and (ii) the Series X Shares owned by such Shareholder shall
automatically (without any further action on the part of the Company, such Shareholder or any person or entity) convert at the Initial Merger Effective Time into such number of newly issued PubCo Class A Ordinary Shares as set forth in the
Company Governing Documents. For illustration purposes only, if such Shareholder acquired 1,000 Series X Shares (at a per of $10 per share) on April 23, 2021, and Initial Merger Effective Time falls on October 23, 2021, and assuming a SPAC
Transaction Conversion Price (as defined in the Company Memorandum) of $10, such Shareholder shall be entitled to receive 1,035 PubCo Class A Ordinary Share (taking into account the cumulative dividend on the Series X Shares at the Series X
Dividend Rate for such six-month period). 
 Section 2    Additional
Shares. In the event the Adjustment Period VWAP is less than $10.00 per PubCo Class A Ordinary Share, each Shareholder shall be entitled to receive a number of additional PubCo Class A Ordinary Shares equal to the product of
(x) the sum of the PubCo Class A Ordinary Shares that such Shareholder holds through the Effectiveness Date, multiplied by (y) a fraction, (A) the numerator of which is $10.00 minus the Adjustment Period VWAP, and

 
(B) the denominator of which is the Adjustment Period VWAP (such additional shares, the “Shareholder Additional Shares”); provided that in the event the Adjustment Period
VWAP is less than $8.00, the Adjustment Period VWAP for purposes of this calculation shall be deemed to be $8.00 (i.e., in no event shall the number of Shareholder Additional Shares exceed 25% of the number of PubCo Class A Ordinary Shares that
such Shareholder holds through the Effectiveness Date). 
 Definitions: for the purpose of this Section 2: 

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

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

“Effectiveness Date” means the date on which the registration statement registering the resale of the PubCo Ordinary Shares
issued pursuant to the PIPE Subscription Agreements is declared effective by the Securities and Exchange Commission. 
 “Trading
Day” means any day on which the Trading Market is open for trading. 
 “Trading Market” means the national stock
exchange on which the Issuer Shares are listed for trading, which shall be either Nasdaq Stock Market (“Nasdaq”) or The New York Stock Exchange (“NYSE”). 

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

 Section 3 No Transfers. 

(a)    Each Shareholder hereby agrees not to, during the period beginning on the date of this Agreement and terminating
when this Agreement terminates in accordance with Section 4.5 hereof, Transfer (as defined below), or cause to be Transferred, any Series X Shares owned of record or beneficially by such Shareholder, or any voting rights with respect thereto
(“Subject Securities”), or enter into any Contract with respect to conducting any such Transfer. Any Transfer or attempted Transfer of any Subject Securities in violation of any provision of this Agreement shall be void ab
initio and of no force or effect. “Transfer” means (i) any direct or indirect sale, tender pursuant to a tender or exchange offer, assignment, encumbrance, disposition, pledge, hypothecation, gift or other transfer (by
operation of law or otherwise), either voluntary or involuntary, of any capital stock, options or warrants or any interest or (ii) in respect of any capital stock, options or warrants or interest (including any beneficial ownership interest) in
any capital stock, options or warrants to directly or indirectly enter into any swap, derivative or other agreement, transaction or series of transactions, in each case referred to in this clause (ii) that has an exercise or conversion
privilege or a settlement or payment mechanism determined with reference to, or derived from the value of, such capital stock, options or warrants and that hedges or transfers, in whole or in part, directly or indirectly, the economic consequences
of such capital 

  
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stock, options or warrants or interest (including any beneficial ownership interest) in capital stock, options or warrants whether any such transaction, swap, derivative or series of transactions
is to be settled by delivery of securities, in cash or otherwise. A “Transfer” shall not include the transfer of Subject Securities by a Shareholder to such Shareholder’s estate, such Shareholder’s immediate family, to a
trust for the benefit of such Shareholder’s family, upon the death of such Shareholder or to an Affiliate of such Shareholder (each such transferee a “Permitted Transferee” and each such transfer, a “Permitted
Transfer”). As a condition to any Permitted Transfer, the applicable Permitted Transferee shall be required to become a party to this Agreement by signing a joinder agreement hereto in form and substance reasonably satisfactory to the
Company (a “Joinder”). References to “the parties hereto” and similar references shall be deemed to include any later party signing a Joinder. 

(c)    Each Shareholder hereby agrees not to, and not to permit any Person under such Shareholder’s control to
deposit any of such Shareholder’s Series X Shares in a voting trust or subject any of the Shareholder Shares owned beneficially or of record by such Shareholder to any arrangement with respect to the voting of such Series X Shares other than
agreements entered into with the Company. 
 Section 4 General. 

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

If to SPAC: 

CF Acquisition Corp. V 

110 East 59th Street 

New York, NY 10022 

Attention: Chief Executive Officer 

Email: CFV@cantor.com 

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

Hughes Hubbard & Reed LLP 

One Battery Park Plaza 

New York, NY 10004 

Attention: Kenneth A. Lefkowitz 

Facsimile: +1 212 299-6557 

Email: ken.lefkowitz@hugheshubbard.com 

If to the Company or PubCo: 

  
 -3- 

 Nettar Group Inc. 

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

Attention: Emiliano Kargieman 

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

Friedman Kaplan Seiler & Adelman LLP 

7 Times Square 
 New York, NY
10036-6516 
 Email: areindel@fklaw.com 

Attention: Asaf Reindel 
 and

 Greenberg Traurig LLP 
 333
SE 2nd Avenue 
 Suite 4400 

Miami, FL 33131 
 Email:
annexa@gtlaw.com 
 Attention: Alan I. Annex 

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

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

Friedman Kaplan Seiler & Adelman LLP 

7 Times Square 
 New York, NY
10036-6516 
 Email: areindel@fklaw.com 

Attention: Asaf Reindel 
 and

 Greenberg Traurig LLP 
 333
SE 2nd Avenue 
 Suite 4400 

Miami, FL 33131 
 Email:
annexa@gtlaw.com 
 Attention: Alan I. Annex 

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

4.3    Failure or Delay Not Waiver; Remedies Cumulative. No provision of this Agreement may be waived except by a
written instrument signed by the party against whom such 

  
 -4- 

 
waiver is to be effective. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on
behalf of such party. No failure or delay on the party of any party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of or acquiescence in, any breach of any representation, warranty or agreement herein,
nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of any rights or remedies
otherwise available. 
 4.4    Costs and Expenses. Each party to this Agreement will pay his, her or its own
costs and expenses (including legal, accounting and other fees) relating to the negotiation, execution, delivery and performance of this Agreement. 

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

  
 -5- 

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

			
	CF ACQUISITION CORP. V
		
	By:	 	  

		 	Name:
		 	Title:
	
	SATELLOGIC INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NETTAR GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signatures continue on following pages] 

[Signature Page to Series X Preference Shareholder Agreement] 

 
	
	  

	 [SHAREHOLDER]

 [Signature Page to Series X Preference Shareholder Agreement] 

 SCHEDULE I 
  

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

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

 Exhibit A 

Form of Spousal Consent 

SERIES X PREFERENCE SHAREHOLDER AGREEMENT 

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

	
	
	Date                                     
                                         
                
	
	Signature of Spouse
                                         
                      
	
	Printed Name of
Spouse                                        
                

  

	
	WITNESSED BY:
	
	Date                                     
                                         
          
	
	Signature                                    
                                         
  
	
	Printed
Name

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