Document:

Exhibit 10.1

 

Execution Version

 

STOCKHOLDERS’ AGREEMENT

 

This Stockholders’
Agreement (this “Agreement”) is made as of November 17, 2020, by and among:

 

(i) GCM
Grosvenor Inc., a Delaware corporation (the “Company”);

 

(ii) Grosvenor
Holdings, L.L.C., an Illinois limited liability company (“GCM Holdings”), GCM Grosvenor Management, LLC, a Delaware
limited liability company, and Grosvenor Holdings II, LLC, a Delaware limited liability company (collectively, the “GCM
Equityholders”); and

 

(iii) GCM
V, LLC, a Delaware limited liability company (“GCM V” and, together with the GCM Equityholders, each a “Voting
Party” and collectively the “Voting Parties”).

 

RECITALS

 

WHEREAS, the
Company has entered into that certain Transaction Agreement, dated as of August 2, 2020 (as it may be amended or supplemented from
time to time, the “Transaction Agreement”), by and among the Company, CF Finance Acquisition Corp., a Delaware
corporation and predecessor to the Company (“CFFA”), CF Finance Holdings LLC, a Delaware limited liability company,
CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of CFFA, GCMH
GP, L.L.C., a Delaware limited liability company, Grosvenor Capital Management Holdings, LLLP, a Delaware limited liability limited
partnership (“GCM LLLP”) and GCM V, pursuant to which the parties thereto have agreed to consummate the Transactions
(as defined in the Transaction Agreement);

 

WHEREAS, pursuant
to the Transaction Agreement, CFFA merged with and into the Company, with CFFA ceasing to exist as a separate corporation and the
Company surviving the merger as the surviving corporation;

 

WHEREAS, in
connection with the Transaction, the Company and the Voting Parties are party to a Registration Rights Agreement, dated as of the
date hereof (as it may be amended, supplemented, restated and/or modified from time to time, the “Registration Rights
Agreement”);

 

WHEREAS, in
connection with the Transaction, the Voting Parties have agreed to execute and deliver this Agreement;

 

WHEREAS, as
of immediately following the closing of the Transaction (the “Closing”) each of the Voting Parties Beneficially
Owns (as defined below) the respective number of shares of Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”) and Class C common stock, par value $0.0001 per share (the “Class C Common Stock”
and together with the Class A Common Stock, the “Common Stock”), of the Company, set forth on Annex A
hereto;

 

     

     

    

 

WHEREAS, the
Voting Parties in the aggregate Beneficially Own (as defined below) shares of Common Stock representing more than fifty percent
(50%) of the outstanding voting power of the Company;

 

WHEREAS, the
number of shares of Common Stock Beneficially Owned by each Voting Party may change from time to time, in accordance with the terms
of (x) the Amended and Restated Certificate of Incorporation of the Company, as it may be amended, supplemented and/or restated
from time to time (the “Charter”), (y) the by-laws of the Company and (z) the Registration Rights Agreement,
which changes shall be reported by each Voting Party in accordance with the applicable provisions of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”);

 

WHEREAS, each
of the Voting Parties believes that it is in their respective best interests to qualify the Company as a “controlled company”
under the listing standards of Nasdaq; and

 

WHEREAS, the
parties hereto desire to maintain a group and to enter into this Agreement to provide for voting agreements pursuant to which all
of the Voting Parties’ shares of Common Stock will be voted together with respect to elections of the Company’s Board
of Directors (the “Board”).

 

NOW THEREFORE,
in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1. Definitions.
Capitalized terms used herein but not defined in this Agreement shall have the meanings ascribed to them in the Transaction Agreement.
In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings indicated when used in
this Agreement with initial capital letters:

 

“Affiliate” shall have
the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

“Class C Aggregate
Voting Amount” means the number of votes equal to (x) 75% of the total voting power of the outstanding voting stock of
the Company (including, solely for this purpose, any shares of the Company’s voting stock issuable in connection with the
exercise (assuming, solely for this purpose, full exercise and not net exercise) of all outstanding options, warrants, exchange
rights, conversion rights or similar rights to receive voting stock of the Company, in each case owned or controlled, directly
or indirectly, by the Key Holders (as defined in the Charter), but excluding the number of shares of Class A Common Stock issuable
in connection with the exchange of Common Units (as defined in the A&R LLLPA), as a result of any Redemption or Direct Exchange
pursuant to the applicable provisions of Article X of the A&R LLLPA (such number of shares, the “Includible Shares”)),
minus (y) the total voting power of the outstanding voting stock of the Company (other than Class C Common Stock) owned
or controlled, directly or indirectly, by the Key Holders (including, solely for this purpose, the Includible Shares).

 

“Closing Date” shall
have the meaning given in the Transaction Agreement.

 

“Lock-up Period”
shall mean the period beginning on the Closing Date and ending on the date that is the third (3rd) anniversary of the
Closing Date.

 

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“Lock-up Shares”
shall mean (i) the shares of Common Stock received by the Voting Parties in connection with the Transactions on the Closing Date,
(ii) any shares of Common Stock received after the Closing Date by any Voting Party pursuant to a Direct Exchange or Redemption
(each as defined in the A&R LLLPA) of the Common Units held as of the Closing Date, and (iii) the Surviving Corporation Private
Placement Warrants held as of the Closing Date and any shares of Common Stock issued to Voting Parties upon exercise of any such
warrants.

 

“Minimum Controlled
Shares” means (i) a number of shares of Class A Common Stock equal to fifty percent (50%) of the shares of Class A Common
Stock that would be Lock-up Shares subject to the Lock-up (but, for the avoidance of doubt, after giving effect to Section 8(c))
and (ii) a number of shares of Class C Common Stock equal to fifty percent (50%) of the shares of Class C Common Stock subject
to the Lock-up (but, for the avoidance of doubt, after giving effect to Section 8(c)).

 

“Necessary
Action” means, with respect to any party and a specified result, all actions (to the extent such actions are not prohibited
by applicable law, within such party’s control and do not directly conflict with any rights expressly granted to such party
in this Agreement, the Transaction Agreement, the Registration Rights Agreement, the Charter or the by-laws of the Company) reasonably
necessary and desirable within his, her or its control to cause such result, including, without limitation (i) calling special
meetings of the Board and the stockholders of the Company, (ii) voting or providing a proxy with respect to the Voting Shares beneficially
owned by such party, (iii) voting in favor of the adoption of stockholders’ resolutions and amendments to the Charter or
by-laws of the Company, including executing written consents in lieu of meetings, (iv) requesting members of the Board (to the
extent such members were elected, nominated or designated by the party obligated to undertake such action) to act (subject to any
applicable fiduciary duties) in a certain manner or causing them to be removed in the event they do not act in such a manner and
(v) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar
actions that are required to achieve such a result.

 

“Permitted
Transferees” shall mean any person or entity to whom a Voting Party is permitted to Transfer Lock-up Shares prior to
the expiration of the Lock-up Period in accordance with the terms hereof .

 

“Sunset
Date” means the date the GCM Equityholders Beneficially Own a number of shares of Class A Common Stock representing
less than twenty percent (20%) of the number of shares of Class A Common Stock Beneficially Owned by the GCM Equityholders
immediately following the Closing Date (assuming, for this purpose, that all outstanding Grosvenor Common Units (as defined
in the Transaction Agreement) are and were exchanged at the applicable times of measurement by the GCM Equityholders for
shares of Class A Common Stock in accordance with the A&R LLLPA and without regard to the Lock-Up or any other
restriction on exchange).

 

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“Transfer”
means the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to,
any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash
or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

2. Agreement
to Vote. During the term of this Agreement, each Voting Party shall vote or cause to be voted all securities of the Company
that may be voted in the election of the Company’s directors registered in the name of, or beneficially owned (as such term
is defined in Rule 13d-3 under the Exchange Act, including by the exercise or conversion of any security exercisable or convertible
for shares of Common Stock, but excluding shares of stock underlying unexercised options or warrants) (“Beneficially Owned”
or “Beneficial Ownership”) by such Voting Party, including any and all securities of the Company acquired and
held in such capacity subsequent to the date hereof (hereinafter referred to as the “Voting Shares”), in accordance
with the provisions of this Agreement, including, without limitation, voting or causing to be voted all Voting Shares Beneficially
Owned by such Voting Party so that the Board is comprised of the Persons designated pursuant to Subsection 3(a). Except
as explicitly provided in this Agreement, each Voting Party is free to vote or cause to be voted all Voting Shares Beneficially
Owned by such Voting Party. For the avoidance of doubt, nothing in this Section 2 shall require a Voting Party to exercise
or convert any security exercisable or convertible for voting securities of the Company.

 

3. Board
of Directors.

 

a. Board
Representation. Subject to the terms and conditions of this Agreement, from the date of this Agreement, the Company and each
Voting Party shall take all Necessary Action to cause, effective immediately following the Closing Date, the Board to be comprised
of seven (7) directors or such other number of directors as GCM V determines, all of which (the “GCM Designees”
and each a “GCM Designee”) have been initially designated as set forth on Exhibit 3(a) hereto and shall
thereafter be designated by GCM V; provided, that three (3) GCM Designees must qualify in the determination of the Board
as an “independent director” under stock exchange regulations applicable to the Company and one (1) GCM Designee must
qualify as an “audit committee financial expert” within the meaning of U.S. Securities and Exchange Commission Regulation
S-K; provided, further, that from the date of this Agreement until the Sunset Date, the Company shall, and the Voting
Parties shall take all Necessary Action to, include the GCM Designees in the slate of nominees recommended by the Board for election
as directors at each applicable annual or special meeting of the stockholders of the Company, including at every adjournment or
postponement thereof, at which directors are to be elected. Michael J. Sacks shall be the individual serving as the initial Chairperson
of the Board.

 

b. Sunset
on GCM Designees. After the Sunset Date, the selection of directors shall be conducted in accordance with applicable law and
with the Charter, by-laws of the Company, and the other corporate governance documents of the Company.

 

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c. Resignation;
Removal; Vacancies.

 

i. Any
GCM Designee may resign at any time upon written notice to the Board.

 

ii. (A)
GCM V shall have the exclusive right to remove one or more of the GCM Designees from the Board, and the Company and the Voting
Parties shall take all Necessary Action to cause the removal of any such GCM Designee(s) at the written request of GCM V and (B)
GCM V shall have the exclusive right, in accordance with Subsection 3(a), to designate directors for election to the Board
to fill vacancies created by reason of death, removal or resignation of the GCM Designees, and the Company and the Voting Parties
shall take all Necessary Action to cause any such vacancies to be filled by replacement GCM Designees as promptly as reasonably
practicable.

 

d. Voting.
Each of the Company and the Voting Parties agree not to take, directly or indirectly, any actions (including removing directors
in a manner inconsistent with this Agreement) that would knowingly frustrate, obstruct or otherwise affect the provisions of this
Agreement and the intention of the parties hereto with respect to the composition of the Board as herein stated. Each Voting Party,
to the extent not prohibited by the Charter, shall vote all Voting Shares held by such Voting Party in such manner as may be necessary
to elect and/or maintain in office as members of the Board those individuals designated in accordance with this Section 3
and to otherwise effect the intent of the provisions of this Agreement. Each Voting Party further agrees until the Sunset Date
(i) to take all Necessary Action reasonably available within their power, including casting all votes to which such Voting
Party is entitled in respect of its Voting Shares, whether at any annual or special meeting, by written consent or otherwise, so
as to vote its Voting Shares on all matters submitted to the stockholders of the Company in accordance with the recommendation
of the Board and (ii) not to grant, or enter into a binding agreement with respect to, any proxy to any Person in respect of such
party’s equity securities of the Company that would prohibit such party from casting such votes in accordance with clause
(i).

 

4. Required
Approvals.

 

a. From
the Sunset Date until the date on which the Voting Parties collectively Beneficially Own shares of Common Stock representing less
than ten percent (10%) of the outstanding voting power of the Company, in addition to any vote or consent of the Board or the stockholders
of the Company required by applicable law, the Charter or by-laws of the Company, the Board may not approve, or cause the Company
or any of its Subsidiaries to approve, and neither the Company nor any of its Subsidiaries may take, any action set forth on Exhibit
4(a) (whether directly or indirectly by amendment, merger, recapitalization, consolidation or otherwise), other than as explicitly
contemplated by this Agreement, the Transaction Agreement or the Registration Rights Agreement, without the prior written consent
of GCM V.

 

b. From
the date on which the Voting Parties collectively Beneficially Own shares of Common Stock representing less than ten percent (10%)
of the outstanding voting power of the Company until the date on which the Voting Parties collectively Beneficially Own shares
of Common Stock representing less than five percent (5%) of the outstanding voting power of the Company, in addition to any vote
or consent of the Board or the stockholders of the Company required by applicable law, the Charter or by-laws of the Company, the
Board may not approve, or cause the Company or any of its Subsidiaries to approve, and neither the Company nor any of its Subsidiaries
may take, any action set forth on Exhibit 4(b) (whether directly or indirectly by amendment, merger, recapitalization, consolidation
or otherwise), other than as explicitly contemplated by this Agreement, the Transaction Agreement or the Registration Rights Agreement,
without the prior written consent of GCM V.

 

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5. Controlled
Company. 

 

a. The
Voting Parties agree and acknowledge that:

 

i. by
virtue of this Agreement, from and after the date hereof, they are acting as a “group” within the meaning of Section
13(d)(3) of the Exchange Act for the purpose of causing the Company to continue to qualify as a “controlled company”
under Nasdaq Listing Rule 5615(c); and

 

ii. by
virtue of the combined voting power of the Voting Parties of more than fifty percent (50%) of the total voting power of the shares
of capital stock of the Company outstanding as of the date hereof, the Company will, as of the date hereof, qualify as a “controlled
company” within the meaning of Nasdaq Listing Rule 5615(c).

 

b. From
and after the date hereof, the Company agrees and acknowledges that, unless otherwise agreed by GCM V, it shall elect, to the extent
permitted under the Nasdaq Listing Rules, to be treated as a “controlled company” within the meaning of Nasdaq Listing
Rule 5615(c).

 

6. Representations
and Warranties of each Voting Party. Each Voting Party on its own behalf hereby represents and warrants to the Company and
the other Voting Party, severally and not jointly, with respect to such Voting Party and such Voting Party’s ownership of
his, her or its Voting Shares set forth on Annex A, as of the date of this Agreement, as follows:

 

a. Organization;
Authority. If Voting Party is a legal entity, Voting Party (i) is duly incorporated or organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and
authority to enter into this Agreement and to perform its obligations hereunder. If Voting Party is a natural person, Voting
Party has the legal capacity to enter into this Agreement and perform his or her obligations hereunder. If Voting Party is a
legal entity, this Agreement has been duly authorized, executed and delivered by Voting Party. This Agreement constitutes a
valid and binding obligation of Voting Party enforceable in accordance with its terms, except as enforcement may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally
and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 

b. No
Consent.  Except as provided in this Agreement and for filing requirements under applicable securities laws, no consent,
approval or authorization of, or designation, declaration or filing with, any Governmental Authority or other Person on the part
of Voting Party is required in connection with the execution, delivery and performance of this Agreement, except where the failure
to obtain such consents, approvals, authorizations or to make such designations, declarations or filings would not materially interfere
with a Voting Party’s ability to perform his, her or its obligations pursuant to this Agreement. If Voting Party is a natural
person, no consent of such Voting Party’s spouse is necessary under any “community property” or other laws for
the execution and delivery of this Agreement or the performance of Voting Party’s obligations hereunder. If Voting Party
is a trust, no consent of any beneficiary is required for the execution and delivery of this Agreement or the consummation of the
transactions contemplated hereby.

 

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c. No
Conflicts; Litigation. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, nor compliance with the terms hereof, will (A) if such Voting Party is a legal entity, conflict with or violate any provision
of the organizational documents of Voting Party, or (B) violate, conflict with or result in a breach of, or constitute a default
(with or without notice or lapse of time or both) under any provision of, any trust agreement, loan or credit agreement, note,
bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license, judgment, order, notice,
decree, statute, law, ordinance, rule or regulation applicable to Voting Party or to Voting Party’s property or assets, except,
in the case of clause (B), that would not reasonably be expected to impair, individually or in the aggregate, Voting Party’s
ability to fulfill its obligations under this Agreement. As of the date of this Agreement, there is no Action pending or, to the
knowledge of a Voting Party, threatened, against such Voting Party or any of Voting Party’s Affiliates or any of their respective
assets or properties that would materially interfere with such Voting Party’s ability to perform his, her or its obligations
pursuant to this Agreement or that would reasonably be expected to prevent, enjoin, alter or delay any of the transactions contemplated
by this Agreement.

 

d. Ownership
of Shares.  Voting Party Beneficially Owns his, her or its Voting Shares free and clear of all Encumbrances. Except pursuant
to this Agreement, the Transaction Agreement and the Registration Rights Agreement, there are no options, warrants or other rights,
agreements, arrangements or commitments of any character to which Voting Party is a party relating to the pledge, acquisition,
disposition, Transfer or voting of Voting Shares and there are no voting trusts or voting agreements with respect to the Voting
Shares. Voting Party does not Beneficially Own (i) any shares of capital stock of the Company other than the Voting Shares set
forth on Annex A and (ii) any options, warrants or other rights to acquire any additional shares of capital stock of the
Company or any security exercisable for or convertible into shares of capital stock of the Company, other than as set forth on
Annex A (collectively, “Options”).

 

7. Covenants
of the Company.

 

a. The
Company shall: (i) take any and all action reasonably necessary to effect the provisions of this Agreement and the intention of
the parties with respect to the terms of this Agreement and (ii) not take any action that would reasonably be expected to adversely
frustrate, obstruct or otherwise affect the rights of the Voting Parties under this Agreement without the prior written consent
of GCM V.

 

b. The
Company shall (i) purchase and maintain in effect at all times directors’ and officers’ liability insurance in an amount
and pursuant to terms determined by the Board to be reasonable and customary, (ii) for long as any GCM Designee nominated pursuant
to this Agreement services as a director on the Board, maintain such coverage with respect to such GCM Designee, and (iii) cause
the Charter and by-laws of the Company (each as may be further amended, modified and/or supplemented) to at all times provide for
the indemnification, exculpation and advancement of expenses of all directors of the Company to the fullest extent permitted under
applicable law; provided, that upon removal or resignation of any GCM Designee for any reason, the Company shall take all
actions reasonable necessary to extend such directors’ and officers’ liability insurance coverage for a period of not
less than six (6) years from any such event in respect of any act or omission occurring at or prior to such event.

 

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c. The
Company shall cause GCM LLLP to pay all reasonable out-of-pocket expenses incurred by the GCM Designees in connection with the
performance of his or her duties as a director/observer and in connection with his or her attendance at any meeting of the Board.
The Company shall enter into customary indemnification agreements with each GCM Designee and officer of the Company from time to
time.

 

8. Lock-up.

 

a. Subject
to Sections 8(b) and 8(c), each Voting Party agrees that it, he or she shall not Transfer any Lock-up Shares until
the end of the Lock-up Period (the “Lock-up”).

 

b. Notwithstanding
the provisions set forth in Section 8(a), any Voting Party or its Permitted Transferees may Transfer the Lock-up
Shares during the Lock-up Period (a) to (i) the Company’s officers or directors, (ii) any affiliates or family
members of the Company’s officers or directors or (iii) any direct or indirect partners, members or equity holders of
the GCM Equityholders, any affiliates of the GCM Equityholders or any related investment funds or vehicles controlled or
managed by such persons or their respective affiliates; (b) in the case of an individual, by gift to a member of the
individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such person; (c) by gift to a charitable organization; (d) in the case of an individual, by
virtue of laws of descent and distribution upon death of the individual; (e) in the case of an individual, pursuant to a
qualified domestic relations order; (f) in connection with any bona fide mortgage, encumbrance or pledge to a
financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder; (g) to the
Company; or (h) in connection with a liquidation, merger, stock exchange, reorganization, tender offer approved by the
Board or a duly authorized committee thereof or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares Common Stock for cash, securities or other property subsequent to the
Closing Date; provided, however, that in the case of clauses (a) through (e) these permitted transferees must
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Section 8;
and provided, further, that with respect to the foregoing clauses (a) through (g), no such Transfer shall be
permitted under this Section 8(b) if it would result in the managing member of Holdings and GCM V, directly or
indirectly, owning, holding or otherwise having Control (as defined in the A&R LLLPA) over a number of shares of Common
Stock that is less than the Minimum Controlled Shares.

 

c. Notwithstanding
the provisions set forth in Section 8(a), in addition to any Transfer permitted pursuant to Section 8(b):

 

i. Each
of the GCM Equityholders, together with their respective Permitted Transferees, may Transfer Lock-up Shares during the Lock-up
Period in a cumulative aggregate amount of shares of Common Stock representing up to: (x) one-third (1/3) of the number of Lock-up
Shares Beneficially Owned by such GCM Equityholder as of immediately following the Closing during the period beginning on the first
(1st) anniversary of the Closing Date and ending on the second (2nd) anniversary of the Closing Date and
(y) an additional one-third (1/3) of the number of Lock-up Shares Beneficially Owned by such GCM Equityholder as of immediately
following the Closing during the period beginning on the second (2nd) anniversary of the Closing and ending upon the
expiration of the Lock-up Period.

 

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ii. For
purposes of this Section 8(c), any shares of Common Stock issued to any GCM Equityholder upon exercise of any of such GCM
Equityholder’s warrants to purchase Common Stock of the Company shall be deemed to be Voting Shares Beneficially Owned by
such GCM Equityholder as of the Closing and such exercise shall not be deemed a Transfer for purposes of this Section 8.
Notwithstanding anything contained herein to the contrary, any Transfer of Lock-up Shares pursuant to a Direct Exchange or Redemption
(each as defined in the A&R LLLPA) followed by the sale of such Lock-up Shares to a third party shall count as a single Transfer
for purposes of calculating the cumulative aggregate amount of Common Stock Transferred pursuant to this Section 8(c). Notwithstanding
anything contained herein to the contrary, the retirement of shares of Class C Common Stock pursuant to Section 6.3 of the Charter
shall not be deemed a Transfer for purposes of this Section 8.

 

d. Notwithstanding
anything contained herein to the contrary, the Lock-up Period shall expire, and each GCM Equityholder, together with its Permitted
Transferees, shall be entitled to Transfer all of the Lock-up Shares, immediately upon the date on which the Company completes
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock of the Company for cash, securities or other property.

 

9. No
Other Voting Trusts or Other Arrangement.  Each Voting Party shall not, and shall not permit any entity under such Voting
Party’s control to (i) deposit any Voting Shares or any interest in any Voting Shares in a voting trust, voting agreement
or similar agreement, (ii) grant any proxies, consent or power of attorney or other authorization or consent with respect to any
of the Voting Shares or (iii) subject any of the Voting Shares to any arrangement with respect to the voting of the Voting Shares,
in each case, that conflicts with or prevents the implementation of this Agreement.

 

10. Additional
Shares.  Each Voting Party agrees that all securities of the Company that may vote in the election of the Company’s
directors that such Voting Party purchases, acquires the right to vote or otherwise acquires Beneficial Ownership of (including
by the exercise or conversion of any security exercisable or convertible for shares of Common Stock) after the execution of this
Agreement shall be subject to the terms of this Agreement and shall constitute Voting Shares for all purposes of this Agreement.

 

11. No
Agreement as Director or Officer.  Voting Party is signing this Agreement solely in his, her or its capacity as a stockholder
of the Company. No Voting Party makes any agreement or understanding in this Agreement in such Voting Party’s capacity as
a director or officer of the Company or any of its Subsidiaries (if Voting Party holds such office). Nothing in this Agreement
will limit or affect any actions or omissions taken by a Voting Party in his, her or its capacity as a director or officer of the
Company, and no actions or omissions taken in such Voting Party’s capacity as a director or officer shall be deemed a breach
of this Agreement. Nothing in this Agreement will be construed to prohibit, limit or restrict a Voting Party from exercising
his or her fiduciary duties as an officer or director to the Company or its stockholders.

 

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12. Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach
of this Agreement by any party hereto and, accordingly, that this Agreement shall be specifically enforceable, in addition to any
other remedy to which such injured party is entitled at law or in equity, and that any breach of this Agreement shall be the proper
subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that
there is an adequate remedy at law for such breach or threatened breach or an award of specific performance is not an appropriate
remedy for any reason at law or equity and agrees that a party’s rights would be materially and adversely affected if the
obligations of the other parties under this Agreement were not carried out in accordance with the terms and conditions hereof.
Each party further agrees that no party shall be required to obtain, furnish or post any bond or similar instrument in connection
with or as a condition to obtain any remedy referred to in this Section 12, and each party irrevocably waives any right
it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

13. Termination.
Following the Closing, (a) Sections 2, 3, and 7 of this Agreement shall terminate automatically (without any
action by any party hereto) on the first date on which no Voting Party has the right to designate a director to the Board under
this Agreement; provided, that the provisions in Section 7(b) shall survive such termination; (b) Section 5
of this Agreement shall terminate automatically (without any action by any party hereto) on the first date on which the combined
voting power of the Voting Parties no longer exceeds fifty percent (50%) of the total voting power of the Company then outstanding,
(c) Sections 4(a) and (b) of this Agreement shall terminate automatically on the first date on which the consent rights
therein are not exercisable, (d) the remainder of this Agreement shall terminate automatically (without any action by any party
hereto) as to each Voting Party when such Voting Party ceases to Beneficially Own any Voting Shares and (e) this Agreement may
be terminated in its entirety by GCM V upon written notice to the other parties hereto.

 

14. Amendments
and Waivers.  Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed by the Company and GCM V. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.

 

15. Stock
Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the like,
any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this Agreement
(and any securities issued with respect to Lock-up Shares held by Voting Parties shall become Lock-up Shares for purposes
of this Agreement). During the term of this Agreement, all dividends and distributions payable in cash with respect to the Voting
Shares shall be paid, as applicable, to each of the undersigned Voting Parties and all dividends and distributions payable in Common
Stock or other equity or securities convertible into equity with respect to the Voting Shares shall be paid, as applicable, to
each of the undersigned Voting Parties, but all dividends and distributions payable in Common Stock or other equity or securities
convertible into equity shall become Voting Shares (and all dividends and distributions on Lock-Up Shares payable in Common Stock
or other equity or securities convertible into equity shall become Lock-Up Shares) for purposes of this Agreement.

 

    10

     

    

 

16. Assignment. 

 

a. Neither
this Agreement nor any of the rights, duties, interests or obligations of the Company hereunder shall be assigned or delegated
by the Company in whole or in part.

 

b. Prior
to the expiration of the Lock-up Period, no Voting Party may assign or delegate such Voting Party’s rights, duties or obligations
under this Agreement, in whole or in part, except in connection with a transfer of Voting Shares by such Voting Party to a Permitted
Transferee in accordance with the terms of the Registration Rights Agreement and this Section 16; provided, that
the rights hereunder that are personal to the Voting Parties may not be assigned or delegated in whole or in part, except that
(i) the GCM Equityholders shall be permitted to transfer rights hereunder as the GCM Equityholders to one or more Affiliates or
any direct or indirect partners, members or equity holders of the GCM Equityholders (each, a “GCM Transferee”),
(ii) GCM V shall be permitted to transfer its rights hereunder as GCM V to GCM Holdings (an “GCM V Transferee”)
and (iii) the GCM Equityholders shall be permitted to designate any GCM Transferee as a “GCM Equityholder”, GCM Holdings
shall be permitted to designate any GCM Transferee as “GCM Holdings” and GCM V shall be permitted to designate any
GCM V Transferee as “GCM V”, in each case, for purposes of this Agreement as if such Transferee were an initial signatory
hereto.

 

c. This Agreement
and the provisions hereof shall, subject to Section 16(b), inure to the benefit of, shall be enforceable by and shall
be binding upon the respective assigns and successors in interest of the Voting Parties, including with respect to any of
such Voting Party’s Voting Shares that are transferred to a Permitted Transferee in accordance with the terms of this
Agreement and the Registration Rights Agreement.

 

d. No
assignment in accordance with this Section 16 by any party hereto (including pursuant to a transfer of any Voting Party’s
Voting Shares) of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company or
any other party hereto unless and until each of the other parties hereto shall have received (i) written notice of such assignment
as provided in Section 23 and (ii) the executed written agreement of the assignee, in a form reasonably satisfactory to
each of the other parties hereto, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum
or certificate of joinder to this Agreement) as fully as if it were an initial signatory hereto. Each Voting Party shall not permit
the transfer of any such Voting Party’s Voting Shares to a Permitted Transferee unless and until the person to whom such
securities are to be transferred has executed a written agreement as provided in clause (ii) of the preceding sentence.

 

e. Any
transfer or assignment made other than as provided in this Section 16 shall be null and void.

 

    11

     

    

 

f. Notwithstanding
anything herein to the contrary, for purposes of determining the number of shares of capital stock of the Company held by the Voting
Parties, the aggregate number of shares so held by the Voting Parties shall include any shares of capital stock of the Company
transferred or assigned to a Permitted Transferee in accordance with the provisions of this Section 16; provided,
that any such Permitted Transferee has executed a written agreement agreeing to be bound by the terms and provisions of this Agreement
as contemplated by Section 16(d) above, including agreeing to vote or cause to be voted the Voting Shares Beneficially Owned
by such Permitted Transferee as required of a Voting Party hereunder.

 

17. Other
Rights.  Except as provided by this Agreement, each Voting Party shall retain the full rights of a holder of shares of
capital stock of the Company with respect to the Voting Shares, including the right to vote the Voting Shares subject to this Agreement.

 

18. Severability.
In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

19. Governing
Law. This Agreement, the rights and duties of the parties hereto, any disputes (whether in contract, tort or statute), and
the legal relations between the parties arising hereunder shall be governed by and interpreted and enforced in accordance with
the laws of the State of Delaware without reference to its conflicts of laws provisions.

 

20. Jurisdiction. 
Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement shall be brought against any of the parties in the United States District Court for the District of
Delaware or any Delaware state court located in Wilmington, Delaware, and each of the parties hereby consents to the
exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and
waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such court.

 

21. WAIVER
OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

22. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

23. Notices. 
Any notices provided pursuant to this Agreement shall be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by electronic mail.  Notices provided pursuant
to this Agreement shall be provided, (x) if to the Company, in accordance with the terms of the Transaction Agreement, (y) if to
any other party hereto, to the address or email address, as applicable, of such party set forth on Annex A hereto, or (z)
to any other address or email address, as a party designates in writing to the other parties in accordance with this Section
23.

 

24. Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes any
prior agreement or understanding among the parties, with regard to the subject matter hereof, and no party shall be liable or bound
to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein.

 

[Remainder of page intentionally left
blank; signature pages follow]

 

    12

     

    

 

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

 

	 	COMPANY:
	 	 
	 	GCM Grosvenor Inc.
	 	a Delaware corporation

 

	 	By:	/s/
    Michael J. Sacks
	 	 	Name:	Michael J. Sacks
	 	 	Title:	Chief Executive Officer

 

	 	 
	 	VOTING PARTIES:
	 	 
	 	Grosvenor Holdings, L.L.C.
	 	an Illinois limited liability company
	 	 
	 	By: MJS, LLC, its Managing Member

 

	 	By:	/s/
    Michael J. Sacks
	 	 	Name:	Michael J. Sacks
	 	 	Title:	Manager

 

	 	By: Michael J. Sacks, its
    Managing Member
	 	 
	 	/s/
    Michael J. Sacks
	 	Michael J. Sacks

  

[Signature
Page to Stockholders’ Agreement] 

 

    13

     

    

 

	 	GCM Grosvenor Management,
    LLC
	 	a Delaware limited liability company
	 	 
	 	By: Grosvenor Holdings, L.L.C., its Managing
    Member
	 	 
	 	By: MJS, LLC, its Managing Member

 

	 	By:	/s/ Michael J. Sacks
	 	 	Name:	Michael J. Sacks
	 	 	Title:	Manager

 

	 	By: Michael J. Sacks, its
    Managing Member

 

	 	/s/
    Michael J. Sacks
	 	Michael J. Sacks

 

	 	Grosvenor Holding II,
    L.L.C.
	 	a Delaware limited liability company
	 	 
	 	By: Grosvenor Holdings, L.L.C., its Managing
    Member
	 	 
	 	By: MJS, LLC, its Managing Member

 

	 	By:	/s/
    Michael J. Sacks
	 	 	Name:	Michael J. Sacks
	 	 	Title:	Manager

 

	 	By: Michael J. Sacks, its
    Managing Member

 

	 	/s/
    Michael J. Sacks
	 	Michael J. Sacks

 

	 	GCM V, LLC
	 	a Delaware limited liability company

 

	 	By:	/s/
    Michael J. Sacks
	 	 	Name:	Michael J. Sacks
	 	 	Title:	Manager

  

[Signature
Page to Stockholders’ Agreement] 

 

    14

     

    

 

Exhibit 4(a)

 

List of Matters for Required Approvals

 

		1.	Sale or any merger, consolidation, purchase of an equity interest, tender offer, exchange offer, other secondary acquisition,
business combination or similar transaction to which the Company or any of its Subsidiaries is a party (in one transaction or a
series of related transactions);

 

		2.	Amendment of the Charter, by-laws, this Agreement, the Registration Rights Agreement, the Tax Receivable Agreement, the certificate
of formation or limited liability partnership agreement of GCM LLLP or any other organizational or governing document of the Company
or GCM LLLP;

 

		3.	Any liquidation, dissolution, winding up or causing any voluntary bankruptcy or related actions with respect to the Company
or any of its Subsidiaries;

 

		4.	Non-ordinary course sale, exchange, transfer, lease, disposition, surrender or abandonment of any assets of the Company or
any of its Subsidiaries (in one transaction or a series of related transactions), including any equity interest in any Subsidiary,
having a fair market value of $10,000,000 or more;

 

		5.	Acquisition of the business or assets (to the extent such acquisition of assets is non-ordinary course) of any other entity
(in one transaction or a series of related transactions) having a fair market value of $10,000,000 or more;

 

		6.	Acquisition of an equity interest in any other entity, by merger, purchase of equity interests or otherwise (in one transaction
or a series of related transactions) having a fair market value of $10,000,000 or more, other than the incorporation, formation,
establishment or similar by the Company or any of its Subsidiaries of a new wholly owned Subsidiary thereof;

 

		7.	Engagement by the Company or any of its Subsidiaries (but not the Board or any committee thereof) of any professional advisers,
including, without limitation, investment bankers and financial advisers, for any matters set forth in this section;

 

		8.	Approval of any non-ordinary course investment (including capital contribution) or expenditure or execution of any agreement
reasonably likely to result in costs and expenses (in one transaction or contract or a series of related transactions or contracts)
having a fair market value of $10,000,000 or more (other than any investment or expenditure expressly contemplated by the annual
operating budget of the Company then in effect);

 

		9.	Increase or decrease the size of the Board;

 

    15

     

    

 

		10.	Issuance or sale of any shares of capital stock of the Company or any of its Subsidiaries or securities convertible into
                                                            or exercisable for any shares of capital stock of the Company or any of its Subsidiaries, other than (i) issuances of shares
                                                            of capital stock upon the exercise of options to purchase shares of capital stock of the Company or any Subsidiary, as the
                                                            case may be, in accordance with their respective terms
or other awards under an equity plan of the Company, or (ii) the issuance of Class A Common Stock upon the redemption of common
units of GCM LLLP in accordance with GCM LLLP’s operating agreement and the Company’s Charter;

 

		11.	(A) making of any dividends or other distributions to the stockholders of the Company or (B) other than (i) redemptions made
pursuant to the Company organizational documents or (ii) any redemptions, repurchases, acquisitions or similar transactions of
equity securities in the Company or any of its Subsidiaries in connection with the cessation of employment or service of a person
at a price no greater than the then-current fair market value thereof and pursuant to the terms and conditions of the underlying
applicable purchase, grant, award or other documentation approved by the Board, any redemption, repurchase or other acquisition
of (x) shares of capital stock of the Company by the Company or (y) any shares of capital stock or other equity securities in any
Subsidiary by the Company (other than acquisitions or equity securities of a direct or indirect wholly owned Subsidiary by the
Company);

 

		12.	(A) incurrence of indebtedness or guarantee of indebtedness of any third party other than the incurrence of indebtedness (i)
pursuant to ordinary course trade payables or (ii) in an amount not to exceed $25,000,000 in aggregate principal amount in a single
transaction or $100,000,000 in aggregate consolidated indebtedness for the Company, (B) amendment of the material terms of any
indebtedness for borrowed money of the Company or any of its Subsidiaries or (C) refinance of indebtedness for borrowed money of
the Company or any of its Subsidiaries;

 

		13.	Entry into of a “related party transaction” under Item 404 of Regulation S-K; or

 

		14.	Authorization or approval, or entrance into any agreement to do any of the foregoing.

 

    16

     

    

 

Exhibit 4(b)

 

List of Matters for Required Approvals

 

		1.	Amendment of the Charter, by-laws, this Agreement, the Registration Rights Agreement, the Tax Receivable Agreement, the certificate
of formation or limited liability partnership agreement of GCM LLLP or any other organizational or governing document of the Company
or GCM LLLP that has an adverse effect on the material rights of GCM V or the GCM Equityholders, but excluding any such amendments
in connection with the matters referred to in clauses (1), (9) or (10) of Exhibit 4(a);

 

		2.	Entry into of a “related party transaction” under Item 404 of Regulation S-K; or

 

		3.	Authorization or approval, or entrance into any agreement to do any of the foregoing.

 

 

17Exhibit 10.2

 

Execution Version

 

AMENDED
AND RESTATED 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 17, 2020,
is made and entered into by and among:

 

(i) GCM
Grosvenor Inc., a Delaware corporation (the “Company”);

 

(ii) CF
Finance Holdings LLC, a Delaware limited liability company (the “Sponsor”);

 

(iii) Grosvenor
Holdings, L.L.C., a Delaware limited liability company, GCM Grosvenor Management, LLC, a Delaware limited liability company, and
Grosvenor Holdings II, L.L.C., a Delaware limited liability company (collectively, the “GCM Equityholders”);
and

 

(iv) the
PIPE Investors (as defined below) (each such party, together with the Sponsor, the GCM Equityholders and any person or entity
who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder”
and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
CF Finance Acquisition Corp., a Delaware corporation and predecessor to the Company (“CFFA”), and the
Sponsor are party to that certain Registration Rights Agreement, dated as of December 12, 2018 (the “Original RRA”);

 

WHEREAS,
the Company has entered into that certain Transaction Agreement, dated as of August 2, 2020 (as it may be amended or supplemented
from time to time, the “Transaction Agreement”), by and among the Company, CFFA, Grosvenor Capital Management
Holdings, LLLP, a Delaware limited liability limited partnership (“GCM LLLP”), the GCM Equityholders,
CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company,
GCM V, LLC, a Delaware limited liability company, GCMH GP, L.L.C., a Delaware limited liability company, and the Sponsor, pursuant
to which the parties thereto have agreed to consummate the Transactions (as defined in the Transaction Agreement);

 

WHEREAS,
pursuant to the Transaction Agreement, CFFA merged with and into the Company, with CFFA ceasing to exist as a separate corporation
and the Company surviving the merger as the surviving corporation;

 

WHEREAS,
pursuant to the amended and restated its certificate of incorporation of the Company (such amended and restated certificate of
incorporation, as the same may be amended, restated, amended and restated, supplemented or otherwise modified form time, the “Company
Certificate of Incorporation”), the Company is authorized to issue the following classes of stock: (A) Class A Common
Stock, par value $0.0001 per share (the “Class A Common Stock”), (B) Class B Common Stock, par value
$0.0001 per share, (C) Class C Common Stock, par value $0.0001 per share, and (D) Preferred Stock, par value $0.0001 per share;

 

WHEREAS,
following the consummation of the Transactions, GCM LLLP has provided the GCM Equityholders with a redemption right pursuant to
which the GCM Equityholders may redeem their common units in GCM LLLP (the “Common Units”) for cash
or, at the Company’s option, exchange Common Units for an equal number of shares of Class A Common Stock upon the terms
and subject to the conditions set forth in the GCM LLLP Partnership Agreement and the Company Certificate of Incorporation;

 

     

     

    

  

WHEREAS,
on the date hereof, the PIPE Investors purchased an aggregate of 19,500,000 shares of Class A Common Stock in transactions exempt
from registration under the Securities Act (the “PIPE Shares”); and

 

WHEREAS,
in connection with the consummation of the transactions described above, the Company (as successor to CFFA) and the Sponsor desire
to amend and restate the Original RRA in its entirety as set forth herein, and the Company and the Holders desire to enter into
this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to the Registrable
Securities (as defined below) on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

Article
I

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer of the Company or the Board, after consultation with counsel to the Company, (i) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus
not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were
made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
declared effective or used, as the case may be, and (iii) the Company has a bona fide business purpose for not making
such information public.

 

“Action”
means any claim, action, suit, audit, examination, assessment, arbitration, mediation or inquiry, or any proceeding or investigation,
by or before any Governmental Authority.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“Board”
means the board of directors of the Company.

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

“Class
A Common Stock” shall have the meaning given in the Recitals hereto.

 

“Closing”
shall have the meaning given in the Transaction Agreement.

 

“Closing
Date” shall have the meaning given in the Transaction Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

    2

     

    

  

“Common
Units” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Company
Certificate of Incorporation” shall have the meaning given in the Recitals hereto.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“FINRA”
the Financial Industry Regulatory Authority Inc.

 

“Form
S-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“GCM
Equityholders” shall have the meaning given in the Preamble hereto.

 

“GCM
LLLP Partnership Agreement” shall mean the Fifth Amended and Restated Limited Liability Limited Partnership Agreement
of GCM LLLP, as the same may be amended, restated, amended and restated, supplemented or otherwise modified form time to time.

 

“Governmental
Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority,
regulatory or administrative agency (which for the purposes of this Agreement shall include FINRA and the Commission), governmental
commission, department, board, bureau, agency or instrumentality, court or tribunal.

 

“Governmental
Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered
by or with any Governmental Authority.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

“Law”
means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority.

 

“Lock-up
Period” shall have the meaning given in the Stockholders Agreement.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger”
shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus,
in the light of the circumstances under which they were made) not misleading.

 

    3

     

    

 

“Original
RRA” shall have the meaning given in the Recitals hereto.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the Lock-up Period pursuant to the Stockholders Agreement.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“PIPE
Investors” shall mean the investors set forth on Schedule 1 who purchased PIPE Shares pursuant to subscription
agreements, each dated as of August 2, 2020, by and between CFFA and such PIPE Investor.

 

“PIPE
Shares” shall have the meaning given in the Recitals hereto.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) any outstanding shares of Class A Common Stock held by a Holder immediately following the
Closing (including the PIPE Shares and shares of Class A Common Stock distributable pursuant to the Transaction Agreement), (b)
any shares of Class A Common Stock that may be acquired by Holders upon the exercise of a warrant or other right to acquire Class
A Common Stock held by a Holder immediately following the Closing, (c) any shares of Class A Common Stock issued by the Company
to a Holder in connection with (x) the redemption by a Holder of Common Units owned by any Holder or (y) at the election of the
Company, a direct exchange for Common Units owned by any Holder, in each case in accordance with the terms of the GCM LLLP Partnership
Agreement and the Company Certificate of Incorporation, (d) any outstanding shares of Class A Common Stock or warrants to purchase
shares of Class A Common Stock (including any shares of Class A Common Stock issued or issuable upon the exercise of any such
warrant) of the Company acquired by a Holder following the date hereof to the extent that such securities are “restricted
securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of the
Company, and (e) any other equity security of the Company or any of its subsidiaries issued or issuable with respect to any
securities referenced in clause (a), (b), (c) or (d) above by way of a stock dividend or stock split or in connection with a recapitalization,
merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that, as to any particular
Registrable Security, such securities shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement by the applicable Holder;
(B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require
registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities
may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act (but with no
volume or other restrictions or limitations including as to manner or timing of sale); and (E) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. For the
avoidance of doubt, while Common Units may constitute Registrable Securities, under no circumstances shall the Company be obligated
to register Common Units, and only shares of Class A Common Stock issuable upon redemption or exchange of Common Units will be
registered.

 

    4

     

    

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the expenses of a Registration, including, without limitation, the following:

 

(A) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any national securities exchange on which the Class A Common Stock is then listed;

 

(B) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for
the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

(C) printing,
messenger, telephone and delivery expenses;

 

(D) reasonable
fees and disbursements of counsel for the Company;

 

(E) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and

 

(F) reasonable
fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten Offering.

 

“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holders” shall have the meaning given in Section 2.1.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission
in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement,
including a Piggyback Registration.

 

“Sponsor”
shall have the meaning given in the Preamble hereto.

 

“Stockholders
Agreement” shall mean the Stockholders Agreement of the Company, dated as of November 17, 2020, by and among the
Company and the GCM Equityholders, as the same may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time.

 

“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.

 

“Transaction
Agreement” shall have the meaning given in the Recitals hereto.

 

    5

     

    

  

“Transactions”
shall have the meaning given in the Recitals hereto.

 

“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making
activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

Article
II

REGISTRATIONS AND OFFERINGS

 

2.1 Shelf
Registration.

 

2.1.1 Filing.
The Company shall file within 30 days of the Closing Date, and use commercially reasonable efforts to cause to be declared effective
as soon as practicable thereafter, a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”)
or, if the Company is eligible to use a Registration Statement on Form S-3, a Shelf Registration on Form S-3 (the “Form
S-3 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business
days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities
included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein.
The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments,
including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for
use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities.
In the event the Company files a Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form
S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after the Company is eligible to
use Form S-3.

 

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2.1.2 Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to
as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining
the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts
to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale of all Registrable Securities (determined as of two business days prior
to such filing), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named
therein. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such
Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the
filing thereof (it being agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as
defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405
promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent
Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities Act until
such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the
extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate
form.

 

2.1.3 Additional
Registerable Securities. In the event that any Holder holds Registrable Securities that are not registered for resale on a
delayed or continuous basis, the Company, upon request of a GCM Equityholder or the Sponsor, shall promptly use its commercially
reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option,
the Shelf (including by means of a post-effective amendment) or a Subsequent Shelf Registration and cause the same to become effective
as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration shall be subject to the terms hereof;
provided, however, that the Company shall only be required to cause such Registrable Securities to be so covered
twice per calendar year for the GCM Equityholders, on the one hand, and the Sponsor, on the other hand.

 

2.1.4 Requests
for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf is on file with the Commission,
any GCM Equityholder or the Sponsor (any of the GCM Equityholders or the Sponsor being, in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering or other
coordinated offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”);
provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include
Registrable Securities proposed to be sold by the Demanding Holder with a total offering price reasonably expected to exceed,
in the aggregate, $50 million (the “Minimum Takedown Threshold”). All requests for Underwritten Shelf
Takedowns shall be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities
proposed to be sold in the Underwritten Shelf Takedown. Subject to Section 2.4.4, the Company shall have the right to select
the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject
to the initial Demanding Holder’s prior approval (which shall not be unreasonably withheld, conditioned or delayed). The
GCM Equityholders, on the one hand, and the Sponsor, on the other hand, may each demand not more than two (2) Underwritten Shelf
Takedowns pursuant to this Section 2.1.4 in any 12-month period. Notwithstanding anything to the contrary in this Agreement,
the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a Form S-3,
that is then available for such offering.

 

2.1.5 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises
the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such
Underwritten Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or
number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together
with all other shares of Class A Common Stock or other equity securities that the Company desires to sell and all other shares
of Class A Common Stock or other equity securities, if any, that have been requested to be sold in such Underwritten Offering
pursuant to separate written contractual piggy-back registration rights held by any other stockholders, exceeds the maximum dollar
amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, before including any shares of Class A Common Stock or other equity securities proposed
to be sold by Company or by other holders of Class A Common Stock or other equity securities, the Registrable Securities of the
Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities
that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown and the
aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such
Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities.

 

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2.1.6 Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right
to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Shelf
Takedown; provided that any GCM Equityholder or the Sponsor may elect to have the Company continue an Underwritten Shelf
Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten
Shelf Takedown by the GCM Equityholders, the Sponsor or any of their respective Permitted Transferees, as applicable. If withdrawn,
a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of Section
2.1.4, unless either (i) the Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (ii) the
Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown; provided
that, if a GCM Equityholder or the Sponsor elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately
preceding sentence, such Underwritten Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the GCM
Equityholders or the Sponsor, as applicable, for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice,
the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate in such Shelf Takedown.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred
in connection with a Shelf Takedown prior to its withdrawal under this Section 2.1.6, other than if a Demanding Holder
elects to pay such Registration Expenses pursuant to clause (ii) of the second sentence of this Section 2.1.6.

 

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2.2 Piggyback
Registration.

 

2.2.1 Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if
the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account
or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without
limitation, an Underwritten Shelf Takedown pursuant to Section 2.1 hereof), other than a Registration Statement (or any
registered offering with respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant
to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities
Act or any successor rule thereto), (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed offering to all of
the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date
of such Registration Statement or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red
herring” prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe the
amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities
the opportunity to include in such registered offering such number of Registrable Securities as such Holders may request in writing
within five (5) days after receipt of such written notice (such registered offering, a “Piggyback Registration”).
Subject to Section 2.2.2, the Company shall, in good faith, cause such Registrable Securities to be included in such
Piggyback Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or
Underwriters of such Piggyback Registration to permit the Registrable Securities requested by the Holders pursuant to this Section
2.2.1 to be included therein on the same terms and conditions as any similar securities of the Company included in such registered
offering and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. The inclusion of any Holder’s Registrable Securities in a Piggyback Registration shall be subject
to such Holder’s agreement to enter into an underwriting agreement in customary form with the Underwriter(s) selected for
such Underwritten Offering.

 

2.2.2 Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of shares of Class A Common Stock or other equity securities that the Company desires
to sell, taken together with (i) the shares of Class A Common Stock or other equity securities, if any, as to which Registration
or a registered offering has been demanded pursuant to separate written contractual arrangements with persons or entities other
than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested
pursuant to Section 2.2 hereof, and (iii) the shares of Class A Common Stock or other equity securities, if any, as to
which Registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration
rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

(a) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the shares of Class A Common Stock or other equity securities that the Company desires
to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights
to register their Registrable Securities pursuant to Section 2.2.1, pro rata, based on the respective number of
Registrable Securities that each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable
Securities that the Holders have requested to be included in such Underwritten Offering, which can be sold without exceeding the
Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A) and (B), the shares of Class A Common Stock or other equity securities, if any, as to which Registration
or a registered offering has been requested pursuant to written contractual piggy-back registration rights of other stockholders
of the Company, which can be sold without exceeding the Maximum Number of Securities;

 

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(b) If
the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable
Securities, then the Company shall include in any such Registration or registered offering (A) first, the shares of Class A Common
Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register
their Registrable Securities pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable
Securities that each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities
that the Holders have requested to be included in such Underwritten Offering, which can be sold without exceeding the Maximum
Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the shares of Class A Common Stock or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A), (B) and (C), the shares of Class A Common Stock or other equity securities
for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual
arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities; and

 

(c) If
the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section
2.1 hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section
2.1.5.

 

2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal from
an Underwritten Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or
Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of
the Registration Statement filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback
Registration pursuant to a Shelf Registration, the filing of the applicable “red herring” prospectus or prospectus
supplement with respect to such Piggyback Registration used for marketing such transaction. The Company (whether on its own good
faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations)
may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration (which, in no circumstance,
shall include the Shelf) at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the
contrary in this Agreement (other than Section 2.1.6), the Company shall be responsible for the Registration Expenses incurred
in connection with the Piggyback Registration prior to its withdrawal under this Section 2.2.3.

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

2.3 Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade), each
Holder participating in the Underwritten Offering agrees that it shall not Transfer any shares of Class A Common Stock or other
equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior written
consent of the Company, during the 90-day period beginning on the date of pricing of such offering, except in the event the Underwriters
managing the offering otherwise agree by written consent. Each Holder agrees to execute a customary lock-up agreement in favor
of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such Holders).

 

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2.4 Block
Trades.

 

2.4.1 Notwithstanding
the foregoing, at any time and from time to time when an effective Shelf is on file with the Commission, if a Demanding Holder
wishes to engage in an underwritten or other coordinated registered offering not involving a “roadshow,” an offer
commonly known as a “block trade” (a “Block Trade”), with a total offering price reasonably
expected to exceed, in the aggregate, either (x) $50 million or (y) all remaining Registrable Securities held by the Demanding
Holder, then notwithstanding the time periods provided for in Section 2.1.4, such Demanding Holder only need to notify
the Company of the Block Trade at least five (5) business days prior to the day such offering is to commence and the Company shall
as expeditiously as possible use its commercially reasonable efforts to facilitate such Block Trade; provided that the
Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade shall use commercially
reasonable efforts to work with the Company and any Underwriters prior to making such request in order to facilitate preparation
of the registration statement, prospectus and other offering documentation related to the Block Trade.

 

2.4.2 Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block
Trade, a majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to submit a Withdrawal
Notice to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection
with a block trade prior to its withdrawal under this Section 2.4.2.

 

2.4.3 Notwithstanding
anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade initiated by a Demanding
Holder pursuant to this Agreement.

 

2.4.4 The
Demanding Holder in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall consist of
one or more reputable nationally recognized investment banks).

 

Article
III

COMPANY PROCEDURES

 

3.1 General
Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities have ceased to be Registrable Securities;

 

3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by any Holder that holds at least two point five (2.5%) percent of the Registrable
Securities registered on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus;

 

3.1.3 prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each
case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable
Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition
of the Registrable Securities owned by such Holders;

 

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3.1.4 prior
to any public offering of Registrable Securities (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the
Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or
qualification) and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5 cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company
are then listed;

 

3.1.6 provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued;

 

3.1.8 at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable), furnish a copy thereof
to each seller of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange
Act that is to be incorporated by reference therein);

 

3.1.9 notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 permit
a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriters
agree to confidentiality arrangements reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

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3.1.11 obtain
a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering or other coordinated offering that is registered pursuant to a Registration Statement, in customary form and covering
such matters of the type customarily covered by “comfort” letters as the managing Underwriter or other similar type
of sales agent or placement agent may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders;

 

3.1.12 on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales
agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which
such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating
Holders;

 

3.1.13 in
the event of any Underwritten Offering or other coordinated offering that is registered pursuant to a Registration Statement,
enter into and perform its obligations under an underwriting agreement, sales agreement or placement agreement, in usual and customary
form, with the managing Underwriter, sales agent or placement agent of such offering;

 

3.1.14 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule
then in effect);

 

3.1.15 with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by
the Underwriter in such Underwritten Offering; and

 

3.1.16 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

Notwithstanding
the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or other sales agent
or placement agent if such Underwriter or other sales agent or placement agent has not then been named with respect to the applicable
Underwritten Offering or other coordinated offering that is registered pursuant to a Registration Statement.

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders
that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
or agents’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

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3.3 Requirements
for Participation in Registration Statement Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary,
if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice
of counsel, that such information is necessary to effect the registration and such Holder continues thereafter to withhold such
information. No person may participate in any Underwritten Offering or other coordinated offering for equity securities of the
Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may be
reasonably required under the terms of such arrangements. The exclusion of a Holder’s Registrable Securities as a result
of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.

 

3.4 Suspension
of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1 Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders
shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus
correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment
as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus
may be resumed.

 

3.4.2 If
the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would
(a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment
of the majority of the Board such Registration, be seriously detrimental to the Company and the majority of the Board concludes
as a result that it is essential to defer such filing, initial effectiveness or continued use at such time, the Company may, upon
giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose.
In the event the Company exercises its rights under this Section 3.4.2, the Holders agree to suspend, immediately
upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with
any sale or offer to sell Registrable Securities.

 

3.4.3 (a)
during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing
of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated Registration and provided
that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness of the applicable
Shelf Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders have requested an Underwritten Shelf Takedown
and the Company and such Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company
may, upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to Section
2.1.4 or 2.4.

 

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3.5 Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents
publicly filed or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall
be deemed to have been furnished or delivered to the Holders pursuant to this Section 3.5. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable
such Holder to sell shares of Class A Common Stock held by such Holder without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule then in effect).
Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer
as to whether it has complied with such requirements.

 

Article
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and
agents and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and out-of-pocket expenses (including without limitation reasonable outside attorneys’ fees) resulting from
any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information
or affidavit so furnished in writing to the Company by such Holder expressly for use therein.

 

4.1.2 In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by law,
shall indemnify the Company, its directors, officers and agents and each person who controls the Company (within the meaning of
the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation
reasonable outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several,
not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities
shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the
foregoing with respect to indemnification of the Company.

 

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4.1.3 Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may
exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the
entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

4.1.5 If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as
is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party
or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this
Section 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to
such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be
deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above, any legal
or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this Section 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution pursuant to this Section 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

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Article
V

MISCELLANEOUS

 

5.1 Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each
notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given,
served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed
and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered
to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee
upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 900 North Michigan
Avenue, Suite 1100, Chicago, IL 60611, Attention: Legal Department, Email: legal@gcmlp.com, and, if to any Holder, at such Holder’s
address or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice
at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment;
No Third Party Beneficiaries.

 

5.2.1 This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

5.2.2 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.3 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.2 hereof.

 

5.2.4 No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section
5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by
the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).
Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4 Governing
Law. This Agreement, and all claims or causes of action based upon, arising
out of, or related to this Agreement, shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to principles or rules of conflict of Laws to the extent such principles or rules would require or permit
the application of Laws of another jurisdiction.

 

    17

     

    

 

5.5 Jurisdiction;
Waiver of Jury Trial.

 

5.5.1 Any
proceeding or Action based upon, arising out of or related to this Agreement or the Transactions must be brought in the Court
of Chancery of the State of Delaware (or, to the extent such Court does not have subject matter jurisdiction, the Superior Court
of the State of Delaware), or, if it has or can acquire jurisdiction, in the United States District Court for the District of
Delaware, and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such proceeding
or Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees
that all claims in respect of the proceeding or Action shall be heard and determined only in any such court, and agrees not to
bring any proceeding or Action arising out of or relating to this Agreement or the Transactions in any other court. Nothing herein
contained shall be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence legal
proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained
in any Action, suit or proceeding brought pursuant to this Section 5.5.

 

5.5.2 Each
party acknowledges and agrees that any controversy which may arise under this Agreement and the Transactions is likely to involve
complicated and difficult issues, and therefore each such party hereby irrevocably, unconditionally and voluntarily waives any
right such party may have to a trial by jury in respect of any Action, suit or proceeding directly or indirectly arising out of
or relating to this Agreement or any of the Transactions.

 

5.6 Amendments
and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total
Registrable Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified; provided, however, that in the event
any such waiver, amendment or modification would be adverse in any material respect to the material rights or obligations hereunder
of a Holder of at least two point five (2.5%) percent of the Registrable Securities, the written consent of such Holder will also
be required; provided further that in the event any such waiver, amendment or modification would be disproportionate and
adverse in any material respect to the material rights or obligations hereunder of a Holder, the written consent of such Holder
will also be required. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay
on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of
any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement
by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such
party.

 

5.7 Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other
person. 

 

5.8 Term.
This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities.
The provisions of Section 3.5 and Article IV shall survive any termination.

 

5.9 Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities
held by such Holder in order for the Company to make determinations hereunder.

 

[SIGNATURE
PAGES FOLLOW]

 

    18

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY
	 	 	 
	 	GCM Grosvenor Inc.
	 	a Delaware corporation
	 	 	 
	 	By:	/s/
    Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Chief Executive Officer
	 	 	 
	 	HOLDERS:
	 	 	 
	 	CF Finance Holdings LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
    Paul Pion
	 	 	Name: Paul Pion
	 	 	Title: Chief Financial Officer
	 	 	 
	 	Grosvenor Holdings, L.L.C.
	 	an Illinois limited liability company
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/
    Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/
    Michael J. Sacks
	 	Michael J. Sacks

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

  

	 	GCM Grosvenor Management,
    LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	Grosvenor Holdings, L.L.C., its Managing Member
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	 	/s/ Michael J. Sacks
	 	 	Michael J. Sacks
	 	 	 
	 	Grosvenor Holdings II, L.L.C.
	 	a Delaware limited liability company
	 	 	 
	 	By:	Grosvenor Holdings, L.L.C., its Managing Member
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks

 

[Signature Page to Amended and Restated
Registration Rights Agreement]

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