Document:

EX-10.16

 Exhibit 10.16 

TrueBridge Capital Partners LLC 

1011 South Hamilton Road, Suite 400 

Chapel Hill, North Carolina 27517 

August 24, 2020 
 P10 Intermediate Holdings LLC 

8214 Westchester Drive, Suite 950 
 Dallas, Texas 75225 

 

	 	Re:	 Sale and Purchase of TrueBridge Capital Partners LLC 

Ladies and Gentlemen: 
 This letter agreement
(this “ Letter Agreement”) confirms the agreement by and among: (i) P10 Intermediate Holdings LLC, a Delaware limited liability company (the “Buyer”), (ii) TrueBridge Capital Partners LLC, a Delaware limited
liability company (the “Company”), (iii) Edwin Poston and (iv) Mel A. Williams (each of (iii) and (iv) is referred to herein as a “Seller Owner” and, collectively, as the “Seller
Owners”), to address certain issues presented by the Sellers’ sale of the Company to the Buyer (the “Acquisition”) pursuant to that certain Sale and Purchase Agreement dated as of August 24, 2020, by and among the
Company, the Sellers, the Seller Owners, the Buyer and the Guarantor (the “Purchase Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement. 

In connection with the Acquisition and the respective covenants and agreements contained in this Letter Agreement, the parties hereby agree as
follows: 
 1. Company Group GP Entity Carried Interest. The Buyer shall not, and shall cause its affiliates not to, except as is
necessary to comply with applicable law or absent the prior written consent of the affected Seller Owner, Knowingly take any action or Knowingly fail to act under the organizational documents of any Company Group GP Entity or TB Fund or otherwise
that results in the dilution, reduction or forfeiture of carried interest granted to such Seller Owner (or his affiliate or estate planning vehicle), whether such carry is vested or unvested or whether such action (or failure to act) is permissible
under the applicable organizational documents. The Buyer further agrees that any action taken by it or its affiliates in violation of this Section 1 shall be null and void ab initio. Notwithstanding the foregoing,
nothing in this Letter Agreement shall amend, modify or waive any Seller Owner’s or its affiliate’s “clawback,” “giveback,” or similar return obligations of such Person under the organizational documents of any Company
Group GP Entity or TB Fund, or any right of any Person to enforce such obligations. “Knowingly” shall mean, with respect to the subject Person, (i) as it relates to taking any action, such Person takes the action with actual knowledge
following due inquiry that such action would reasonably result in the specified conduct and (ii) as it relates to failing to act, such Person intentionally fails to act with actual knowledge that such failure would reasonably result in the
specified conduct. 

 2. Fund Investments. 

(a) The Buyer agrees that each Seller Owner shall, for so long as such Person is an employee of the Company or the Buyer or any of their
affiliates, have the opportunity (but not the obligation) to invest in any TB Fund or Buyer Fund on a no-fee, no-carry basis, subject to maximum investment amounts
reasonably determined by the Board of Managers of the Company and the Board of Managers of Buyer, respectively, which maximum amounts shall in no event be less than $500,000 per Seller Owner per TB Fund or Buyer Fund, as applicable. Subject to the
preceding sentence, the economic and limited liability rights granted to the Seller Owners under any TB Fund agreement (including any agreement of such TB Fund’s general partner, to the extent applicable) shall be pari passu with the
other partners, members or shareholders to such agreement. For the avoidance of doubt, the right to invest in any TB Fund and/or Buyer Fund on a no-fee, no-carry basis,
as set forth above, shall continue with respect to each such investment for so long as such investment is held by such Seller Owner. As used in this paragraph, each Seller Owner includes his affiliates and estate planning vehicles. 

(b) The Seller Owners agree that any Buyer Affiliate shall, for so long as such person is a Buyer Affiliate, have the opportunity (but not the
obligation) to invest in any TB Fund on a no-fee, no-carry basis, subject to maximum investment amounts reasonably determined by the Board of Managers of the Company,
which maximum amounts shall in no event be less than $5,000,000 per TB Fund for all Buyer Affiliates in the aggregate. Subject to the preceding sentence, the economic and limited liability rights granted to the Buyer Affiliates under any TB Fund
agreement (including any agreement of such TB Fund’s general partner, to the extent applicable) shall be pari passu with the other partners, members or shareholders to such agreement (including, without limitation, the Seller Owners and
their respective affiliates and estate planning vehicles). For the avoidance of doubt, the right to invest in any TB Fund on a no-fee, no-carry basis, as set forth
above, shall continue with respect to each such investment for so long as such investment is held by such Buyer Affiliate. 
 (c) For
purposes of this Section 2, the following terms shall have the meanings 
 set forth below: 

(i) “Buyer Affiliate” means the members, managers, principals, partners, officers and employees of Buyer, its
direct and indirect subsidiaries and their respective affiliates and estate planning vehicles. For clarity, no Seller Owner is considered a Buyer Affiliate for purposes of this Letter Agreement. 

(ii) “Buyer Fund” means any pooled investment vehicle for which Buyer, directly or indirectly (e.g., through
RCP Advisors or Five Points Capital), provides Investment Management Services or serves as the sponsor, general partner, managing member, or in any similar capacity (including in any master or feeder fund, parallel fund or other alternative
investment vehicle or third party co-investment vehicle, but excluding any “separate account clients”). For clarity, no TB Fund is considered a Buyer Fund for purposes of this Letter Agreement. 

  
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 3. Capital Obligations; Indemnity. Following the Closing, no member of the Company
Group and no member of the Buyer Group shall be required to make any payment to or on behalf of any Seller Owner, Seller or the Company Group GP Entity in respect of any capital commitment, capital contribution, return obligation (including in
respect of any capital contributions or “clawback” of Carried Interest) or other similar payment owed by such Seller Owner or Seller to any Company Group GP Entity or TB Fund, directly or indirectly (collectively, the “Excluded
Obligations”). Each Seller Owner hereby agrees, up to the amount of the Seller Owner’s direct and indirect interest in the Excluded Obligations giving rise to the subject Losses, to defend, indemnify and hold harmless the Buyer Group,
each member of the Company Group and their respective subsidiaries, affiliates, principals, members, partners, directors, officers, employees or agents (each a “Buyer Indemnitee”) from, against and in respect of any Losses suffered
or incurred by a Buyer Indemnitee arising out of or resulting from any Excluded Obligation. 
 4. Effective Date. The terms and
provisions of this Letter Agreement shall be effective as of the Closing Date. If the Closing does not occur pursuant to the terms of the Purchase Agreement, this Letter Agreement will be null and void and will have no further force or effect. 

5. Miscellaneous. 
 (a)
Governing Law; Jurisdiction; Forum. This Letter Agreement shall be construed, performed and enforced in accordance with, and governed by, the laws of, the State of Delaware, without giving effect to the principles of conflicts of laws
thereof. The parties hereto irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Letter Agreement, and consent to the jurisdiction of, the courts of the State of Delaware or the
United States of America for the District of Delaware. Each party hereto hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to such jurisdiction. EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 
 (b) Severability. In the event that any part of this Letter Agreement is declared by any
court or other judicial or administrative body to be null, void or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Letter Agreement shall remain in full force and effect. 

(c) Interpretation. The titles and section headings set forth in this Letter Agreement are for convenience only and shall not be
considered as part of agreement of the parties. When the context requires, the plural shall include the singular and the singular the plural, and any gender shall include all other genders. No provision of this Letter Agreement shall be interpreted
or construed against any party because such party or its counsel was the drafter thereof. 
 (d) No Third Party Beneficiaries. This
Letter Agreement is made solely and specifically among and for the benefit of the parties and the RCP Affiliates, and their respective successors and permitted transferees, and no other Person will have any rights, interest, or claims
hereunder or be entitled to any benefits under or on account of this Letter Agreement as a third-party beneficiary or otherwise. 

  
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 (e) Intended Benefit; Transfer of Interests. This Letter Agreement shall inure
to the benefit of, and shall be binding upon, the parties and their respective successors and permitted transferees. No party may transfer any of his or its rights, duties, obligations, or interests hereunder without the prior written consent of
the other parties. 
 (f) Capacity. Each party represents and warrants to the other parties that: (i) such party has full
capacity, power, and authority to execute, deliver, and perform this Letter Agreement; and (ii) such party has duly executed and delivered this Letter Agreement, and this Letter Agreement constitutes the legal, valid, and binding obligation of
such party, enforceable against such party in accordance with its terms. 
 (g) Entire Agreement. This Letter Agreement, including any
exhibits, schedules and appendices attached hereto and the agreements referenced herein, contain the entire understanding and agreement among the parties with respect to the specific subject matter hereof, and supersedes any prior
understandings, communications, and agreements (whether written or oral) among them with respect to the subject matter hereof. 
 (h)
Counterparts. This Letter Agreement may be executed 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. For the avoidance of doubt, affirmation
or signature of this Letter Agreement by electronic means shall constitute the execution and delivery of a counterpart of this Letter Agreement by or on behalf of such party intending to be bound by the terms of this Letter Agreement. 

(i) Amendments. This Letter Agreement may be amended only by a written instrument signed by each of the parties hereto. 

(j) Notices. Any notice, request or other document to be given hereunder to any party hereto shall be given in the manner
specified in Section 15.5 of the Purchase Agreement. 
 (k) Remedies; Non Waiver. No waiver of any breach of this Letter
Agreement or of any objection to any act or omission in connection herewith or of any provision hereof shall be implied or claimed by any party or be deemed to constitute a consent to any continuation of such breach, act, or omission or to
any waiver, unless in each such case pursuant to a written instrument signed by the party providing such waiver, and then only to the extent set forth therein. A failure or delay by a party in exercising any right, power, privilege, or remedy in
respect of this Letter Agreement shall not be presumed to operate as a waiver thereof, and a single or partial exercise of any right, power, privilege, or remedy shall not be presumed to preclude any subsequent or further exercise of that right,
power, privilege, or remedy or the exercise of any other right, power, privilege, or remedy. 
 (l) Binding Effect. Except as provided
otherwise herein, this Letter Agreement shall inure to the benefit of, and be binding upon, the parties and their legal representatives, administrators, heirs, successors, and permitted transferees. 

  
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 [Signature page follows] 

  
 5 

 Sale and Purchase of TrueBridge Capital Partners LLC 

Letter Agreement Signature Page 

If the above correctly reflects your understanding and agreement with respect to the foregoing matters, please so confirm by signing the
enclosed copy of this Letter Agreement. 
  

			
	Very truly yours,
	
	COMPANY:
	
	TrueBridge Capital Partners LLC
		
	By:	 	 /s/ Edwin Poston

		 	Name: Edwin Poston
		 	Title: Manager
	
	SELLER OWNERS:
	
	 /s/ Edwin Poston

	Edwin Poston
	
	 /s/ Mel A. Williams

	Mel A. Williams

  

			
	Accepted and agreed as of the date first written above:
	
	P10 Intermediate Holdings LLC
		
	By:	 	 /s/ William F. Souder

		 	Name: William F. Souder
		 	Title: Chief Executive OfficerEX-10.18

 EXHIBIT 10.18 

[***] 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. 
 REORGANIZATION AGREEMENT 

THIS REORGANIZATION AGREEMENT (“Agreement”) is made and entered into as of November 19, 2020 (the “Execution
Date”), by and among Enhanced Capital Group, LLC, a Delaware limited liability company (“ECG”), Enhanced Tax Credit Finance, LLC, a Delaware limited liability company (“ETCF”), Enhanced Capital Partners,
LLC, a Delaware limited liability company (“ECP”), Enhanced Permanent Capital, LLC, a Delaware limited liability company (“Enhanced PC”), Enhanced Capital Holdings, Inc., a Delaware corporation
(“ECH”), and solely for purposes of Section 3.1(c), Michael Korengold. Each of ECG, ETCF, ECP, Enhanced PC, and ECH are sometimes referred to herein individually as a “Party,” and
collectively, as the “Parties.” Unless otherwise specified, capitalized terms used but not defined herein have the meanings ascribed to such terms in the SPA (as hereinafter defined). 

R E C I T A L S 
 A.
WHEREAS, concurrently with the execution of this Agreement, (i) P10 Intermediate Holdings LLC, a Delaware limited liability company (“P10”), ECG, ECP, the parties set forth on Schedule A thereto, and for certain limited
purposes set forth therein, the parties set forth on Schedule B thereto, Stone Point Capital LLC, and P10 Holdings, Inc. (“Holdings”) entered into that certain Securities Purchase Agreement of even date herewith (the
“SPA”); (ii) ECP and its members, Trident ECP Holdings, Inc. and ECH, entered into that certain Second Amended and Restated Limited Liability Company Agreement of Enhanced Capital Partners, LLC, to be effective as of the
Reorganization Effective Time (the “ECP LLC Agreement”), attached hereto as Exhibit A; (iii) Enhanced PC, ECP, and ECG entered into that certain Amended and Restated Limited Liability Company Agreement of Enhanced
Permanent Capital, LLC (the “Enhanced PC LLC Agreement”), to be effective as of the Reorganization Effective Time in accordance with the terms thereof, attached hereto as Exhibit C; and (iv) the sole stockholder of ECH
executed a written consent of such sole stockholder replacing the board of directors of ECH, to be effective as of the Reorganization Effective Time, attached hereto as Exhibit E (the “ECH Consent”). 

B. WHEREAS, this Agreement and the transactions contemplated hereby have been approved by both the board of managers of ECP and the board of
managers of ECG; and 
 C. WHEREAS, the Parties desire to effect a reorganization of the corporate and capital structure of ECG and ECP to
take effect immediately following the closing of the transactions contemplated by the SPA (as may be further specified in Section 6.11, the “Reorganization Effective Time”), pursuant to the terms and
subject to the conditions contained herein. 
  

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements contained herein, the Parties, intending to be legally bound hereby, agree as follows: 
 1. Contribution of ECG Permanent
Capital Subsidiaries. 
 1.1 Effective as of the Reorganization Effective Time, (a) ETCF hereby contributes, conveys,
assigns, transfers, sets over and delivers to Enhanced PC all of ETCF’s right, title and interest in and to the membership interests of each of the entities set forth on Schedule I to this Agreement (the “ECG Permanent Capital
Subsidiaries,” and such contribution, conveyance, assignment, transfer, and delivery, the “ECG Permanent Capital Contribution”), and Enhanced PC hereby accepts the ECG Permanent Capital Contribution from ETCF; and
(b) in exchange for the ECG Permanent Capital Contribution, Enhanced PC shall automatically issue to ETCF a number of “Class A Units” (as defined in the Enhanced PC LLC Agreement) of Enhanced PC as determined pursuant to the
Enhanced PC LLC Agreement. 
 1.2 Immediately following the issuance of the “Class A Units” (as defined in the ECP LLC
Agreement) to ETCF pursuant to Section 1.1 above, such units shall be automatically distributed by ETCF to ECG pursuant to and in accordance with Sections 5.10(c) and 5.11 of the Amended and Restated Limited Liability
Company Agreement of Enhanced Tax Credit Finance, LLC. 
 2. Contribution of ECP Permanent Capital Subsidiaries.
Effective as of the Reorganization Effective Time, (a) ECP hereby contributes, conveys, assigns, transfers, sets over and delivers to Enhanced PC all of ECP’s right, title and interest in and to the membership interests of each of the
entities set forth on Schedule II to this Agreement (the “ECP Permanent Capital Subsidiaries,” and such contribution, conveyance, assignment, transfer, and delivery, the “ECP Permanent Capital Contribution”),
and Enhanced PC hereby accepts the ECP Permanent Capital Contribution from ECP; and (b) in exchange for the ECP Permanent Capital Contribution, Enhanced PC shall automatically issue to ECP a number of “Class A Units” and of
“Class B Units” (each as defined in the Enhanced PC LLC Agreement) of Enhanced PC as determined pursuant to the Enhanced PC LLC Agreement. 

3. Intercompany Agreements. 

3.1 Effective as of the Reorganization Effective Time: (a) ECP and ECH agree that certain Administrative Services Agreement,
dated as of December 23, 2013, by and between ECP and ECH, shall be automatically terminated and of no further force and effect; (b) ECG and ECP agree that certain Administrative Services Agreement, dated as of December 23, 2013, by
and between ECP and ECG, shall be automatically terminated and of no further force and effect; and (c) ECP and Michael Korengold agree that certain Letter Agreement dated December 23, 2013, by and between ECP and Michael Korengold, shall
be automatically terminated and of no further force and effect (provided, however, that such termination shall not impair Michael Korengold’s right to indemnification in respect thereof for periods prior to the effective time of this
Section 3.1) (clauses (a), (b), and (c) collectively, the “Administrative Services Agreements”). 

3.2 Enhanced PC and ECG have entered into that certain Advisory Agreement, executed as of the date hereof but effective as of the
Reorganization Effective Time in accordance with the terms thereof, attached hereto as Exhibit B. 

  
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 3.3 ECH and ECG have entered into that certain Administrative Services Agreement,
executed as of the date hereof but effective as of the Reorganization Effective Time in accordance with the terms thereof, attached hereto as Exhibit D. 

4. Board Resignations and Releases. 

4.1 ECP. On the date hereof, ECP has received a letter of resignation from each member of the board of managers of ECP,
voluntarily and irrevocably resigning effective upon closing of the transactions contemplated by the SPA, from any and all positions that such member of the board of managers of ECP holds as director, manager, committee member or representative, or
officer (except, in each case, with respect to any committee member, representative, or officer positions held by Michael Korengold), as applicable, of ECP or any of its Subsidiaries. 

4.2 ECG. On the date hereof, ECG has received a letter of resignation from each member of the board of managers of ECG,
voluntarily and irrevocably resigning effective upon closing of the transactions contemplated by the SPA, from any and all positions that such member of the board of managers of ECG holds as director, manager, committee member or representative, or
officer (except, in each case, with respect to any committee member, representative, or officer positions held by Michael Korengold), as applicable, of ECG or any of its Subsidiaries. 

5. Representations and Warranties. 

5.1 Representations and Warranties of the Parties. Each Party hereby severally represents and warrants to the other Parties, as
of the Reorganization Effective Time, as follows: 
  

	 	a)	 if such Party is an entity, such Party is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or formation; 

  

	 	b)	 if such Party is an entity, such Party has full corporate or limited liability company (as applicable) power
and authority to execute and deliver this Agreement and each of the agreements attached hereto to which it is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. If such
Party is an entity, the execution, delivery and performance by such Party of this Agreement and each of the each of the agreements attached hereto to which it is a party, and the consummation by such Party of the transactions contemplated hereby and
thereby, have been duly and validly authorized by all necessary corporate or limited liability company (as applicable) action; 

  

	 	c)	 this Agreement has been, and each of the agreements attached hereto to which such Party is a party have been,
duly executed and delivered by such Party and, assuming due execution and delivery by each of the other parties hereto and thereto, this Agreement constitutes, and each of the agreements attached hereto to which such Party is a party constitute, the
legal, valid and binding obligations of such Party, enforceable against such Party in accordance with their respective terms; 

  

  
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	 	d)	 the execution, delivery and performance by such Party of this Agreement, and each of the agreements attached
hereto to which such Party is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not (i) conflict with or violate the certificate of incorporation or bylaws or equivalent organizational documents
of such Party, (ii) conflict with or violate any law applicable to such Party or by which any property or asset of such Party is bound or affected, or (iii) result in any breach of, constitute a default (or an event that, with notice or
lapse of time or both, would become a default) under, require any consent of or notice to any person or entity pursuant to, give to others any right of termination, amendment, modification, acceleration or cancellation of, allow the imposition of
any fees or penalties, require the offering or making of any payment or redemption, give rise to any increased, guaranteed, accelerated or additional rights or entitlements of any person or entity or otherwise adversely affect any rights of such
Party under, or result in the creation of any encumbrance on any property, asset or right of such Party pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument, obligation or other contract to which
such Party is a party or by which such Party or any of its properties, assets or rights are bound or affected; and 

  

	 	e)	 such Party is not required to file, seek or obtain any notice, authorization, approval, order, permit or
consent of or with any governmental entity or authority in connection with the execution, delivery and performance by such Party of this Agreement and each of the agreements attached hereto to which such Party is a party or the consummation of the
transactions contemplated hereby or thereby, except for such filings as may be required by any applicable federal or state securities or “blue sky” laws. 

5.2 Representations and Warranties of Enhanced PC. Enhanced PC hereby represents and warrants to ECG and ETCF, as of the
Reorganization Effective Time, that the Class A Units and Class B Units of Enhanced PC, when issued and delivered in accordance with the terms of this Agreement, will be newly issued, duly authorized, validly issued, fully paid and
nonassessable, and free and clear of all Encumbrances (other than those arising under securities Laws or any credit facility of P10), and will not be issued in violation of any preemptive right, purchase option, call option, right of first refusal
or similar options or rights or in violation of the Securities Act and any applicable state securities Laws. 
 6.
Miscellaneous. 
 6.1 Waivers. As of the effective time of this Agreement in accordance with
Section 6.10, each of the parties hereto hereby approves the transactions set forth in this Agreement and each of the agreements attached hereto, and waives any transfer restrictions,
pre-emptive rights, co-sale rights and similar restrictions and rights that such Person may have under any operating agreement or other agreement relating to the
transactions contemplated hereby (including the Administrative Services Agreements) and in each of the agreements attached hereto. 

6.2 Amendment. Neither this Agreement, nor any of this Agreement’s terms or conditions, may be waived, amended or modified,
except by means of a written instrument duly executed by each of the Parties. 

  
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 6.3 Entire Agreement. This Agreement, the SPA and the other Ancillary
Agreements constitute the entire agreement between the parties hereto, superseding and extinguishing all prior agreements, understandings, representations and warranties relating to the subject matter hereof. 

6.4 No Third-Party Beneficiaries. 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 Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be
assigned or delegated, in whole or in part, by operation of law or otherwise, by any Party hereto, without the prior written consent of the other Parties, and any such assignment without such prior written consent shall be null and void. Subject to
the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties hereto and their respective successors and permitted assigns. 

6.6 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. 

6.7 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).

 6.8 Non-Survival of Representations, Warranties, Covenants and Agreements. Except
for Section 6.9 (which shall survive the Reorganization Effective Time), (a) the representations and warranties of the Parties hereto contained in this Agreement and in any certificates, instruments or other documents
delivered pursuant hereto shall terminate and be of no further force or effect at the Reorganization Effective Time (and no Party shall have liability thereunder at or after the Reorganization Effective Time), and (b) the covenants and
agreements of the Parties hereto contained in this Agreement that by their terms are to be performed prior to the Reorganization Effective Time shall terminate and be of no further force or effect at the Reorganization Effective Time (and no Party
shall have liability thereunder at or after the Reorganization Effective Time). 
 6.9
Non-Recourse. All claims or causes of action (whether in contract or in tort, in Law or in equity) that may be based upon, arise out of or relate to this Agreement or the other transactions contemplated
hereby, or the negotiation, execution or performance of this Agreement or the transactions contemplated hereby (including any representation or warranty made in or in connection with this Agreement or any certificate, instrument or other document
delivered in connection herewith or as an inducement to enter into this Agreement or any such other certificate, instrument or other document delivered in connection herewith, may be made only following the effectiveness of this Agreement and then
against the entities that are expressly identified as Parties hereto and thereto. No Person who is not a named party to this Agreement or 

  
 5 

 
any such other certificate, instrument or other document delivered in connection herewith, including any past, present or future director, officer, employee, incorporator, member, partner,
stockholder, equityholder, Affiliate, agent, attorney or representative of any named party to this Agreement or any such other certificate, instrument or other document delivered in connection herewith nor the Seller Representative (collectively,
“Non-Party Affiliates”), shall have any liability (whether in contract or in tort, in Law or in equity, or based upon any theory that seeks to impose liability of an entity party against its
owners or affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or any such other certificate, instrument or other document delivered in connection herewith (as the case may be) or for any
claim based on, in respect of, or by reason of this Agreement or any such other certificate, instrument or other document delivered in connection herewith (as the case may be) or the negotiation or execution hereof or thereof; and each Party hereto
waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliates. Non-Party Affiliates are expressly intended as third party
beneficiaries of this provision of this Agreement. 
 6.10 Effectiveness of this Agreement. If the Reorganization Effective
Time does not occur (i.e., the transactions contemplated by the SPA do not actually close), this Agreement will be null and void and will have no further force or effect. 

6.11 Reorganization Effective Time. Notwithstanding anything herein to the contrary, the following document, actions, and items
shall, to the extent specified herein as occurring or taking effect as of the Reorganization Effective Time, be deemed to occur or take effect in the following order: (1) the ECH Consent; (2) the ECP LLC Agreement and the Enhanced PC LLC
Agreement; (3) the documents, actions, and items set forth in Section 1, Section 2, and Section 3 hereof. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Execution Date by their respective officers thereunto duly authorized. 
  

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

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer
	
	ENHANCED TAX CREDIT FINANCE, LLC
		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold
		 	Title: Authorized Representative
	
	ENHANCED CAPITAL PARTNERS, LLC
		
	By:	 	 /s/ Michael Korengold

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

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

 
			
	 ENHANCED CAPITAL HOLDINGS, INC.

		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

 
			
	MICHAEL KORENGOLD, solely for purposes of Section 3.1(c)
		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

 SCHEDULE I 

ECG Permanent Capital Subsidiaries 
  

	1.	 Enhanced Utah Rural Investor, LLC 

	2.	 Enhanced Utah Note Issuer, LLC 

	3.	 Enhanced Capital Georgia Rural Investor, LLC 

	4.	 Enhanced Capital Rural Manager, LLC 

	5.	 Enhanced Capital Ohio Rural Investor, LLC 

	6.	 Enhanced Capital Ohio Rural Fund, LLC 

	7.	 EC Utah Rural Investor, LLC 

	8.	 EC Utah Rural Fund, LLC 

	9.	 Enhanced Capital Georgia Rural Holding, LLC 

	10.	 Enhanced Capital Georgia Rural Manager, LLC 

	11.	 Enhanced Capital Georgia Rural Note Issuer, LLC 

	12.	 Enhanced Capital Georgia Rural Fund, LLC 

  
 Schedule I 

 SCHEDULE II 

ECP Permanent Capital Subsidiaries 

1. Enhanced Alabama Holding, LLC 
 2. Enhanced Alabama Issuer,
LLC 
 3. Enhanced Alabama Manager, LLC 
 4. Enhanced Capital
Alabama Fund II, LLC 
 5. Enhanced Colorado Holding, LLC 
 6.
Enhanced Colorado Issuer, LLC 
 7. Enhanced District Holding, LLC 

8. Enhanced Capital District Fund, LLC 
 9. Enhanced District
Manager, LLC 
 10. Enhanced Capital Texas Holding, LLC 
 11.
Enhanced Capital Texas Manager GP, LLC 
 12. Enhanced Capital Texas Manager, LP 

13. Enhanced Capital Texas Fund GP, LLC 
 14. Enhanced Capital
Texas Fund, LP 
 15. Enhanced Capital Texas Fund II, LLC 
 16.
Enhanced Tennessee Holding, LLC 
 17. Council & Enhanced Tennessee Fund, LLC 

18. Council & Enhanced Tennessee Manager, LLC 
 19.
Enhanced Louisiana Holding, LLC 
 20. Enhanced Louisiana Issuer, LLC 

21. Enhanced Capital Management Fund, LLC 
 22. Enhanced Louisiana
Management Corporation 
 23. Enhanced LA Manager II, LLC 
 24.
Enhanced LA Capital II, LLC 
 25. Enhanced LA Capital III, LLC 

26. Enhanced NY Holding, LLC 
 27. Enhanced NY Issuer, LLC 

28. Enhanced NY Management. Corp 
 29. Enhanced Capital New York
Manager II, LLC 
 30. Enhanced Capital New York Fund III, LLC 

31. Enhanced Capital New York Fund II, LLC 
 32. Enhanced Capital
Wyoming Holdings, LLC 
 33. Enhanced Capital Wyoming Fund, LLC 

34. Enhanced Capital Wyoming Manager, LLC 
 35. Enhanced Capital
Mississippi Owner, LLC 
 36. Enhanced Capital Mississippi Manager, LLC 

37. Enhanced Capital Mississippi Holding, LLC 
 38. Enhanced
Capital Mississippi Fund, LLC 
 39. Enhanced Capital Mississippi Holding II, LLC 

40. Enhanced Capital Mississippi Manager II, LLC 
 41. Enhanced
Capital Mississippi Fund II, LLC 

  
 Schedule II – Page 1

 42. Enhanced Connecticut Holding, LLC 

43. Enhanced Capital Connecticut Manager, LLC 
 44. Enhanced
Capital Connecticut Fund I, LLC 
 45. Enhanced Connecticut Holding II, LLC 

46. Enhanced Capital Connecticut Fund II, LLC 
 47. Enhanced
Connecticut Holding III, LLC 
 48. Enhanced Capital Connecticut Fund III, LLC 

49. Enhanced Capital Connecticut Manager III, LLC 
 50. Enhanced
Connecticut Holding IV, LLC 
 51. Enhanced Capital Connecticut Fund IV, LLC 

52. Enhanced Capital Connecticut Manager IV, LLC 
 53. Enhanced
Connecticut Holding V, LLC 
 54. Enhanced Capital Connecticut Fund V, LLC 

55. Enhanced Capital Connecticut Manager V, LLC 
 56. Enhanced
Capital Maine GNP, LLC 
 57. Enhanced Capital Maine NMTC Investment Fund, LLC 

58. Enhanced Capital GNP Funding Company, LLC 

  
 Schedule II – Page 2

 [***] 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 

ECP LLC Agreement 

[***] 

  
 Exhibit A 

 EXHIBIT B 

Advisory Agreement 
 [See Exhibit
10.22 of this Registration Statement] 

  
 Exhibit B 

 [***] 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 C 

Enhanced PC LLC Agreement 

[***] 

  
 Exhibit C 

 EXHIBIT D 

Administrative Services Agreement 

[See Exhibit 10.22 to this Registration Statement] 

  
 Exhibit D 

 [***] 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 E 

ECH Consent 
 [***]

  
 Exhibit E

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