Document:

EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (the “Employment Agreement”), is made and entered into as of January 1, 2021, by and between P10 Holdings, Inc. (the “Company”), and C. Clark Webb (the “Executive”). 

RECITALS: 
 WHEREAS, the Executive and the Company desire
to memorialize their employment by entering into an employment agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below, it is hereby covenanted and agreed by the Company and the Executive as follows: 
 1. Title and Job Duties 

(a) The Company hereby agrees to employ the Executive in the position of co-Chief Executive Officer and
the Executive, in such capacity, agrees to the terms and conditions hereinafter set forth. In this capacity, Executive shall have the duties, authorities and responsibilities that are designated from time to time by the Company’s Board of
Directors (the “Board”) and commensurate with his title. In performing his duties under this Agreement, Executive shall report to the Board. 

(b) Executive accepts such employment and agrees, during the term of his employment, to devote the majority of his full business and
professional time and energy to the Company. Executive agrees to carry out and abide by all lawful directions of the Board and to comply with all standards of performance, policies, and other rules and regulations heretofore established by Company
and or hereafter established by Company. In addition, Executive agrees to serve in such other capacities or offices to which he may be assigned, appointed or elected from time to time by the Board. 

(c) Without limiting the generality of the foregoing, Executive shall not, without the written approval of the Board, render services of a
business or commercial nature on his own behalf or on behalf of any other person, firm, or corporation, whether for compensation or otherwise, during his employment hereunder; provided that the foregoing shall not prevent Executive from
(i) serving on the boards of directors of, or holding any other offices or positions in non-profit organizations and, with the prior written approval of the Board, other
for-profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing Executive’s personal investments, so long as such
activities in the aggregate do not materially interfere or conflict with Executive’s duties hereunder or create a potential business or fiduciary conflict. Notwithstanding the foregoing, Executive shall be able to engage in the following
activities listed in Exhibit A. 

 2. Compensation. Subject to the terms and conditions of this Employment Agreement,
during the Employment Period, the Executive shall be compensated by the Company for his services as follows: 
 (a) Base Salary.
Executive shall receive a salary of $600,000 per annum (the “Base Salary”), payable in substantially equal monthly or more frequent installments and subject to normal tax withholdings. 

(b) Bonus. Executive shall be eligible to receive an annual bonus based on the Company’s performance and the Executive having
achieved performance benchmarks that shall be set jointly by the Board and the Executive each year in the context of the Executive’s review (the “Annual Bonus”). The Annual Bonus can be paid in the form of either cash or restricted
stock at the discretion of the Board. Subject to the Board’s discretion and approval, the target amount for Executive Annual Bonus is 100% of his Base Salary. 

(c) Equity. Executive shall receive such additional equity compensation in such amount and on such terms as shall be determined by the
Compensation Committee of the Board from time to time.     
 (d) Benefits. Executive shall be a participant in
eligible group medical, dental and 401(k) plans maintained by the Company and the Company shall pay 90% of employee and dependent premiums on medical and dental insurance. 

(e) Vacation; Perquisites. The Executive shall be entitled to vacation in accordance with the Company’s standard vacation policy
extended to employees of the Company generally, at levels commensurate with Executive’s position. The Executive shall be entitled to any other benefits and perquisites on substantially the same terms and conditions as may be awarded to the
employees of the Company from time to time. 
 (f) Travel and Entertainment. The Executive shall be reimbursed by the Company for all
reasonable business, promotional, travel and entertainment expenses incurred or paid by the Executive during the Employment Period in the performance of his services under this Employment Agreement in accordance with the Company’s reimbursement
policy and to the extent that such expenses do not exceed the amounts allocable for such expenses in budgets that are approved from time to time by the Company. In order that the Company reimburse the Executive for such allowable expenses, the
Executive shall furnish to the Company, in a timely fashion, the appropriate documentation required by the Internal Revenue Code in connection with such expenses and shall furnish such other documentation and accounting as the Company may from time
to time reasonably request. 
 3. Employment Period. The terms set forth in this Employment Agreement will commence on January 1,
2021 and remain in effect for one (1) year (the “Initial Term”) unless earlier terminated as otherwise provided in Section 4 below. The Initial Term shall automatically renew for additional one (1) year periods (each a
“Renewal Year”), unless the Company or Executive has delivered written notice of non-renewal to the other party at least ninety (90) days prior to the expiration of the Initial Term or the
Renewal Year, or the Agreement is earlier terminated as otherwise provided in Section 4 below. For purposes of this Agreement, the “Term” shall refer to the Initial Term and any Renewal Year. Notwithstanding this, the Executive’s
employment with the Company shall be “at will,” meaning that either Executive or the Company shall be entitled to terminate Executive’s employment at any time and for any reason, with or without Cause, subject to the obligations in
Section 5. 

 4. Termination. 

(a) Termination at the Company’s Election. 

(i) For Cause. At the election of the Company, Executive’s employment may be terminated for Cause (as defined below) immediately
upon written notice to Executive. For purposes of this Employment Agreement, “Cause” for termination shall mean that Executive: (A) pleads “guilty” or “no contest” to or is indicted for or convicted of a felony
under federal or state law or a crime under federal or state law which involves Executive’s fraud or dishonesty; (B) in carrying out his duties, engages in conduct that constitutes gross negligence or willful misconduct; (C) engages
in misconduct that causes material harm to the reputation of the Company or knowingly or recklessly engages in conduct which is demonstrably and materially injurious to the Company or any of its affiliates, monetarily or otherwise; or
(D) materially breaches any term of this Employment Agreement or written policy of the Company, provided that for subsections (C) through (D), if the breach reasonably may be cured, Executive has been given at least thirty (30) days
after Executive’s receipt of written notice of such breach from the Company to cure such breach. Whether or not such breach has been cured will be determined in the judgment of the Board. 

(ii) Upon Disability, Death or Without Cause. At the election of the Company, Executive’s employment may be terminated without
Cause: (A) should Executive, by reason of any medically determinable physical or mental impairment, become unable to perform, with or without reasonable accommodation, the essential functions of his job for the Company hereunder and such
incapacity has continued for a total of ninety (90) consecutive days or for any one hundred eighty (180) days in a period of three hundred sixty-five (365) consecutive days (a “Disability”); (B) upon Executive’s death
(“Death”); or (C) upon thirty (30) days’ written notice to Executive for any other reason or for no reason at all (“Without Cause”). 

(b) Termination by Executive. 

(i) Voluntary Resignation or Retirement. Notwithstanding anything contained elsewhere in this Agreement to the contrary, Executive may
terminate his employment hereunder at any time and for any reason whatsoever or for no reason at all in Executive’s sole discretion by giving twenty-one days’ written notice pursuant to
Section 10 of this Agreement (“Voluntary Resignation”), but the Company may waive any continued employment or right to compensation or benefits, except as provided in Section 6(b) of this Agreement, during this notice period.

 (ii) For Good Reason. At the election of the Executive, Executive’s employment may be terminated for Good Reason (as defined
below) upon written notice to the Company. For purposes of this Agreement, “Good Reason” shall mean the occurrence of one of the following events, without Executive’s express written consent, within one year following a Change in
Control (as defined below) of the Company: (A) the material breach by the Company of any of the covenants, representations, terms or provisions hereof, including failure to pay Executive’s Base Salary or any bonus payment to which
Executive is entitled within ten days of the date any such payment is due, (B) a material diminution in Executive’s title, authority, responsibilities, or duties, including reporting requirements, (C) a change in the reporting
structure 

 
so that (i) the Executive does not report solely and directly to the Board, or (ii) any employee of the Company does not report, directly or indirectly, to Executive, or (D) a
relocation of the Executive’s principal place of employment to a location more than twenty-five (25) miles from the Company’s current principal place of business. Notwithstanding the foregoing, in order for Executive to terminate for
Good Reason, Executive must deliver written notice of the Good Reason occurrence within thirty days of the occurrence and the Company must fail to correct such occurrence in all material respects within thirty days following written notification by
Executive. 
 5. Payments Upon Termination of Employment. 

(a) Termination for Cause, Death, Disability, or Voluntary Resignation. If Executive’s employment is terminated by the Company for
Cause, Death or Disability or is terminated by Executive as a Voluntary Resignation, then the Company shall pay or provide to Executive the following amounts only: (i) his Base Salary accrued up to and including the date of termination or
resignation, paid within thirty (30) days or at such earlier time required by applicable law; (ii) accrued, unused vacation time, paid in accordance with the Company’s written policies and applicable law; (iii) unreimbursed
expenses, paid in accordance with this Employment Agreement and the Company’s written policies; and (iv) accrued benefits under any Company benefit plan, paid pursuant to the terms of such benefit plan (collectively, the “Accrued
Obligations”). 
 (b) Termination Without Cause or Non-Renewal by the Company or by Executive
for Good Reason. If the Company terminates Executive’s employment Without Cause, Executive’s employment ends after the Company provides a notice of non-renewal, or Executive terminates his
employment for Good Reason, in addition to the Accrued Obligations, the Company shall provide Executive the following: (i) a severance payment, payable in a lump sum, equal to 12 months of Executive’s Base Salary, (ii) reimbursement
for the Executive’s cost of COBRA premiums for health insurance continuation coverage (to the extent such premiums exceed the contributory cost for the same coverage that the Company charges active employees) for twelve months or until his
right to COBRA continuation expires, whichever is shorter; provided that Executive timely elects and is eligible for COBRA coverage, (iii) the target amount of the Annual Bonus, and (iv) immediate vesting of any equity granted to
Executive. Such payment and other consideration are subject to Executive’s execution and delivery of a general release (that is no longer subject to revocation under applicable law) of the Company, its parents, subsidiaries and affiliates and
each of their respective officers, directors, employees, agents, successors and assigns in a form satisfactory to the Company. All payments under this Section above shall begin to be made within sixty (60) days following termination of
employment; provided, however, that to the extent required by Code Section 409A (as defined below), if the sixty (60) day period begins in one calendar year and ends in the second calendar year, all payments will be made in the second
calendar year. The payments under this Section 5(b) shall immediately cease should Executive violate any of the obligations set forth in Sections 6 and 7 below. Notwithstanding the foregoing, if the Company terminates the Executive’s
employment without Cause, Executive’s employment ends after the Company provides a notice of non-renewal, or Executive terminates his employment for Good Reason, either (x) during a period of time
when the Company is party to a fully executed letter of intent or a definitive corporate transaction agreement, the consummation of which would result in a Change of Control (defined below) or (y) within eighteen months following a Change of
Control, then the severance payment under (i) shall equal the equivalent of eighteen months of Base Salary and the reimbursement under (ii) shall continue for eighteen months (“Change of Control Payment”). 

 (c) Change in Control. For purposes of this Employment Agreement, “Change in
Control” shall be deemed to have occurred if: 
 (i) any person, other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or a corporation owned directly or indirectly by the shareowners of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the beneficial owner, directly or
indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; 

(ii) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board and any new
director whose election by the Board or nomination for election by the Company’s shareowners was approved by a vote of a majority of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; 
 (iii) the consummation of a
merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation; or 
 (iv) the shareowners of the Company approve a plan of complete liquidation of the Company or an agreement for
the sale or disposition by the Company of all or substantially all the Company’s assets. 
 For the avoidance of doubt, a corporate restructuring
(i) whereby a new parent company is created and immediately following such transaction the Company is a direct or indirect wholly-owned subsidiary of such new parent company, whether through reorganization, merger, exchange or other corporate
means, or (ii) in connection with or in preparation for an initial public offering, in each case, shall not be deemed to be a Change of Control. 

 6. Restrictive Covenants. The Executive acknowledges and agrees that (i) the
Executive has a major responsibility for the operation, development and growth of the Company’s business; (ii) the Executive’s work for the Company will bring him into close contact with Confidential Information (defined below) of the
Company and its clients; and (iii) the agreements and covenants contained in this Section 6 are essential to protect the legitimate business interests of the Company and that the Company will not enter into this Employment Agreement but
for such agreements and covenants. Accordingly, the Executive covenants and agrees to the following: 
 (a) Confidential Information.

 (i) Executive understands that during his employment, he may have access to unpublished and otherwise confidential information both of a
technical and non-technical nature, relating to the business of the Company or any of its parents, subsidiaries, divisions, affiliates (collectively, “Affiliated Entities”), or clients, including
without limitation any of their actual or anticipated business, research or development, any of their technology or the implementation or exploitation thereof, including without limitation information Executive and others have collected, obtained or
created, information pertaining to clients, accounts, vendors, prices, costs, materials, processes, codes, material results, technology, system designs, system specifications, materials of construction, trade secrets or equipment designs, including
information disclosed to the Company or any of its Affiliated Entities by others under agreements to hold such information confidential (collectively, the “Confidential Information”). Executive agrees to observe all policies and procedures
of the Company and its Affiliated Entities concerning such Confidential Information. Executive further agrees not to disclose or use, either during his employment or at any time thereafter, any Confidential Information for any purpose, including
without limitation any competitive purpose, unless authorized to do so by the Company in writing, except that he may disclose and use such information in the good faith performance of his duties for the Company. Executive’s obligations under
this Employment Agreement will continue with respect to Confidential Information, whether or not his employment is terminated, until such information becomes generally available from public sources through no fault of Executive or any representative
of Executive. Notwithstanding the foregoing, however, Executive shall be permitted to disclose Confidential Information as may be required by a subpoena or other governmental order, provided that he first notifies the Company of such subpoena, order
or other requirement and such that the Company has the opportunity to obtain a protective order or other appropriate remedy. 
 (ii) During
Executive’s employment, upon the Company’s request, or upon the termination of his employment for any reason, Executive will promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports,
customer and supplier lists, cost and profit data, e-mail, apparatus, laptops, computers, smartphones, tablets or other PDAs, hardware, software, drawings, blueprints, and any other material of the Company or
any of its Affiliated Entities or clients, including all materials pertaining to Confidential Information developed by Executive or others, and all copies of such materials, whether of a technical, business or fiscal nature, whether on the hard
drive of a laptop or desktop computer, in hard copy, disk or any other format, which are in his possession, custody or control. 
 (b) Non-Solicitation. 
 (i) During Executive’s employment with the Company or its Affiliated
Entities and for twelve (12) months following the termination thereof for any reason (the “Restricted Period”), the Executive shall not solicit for business or accept the business of, any person or entity who is, or was at any time
within the previous twelve (12) months, a Customer (as defined below) of the Company or any of its Affiliated Entities. This excludes any Customers who were Customers of the Executive or Executive’s
non-P10 Investment Funds prior to joining Company. 

 (ii) Throughout the Restricted Period, the Executive shall not, directly or indirectly,
employ, solicit, for employment, or otherwise contract for or hire, the services of any individual who is then an employee of or consultant to the Company or any of its Affiliated Entities or who was an employee of the Company or any of its
Affiliated Entities during the twelve (12) month period preceding the termination of his employment. 
 (iii) Throughout the Restricted
Period, the Executive shall not take any action that could reasonably be expected to have the effect of encouraging or inducing any employee, consultant, representative, officer, or director of the Company or any of its Affiliated Entities to cease
their relationship with the Company or any of its Affiliated Entities for any reason. 
 (iv) For purposes of this Employment Agreement, the
term “Territory” shall mean throughout the area comprising the Company’s or any of its Affiliated Entities, as applicable, market for its services and products within which area Executive was materially concerned during the twelve
(12) month period prior to the termination of Executive’s employment. 
 (v) For purposes of this Employment Agreement, the term
“Customer(s)” shall mean any individual, corporation, partnership, business or other entity, whether for-profit or
not-for-profit, public, privately held, or owned by the United States government that is a business entity or individual with whom the Company or any of its Affiliated
Entities has done business or with whom Executive has actively negotiated with during the twelve (12) month period preceding the termination of Executive’s employment. 

(vi) Executive and the Company agrees that in the event a court determines the length of time, territory or activities prohibited under this
Employment Agreement are too restrictive to be enforceable, the court may reduce the scope of the restriction to the extent necessary to make the restriction enforceable. 

7. Representations, Warranties and Covenants of the Executive.     

(a) No Restrictive Covenants. Executive represents and warrants to the Company that he is not subject to any agreement restricting his
ability to enter into this Employment Agreement and fully carry out his duties and responsibilities hereunder. Executive hereby indemnifies and holds the Company harmless against any losses, claims, expenses (including reasonable attorneys’
fees), damages or liabilities incurred by the Company as a result of a breach of the foregoing representation and warranty. 
 (b)
Adherence to Code of Ethics and Insider Trading Policy. The Executive represents and warrants that he has received a copy of the Company’s Code of Ethics and its Insider Trading Policy. The Executive covenants and agrees to adhere to
both the Code of Ethics and the Insider Trading Policy as may be amended from time to time. The Executive acknowledges that a material violation of either the Code of Ethics or the Insider Trading Policy would constitute a material breach of this
Employment Agreement. 

 (c) Assignment of Intellectual Property. 

(i) Executive will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not
(“Creations”), conceived or made by him alone or with others at any time during his employment with the Company. Executive agrees that the Company owns any such Creations, and Executive hereby assigns and agrees to assign to the Company
all moral and other rights he has or may acquire therein and agrees to execute any and all applications, assignments and other instruments relating thereto which the Company deems necessary or desirable. These obligations shall continue beyond the
termination of his employment with respect to Creations and derivatives of such Creations conceived or made during his employment with the Company. The Company and Executive understand that the obligation to assign Creations to the Company shall not
apply to any Creation which is developed entirely on his own time without using any of the Company’s equipment, supplies, facilities, and/or Confidential Information (“Executive Creations”) unless such Creation (i) relates in any
way to the business or to the current or anticipated research or development of the Company or any of its Affiliated Entities, or (ii) results in any way from his work at the Company. 

(ii) In any jurisdiction in which moral rights cannot be assigned, Executive hereby waives any such moral rights and any similar or analogous
rights under the applicable laws of any country of the world that Executive may have in connection with the Creations, and to the extent such waiver is unenforceable, hereby covenants and agrees not to bring any claim, suit or other legal proceeding
against the Company or any of its Affiliated Entities claiming that Executive’s moral rights to the Creations have been violated. 

(iii) Executive agrees to reasonably cooperate with the Company, both during and after his employment with the Company, with respect to the
procurement, maintenance and enforcement of copyrights, patents, trademarks and other intellectual property rights (both in the United States and foreign countries) relating to such Creations. Executive shall sign all papers, including, without
limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the Company, acting reasonably, may deem necessary or desirable in order to protect its
rights and interests in any Creations. Executive further agrees that if the Company is unable, after reasonable effort, to secure Executive’s signature on any such papers, any officer of the Company shall be entitled to execute such papers as
his agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer of the Company as his agent and attorney-in-fact to execute any such papers on his behalf and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Creations, under
the conditions described in this paragraph, all to the exclusion of Executive’s Creations. 
 8. Remedies. The Executive
acknowledges that the Company would be irreparably injured by a violation of the covenants contained in Sections 6 or 7, and agrees that the Company shall be entitled to an injunction restraining the Executive from any actual or threatened breach of
the covenants contained in Sections 6 or 7, or to any other appropriate equitable remedy without bond or other security being required. Any such relief shall be in addition to and not in lieu of any appropriate relief in the way of monetary damages
that the parties may seek in arbitration. 
 9. Waiver of Breach. The waiver by either the Company or the Executive of a breach of any
provision of this Employment Agreement shall not operate as or be deemed a waiver of any subsequent breach by either the Company or the Executive. Any waiver must be in writing 

 10. Notice. Any notice to be given hereunder by a party hereto shall be in writing
and shall be deemed to have been given when received or, when deposited in the U.S. mail, certified or registered mail, postage prepaid: 
  

	 	(a)	 to the Executive addressed as follows: 

C. Clark Webb 
 4514 Cole
Avenue, Suite 1600 
 Dallas, TX 75205 
  

	 	(b)	 to the Company addressed as follows: 

P10 Holdings, Inc. 
 4514 Cole
Avenue, Suite 1600 
 Dallas, TX 75205 

with copies to: 
 Olshan Frome
Wolosky LLP 
 1325 Avenue of the Americas 

New York, New York 10019 

Attention: Adam W. Finerman 
 11.
Amendment. This Employment Agreement may not be amended orally in any manner or in writing without the written consent of the Company and the Executive. No provision of this Employment Agreement may be waived, delayed, modified, terminated or
otherwise impaired without the prior written consent of the Company and the Executive. 
 12. Entire Agreement. This Employment
Agreement embodies the entire agreement and understanding of the parties hereto in respect of the Executive’s employment with the Company contemplated by this Employment Agreement and supersedes all prior agreements, arrangements and
understandings, oral or written, express or implied, between the parties with respect to such employment. Sections 6 and 7 of this Employment Agreement shall survive the termination of this Employment Agreement. 

13. Applicable Law. The provisions of this Employment Agreement shall be construed in accordance with the internal laws of the Texas.

 14. Assignment; Successors and Assigns, etc. This Employment Agreement is a personal contract and Executive may not sell, transfer,
assign, pledge or hypothecate his rights, interests and obligations hereunder. Except as otherwise herein expressly provided, this Employment Agreement shall be binding upon and shall inure to the benefit of Executive and his personal
representatives and shall inure to the benefit of and be binding upon the Company and its successors and assigns, except that the Company may not assign this Employment Agreement without Executive’s prior written consent, except to an acquirer
of all or substantially all of the assets of the Company. 

 15. Enforceability. If any portion or provision of this Employment Agreement
(including, without limitation, any portion or provision of any section of this Employment Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Employment Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Employment Agreement shall be valid and
enforceable to the fullest extent permitted by law. 
 16. Counterparts. This Employment Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the
other party. Facsimile or .pdf signatures shall have the same force and effect as original signatures. 
 17. Arbitration. All
disputes and disagreements arising from, relating to, or otherwise connected with this Employment Agreement, the breach of this Employment Agreement, the enforcement, interpretation or validity of this Employment Agreement, or the employment
relationship (including any wage claim, claim for wrongful termination, or any claim based upon any statute, regulation, or law, including those dealing with employment discrimination or retaliation, sexual harassment, civil rights, age, or
disability) that the Company may have against you or that you may have against the Company, including the determination of the scope or applicability of this Employment Agreement to arbitrate, shall be settled by arbitration administered by the
Judicial Arbitration and Mediation Services (“JAMS”) pursuant to its Comprehensive Arbitration Rules and Procedures applicable at the time the arbitration is commenced. A copy of the current version of the JAMS Rules will be made available
to you upon request. The Rules may be amended from time to time and are also available online https://www.jamsadr.com/rules-employment-arbitration/. Arbitration shall take place in Dallas, Texas and shall be conducted before a single arbitrator
selected by and in accordance with the rules and procedures of the JAMS. The decision of the arbitrator shall be final and binding on the parties. Judgment on any award may be entered in any court having competent jurisdiction, and application may
be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The expenses of the arbitration (including any arbitrator fees) shall be borne equally by the Executive and the Company. Each of the
parties shall bear the fees and expenses of its own legal counsel. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Executive and the Company have executed this
Employment Agreement as of the date first above written. 
  

			
	 /s/ C. Clark Webb

	C. Clark Webb
		
	By:	 	 /s/ Robert Alpert

		 	P10 Holdings, Inc.

 EXHIBIT A- PERMITTED ACTIVITIES 

 

	1.	 Collaborative Imaging, LLC - Chairman 

 

	2.	 Crossroads Systems, Inc. – Board Member 

 

	3.	 Elah Holdings, Inc. – Chairman 

 

	4.	 210 Capital, LLC - Manager 

 

	5.	 Together with such future positions as Mr. Webb may hold in the entities listed above. 

Executive may hold other director or chairmanship positions as determined from time to time by Executive.EX-10.18

 EXHIBIT 10.18 

Certain information has been excluded from this Exhibit 10.18 because it is both not material and is the type that the registrant treats as
private or confidential. 
 REORGANIZATION AGREEMENT 

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

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

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

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

3. Intercompany Agreements. 

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

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

  
 2 

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

4. Board Resignations and Releases. 

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

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

5. Representations and Warranties. 

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

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

  

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

  

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

  

  
 3 

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

  

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

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

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

  
 4 

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

6.4 No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person
other than the Parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. 

6.5 Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be
assigned or delegated, in whole or in part, by operation of law or otherwise, by any Party hereto, without the prior written consent of the other Parties, and any such assignment without such prior written consent shall be null and void. Subject to
the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties hereto and their respective successors and permitted assigns. 

6.6 Further Assurances. Each Party hereto shall execute and deliver such instruments and take such other actions as may be
reasonably requested in order to carry out the intent of this Agreement or to better evidence or effectuate the transactions contemplated herein. 

6.7 SPA Provisions. The following provisions from the SPA shall apply mutatis mutandis to this Agreement (and are hereby
incorporated herein): Sections 11.3 (Waiver), 11.5 (Interpretation), 11.8 (Governing Law), 11.13 (Severability), 11.15 (Counterparts), 11.16 (Facsimile of .pdf Signature), 11.17 (Time of Essence), and 11.18 (No Presumption Against Drafting Party).

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

  
 5 

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

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

[Remainder of page intentionally left blank] 

  
 6 

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

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

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

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

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

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

 
			
	 ENHANCED CAPITAL HOLDINGS, INC.

		
	By:	 	 /s/ Michael Korengold

		 	Name: Michael Korengold
		 	Title: Chief Executive Officer

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

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

		 	Name: Michael Korengold

  
 SIGNATURE
PAGE TO REORGANIZATION AGREEMENT 

 SCHEDULE I 

ECG Permanent Capital Subsidiaries 
  

	1.	 Enhanced Utah Rural Investor, LLC 

	2.	 Enhanced Utah Note Issuer, LLC 

	3.	 Enhanced Capital Georgia Rural Investor, LLC 

	4.	 Enhanced Capital Rural Manager, LLC 

	5.	 Enhanced Capital Ohio Rural Investor, LLC 

	6.	 Enhanced Capital Ohio Rural Fund, LLC 

	7.	 EC Utah Rural Investor, LLC 

	8.	 EC Utah Rural Fund, LLC 

	9.	 Enhanced Capital Georgia Rural Holding, LLC 

	10.	 Enhanced Capital Georgia Rural Manager, LLC 

	11.	 Enhanced Capital Georgia Rural Note Issuer, LLC 

	12.	 Enhanced Capital Georgia Rural Fund, LLC 

  
 Schedule I 

 SCHEDULE II 

ECP Permanent Capital Subsidiaries 

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

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

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

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

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

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

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

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

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

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

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

  
 Schedule II – Page 1

 42. Enhanced Connecticut Holding, LLC 

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

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

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

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

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

58. Enhanced Capital GNP Funding Company, LLC 

  
 Schedule II – Page 2

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 EXHIBIT A 

ECP LLC Agreement 

[***] 

  
 Exhibit A 

 EXHIBIT B 

Advisory Agreement 
 [See Exhibit
10.22 of this Registration Statement] 

  
 Exhibit B 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 EXHIBIT C 

Enhanced PC LLC Agreement 

[***] 

  
 Exhibit C 

 EXHIBIT D 

Administrative Services Agreement 

[See Exhibit 10.22 to this Registration Statement] 

  
 Exhibit D 

 [***] Certain information has been excluded pursuant to Regulation S-K, Item 601(b)(10)(iv) from this
Document because it is both not material and is the type that the registrant treats as private or confidential. 
 EXHIBIT E 

ECH Consent 
 [***]

  
 Exhibit E

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