Document:

Exhibit 10.11

 

FORWARD PURCHASE AGREEMENT

 

This Forward Purchase Agreement (this “Agreement”)
is entered into as of January ___ 2021, by and between Crown PropTech Acquisitions, a Cayman Islands exempted company (the “Company”),
and BlackRock Inc., a Delaware corporation (the “Purchaser”).

 

Recitals

 

WHEREAS, the Company was incorporated for
the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has confidentially
filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the
“Registration Statement”) for its initial public offering (“IPO”) of 20,000,000 units (or
23,000,000 units if the underwriters’ over-allotment option (the “IPO Option”) is exercised in full) (the
“Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Class A Shares,” and the Class A Shares included
in the Public Units, the “Public Shares”), and one-third of one redeemable warrant, where each whole redeemable
warrant is exercisable to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrants,”
and the Warrants included in the Public Units, the “Public Warrants”);

 

WHEREAS, the Company’s sponsor, Crown
PropTech Sponsor, LLC, has agreed to purchase an aggregate of [●] warrants (or [●] warrants if the IPO Option is exercised
in full) at a price of $1.50 per warrant in a private placement that will close simultaneously with the closing of the IPO (the
“Private Placement Warrants”);

 

WHEREAS, following the closing of the IPO
(the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, proceeds from the IPO and the sale
of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited into a trust
account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the Registration
Statement;

 

WHEREAS, the amounts available to the Company
from the Trust Account (after giving effect to any redemptions of Public Shares) and any other equity or debt financing obtained
by the Company in connection with the Business Combination (the “Available Cash”), together with the proceeds
from the sale of the Forward Purchase Shares, will be used to satisfy the cash requirements of the Business Combination, including
funding the purchase price and paying expenses and retaining amounts specified in the definitive agreement for the Business Combination
(the “Definitive Agreement”) to be retained for use by the post-Business Combination company for working capital
or other purposes (the “Cash Requirements”); and

 

WHEREAS, the parties wish to enter into
this Agreement, pursuant to which the Purchaser shall have the right, but not the obligation, to purchase from the Company, and
in the event the Purchaser exercises such right in accordance with this Agreement, the Company shall issue and sell to the Purchaser,
on a private placement basis, the number of Class A Shares (the “Forward Purchase Shares”) determined pursuant
to Sections 1(a)(ii), (iii) and (iv) hereof, concurrently with the closing of the Company’s initial
Business Combination (the “Business Combination Closing”), subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Sale and Purchase.

 

(a) Forward Purchase Shares.

 

     

     

    

(i) Subject to Sections 1(a)(ii)
through (v), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, a certain
number of all Class A Shares to be issued and sold, on a private placement basis, by the Company in connection with a Business
Combination, for a purchase price of $10.00 per Forward Purchase Share (the “Forward Purchase Price”).

 

(ii) The number of Forward Purchase Shares
to be issued and sold by the Company and purchased by the Purchaser hereunder shall be determined as follows:

 

(A) As soon as reasonably practicable,
but in no event less than ten (10) Business Days prior to the Company’s entry into the Definitive Agreement, the Company
shall provide the Purchaser with notice (the “Initial Company Notice”) of the number of Forward Purchase Shares
that it desires the Purchaser to purchase pursuant to this Agreement; provided, however, that the Purchaser shall
in any event have the right, but not the obligation, to purchase up to the percentage indicated on Schedule A hereto of all Class
A Shares to be issued and sold, on a private placement basis, by the Company in connection with a Business Combination (the “Base
Allotment”). Following delivery of the Initial Company Notice, the Company shall provide the Purchaser with such other
information as the Purchaser (or any applicable Transferee pursuant to Section 4(b) hereof) may reasonably request so that
the Purchaser (or such Transferee) may seek all necessary internal approvals required to consummate the purchase of the Forward
Purchase Shares hereunder.

 

(B) Within five (5) Business
Days after receipt of the Initial Company Notice (the “Acceptance Deadline”), the Purchaser shall provide the
Company with notice (the “Purchaser Notice”) of the number of Forward Purchase Shares it will be obligated to
purchase pursuant to this Agreement, if any, and which Purchaser Notice shall constitute the binding obligation of the Purchaser
to purchase, on the Forward Closing Date (as defined below), the number of Forward Purchase Shares set forth therein, subject to
the terms and conditions of this Agreement (including, for the avoidance of doubt, Section 4(a) and Section 6). For the avoidance
of doubt, it shall be in the sole and absolute discretion of the Purchaser whether to deliver a Purchaser Notice, and the Purchaser
shall be excused, without any further liability or obligation hereunder, from the purchase of any Forward Purchase Shares if for
any reason, in its sole and absolute discretion, it does not deliver a Purchaser Notice by the Acceptance Deadline as described
herein.

 

(iii) At least two (2) Business Days before
the Business Combination Closing, the Company shall provide the Purchaser with an updated notice (the “Final Company Notice”)
including:

 

(A) the anticipated date of
the Business Combination Closing; and

 

(B) instructions for wiring
the Forward Purchase Price.

 

(iv) The closing of the sale of Forward
Purchase Shares (the “Forward Closing”) shall be held on the same date and concurrently with the Business Combination
Closing (such date being referred to as the “Forward Closing Date”). On the Forward Closing Date, the Purchaser
shall deliver to the Company the aggregate Forward Purchase Price for the Forward Purchase Shares by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Company in the Final Company Notice, and, against payment of the
aggregate Forward Purchase Price by the Purchaser, the Company shall issue the number of Forward Purchase Shares set forth in the
Purchaser Notice to the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than
those arising under state or federal securities laws), registered in the name of the Purchaser (or its nominee in accordance with
its delivery instructions), or to a custodian designated by the Purchaser, as applicable. In the event the Business Combination
Closing does not occur within two (2) Business Days of the date scheduled for closing, the Forward Closing shall not occur and
the Company shall promptly (but not later than one (1 Business Day thereafter) return the aggregate Forward Purchase Price to the
Purchaser by wire transfer of U.S. dollars in immediately available funds to the account specified by the Purchaser, and any book-entries
for the Forward Purchase Shares shall be deemed repurchased and cancelled. For purposes of this Agreement, “Business Day”
means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close or be closed in the City of New York, New York; provided, however,
for clarification, commercial banks in the City of New York shall not be deemed to be authorized or required by law or regulation
to close or be closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or
any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York are
open for use by customers on such day.

 

     

     

    

(v) The Company acknowledges that, notwithstanding
anything to the contrary set forth herein, this Agreement is neither a commitment nor an obligation of the Purchaser to purchase
any Forward Purchase Shares unless and until a Purchaser Notice is delivered in accordance with Section 1(a)(ii)(B).

 

(b) Legends. Each register and book
entry for the Forward Purchase Shares shall contain a notation, and each certificate (if any) evidencing the Forward Purchase Shares
shall be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.

 

THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND BETWEEN THE HOLDER AND
THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

2. Representations and Warranties of
the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a) Organization and Power. The Purchaser
is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and has all requisite
power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b) Authorization. The Purchaser
has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute
the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification provisions contained
in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws.

 

(c) Governmental Consents and Filings.
No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions
contemplated by this Agreement.

 

(d) Compliance with Other Instruments.
The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions
contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents,
(ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture
or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which
it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the
Purchaser, in each case (other than clause (i)),which would have a material adverse effect on the Purchaser or its ability to consummate
the transactions contemplated by this Agreement.

 

(e) Purchase Entirely for Own Account.
This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s
execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Shares to be acquired by the Purchaser will
be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present
intention of selling, granting any participation in, or otherwise distributing the same in violation of law. By executing this
Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or
arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any
of the Forward Purchase Shares. For purposes of this Agreement, “Person” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government
or any department or agency thereof.

 

     

     

    

(f) Disclosure of Information. The
Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions
of the offering of the Forward Purchase Shares, as well as the terms of the Company’s proposed IPO, with the Company’s
management.

 

(g) Restricted Securities. The Purchaser
understands that the offer and sale of the Forward Purchase Shares to the Purchaser has not been, and will not be, registered under
the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Shares
are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws,
the Purchaser must hold the Forward Purchase Shares indefinitely unless they are registered with the SEC and qualified by state
authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that
the Company has no obligation to register or qualify the Forward Purchase Shares for resale, except for the Registration Rights.
The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase
Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is
under no obligation and may not be able to satisfy. The Purchaser acknowledges that the Company filed the Registration Statement
for its proposed IPO. The Purchaser understands that the offering of the Forward Purchase Shares is not, and is not intended to
be, part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with
respect to the Forward Purchase Shares.

 

(i) High Degree of Risk. The Purchaser
understands that its agreement to purchase the Forward Purchase Shares involves a high degree of risk which could cause the Purchaser
to lose all or part of its investment.

 

(j) Accredited Investor. The Purchaser
is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

(k) No General Solicitation. Neither
the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly,
including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection
with the offer and sale of the Forward Purchase Shares.

 

(l) Residence. The Purchaser’s
principal place of business is the office or offices located at the address of the Purchaser set forth on the signature page hereof.

 

(m) Non-Public Information. The Purchaser
acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating
to the Company.

 

(n) Adequacy of Financing. At the
time of the Forward Closing, the Purchaser will have available to it sufficient funds to satisfy its obligations under this Agreement.

 

(o) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate
or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s
affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied
representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement
and in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying
upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any
of the Company’s affiliates (collectively, the “Company Parties”).

 

3. Representations and Warranties
of the Company. The Company represents and warrants to the Purchaser as follows:

 

(a) Incorporation and Corporate Power.
The Company is an exempted company duly incorporated and validly existing and in good standing under the laws of the Cayman
Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to
be conducted. The Company has no subsidiaries.

 

(b) Capitalization. On the date hereof,
the authorized share capital of the Company consists of:

 

     

     

    

(i) 200,000,000 Class A Shares, none of
which are issued and outstanding.

 

(ii) 20,000,000 shares of the Company’s
Class B ordinary shares, par value $0.0001 per share (the “Class B Shares”), 5,750,000 of which are issued and
outstanding. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued
in compliance with all applicable federal and state securities laws.

 

(iii) 1,000,000 preferred shares, par value
$0.0001 per share, none of which are issued and outstanding.

 

(c) Authorization. All corporate
action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the Company to enter
into this Agreement, and to issue the Forward Purchase Shares at the Forward Closing, has been taken or will be taken prior to
the Forward Closing. All action on the part of the stockholders, directors and officers of the Company necessary for the execution
and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the
Forward Closing, and the issuance and delivery of the Forward Purchase Shares has been taken or will be taken prior to the Forward
Closing. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights
may be limited by applicable federal or state securities laws.

 

(d) Valid Issuance of Securities.
The Forward Purchase Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement, will be validly issued, fully paid and nonassessable, as applicable, and free of all preemptive or similar rights,
taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on
transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed
by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described
in Section 3(e) below, the Forward Purchase Shares will be issued in compliance with all applicable federal and state securities
laws.

 

(e) Governmental Consents and Filings.
Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order
or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental
authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, if any, and pursuant to
the Registration Rights.

 

(f) Compliance with Laws and Other Instruments.
The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement
will not result in any violation or default (i) of any provisions of the certificate of incorporation, memorandum and articles
of association, bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to
which the Company is a party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party
or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which
it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other
than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated
by this Agreement. The Company is not in violation of any law, rule, administrative regulation or decree to which it may be subject
of any court, or governmental agency or body having jurisdiction over the Company or its properties, except for any violation or
default which would not have a, and could not reasonably be expected to have a prospective, material adverse effect on the Company
or its ability to consummate the transactions contemplated by this Agreement.

 

(g) Operations. As of the date hereof,
the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other than organizational
activities and activities in connection with offerings of its securities.

 

(h) No General Solicitation. Neither
the Company, nor any of its officers, directors, employees, agents or stockholders has either directly or indirectly, including,
through a broker or finder (i) engaged in any general

 

     

     

    

solicitation, or (ii) published any advertisement in connection
with the offer and sale of the Forward Purchase Shares.

 

(i) NYSE Listing. On or before the
Forward Closing, the Company’s Class A Shares shall be listed on the New York Stock Exchange (“NYSE”) (or another
national securities exchange).

 

(j)
SEC Reports. As of their respective dates, all reports (the “SEC Reports”) required to be filed by the
Company with the SEC since its Registration Statement of the Class A Shares and until the date hereof under Sections 13 or 15(d)
of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder (the “Exchange
Act”), complied in all material respects with the requirements of the Exchange Act and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and
the rules and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material
respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for
the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments.

 

(k)
No Litigation. As of the date hereof, there is no (i) suit, action, proceeding or arbitration before a governmental authority
or arbitrator pending, or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree,
injunction, ruling or order of any governmental authority or arbitrator outstanding against the Company.

 

(l) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any certificate
or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express
or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination,
and the Company Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly
made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the
Company Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made
by the Purchaser Parties.

 

4. Registration Rights; Transfer 

 

(a) Registration Rights. The Purchaser
shall be granted registration rights by the Company with respect to the Forward Purchase Shares on the same terms (or terms more
favorable to the Purchaser, but in any event providing for indemnification of the Purchaser and its affiliates and removal of legends,
subject to customary process requirements) as are agreed with the other subscribers for Class A Shares issued in a private placement
in connection with the Business Combination (the “Registration Rights”).

 

(b) Transfer. This Agreement and
all of the Purchaser’s rights and obligations hereunder (including the Purchaser’s obligation to purchase the Forward
Purchase Shares) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more affiliates
of the Purchaser (each such transferee, a “Transferee”). Upon any such assignment:

 

(i) the applicable Transferee shall execute
a signature page to this Agreement, substantially in the form of the Purchaser’s signature page hereto (the “Joinder
Agreement”), which shall reflect the portion of the Base Allotment to be assumed by such Transferee (the “Transferee
Allotment”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser
hereunder with respect to the Transferee Allotment, and references herein to the “Purchaser” shall be deemed
to refer to and include any such Transferee with respect to such Transferee and to its Transferee Allotment; provided, that
any representations, warranties, covenants and agreements of the Purchaser and any such Transferee shall be several and not joint
and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and

 

(ii) upon a Transferee’s execution
and delivery of a Joinder Agreement, the Purchaser’s Base Allotment hereunder shall be reduced by the portion of the Base
Allotment to be assumed by the applicable Transferee pursuant to the applicable Joinder Agreement, which reduction shall be evidenced
by the Purchaser and the Company amending Schedule A to this Agreement to reflect each transfer and updating the “Base
Allotment” on Schedule A hereto to reflect such reduced Base Allotment. For the avoidance of doubt, this Agreement need not
be

 

     

     

    

amended and restated in its entirety, but only Schedule A
need be so amended and updated upon mutual written agreement of each of the Purchaser and the Company upon the occurrence of any
such transfer of a Transferee Allotment.

 

5. MFN. If the Company enters into
any agreements with other subscribers for Class A Shares issued in a private placement in connection with the Business Combination
(each, an “Other Subscription Agreement”) and any such Other Subscription Agreement contains any term, condition, right,
benefit or other provision that is (i) more favorable to the investor party thereto than the comparable term, condition, right,
benefit or other provision contained in this Agreement or (ii) favorable to the investor party thereto and this Agreement does
not contain a comparable term, condition, right, benefit or other provision, then (A) the Company shall promptly inform the Purchaser
of such Other Subscription Agreement and provide a true and complete copy thereof to the Purchaser and, (B) at the option and election
of the Purchaser, this Agreement shall be deemed amended, supplemented and/or modified to include such favorable or more favorable
term, condition, right, benefit or other provision. The Purchaser shall exercise such option and election by delivering written
notice thereof to the Company at any time or from time to time after the Company enters into any such Other Subscription Agreement.

 

6. Forward Closing Conditions.

 

(a) Assuming a Purchaser Notice is delivered
in accordance with Section 1(a)(ii)(B), the obligation of the Purchaser to purchase the Forward Purchase Shares at the Forward
Closing under this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions,
any of which, to the extent permitted by applicable laws, may be waived by the Purchaser:

 

(i) All conditions precedent to the closing
of the Business Combination shall have been satisfied or waived (other than those conditions that may only be satisfied at the
closing of the Business Combination, but subject to satisfaction of such conditions as of the closing of the Business Combination),
and the Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Shares;

 

(ii) The representations and warranties
of the Company set forth in Section 3 of this Agreement shall have been true and correct as of the date hereof and shall
be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties
had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified
date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not
have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement;

 

(iii) The Company shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Company at or prior to the Forward Closing;

 

(iv) No order, writ, judgment, injunction,
decree, determination, or award shall have been entered by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing
the purchase by the Purchaser of the Forward Purchase Shares;

 

(v) the terms of the definitive agreement(s)
effectuating the Business Combination (the “Business Combination Agreement”) shall not have been amended, modified
or waived during the period between the execution of the Business Combination Agreement and the Forward Closing in a manner that
would reasonably be expected to materially and adversely affect the economic benefits that the Purchaser would reasonably expect
to receive under this Agreement unless the Purchaser has consented in writing to such amendment, modification or waiver;

 

(vi) no suspension of the offering or sale
of the Forward Purchase Shares shall have been initiated or, to the Company’s knowledge, threatened, in any jurisdiction,
including by the SEC; and

 

(vii) the Company and the Purchaser shall
have entered into a binding agreement providing the Purchaser with Registration Rights, in accordance with Section 4(a) hereto.

 

(b) Assuming a Purchaser Notice is delivered
in accordance with Section 1(a)(ii)(B), the obligation of the Company to sell the Forward Purchase Shares at the Forward Closing
under this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions,
any of which, to the extent permitted by applicable laws, may be waived by the Company:

 

     

     

    

(i) The Business Combination shall be consummated
substantially concurrently with the purchase of Forward Purchase Shares;

 

(ii) The representations and warranties
of the Purchaser set forth in Section 2 of this Agreement shall have been true and correct as of the date hereof and shall
be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties
had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified
date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not
have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement;

 

(iii) The Purchaser shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and

 

(iv) No order, writ, judgment, injunction,
decree, determination, or award shall have been entered by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing
the purchase by the Purchaser of the Forward Purchase Shares.

 

7. Termination. This Agreement may
be terminated at any time prior to the Forward Closing:

 

(a) by mutual written consent of the Company
and the Purchaser;

 

(b) automatically

 

(i) if the IPO is not consummated on or
prior to April 30, 2021; or

 

(ii) if the Business Combination is not
consummated within 24 months from the closing of the IPO, or such later date as may be approved by the Company’s stockholders.

 

In the event of any termination of this
Agreement pursuant to this Section 7, the Forward Purchase Price (and interest thereon, if any), if previously paid, and
all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement
shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and
their respective directors, officers, employees, partners, managers, members, or stockholders and all rights and obligations of
each party shall cease; provided, however, that nothing contained in this Section 7 shall relieve either party
from liabilities or damages arising out of any willful breach by such party of any of its representations, warranties, covenants
or agreements contained in this Agreement.

 

8. General Provisions.

 

(a) Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier
of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile
(if any) during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Crown
PropTech Acquisitions, 667 Madison Avenue, 12th Floor, New York, NY 10065, Attention: Richard Chera, Chief Executive Officer, Email:
rchera@cacq.com, with a copy to Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017, Attention: Derek Dostal,
Email: derek.dostal@davispolk.com.

 

All communications to the Purchaser shall
be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number
(if any) or address as subsequently modified by written notice given in accordance with this Section 8(a).

 

(b) No Finder’s Fees. Each
party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction.
The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature
of a finder’s or

 

     

     

    

broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees
or representatives is responsible.

 

(c) Survival of Representations and Warranties.
All of the representations and warranties contained herein shall survive the Forward Closing.

 

(d) Entire Agreement. This Agreement,
together with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby.

 

(e) Successors. All of the terms,
agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit
of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f) Assignments. Except as otherwise
specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party.

 

(g) Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

(h) Headings. The section headings
contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this
Agreement.

 

(i) Governing Law. This Agreement,
the entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to choice of laws principles that would result in the application of the laws of any other jurisdiction.

 

(j) Jurisdiction. The parties (i)
hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the
United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising
out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon
this Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and
(iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

(k) Waiver of Jury Trial. The parties
hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

(l) Amendments. This Agreement may
not be amended, modified or waived as to any particular provision except with the prior written consent of the Company and the
Purchaser.

 

(m) Severability. The provisions
of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity
or enforceability of the other provisions hereof; provided, that if any provision of this Agreement, as applied to any party
hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance
with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will
have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n) Expenses. Each of the Company
and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution and performance of
this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives,
financial advisors, legal

 

     

     

    

counsel and accountants. The Company shall be responsible for
the fees of its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of
the Forward Purchase Shares.

 

(o) Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will
arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any
federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

(p) Waiver. No waiver by any party
hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed
to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising because of any prior or subsequent occurrence.

 

(q) Specific Performance. Each of
the parties agrees that irreparable damage may occur in the event any provision of this Agreement was not performed by the other
party in accordance with the terms hereof and that the non-breaching party shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

 

(r) Several Undertakings. Nothing
contained herein, in any Other Subscription Agreement or in the Business Combination Agreement, and no action taken by the Purchaser,
any other investor or the Company pursuant hereto or thereto, shall be deemed to constitute the Purchaser, the other investors
or the Company as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Purchaser, the other investors or the Company are in any way acting in concert or as a group (including any group acting for the
purpose of acquiring, holding or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the
Securities Exchange Act of 1934, as amended)) with respect to such obligations or the transactions contemplated by this Agreement,
the Other Subscription Agreements or the Business Combination Agreement.

 

[Signature Page Follows]

 

     

     

    

IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	 	 	 
	PURCHASER:
	 
	[BLACKROCK FUND]
	 	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

                                     

	
        Address for notices:

        

        c/o BlackRock

        

        55 East 52nd Street New York, NY 10055

        

        Attn: Keith Byrne and Henry Brennan

        

        Email: keith.byrne@blackrock.com;

 henry.brennan@blackrock.com

         

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

         

        c/o BlackRock, Inc.

        

        Office of the General Counsel

        

        40 East 52nd Street

        

        New York, NY 10022

        

        Attn: David Maryles and Reid Fitzgerald

        

        Email: legaltransactions@blackrock.com

         

	 

 

	COMPANY:
	 
	CROWN PROPTECH ACQUISITIONS
	 	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

	 

 

[Signature Page to Forward Purchase Agreement]

 

     

     

    

 

Schedule A

 

	Name of Purchaser	Base Allotment
	[Name]	[●]%1

1 30% to be pro rated according to fund-by-fund
allocations. Each BLK fund to sign a separate FPA.

 

 

 

[Signature Page to Forward Purchase Agreement]Document

STOCK REPURCHASE AGREEMENT
THIS STOCK REPURCHASE AGREEMENT (this “Agreement”) is entered into as of February 1, 2021 by and between Churchill Downs Incorporated, a Kentucky corporation (the “Company”), and CDI Holdings, LLC, a Delaware limited liability company (the “Selling Stockholder”).
Recitals
WHEREAS, the Selling Stockholder beneficially owns an aggregate of 3,000,000 shares of the Company’s common stock, no par value per share (“Common Stock”);
WHEREAS, the Selling Stockholder desires to sell to the Company, and the Company desires to repurchase from the Selling Stockholder, an aggregate of 1,000,000 shares of Common Stock (the “Shares”) at a price of $193.94 per Share, for an aggregate price of $193,940,000.00 for the Shares (such aggregate purchase price, the “Purchase Price”), upon the terms and subject to the conditions set forth in this Agreement (the “Repurchase”); and
WHEREAS, concurrently with the execution and delivery of this Agreement, each of the Selling Stockholder and the Company is executing and delivering a letter agreement containing certain representations, warranties and agreements of the Selling Stockholder in connection herewith (the “Big Boy Representation Letter Agreement”).
 NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agree as follows:
Agreement
1.Repurchase.
(a)Purchase and Sale.  At the Closing (as defined below), the Company hereby agrees to repurchase from the Selling Stockholder, and the Selling Stockholder hereby agrees to sell and deliver, or cause to be delivered, to the Company, the Shares for an aggregate purchase price equal to the Purchase Price.
(b)Closing.  Subject to the terms and conditions of this Agreement and the delivery of the deliverables contemplated by Section 1(c) of this Agreement, the closing of the sale of the Shares contemplated hereby (the “Closing”) will take place on February 2, 2021 at approximately 10:00 a.m., Eastern time, via the electronic exchange of deliverables, or such other time, date or place as shall be agreed upon in writing by the parties.
(c)Closing Deliveries and Actions.  At the Closing, the Selling Stockholder shall deliver, or cause to be delivered, to the Company or as instructed by the Company the stock certificate(s) representing the Shares being sold by the Selling Stockholder, accompanied by duly executed stock powers relating to such Shares, and the Company shall deliver to the Selling Stockholder by wire transfer, in accordance with written instructions to be provided by the Selling Stockholder no later than two business days prior to the Closing, immediately available funds in an amount equal to the Purchase Price.
(d)Other Payments.  The Selling Stockholder agrees to pay all stamp, stock transfer and similar duties, if any, in connection with the Repurchase.
2.Representations of the Company.  The Company represents and warrants to the Selling Stockholder that, as of the date hereof and at the Closing:
(a)The Company is a corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Kentucky.
(b)The Company has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
(c)This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in 

accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings thereof may be brought. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, have been approved by the Audit Committee of the Company’s Board of Directors in accordance with the Company’s policies and procedures for identifying and approving related person transactions.
(d)The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the Amended and Restated Articles of Incorporation or Amended and Restated Bylaws of the Company, any law, rule or regulation or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking to which the Company is a party or by which the Company or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any federal, state, local or foreign court, administrative agency or governmental or regulatory authority or body (each, an “Authority”) to which the Company or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would have, or reasonably be expected to have, a material adverse effect on the consolidated financial position, stockholders’ equity or results of operations of the Company and its subsidiaries, taken as a whole, or materially impact the Company’s ability to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the consummation by the Company of the transactions contemplated by this Agreement, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(e)The Company acknowledges that it has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Selling Stockholder, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Company in this Agreement or in the Big Boy Representation Letter Agreement.
3.Representations of the Selling Stockholder.  The Selling Stockholder represents and warrants to the Company that, as of the date hereof and at the Closing:
(a)The Selling Stockholder is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.
(b)The Selling Stockholder has the full power and authority to execute, deliver and carry out the terms and provisions of this Agreement and consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. 
(c)This Agreement has been duly and validly authorized, executed and delivered by the Selling Stockholder, and constitutes a legal, valid and binding agreement of the Selling Stockholder, enforceable against the Selling Stockholder in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings therefor may be brought.
(d)The sale of the Shares to be sold by the Selling Stockholder hereunder and the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under the governing organizational documents of the Selling Stockholder, any law, rule or regulation, or any agreement, lease, mortgage, note, bond, indenture, license or other document or undertaking, to which the Selling Stockholder is a party or by which the Selling Stockholder or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ, injunction or decree of any Authority to which the Selling Stockholder or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would affect the validity of the Shares to be sold by 

the Selling Stockholder or reasonably be expected to materially impact the Selling Stockholder’s ability to perform its obligations under this Agreement; and no consent, approval, authorization, order, registration or qualification of or with any such Authority is required for the performance by the Selling Stockholder of its obligations under this Agreement and the consummation by the Selling Stockholder of the transactions contemplated by this Agreement in connection with the Shares to be sold by the Selling Stockholder hereunder, except such consents, approvals, authorizations and orders as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Selling Stockholder’s ability to consummate the transactions contemplated by this Agreement.
(e)The Selling Stockholder has, and immediately prior to the delivery of the Shares to the Company at the Closing, the Selling Stockholder will have, valid and unencumbered title to the Shares to be sold by the Selling Stockholder hereunder at such time of delivery. At the Closing, valid title to the Shares shall vest with the Company, free and clear of any and all liens, claims, charges, pledges, encumbrances and security interests other than those existing under applicable securities laws and those created by the Company or any of its affiliates.
4.Publicity.  Each of the Selling Stockholder and the Company agrees that it shall not, and that it shall cause its affiliates and representatives not to, (a) publish, release or file any initial press release or other public statement or announcement relating to the transactions contemplated by this Agreement (an “Initial Press Release”) before providing a copy of such release, statement or announcement to the other, and (b) after the date hereof, publish, release or file any future press release or other public statement or announcement relating to the transactions contemplated by this Agreement that is materially inconsistent with any such Initial Press Release.
5.Notices.  All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail (return receipt requested and postage prepaid), sent via a nationally recognized overnight courier, or sent via email (receipt of which is confirmed) to the recipient.  Such notices, demands and other communications shall be sent as follows:
To the Selling Stockholder:
CDI Holdings, LLC  444 W. Lake, Suite 2000 Chicago, Illinois 60606 Attention:  General     Counsel  Email:  ereeves@duch.com
With a copy to (which shall not constitute notice):
Mayer Brown LLP 71 S. Wacker Drive Chicago, Illinois 60606 Attention:  Jodi Simala
Email:  jsimala@mayerbrown.com
To the Company:
Churchill Downs Incorporated 600 N. Hurstbourne Parkway, Ste. 400 Louisville, Kentucky 40222
Attention: General Counsel
Email:  brad.blackwell@kyderby.com
With a copy to (which shall not constitute notice):
Sidley Austin LLP 
One South Dearborn Street 
Chicago, Illinois 60603 
Attention:  Brian J. Fahrney 
Email:  bfahrney@sidley.com
or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
6.Miscellaneous.
(a)Survival of Representations and Warranties.  All representations and warranties contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby until the expiration of the applicable statute of limitations.

(b)Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
(c)Complete Agreement.  The Big Boy Representation Letter Agreement is hereby incorporated herein and made a part hereof as if set forth in full herein. This Agreement, together with the Big Boy Representation Letter Agreement, supersedes all prior agreements and understandings (whether written or oral) between the Company and the Selling Stockholder with respect to the subject matter hereof.  
(d)Counterparts.  This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. This Agreement, and any and all agreements and instruments executed and delivered in accordance herewith, to the extent signed and delivered by means of facsimile or other electronic format or signature (including email, “pdf,” “tif,” “jpg,” DocuSign and Adobe Sign), shall be treated in all manner and respects and for all purposes as an original signature and an original agreement or instrument and shall be considered to have the same legal effect, validity and enforceability as if it were the original signed version thereof delivered in person. 
(e)Successors and Assigns.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by either party without the prior written consent of the other party. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Selling Stockholder and the Company and their respective successors and assigns.
(f)No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted assigns.
(g)Governing Law.  THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.  The Company and the Selling Stockholder each agrees that any suit or proceeding arising in respect of this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York, and the Company and the Selling Stockholder each agrees to submit to the jurisdiction of, and to venue in, such courts.  
(h)Waiver of Jury Trial.  The Company and the Selling Stockholder each hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.  
(i)Mutuality of Drafting. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of the Agreement.
(j)Remedies.  The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the provisions of this Agreement.
(k)Amendment and Waiver.  The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and the Selling Stockholder.

(l)Expenses.  Each of the Company and the Selling Stockholder shall bear its own expenses in connection with the drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.
[Signatures appear on following pages.]

IN WITNESS WHEREOF, the parties hereto have executed this Stock Repurchase Agreement as of the date first written above.

COMPANY:
CHURCHILL DOWNS INCORPORATED

By:  /s/ Marcia A. Dall                      
Name: Marcia A. Dall 
Title: Executive Vice President & CFO

 SELLING STOCKHOLDER:
CDI HOLDINGS, LLC

By:  /s/ Michael E. Flannery               
Name: Michael E. Flannery 
Title: Executive Vice President & CFO

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