Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

TENDER AND VOTING AGREEMENT 

THIS TENDER AND VOTING AGREEMENT (this
“Agreement”) is made and entered into as of December 20, 2013, by and between TUFCO HOLDINGS, LLC, a Delaware limited liability company (“Parent”),
PACKERS ACQUISITION SUB, INC., a Delaware corporation and a wholly-owned subsidiary of Parent (“Acquisition Sub”), and Bradford
Venture Partners, L.P. (“Stockholder”), a stockholder of TUFCO TECHNOLOGIES, INC., a Delaware corporation (the “Company”). 

RECITALS 

A. Stockholder is a holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934) of certain shares of common stock of the Company. 
 B. Parent, Acquisition
Sub and the Company are entering into an Agreement and Plan of Merger of even date herewith (as it may be amended from time to time, the “Merger Agreement”) which provides, on the terms and subject to the conditions set forth
in the Merger Agreement, that (i) Acquisition Sub shall make a cash tender offer (such tender offer, as it may be amended from time to time, the “Offer”) to acquire all of the issued and outstanding shares of common
stock of the Company for the Per Share Consideration (as defined in the Merger Agreement) and otherwise in accordance with the terms of the Merger Agreement and (ii) after acquiring shares of Company common stock pursuant to the Offer,
Acquisition Sub shall merge into the Company (the “Merger”).  
 C. Stockholder is entering
into this Agreement in order to induce Parent and Acquisition Sub to enter into the Merger Agreement.  
 AGREEMENT

 The parties to this Agreement, intending to be legally bound, agree as follows: 

SECTION 1. CERTAIN DEFINITIONS 

For purposes of this Agreement: 

(a) “Company Common Stock” shall mean the common stock, par value $0.01 per share,
of the Company. 
 (b) Stockholder shall be deemed to “Own” or to have acquired
“Ownership” of a security if Stockholder: (i) is the record owner of such security; or (ii) is the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of
1934) of such security. 

  
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 (c) “Subject Shares” shall mean
642,033 shares of Company Common Stock Owned by Stockholder as of the date of this Agreement, representing 14.9% of the aggregate Company Common Stock outstanding as of the date hereof.  

(d) “Termination Date” shall mean the earlier of (i) the date upon which the
Merger Agreement is terminated in accordance with its terms, or (ii) the Effective Time of the Merger.  

(e) A Person shall be deemed to have a effected a “Transfer” of a security if such
Person directly or indirectly: (i) sells, pledges, encumbers, grants an option with respect to, transfers or disposes of such security or any interest in such security to any Person other than Parent or Acquisition Sub; or (ii) enters into
an agreement or commitment contemplating the possible sale of, pledge of, encumbrance of, grant of an option with respect to, transfer of or disposition of such security or any interest therein to any Person other than Parent or Acquisition Sub.
 
 (f) Capitalized terms used but not otherwise defined in this Agreement have the meanings assigned to such terms in
the Merger Agreement.  
 SECTION 2. TRANSFER OF SUBJECT SHARES AND
VOTING RIGHTS 
 2.1 Restriction on Transfer of Subject Shares. Subject to Section 2.3, during
the period from the date of this Agreement through the Termination Date, Stockholder shall not cause or permit any Transfer of any of the Subject Shares other than as required by this Agreement.  

2.2 Restriction on Transfer of Voting or Disposition Rights. During the period from the date of this Agreement through the Termination
Date, Stockholder shall ensure that: (a) none of the Subject Shares is deposited into a voting trust; (b) no proxy is granted other than as required by this Agreement, and no voting agreement or similar agreement is entered into, with
respect to any of the Subject Shares; and (c) no Person other than Stockholder (or any other Person that is the record or beneficial owner of any of the Subject Shares as of the date of this Agreement, but only with respect to such Subject
Shares) is granted dispositive power with respect to any of the Subject Shares.  
 2.3 Permitted Transfers. Section 2.1
shall not prohibit a Transfer of Subject Shares by Stockholder, if Stockholder is a corporation, partnership, limited partnership, or limited liability company, to one or more stockholders, partners, limited partners or members of Stockholder or to
an affiliated entity under common control with Stockholder; provided, however, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee agrees in a writing, reasonably satisfactory
in form and substance to Parent, to be bound by all of the terms of this Agreement.  

  
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 SECTION 3. AGREEMENT TO TENDER 

3.1 Tender of Subject Shares. Prior to the Termination Date, Stockholder agrees to validly tender or cause to be validly tendered in the
Offer, pursuant to and in accordance with the terms of the Offer and Rule 14d-2 under the Securities Exchange Act of 1934, all of the Subject Shares (free and clear of any encumbrances or restrictions).  

3.2 No Withdrawal. Prior to the Termination Date, Stockholder agrees that once the Subject Shares are tendered into the Offer not to
withdraw or cause to be withdrawn any of the Subject Shares from the Offer unless and until the Offer expires or the Offer is terminated without Acquisition Sub having accepted for exchange shares of Company Common Stock validly tendered in the
Offer.  
 3.3 Conditional Obligation. Stockholder acknowledges and agrees that Acquisition Sub’s obligation to accept
for exchange shares of Company Common Stock in the Offer, including any Subject Shares tendered by Stockholder, is subject to the terms and conditions of the Merger Agreement and the Offer.  

SECTION 4. VOTING OF SHARES 

Stockholder hereby agrees that, prior to the Termination Date, at any meeting of the stockholders of the Company, however called, and in any
action by written consent of stockholders of the Company, unless otherwise directed in writing by Parent, Stockholder shall cause any Subject Shares not acquired pursuant to the Offer to be voted: 

(a) in favor of the Merger and the adoption of the Merger Agreement (as it may be amended from time to time) and the terms thereof, and
in favor of each of the other actions contemplated by the Merger Agreement; 
 (b) against any action or agreement that would result
in a breach of any representation, warranty, covenant or obligation of the Company in the Merger Agreement; and 
 (c) against any
action that is intended, or that could reasonably be expected, to materially impede, interfere with, delay, postpone, discourage or adversely affect the Offer or the Merger or any of the other Contemplated Transactions or this Agreement. 

In the event a meeting of the stockholders of the Company is held, the Stockholder shall, or shall cause the holder of record on any
applicable record date to, appear at such meeting or otherwise cause the Subject Shares to be counted as present thereat for purposes of establishing a quorum. 

Prior to the Termination Date, Stockholder shall not enter into any agreement or understanding with any Person to vote or give
instructions in any manner inconsistent with clause “(a)”, clause “(b)” or clause “(c)” of this Section 4. For the avoidance of doubt, nothing in this Agreement shall in any way limit Stockholder’s
right to vote the Subject Shares in Stockholder’s sole discretion on any matters other than the foregoing matters that may be submitted to a stockholder vote, consent or other approval.  

  
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 Notwithstanding the foregoing or any contrary provision hereof, no covenant or agreement herein
of Stockholder, and no action taken or omitted to be taken by Stockholder pursuant to the terms of this Agreement or the Merger Agreement, is intended, nor shall it be deemed or construed, to constitute the consent or approval of Stockholder
(whether in Stockholder’s capacity as a stockholder, director or officer of the Company or otherwise) for any purpose under any employment, severance, change-in-control or similar agreement or arrangement to which Stockholder may be party. 

SECTION 5. WAIVER OF APPRAISAL RIGHTS 

Subject to the acceptance of the Subject Shares by Acquisition Sub in the Offer pursuant to the Merger Agreement, Stockholder hereby
irrevocably and unconditionally waives, and agrees to cause to be waived and to prevent the exercise of, any rights of appraisal or dissenters’ rights relating to the Merger with respect to the Subject Shares under Section 262 of the DGCL.

 SECTION 6. REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER 

Stockholder hereby represents and warrants to Parent as follows: 

6.1 Authorization, etc. Stockholder has the absolute and unrestricted right, power, authority and capacity to execute and deliver this
Agreement and the Proxy and to perform Stockholder’s obligations hereunder. This Agreement and the Proxy have been duly executed and delivered by Stockholder and constitutes a legal, valid and binding obligation of Stockholder, enforceable
against Stockholder in accordance with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (ii) rules of law governing specific performance, injunctive relief and other
equitable remedies.  
 6.2 No Conflicts or Consents. 

(a) The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement by
Stockholder will not: (i) conflict with or violate any Legal Requirements applicable to Stockholder; or (ii) result in or constitute a breach of, or give to any Person any right of termination, amendment, acceleration or cancellation of,
or result in the creation of any encumbrance or restriction on any of the Subject Shares pursuant to any Contract to which Stockholder is a party.  

(b) The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement by
Stockholder will not, require any consent or approval of any Person (other than those consents which have already been obtained prior to the execution and delivery of this Agreement).  

6.3 Title to Securities. As of the date of this Agreement, Stockholder holds the Subject Shares of record, free and clear of any
encumbrances or restrictions (except for restrictions on Transfer under the Securities Act).  

  
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 6.4 No Finders Fees. Except as may be provided in the Merger Agreement, no broker,
investment banker, financial advisor or other person is entitled to any broker’s, finder’s financial adviser’s or other similar fee or commission in connection with the transactions contemplated by the Merger Agreement or this
Agreement based upon arrangements made by or on behalf of the Stockholder.  
 SECTION 7. ADDITIONAL COVENANTS
OF STOCKHOLDER 
 7.1 Irrevocable Proxy. Concurrently with the execution of this Agreement, the
Stockholder shall deliver to Parent and Acquisition Sub a proxy in the form attached hereto as Exhibit A (the “Proxy”), which shall be irrevocable to the fullest extent permitted by law, with
respect to the Subject Shares. 
 7.1 Stockholder Information. Prior to the Termination Date, Stockholder hereby agrees to
permit Parent and Acquisition Sub to publish and disclose in any press release, the Schedule TO or other publicly-filed documents relating to the Offer and, if adoption of the Merger Agreement by the stockholders of the Company is required under the
terms of the DGCL or other applicable law, the Proxy Statement, Stockholder’s identity and ownership of shares of Company Common Stock and the nature of Stockholder’s obligations under this Agreement; provided, that Stockholder shall have
a reasonable opportunity to review and comment on any such announcement or disclosure prior to its publication, filing or disclosure; and provided further, that any such disclosure shall be in compliance with Section 6.5 of the Merger
Agreement. 
 7.2 No Solicitation. Prior to the Termination Date, the Stockholder (in the Stockholder’s capacity as such) shall
not, directly or indirectly, and shall not cause or permit any of its Representatives to, directly or indirectly, (i) solicit, initiate, encourage or facilitate the making, submission or announcement of any Acquisition Proposal or Acquisition
Inquiry, (ii) furnish any non-public information regarding the Acquired Entities to any Person in connection with or in response to an Acquisition Proposal or Acquisition Inquiry, (iii) engage in discussions or negotiations with any Person
with respect to any Acquisition Proposal or Acquisition Inquiry, (iv) approve, endorse or recommend any Acquisition Proposal or (v) enter into any letter of intent or similar document or any Contract contemplating or providing for any
Acquisition Transaction or accepting any Acquisition Proposal; provided, however, that none of the foregoing restrictions shall apply to the Stockholder’s and its Representatives’ interactions with Parent, Acquisition Sub and their
respective Representatives; provided further, however that the Stockholder may engage in any of the foregoing activities if and solely to the extent that the Company is permitted to engage in such activities pursuant to Section 5.3 of the
Merger Agreement. Without limiting the generality of the foregoing, the Stockholder acknowledges and agrees that any action taken by any of its Representatives, if taken by the Stockholder, would constitute a breach of this Section 7.3,
shall be deemed to constitute a breach of this Section 7.3 by the Stockholder (whether or not such Representative is purporting to act on behalf of the Stockholder). Except as permitted by the Merger Agreement, the Stockholder shall
immediately cease any and all existing activities, discussions or negotiations with any Persons conducted heretofore with respect to any Acquisition Inquiry or Acquisition Proposal.  

  
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 7.3 Further Assurances. From time to time and without additional consideration,
Stockholder shall execute and deliver, or cause to be executed and delivered, such additional transfers, assignments, endorsements, proxies, consents and other instruments, and shall take such further actions, as Parent may reasonably request for
the purpose of carrying out and fulfilling the obligations of Stockholder under this Agreement and the Proxy.  
 SECTION 8.
MISCELLANEOUS 
 8.1 Notices. Each notice, request, demand or other communication under this Agreement shall be in
writing and shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States, return receipt requested, then such communication shall be deemed duly given and made upon receipt;
(b) if sent by nationally recognized overnight air courier (such as DHL or Federal Express), then such communication shall be deemed duly given and made two (2) business days after being sent; (c) if sent by facsimile transmission
before 5:00 p.m. (California time) on any business day, then such communication shall be deemed duly given and made when receipt is confirmed; (d) if sent by facsimile transmission on a day other than a business day and receipt is confirmed, or
if sent after 5:00 p.m. (California time) on any business day and receipt is confirmed, then such communication shall be deemed duly given and made on the business day following the date which receipt is confirmed; and (e) if otherwise actually
personally delivered to a duly authorized representative of the recipient, then such communication shall be deemed duly given and made when delivered to such authorized representative; provided that, in all cases, such notices, requests, demands and
other communications are delivered to the address set forth below, or to such other address as any party shall provide by like notice to the other parties to this Agreement:  

if to Stockholder: 
 at the
address set forth on the signature page hereof 
 if to Parent or Acquisition Sub: 

c/o Griffin Holdings, LLC 
 2121
Avenue of the Stars, Suite 2575 
 Los Angeles, California 90067 

Attention: Shaun Gabbay 

Facsimile: (424) 245-4623 

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

Cooley LLP 
 1333 2nd Street, Suite 400 
 Santa Monica, CA 90401 

Attention: C. Thomas Hopkins 

Facsimile: (310) 883-6500 

  
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 8.2 Severability. Any term or provision of this Agreement that is invalid or unenforceable
in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other
jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term
or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
term or provision, and this Agreement shall be enforceable as so modified. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement be as originally contemplated to the fullest extent possible. 

8.3 Entire Agreement. This Agreement (including all exhibits, annexes and appendices hereto) constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral, among or between any of the parties with respect to the subject matter hereof and thereof. No addition to or modification of any provision of this Agreement shall be binding
upon the parties unless made in writing and signed by all parties.  
 8.4 Assignment; Binding Effect; Etc. Except as provided
herein, neither this Agreement nor any of the interests or obligations hereunder may be assigned or delegated by any party, and any attempted or purported assignment or delegation of any of such interests or obligations shall be void. Without
limiting any of the restrictions set forth in Section 2 or elsewhere in this Agreement, this Agreement shall be binding upon any Person to whom any Subject Shares are transferred. Nothing in this Agreement, express or implied, is intended to or
shall confer any right, benefit or remedy of any nature whatsoever upon any Person other than the parties hereto.  
 8.5 Specific
Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Stockholder agrees that, in the
event of any breach or threatened breach by Stockholder of any covenant or obligation contained in this Agreement, Parent and Acquisition Sub shall be entitled (in addition to any other remedy that may be available to it, including monetary damages)
to seek and obtain (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such breach or threatened breach.  

8.6 Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each of the parties hereto (a) irrevocably consents to submit itself to the exclusive jurisdiction of the Delaware Court of
Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall decline to accept jurisdiction over a particular matter, in  

  
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which case, in any Delaware state or federal court within the State of Delaware) (such courts, collectively, the “Delaware Courts”) in the event any dispute arises
out of this letter or the transactions contemplated by this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any Delaware Court, (c) irrevocably waives
the right to a trial by jury, and (d) agrees that it will not bring any action relating to this letter or the transactions contemplated by this Agreement in any court other than a Delaware Court.  

8.7 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which
shall constitute one and the same instrument. 
 8.8 Captions. The bold-faced headings contained in this Agreement are for
convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. 

8.9 Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by or on behalf of the party incurring
such cost or expense, whether or not the transactions contemplated by this Agreement are consummated. Nothing in this Agreement shall limit Stockholder’s rights to indemnification under that certain Amended and Restated Consulting Agreement
dated January 28, 1994, by and among the Company, Tufco Industries, Inc., Executive Converting Corporation, Bradford Investment Partners, L.P., and Bradford Ventures LTD.  

8.10 Waiver. No failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement, and no delay
on the part of any party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. No party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such party; and any such waiver shall not be applicable or have any effect except in the
specific instance in which it is given. 
 8.11 Not Binding in Other Capacities. Notwithstanding anything in this Agreement to
the contrary, the parties acknowledge and agree that Stockholder is entering into this Agreement solely in its capacity as a stockholder of the Company and nothing in this Agreement shall be construed to prohibit or restrict Stockholder from taking
any action in its capacity as an officer or member of the Board of Directors of the Company or, subject to the limitations (and consequences of such actions) set forth in the Merger Agreement, from taking any action with respect to any Acquisition
Inquiry or Acquisition Proposal as an officer or member of the Board of Directors of the Company to the extent permitted by the Merger Agreement.  

8.12 Termination. This Agreement and the Proxy shall automatically terminate and become void and of no further force or effect on the
Termination Date. In addition, each  

  
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Stockholder shall have the right to terminate this Agreement and the Proxy following (i) any decrease in the Per Share Consideration (other than any adjustment contemplated in
Section 1.1(f) of the Merger Agreement); (ii) any change in the form of consideration payable in the Offer or the Merger; (iii) the imposition of any condition to the Offer or the Merger not set forth in the Merger Agreement (as in
effect on the date hereof); (iv) any reduction in the number of shares of Company Common Stock subject to the Offer or (v) a Recommendation Change having been made by the Company’s board of directors. This Agreement and the Proxy,
shall also terminate immediately upon the mutual written consent of Parent and the Stockholder. 
 [Remainder of page left intentionally
blank] 

  
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 EXECUTION COPY 

IN WITNESS WHEREOF, Parent, Acquisition Sub, and Stockholder have caused
this Tender and Voting Agreement to be executed as of the date first written above. 
  

			
	TUFCO HOLDINGS, LLC
		
	By:	 	 /s/ Shaun Gabbay

		
	Name:	 	Shaun Gabbay
	Title:	 	Manager
	
	PACKERS ACQUISITION SUB, INC.
		
	By:	 	 /s/ Shaun Gabbay

		
	Name:	 	Shaun Gabbay
	Title:	 	President
	
	STOCKHOLDER
	
	BRADFORD VENTURE PARTNERS, L.P.
		
	By:	 	 /s/ Robert J. Simon

		
	Name:	 	Robert J. Simon
	Title:	 	Partner
	
	Address: 360 Hamilton Avenue, Suite 425
	
	         White Plains, NY 10601

	
	Facsimile: 914-922-7172

 EXECUTION COPY 

Exhibit A 

IRREVOCABLE PROXY 

The undersigned stockholder (the “Stockholder”) of Tufco Technologies, Inc., a Delaware corporation
(the “Company”), hereby irrevocably (to the fullest extent permitted by law) appoints Shaun Gabbay, Manager of Tufco Holdings, LLC, a Delaware limited liability company (“Parent”), as the sole and
exclusive attorney and proxy of the undersigned, with full power of substitution and resubstitution, to vote and exercise all voting and related rights (to the full extent that the undersigned is entitled to do so) with respect to all of the Subject
Shares on the matters described in clauses (a)-(c) of paragraph three of this Irrevocable Proxy in accordance with the terms of this Irrevocable Proxy until the Termination Date. Upon the undersigned’s execution of this Irrevocable Proxy,
any and all prior proxies given by the undersigned with respect to any Subject Shares are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to the Subject Shares until after the Termination Date. Capitalized
terms used in this Irrevocable Proxy and not defined shall have the meanings ascribed to such terms in that certain Tender and Voting Agreement dated on even date herewith (the “Tender and Voting Agreement”) by and among the
Stockholder, Parent, and Packers Acquisition Sub, Inc, a Delaware corporation and wholly-owned subsidiary of Parent (“Acquisition Sub”). 

This Irrevocable Proxy is irrevocable to the fullest extent permitted by law, is coupled with an interest and is granted
pursuant to the Tender and Voting Agreement, and is granted in consideration of Parent and Acquisition Sub entering into that certain Agreement and Plan of Merger of even date herewith (the “Merger Agreement”). 

The attorney and proxy named above, is hereby authorized and empowered by the undersigned, at any time prior to the Termination
Date, to act as the undersigned’s attorney and proxy to vote the Subject Shares, and to exercise all voting, consent and similar rights of the undersigned with respect to the Subject Shares (including, without limitation, the power to execute
and deliver written consents) at every annual, special, adjourned or postponed meeting of stockholders of the Company and in every written consent in lieu of such meeting: (a) in favor of the Merger and the adoption of the Merger Agreement (as
it may be amended from time to time)and the terms thereof, in favor of each of the other actions contemplated by the Merger Agreement and in favor of any action in furtherance of any of the foregoing; (b) against any action or agreement that
would result in a breach of any representation, warranty, covenant or obligation of the Company in the Merger Agreement; and (c) against any action that is intended, or that could reasonably be expected, to materially impede, interfere with,
delay, postpone, discourage or adversely affect the Offer or the Merger or any of the other Contemplated Transactions (as defined in the Merger Agreement) or the Tender and Voting Agreement. Except with respect to the foregoing matters set forth in
clauses (a)-(c) of this paragraph, the Stockholder shall retain the sole power to vote with respect to any matter presented to the stockholders of the Company, and the attorneys and proxies named above shall not exercise this Irrevocable Proxy
on any matter other than those described in such clauses (a)-(c). 

  
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 Any obligation of the undersigned hereunder shall be binding upon the successors
and assigns of the undersigned. 
 This Irrevocable Proxy shall terminate, and be of no further force and effect,
automatically upon the termination of the Tender and Voting Agreement in accordance with its terms. 
  

							
		 		 	 STOCKHOLDER:

	Dated: December     , 2013	 		 	
			
		 		 	BRADFORD VENTURE PARTNERS, L.P.
				
		 		 	By:	 	  

		 		 	Name:	 	Robert J. Simon
		 		 	Title:	 	Partner

 ***** IRREVOCABLE PROXY **** 

  
 A-2EX-10.46

 Exhibit 10.46 

WARRANT REDEMPTION AGREEMENT 

THIS WARRANT REDEMPTION AGREEMENT (this “Agreement”) is entered into as of December 23, 2013, by and among Sotherly
Hotels Inc., a Maryland corporation formerly known as MHI Hospitality Corporation (the “Company”), as issuer of the Warrant (as hereinafter defined), and Essex Illiquid, LLC, a Delaware limited liability company (“Essex
Illiquid”), and Richmond Hill Capital Partners, LP, a Delaware limited partnership (“Richmond Hill”, and together with Essex Illiquid, the “Initial Holders”), as the initial holders of the Warrant.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Warrant. 
 WHEREAS, reference is made to
(i) that certain Warrant dated as of April 18, 2011 (as amended by an Amendment to Warrant dated as of December 21, 2011, an Amendment No. 2 to Warrant dated as of July 10, 2012, and an Amendment No. 3 to Warrant dated
as of October 23, 2013, the “Warrant”); (ii) that certain Registration Rights Agreement dated as of April 18, 2011 between the Company and the Initial Holders relating to the Warrant (the “Registration Rights
Agreement”); and (iii) that certain Warrant Redemption Agreement dated as of October 23, 2013 between the Company and the Initial Holders relating to the Warrant (the “First Warrant Redemption Agreement”); and

 WHEREAS, the Company desires to redeem 100% of the Warrant, and the Initial Holders have agreed to such redemption, all on the terms and
subject to the conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. The Company hereby redeems 100% of the Warrant corresponding to an aggregate of 1,000,000 Issuable Warrant Shares (the “Redeemed
Warrant Shares”), of which number 920,000 shall be redeemed from among those Issuable Warrant Shares subject to exercise rights by Essex Illiquid and 80,000 shall be redeemed from among those Issuable Warrant Shares subject to exercise
rights by Richmond Hill. 
 2. The aggregate consideration payable by the Company in respect of the redemption of the Redeemed Warrant
Shares shall be $3,975,000.00 (the “Redemption Consideration”), of which $3,657,000.00 shall be payable by the Company to Essex Illiquid and $318,000.00 shall be payable by the Company to Richmond Hill. Immediately upon execution
and delivery of this Agreement by the parties hereto, the Company shall pay the entirety of the Redemption Consideration to the Initial Holders by wire transfer of immediately available funds to a bank account designated by each Initial Holder
for such purpose. Upon payment in full of the Redemption Consideration, (i) the Redeemed Warrant Shares shall no longer be Issuable Warrant Shares under the Warrant and (ii) the Warrant, the Registration Rights Agreement and the First
Warrant Redemption Agreement, and all rights and obligations of the Company and the Initial Holders thereunder, shall terminate and be extinguished. 

 3. Effective upon payment in full of the Redemption Consideration in accordance with the
preceding paragraph, each of the Initial Holders, on behalf of itself and its employees, agents, equity owners, officers, directors, affiliates, successors and assigns (the “Initial Holders Releasors”), hereby releases and forever
discharges the Company and its past and present employees, agents, equity owners, officers, directors, affiliates, successors and assigns (the “ Company Releasees”) from all actions, causes of action, claims, demands, suits,
obligations and liabilities whatsoever, whether known or unknown, whether foreseeable or unforeseeable, whether contingent or non-contingent and whether past, present or future (“Claims”), which the Initial Holders Releasors, or any
of them, may now or hereafter have or assert against the Company Releasees, or any of them, arising from, on account of or in relation to the Warrant, the Redeemed Warrant Shares or Issuable Warrant Shares, the Registration Rights Agreement, or the
First Warrant Redemption Agreement (excepting solely those Claims arising pursuant to the terms of this Agreement); provided, however, the foregoing release shall not release the Company Releasees from an obligations they have or may in the future
have to Ryan Taylor, as a director of the Company, including but not limited to any expense reimbursement or indemnification obligation. 

4. Effective upon payment in full of the Redemption Consideration in accordance with the preceding paragraph, each of the Company Releasees
hereby releases and forever discharges the Initial Holders Releasors from all Claims which the Company Releasees, or any of them, may now or hereafter have or assert against the Initial Holders Releaseors, or any of them, arising from, on account of
or in relation to the Warrant, the Redeemed Warrant Shares or Issuable Warrant Shares, the Registration Rights Agreement, or the First Warrant Redemption Agreement (excepting solely those Claims arising pursuant to the terms of this Agreement). 

5. Each of the Initial Holders (a) represents and warrants to the Company that it owns that portion of the Warrant attributable to such
Initial Holder under the terms of the Warrant free and clear of all liens and encumbrances and has not transferred any of its right, title or interest in and to the Warrant and (b) agrees and acknowledges that the Redemption Consideration
represents fair value for the Issuable Warrant Shares redeemed hereby and that no adjustment to the Redemption Consideration shall be made regardless of the future performance of the Company or any of the Company’s equity securities. 

6. The parties hereto acknowledge and agree that from and after the date hereof, neither of the Initial Holders shall be an “Excepted
Holder” within the meaning of the Articles of Amendment and Restatement of the Company, as amended. 
 7. This Agreement may be
executed simultaneously in one or more counterparts, and by different parties hereto in separate counterparts, each of which when executed will be deemed an original, but all of which taken together will constitute one and the same instrument. 

8. This Agreement will be governed by, and construed in accordance with, the laws of the state of New York applicable to contracts executed in
and to be performed entirely within such jurisdiction, without reference to conflicts of laws provisions. 

  
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 9. This Agreement may not be amended, modified or waived except by an instrument in writing
signed on behalf of each of the parties hereto. 
 [Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this
Agreement as of the date first written above. 
  

					
	THE COMPANY:
	
	SOTHERLY HOTELS INC.
		
	By:	 	 /s/ David R. Folsom

		 	Name:	 	David R. Folsom
		 	Title:	 	President and Chief Operating Officer
	
	THE INITIAL HOLDERS:
	
	ESSEX ILLIQUID, LLC
		
	By:	 	Richmond Hill Investments, LLC,
		 	its Investment Manager
		
	By:	 	 /s/ Ryan P. Taylor

		 	Name:	 	Ryan P. Taylor
		 	Title:	 	Managing Director and Authorized Signatory
	
	RICHMOND HILL CAPITAL PARTNERS, LP
		
	By:	 	Richmond Hill Investment Co., LP,
		 	its Investment Manager
		
	By:	 	 /s/ Ryan P. Taylor

		 	Name:	 	Ryan P. Taylor
		 	Title:	 	Authorized Signatory

  
 4

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