Document:

Exhibit 10.10

 

Execution
Version

 

 

 

 

 

 

 

 

 

 

PURCHASE
AND SALE AGREEMENT

 

by
and among

 

GROSVENOR
CAPITAL MANAGEMENT HOLDINGS, LLLP, 

 

CFIG
HOLDINGS, LLC,

 

GROSVENOR
CAPITAL MANAGEMENT, L.P.,

 

GCM
INVESTMENTS GP, LLC

 

and

 

MOSAIC
ACQUISITIONS 2020, L.P.

 

Dated
as of March 4, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I DEFINITIONS	1
	 	 	 
	SECTION
    1.01	Definitions	1
	 	 	 
	ARTICLE II SUBSCRIPTION	7
	 	 	 
	SECTION
    2.01	Purchase
    and Sale	7
	SECTION
    2.02	Closing	7
	SECTION
    2.03	Closing
    Deliverables	8
	SECTION
    2.04	Consideration
    Adjustments.	8
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER	9
	 	 	 
	SECTION
    3.01	Organization	9
	SECTION
    3.02	Authorization;
    Valid and Binding Agreements	9
	SECTION
    3.03	No
    Conflicts	9
	SECTION
    3.04	Consents
    and Approvals	9
	SECTION
    3.05	Litigation	9
	SECTION
    3.06	Information
    about the Acquired Assets, the GCM Entities and GCM Funds	10
	SECTION
    3.07	Compliance
    with Law	11
	SECTION
    3.08	Brokers’
    Fees	11
	SECTION
    3.09	Solvency	11
	SECTION
    3.10	Absence
    of Certain Changes	11
	SECTION
    3.11	Investigation;
    No Additional Representations	11
	 	 	 
	ARTICLE IV RESERVED	12
	 	 	 
	ARTICLE V COVENANTS	12
	 	 	 
	SECTION
    5.01	Tax
    Matters	12
	SECTION
    5.02	Post-Closing
    Covenants	12
	SECTION
    5.03	Assignment
    of Underlying Assets	13
	SECTION
    5.04	Prepayment	13
	SECTION
    5.05	Excluded
    Tax Amount	13
	 	 	 
	ARTICLE VI INDEMNIFICATION 	14
	 	 	 
	SECTION
    6.01	Indemnification
    by Seller	14
	SECTION
    6.02	Indemnification
    by SPV	14
	SECTION
    6.03	Survival
    of Representations and Warranties	14
	SECTION
    6.04	Indemnification
    Claims Procedures	15
	SECTION
    6.05	Limitation
    on Indemnification	16

 

    i

     

    

 

	SECTION
    6.06	Determination
    of Damages	17
	SECTION
    6.07	Exclusive
    Remedy	17
	 	 	 
	ARTICLE VII MISCELLANEOUS 	18
	 	 	 
	SECTION
    7.01	Expenses	18
	SECTION
    7.02	Governing
    Law; Amendment; Waiver	18
	SECTION
    7.03	Notices	18
	SECTION
    7.04	Further
    Assurances	19
	SECTION
    7.05	No
    Recourse	20
	SECTION
    7.06	Complete
    Agreement; Third Party Beneficiaries	20
	SECTION
    7.07	Assignment	20
	SECTION
    7.08	Interpretation	21
	SECTION
    7.09	Severability	21
	SECTION
    7.10	Specific
    Performance	21
	SECTION
    7.11	Waiver
    of Jury Trial; Arbitration; Consent to Jurisdiction	22
	SECTION
    7.12	Confidentiality	23
	SECTION
    7.13	Counterparts	23

 

Schedules
and Exhibits

Seller
Disclosure Schedules

Schedule
I – Acquired Assets

Schedule
II – Wire Instructions

Schedule
III – Potential GCM Payments

 

    ii

     

    

 

PURCHASE
AND SALE AGREEMENT

 

This
PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of March 2020, is by and among Grosvenor Capital Management
Holdings, LLLP, an Illinois limited liability limited partnership (“GCM LLLP”), CFIG Holdings, LLC, a Delaware
limited liability company, Grosvenor Capital Management, L.P., an Illinois limited partnership, and GCM Investments GP, LLC, a
Delaware limited liability company (together, the “Seller”), and Mosaic Acquisitions 2020, L.P., a Cayman Islands
exempted limited partnership (“SPV”). Each of Seller and SPV are individually referred to in this Agreement
as a “Party” and, collectively, as the “Parties”. Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to them in the Partnership Agreement (as defined below).

 

RECITALS

 

WHEREAS,
at the Closing (as defined below), on the terms and conditions set forth herein, the SPV wishes to directly or indirectly acquire
the assets set forth on Schedule I hereto (excluding the Excluded Tax Amount, the “Acquired Assets”);

 

WHEREAS,
in consideration for the transfer of the Acquired Assets and the other obligations of Seller set forth in this Agreement and in
the other Transaction Documents (the “Transaction”), at the Closing and on the terms and conditions set forth
herein, the SPV has agreed to pay aggregate consideration of $125,366,233 (the “Base Consideration”);

 

WHEREAS,
the Consideration, net of fees and expenses (including taxes) in connection with the Transaction, is expected to be used to prepay
certain indebtedness of Seller or otherwise reduce net indebtedness of Seller (the “Prepayment”); and

 

WHEREAS,
in connection with the Transaction, CFIG Holdings, LLC has, concurrently with the execution of this Agreement, entered into a
Commitment Agreement pursuant to which it has made a capital commitment of $15,000,000 to Mosaic GP Entity L.P., a Delaware limited
partnership, in exchange for Class Y Interests therein (as defined in the limited partnership agreement thereof).

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements contained in this Agreement, the Parties
agree as follows:

 

Article
I

 

Definitions

 

Section
1.01 Definitions. As used
in this Agreement, the following terms have the following meanings:

 

“AAA
Rules” has the meaning set forth in Section 7.11(b).

 

“Acquired
Assets” has the meaning set forth in the recitals to this Agreement.

 

    1

     

    

 

“Acquired
Pre-2016 Carry” has the meaning set forth in the Partnership Agreement.

 

“Affiliate”
has the meaning set forth in the Partnership Agreement, provided that neither the SPV, the CPPIB Feeder, nor CPPIB shall be deemed
to be an Affiliate of the Seller.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Assumed
Tax Rate” means the highest effective marginal statutory combined rate of U.S. federal, state and local income taxes
(including, without limitation, taxes imposed under Sections 1401 and 1411 of the Code) for a fiscal year prescribed for an individual
direct or indirect owner of Seller (taking into account the limitations on the deductibility of expenses and other items, and
the character (e.g. long-term or short-term capital gain or ordinary income or qualified dividend income) of the applicable income).

 

“Base
Consideration” has the meaning set forth in the recitals to this Agreement.

 

“Business
Day” has the meaning set forth in the Partnership Agreement.

 

“Claims
Notice” has the meaning set forth in Section 7.04.

 

“Clawback
Obligation” means, any and all Losses arising by operation of any “limited partner clawback”, “all
partner clawback”, “carried interest clawback” or similar obligation to return, repay or contribute distributions
of or distributions attributable to Acquired Pre-2016 Carry or the Funded GP Interests (whether effected by repayment, drawdown,
deduction from any capital account, set-off against any subsequent distribution or otherwise), pursuant to the applicable Portfolio
Property Agreements or under applicable Law which obligation relates to a distribution of Acquired Pre-2016 Carry made to Seller
(or any prior holder of such asset) on or prior to the Closing Date, provided that any such obligation relating to distributions
of Acquired Pre-2016 Carry made to Seller (or any prior holder of the assets forming the subject of the Acquired Pre-2016 Carry)
on or prior to the Effective Date shall only be deemed to be a Clawback Obligation if and to the extent that the amount of such
Acquired Pre-2016 Carry required to be returned, repaid or contributed (however effected) from time to time after the Effective
Date exceeds $3 million.

 

“Closing”
has the meaning set forth in Section 2.02.

 

“Closing
Date” has the meaning set forth in Section 2.02.

 

“Consideration”
shall mean the Base Consideration reduced, on a dollar-for-dollar basis (but not below zero), by the amount (if any) by which
(a) the aggregate amount of distributions, dividends and other payments of cash, securities or other property made, declared or
paid (or deemed under the applicable Portfolio Property Agreements to have been made, declared or paid) by a GCM Fund or a general
partner thereof to Seller in relation to or otherwise in connection with any Acquired Assets in the period from September 30,
2019 up to (and including) the Closing Date, exceeds (b) $11,931,222.

 

“CPPIB”
means CPP Investment Board Private Holdings (4) Inc , a Cayman Islands exempted limited partnership.

 

    2

     

    

 

“CPPIB
Contribution” has the meaning set forth in the Partnership Agreement.

 

“CPPIB
Feeder” means Mosaic Feeder L.P.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Contract”
means any binding agreement, lease, license, evidence of indebtedness, mortgage, indenture, security agreement or other contract.

 

“Deductible”
has the meaning set forth in Section 7.05(a).

 

“Effective
Date” means January 1, 2020.

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“Excluded
Obligations” means, in respect of the Acquired Assets, (i) any Clawback Obligations, and (ii) any liabilities for Taxes
either (A) attributable to the ownership of the Acquired Interests on or prior to the Effective Date (including if such Taxes
are paid by way of any withholding, set-off or deduction) or the sale by Seller of the Acquired Interests pursuant to this Agreement
(including pursuant to Sections 864, 897, 1445 and 1446 of the Code), or (B) assessed against any of the GCM Funds in respect
of Seller’s allocable share of any audit adjustments attributable to any item of income, gain, loss, deduction or credit
realized such GCM Fund on or prior to the applicable Effective Date.

 

“Excluded
Tax Amount” means, with respect to an Acquired Asset, (a) the aggregate 2019 tax liability of Seller in respect of the
2019 taxable income of such Acquired Asset, which shall be calculated as the total U.S. federal taxable income allocated to Seller
(or one of its Subsidiaries) from such Acquired Asset in respect of the 2019 taxable year multiplied by the Assumed Tax Rate minus
(b) the total distributions received by Seller (or one of its Subsidiaries) in 2019 specifically in respect of the amount in the
preceding clause (i) with respect to such Acquired Asset. Notwithstanding the foregoing, the Excluded Tax Amount shall be capped
at $10,000,000.

 

“Feeder
Partnership Agreement” means the Amended and Restated Exempted Limited Partnership Agreement of CPPIB Feeder, dated
the date hereof and effective as of the Effective Date.

 

“Funded
GP Interests” has the meaning set forth in the Partnership Agreement.

 

“GCM
Entities” means CFIG Fund Partners, L.P., CFIG Fund Partners II, L.P., CFIG Fund Partners III, L.P., GCM CFIG Fund Partners
IV, L.P., GCM PEREI Partners V, L.P., GCM Partners I, L.P., Hedge Fund Strategies Aggregator, LLC and Hedge Fund Strategies Aggregator2,
LLC; provided that, for the avoidance of doubt, “GCM Entity” shall exclude any GCM Fund (as defined below),
its portfolio companies (as such term is commonly understood in the private equity industry) and any Subsidiaries of any such
GCM Fund or portfolio company.

 

    3

     

    

 

“GCM
Fund” means an investment fund, investment vehicle or managed account, regardless of legal or juridical structure or
form, to which Seller or any Subsidiary serves as sponsor, general partner, manager, managing member, investment manager, investment
adviser, sub-adviser, or in such other similar capacity however described.

 

“GCM
LLLP” has the meaning set forth in the preamble to this Agreement.

 

“GP
Entity” means Mosaic GP Entity, L.P., a Delaware limited partnership.

 

“GP
Entity Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of GP Entity, dated as of
the date hereof and effective as of the Effective Date.

 

“Governmental
Authority” means, the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, or any supranational authority or body or self-regulatory organization and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

“Indebtedness”
means, with respect to a Person, (a) indebtedness of such Person for borrowed money, (b) any obligations of such Person evidenced
by any note, bond, debenture, promissory note or other debt security or similar instrument, (c) letters of credit to the extent
drawn by such Person and (d) indebtedness of the type referred to in the foregoing clauses (a) – (c), whether by the first
Person or any other Person, that is guaranteed by such first Person.

 

“Indemnified
Party” has the meaning set forth in Section 7.04.

 

“Indemnifying
Party” has the meaning set forth in Section 7.04.

 

“Initial
Contribution” has the meaning set forth in the Partnership Agreement.

 

“Intermediate
Vehicle” means (a) as of the date hereof, the entities set forth on Section 1.01(a) of the Seller Disclosure Schedule
and (b) any other Person that hereafter (i) directly or indirectly, holds an interest in a GCM Fund and (ii) in which the SPV
is directly or indirectly invested including, without limitation to the generality of the foregoing, the Newco Subsidiary; provided
that none of the following shall be deemed to be an Intermediate Vehicle: (1) any GCM Fund, (2) any Subsidiary of any of the foregoing
in clause (1), (3) any other Person in which any of the foregoing in clauses (1) or (2) holds any interest or (4) GP Entity.

 

“Knowledge
of Seller” means the actual knowledge (without duty of inquiry) of the individuals set forth on Section 1.01(b) of the
Seller Disclosure Schedules.

 

“Laws”
means, any applicable laws, ordinances, rules or regulations or any applicable orders, judgments or decrees and any other requirements
with similar effect of any Governmental Authority.

 

    4

     

    

 

“Liens”
means any mortgage, pledge, assessment, security interest, lease, lien, claim, restriction, easement, levy, charge or other encumbrance
of any kind, excluding any of the foregoing to the extent arising under applicable securities Laws or pursuant to the express
terms of the Transaction Documents.

 

“Losses”
means, with respect to a subject Person, all costs, Taxes, interest, charges, expenses (including reasonable and documented out-of-pocket
attorneys’ fees), obligations, liabilities, settlement payments, awards, judgments, fines, penalties, damages, assessments
or deficiencies; provided that in each case “Losses” shall not include any punitive damages, exemplary damages,
loss of business reputation or opportunity, remote or speculative damages, incidental or consequential damages or loss of profits,
except in each case if such damages are payable directly by a Person as a result of a Third Party Claim.

 

“Maximum
Recall Amount” means, at any time, the sum of $15,100,000 plus the aggregate Potential GCM Payments made at or prior
to such time.

 

“Newco
Subsidiary” means Mosaic Newco Subsidiary, L.P., a Delaware limited partnership.

 

“Newco
Subsidiary Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of Newco Subsidiary,
dated as of the date hereof and effective as of the Effective Date.

 

“Other
Cap Amount” means an amount equal to the greater of (a) such amount which, if such amount was (i) received by CPPIB
Feeder and (ii) aggregated with CPPIB Proceeds, would result in CPPIB Feeder receiving 12% IRR on an investment of $173,327,307
made on the date hereof, and (b) 130% of $173,327,307.

 

“Partnership
Agreement” means the Second Amended and Restated Exempted Limited Partnership Agreement of SPV, dated the date hereof
and effective as of the Effective Date.

 

“Party”
has the meaning set forth in the preamble to this Agreement.

 

“Person”
means any natural person, corporation, limited liability company, general partnership, limited partnership, proprietorship, other
business organization, trust, union, association or Governmental Authority.

 

“Portfolio
Property Agreement” shall mean, in relation to the Acquired Assets, any agreement, instrument or document to which a
Seller is a party or that governs or regulates the terms of a Seller’s ownership of the applicable Acquired Assets, including
subscription agreements, partnership agreements, side letters and other similar agreements, and any schedules or exhibits thereto,
in each case, as amended, modified or supplemented from time to time.

 

“Potential
GCM Payment” has the meaning set forth in Section 2.04(b).

 

“Prepayment”
has the meaning set forth in the recitals to this Agreement.

 

    5

     

    

 

“Put
Agreement” means the Put Agreement, dated as of the Closing Date, by and among GCM LLLP, CPPIB and CPPIB Feeder.

 

“Recall
Amount” has the meaning set forth in Section 2.04(c).

 

“Related
Parties” has the meaning set forth in Section 7.05.

 

“Seller”
has the meaning set forth in the preamble to this Agreement.

 

“Seller
Fundamental Representations” means the representations and warranties set out in Sections 3.01, 3.02,
3.06(a), 3.06(b), 3.06(d) and 3.08 of this Agreement.

 

“Seller
Indemnitees” has the meaning set forth in Section 6.02.

 

“Seller
Representations” means the representations and warranties set out in Article III this Agreement.

 

“Seller
Disclosure Schedules” has the meaning set forth in the preamble to Article III.

 

“SPV”
has the meaning set forth in the preamble to this Agreement.

 

“SPV
Indemnitees” has the meaning set forth in Section 6.01.

 

“Subsidiary”
means, for any Person, any other Person of which the initial Person directly or indirectly owns more than fifty percent (50%)
of the outstanding voting securities or that is required to be consolidated with the initial person under United States GAAP.
No existing or hereafter organized GCM Fund shall be deemed a Subsidiary for any purpose.

 

“Survival
Date” means:

 

(a) in
respect of the Seller Fundamental Representations, the date falling on the sixth anniversary of the Closing Date;

 

(b) in
respect of the Seller Representation set forth in Section 3.03, the date falling on the sixth anniversary of the Closing
Date;

 

(c) in
respect of any Seller Representation that is not referred to in clauses (a) or (b) of this definition of “Survival Date”,
the date that is eighteen (18) months from the Closing Date and

 

(d) in
respect of claims for indemnification for Excluded Obligations or any claim arising out of a breach by a Party of the covenants
made by such Party contained in this Agreement, the date of expiration of the applicable statute of limitations.1

 

 

		1	Note
to Draft: Moved from 6.03(c).

 

    6

     

    

 

“Taxes”
means any income, gross or net receipts, real or personal property, sales, use, capital gain, transfer, excise, estimated, license,
production, franchise, employment, social security, occupation, payroll, registration, governmental pension or insurance, withholding,
profits, capital, royalty, severance, stamp or documentary, value added, corporation, alternative, minimum, business or occupation
or other tax, charge, assessment, duty, custom, impost, toll, levy, compulsory loan or fee of any kind (including any interest,
additions to tax, or civil or criminal penalties thereon) of any country or any jurisdiction therein.

 

“Term
Loan” means that certain Credit Agreement, dated as of January 2, 2014 (as amended by Amendment No. 1, dated as of August
18, 2016, Amendment No. 2, dated as of April 19, 2017, Omnibus Amendment No. 1, dated as of August 15, 2017, Amendment No. 3,
dated as of August 22, 2017, Amendment No. 4, dated as of March 29, 2018, and Amendment No. 5, dated as of the Closing Date),
among Grosvenor Capital Management Holdings, LLLP, Grosvenor Holdings, L.L.C., Grosvenor Holdings II, L.L.C., GCMH GP, L.L.C.,
GCM, L.L.C., the lending institutions from time to time party thereto and Goldman Sachs Bank USA, as the Administrative Agent
and the Collateral Agent.

 

“Third
Party Claim” has the meaning set forth in Section 6.04.

 

“Transaction”
has the meaning set forth in the recitals to this Agreement.

 

“Transaction
Documents” has the meaning set forth in the Partnership Agreement and shall additionally include any other document
to be executed and delivered by a Party at the Closing.

 

“Transfer
Taxes” means all sales (including bulk sales), use, transfer (including real property transfers), filing, recording,
ad valorem, privilege, documentary, registration, conveyance, excise, license, stamp, duties or similar taxes, together with any
interest, additions or penalties with respect thereto.

 

“Trigger
Event” has the meaning ascribed to such term in the Partnership Agreement.

 

Article
II

 

SUBSCRIPTION

 

Section
2.01 Purchase and Sale.
Upon the terms and subject to the conditions of this Agreement, at the Closing and effective as of the Effective Date, Seller
shall assign, transfer and deliver to SPV free and clear from all Liens, and SPV shall purchase and acquire, the Acquired
Assets in exchange for the Consideration, subject to adjustment pursuant to Section 2.04.

 

Section
2.02 Closing. The consummation of
the Transaction (the “Closing”) shall take place on the date hereof upon the exchange of executed documents
via facsimile or electronic mail. The date on which the Closing occurs is referred to as the “Closing Date.”
The SPV shall not be obliged to purchase and acquire any of the Acquired Assets unless 100% of the Acquired Assets are simultaneously
acquired pursuant to the terms of this Agreement.

 

    7

     

    

 

Section
2.03 Closing Deliverables. At the
Closing on the Closing Date:

 

(a) SPV
shall pay the Consideration, in aggregate, to Seller by wire transfer of immediately available funds to the applicable account
set forth on Schedule II;

 

(b) Seller
shall deliver to SPV each of the Transaction Documents to which it or any of its Affiliates is a party, duly executed by it or
the applicable Affiliate(s); and

 

(c) Seller
shall provide an Internal Revenue Service Form W-9.

 

Section
2.04 Consideration Adjustments.

 

(a) [Intentionally
omitted]

 

(b) Potential
GCM Payments. Following the Closing, so long as the Acquired Assets are directly or indirectly owned by CPPIB Feeder or a
permitted transferee thereof in accordance with the Partnership Agreement, Seller or its Affiliates shall make the payments (the
“Potential GCM Payments”) to the SPV in the amounts and at the times set forth on Schedule III, by wire transfer
of immediately available funds to the account or accounts of the SPV specified in writing by SPV at least five (5) Business Days
prior to the applicable payment date. Notwithstanding anything to the contrary in this Agreement, neither any Party hereto nor
any of their Related Parties shall be liable for any breach of this Section 2.04(b), and the sole remedy of any Person
for any breach or default of this Section 2.04(b) shall be the rights and remedies of CPPIB and CPPIB Feeder set forth
in the Put Agreement. All Potential GCM Payments shall be treated as adjustments to the Consideration for all U.S. federal income
tax purposes.

 

(c) Recall
Amount. The SPV agrees that following January 1, 2023, provided that no Trigger Event has occurred, Seller may from time to
time require the SPV to return to any GCM Entity designated by Seller an amount (the “Recall Amount”) which
is determined by Seller, equal to the sum of all CPPIB Proceeds less all CPPIB Contributions (each as defined in the Partnership
Agreement, but in the case of “CPPIB Contributions” excluding for these purposes the Initial Contribution), up to
the Maximum Recall Amount in total. Each payment of a Recall Amount shall be contributed to such GCM Entity designated by Seller
by wire transfer of immediately available funds as specified in writing by Seller upon at least ten (10) Business Days’
prior written notice (or upon at least five (5) Business Days’ prior written notice if and to the extent that a GCM Entity
is contractually obligated to fund any related payment in a shorter time period than such ten (10) Business Day period). Unless
otherwise agreed to in writing by Seller, all payments of the Recall Amount shall be in Dollars. Any payment of a Recall Amount
shall be treated as an adjustment to the Consideration for U.S. federal income tax purposes.

 

    8

     

    

 

Article
III

 

REPRESENTATIONS
AND WARRANTIES OF Seller

 

Seller
represents and warrants to the SPV as of the date hereof that, except as set forth in the Seller Disclosure Schedules delivered
concurrently with the execution and delivery of this Agreement (the “Seller Disclosure Schedules”) (provided
that disclosure in any section of the Seller Disclosure Schedules shall be deemed to have been disclosed for purposes of any other
section where the relevance of such disclosure to such other section is reasonably apparent) as follows:

 

Section
3.01 Organization. Seller
is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite
power and authority to enter into this Agreement and the other Transaction Documents to which it is or will be a party and to
consummate the Transaction.

 

Section
3.02 Authorization; Valid and Binding Agreements.
The execution and delivery by Seller of this Agreement and the other Transaction Documents to which it is or will be a party,
and the consummation by Seller of the Transaction, have been duly authorized by all necessary action of Seller. This Agreement
and each such other Transaction Document has been or will be duly executed and delivered by Seller and, when duly executed and
delivered by the other Parties, will be the valid and binding obligation of Seller enforceable against it in accordance with the
terms thereof, except as such enforceability may be limited by or subject to any bankruptcy, insolvency, reorganization, moratorium
or other similar laws of general application affecting creditors’ rights generally or by general principles of equity.

 

Section
3.03 No Conflicts. (a) Neither
the execution and delivery of this Agreement nor any other Transaction Document, nor the consummation of the Transaction, will,
with or without the giving of notice, the lapse of time, or both, result in any violation of or be in conflict with, or constitute
a default under, or accelerate performance provided by the terms of (i) (A) the organizational documents of any GCM Entity, (B)
any Law applicable to any GCM Entity or (C) any Contract to which any GCM Entity is a party (including, without limitation to
the generality of the foregoing, any Contract with any member, shareholder, unitholder, and/or debt or financing provider) or
(ii) to the Knowledge of Seller (A) the organizational documents of any GCM Fund, (B) any Law applicable to any GCM Fund or (C)
any Contract to which any GCM Fund is a party and (b) no transfer of any Acquired Assets is being made by Seller with the intent
to hinder, delay, or defraud either present or future creditors, members, unitholders or shareholders of Seller; except in each
case of clauses (a) and (b) as would not, in the aggregate, result in Losses to the SPV Indemnitees in excess of $8,666,365.

 

Section
3.04 Consents and Approvals.
Except as may have been obtained or made on or prior to the date of this Agreement, Seller is not required to obtain any consent,
waiver or approval of, or to make any filing, notification or registration with, any Governmental Authority in connection with
the execution, delivery and performance of this Agreement or any other Transaction Document or the consummation of the Transaction.

 

Section
3.05 Litigation. There is no action,
suit, claim, proceeding or arbitration pending or, to the Knowledge of Seller, threatened against Seller, any GCM Entity or any
GCM Fund, at law or in equity, before or by any Governmental Authority, which, if adversely determined, would question the validity
of, or prevent the consummation of, the Transaction or materially and adversely affect the Acquired Assets, taken as a whole.
There is no action or suit, at law or in equity, before or by any Governmental Authority, by Seller or its Affiliates pending
or, to the Knowledge of Seller, threatened against any other person relating to the Acquired Assets.

 

    9

     

    

 

Section
3.06 Information about the Acquired Assets,
the GCM Entities and GCM Funds.

 

(a) Following
the Closing and effective as of the Effective Date, and subject to the terms and conditions of the Partnership Agreement and the
other Transaction Documents, the ownership of the Acquired Assets will entitle SPV to the economics set forth in Section 3.06(a)
of the Seller Disclosure Schedules which, for the avoidance of doubt, shall exclude the Excluded Tax Amount with respect to the
Acquired Assets.

 

(b) As
of the Closing Date, fewer than 30% of the GCM Funds (such percentage being determined by reference to the number of GCM Funds
forming part of the Acquired Assets) are subject to organizational documents or other Contracts that require such GCM Funds (or
any GCM Entity) to escrow or reserve proceeds from such Acquired Assets, excluding any escrows or reserves as required by Law.

 

(c) The
investment advisor of each GCM Fund that forms a part of the Acquired Assets relies upon, and is in compliance with, Rule 206(4)-2
of the Investment Advisers Act of 1940 (including applicable guidance and no-action letters and also including with respect to
the account of a limited partnership (or limited liability company, or another type of pooled investment vehicle) that is subject
to audit (as defined in Rule 1-02(d) of Regulation S-X)).

 

(d) Seller
owns all right, title and interests (legal and beneficial) in and to the Acquired Assets as of immediately prior to the Closing,
free and clear of all Liens. Subject to SPV complying with its obligation to pay the Consideration pursuant to Section 2.03(a),
at the Closing, Seller shall have delivered to SPV, and SPV shall have acquired, good and valid title to the Acquired Assets free
and clear of all Liens with effect as of the Effective Date.

 

(e) Section
3.06(e) of the Seller Disclosure Schedules sets forth Seller’s good faith calculation of the GCM Entities’ reporting
period-ended September 30, 2019 Net Asset Value (as defined in the Partnership Agreement) of the Acquired Pre-2016 Carry, the
Acquired Initial Post 2016 Carry (as defined in the Partnership Agreement) and the Funded GP Interests (as defined in the Partnership
Agreement), calculated based on the GCM Entities’ internal valuation policies and in accordance with past practice used
in the preparation of annual accounts prepared in accordance with the governing documents of the GCM Funds, utilizing valuations
as provided by third party managers and valued by third party valuation firms (where applicable). From September 30, 2019 to (and
including) the Closing Date, an aggregate of $11,931,222 in distributions, dividends or other payments of cash, securities or
other property have been made, declared or paid (or deemed under the applicable Portfolio Property Agreements to have been made,
declared or paid) by a GCM Fund or a general partner thereof to Seller in relation to or in connection with any Acquired Assets.
Distributions, dividends and other payments of less than $150,000,000, in aggregate, have been made, declared or paid to Seller
in relation to or in connection with the Acquired Assets in the period prior to September 30, 2019.

 

(f) Seller
is not in default or in breach of any Portfolio Property Agreement, nor, to the Knowledge of Seller, is there any reasonable basis
for any valid claim against Seller arising from or in connection with such a default or breach, in each case except as would not,
in the aggregate, result in Losses to the SPV Indemnitees in excess of $4,333,183.

 

    10

     

    

 

Section
3.07 Compliance with Law.
Since January 1, 2017, the operation of the GCM Entities and the GCM Funds, in each case solely to the extent relating to the
Acquired Assets, has been conducted in all material respects in accordance with all applicable Laws except as would not, individually
or in the aggregate, reasonably be expected to be material to the GCM Entities and GCM Funds, taken as a whole.

 

Section
3.08 Brokers’ Fees. Except
a fee payable to Ardea Partners in the amount of $2 million (which is payable solely by Seller), Seller has not entered into any
agreement to pay any brokers’ or finders’ fees to any Person with respect to this Agreement or the sale of the Acquired
Assets contemplated hereby for which the SPV, CPPIB Feeder, CPPIB, any Intermediate Vehicle or any GCM Fund would be directly
or indirectly liable.

 

Section
3.09 Solvency. Seller has
not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered the
filing of any involuntary petition by its creditors, (iii) suffered the appointment of a receiver to take possession of all, or
substantially all, of its assets, (iv) suffered the attachment or other judicial seizure of all, or substantially all, of its
assets, (v) admitted in writing its inability to pay its debts as they come due, or (vi) made an offer of settlement, extension
or composition to its creditors generally. Seller is Solvent, and was Solvent before, and will be Solvent immediately after, giving
effect to the transactions contemplated by this Agreement and the Transaction Documents. For the purpose of this Section 3.09,
“Solvent” means, with respect to any person on a particular date, that on such date (i) the fair value of the
property of such person (including its Subsidiaries taken as a whole) is greater than the total amount of liabilities (including
contingent liabilities) of such person (including its Subsidiaries taken as a whole), (ii) the present fair salable value of the
assets of such person (including its Subsidiaries taken as a whole) is not less than the amount that will be required to pay the
probable liabilities of such person (including its Subsidiaries as a whole) on its debts as they become absolute and mature, and
(iii) such person (including its Subsidiaries as a whole) can pay their stated liabilities (including identified contingent liabilities)
as they mature).

 

Section
3.10 Absence of Certain Changes.
Between February 27, 2020 to the date hereof, no action has been taken that, if this Agreement were in effect, would have required
CPPIB’s prior written consent pursuant to Sections 5.02(a)(i), (iii) or (iv).

 

Section
3.11 Investigation; No Additional Representations.
In entering into this Agreement, Seller acknowledges and agrees that, except for the representations and warranties expressly
set forth in Article IV, none of SPV, CPPIB, CPPIB Feeder or any of their respective Affiliates nor any other Person on
behalf of any of them, makes or shall be deemed to make any representation or warranty to the Seller or any other Person with
respect to the Transaction, express or implied, at law or in equity (including as to the accuracy or completeness of any of the
information provided or made available to the Seller or any of its agents, representatives, or Affiliates prior to the execution
of this Agreement) and the Seller hereby disclaims any such representation or warranty, whether by SPV, CPPIB, CPPIB Feeder, their
respective Affiliates or any other Person, notwithstanding the delivery or disclosure to the Seller or any of its or its Affiliates’
officers, directors, employees, agents or representatives or any other Person, of any documentation or other with respect to the
foregoing.

 

    11

     

    

 

Article
IV

 

RESERVED

 

Article
V

 

COVENANTS

 

Section
5.01 Tax Matters. All Transfer
Taxes incurred in connection with the consummation of the Transaction shall be borne equally by Seller and the SPV.

 

Section
5.02 Post-Closing Covenants. Following
the Closing, Seller agrees that for so long as any of the Acquired Assets are indirectly owned by CPPIB or a permitted transferee
thereof in accordance with the Partnership Agreement, except as permitted pursuant to the Partnership Agreement and the other
Transaction Documents, without the prior written consent of CPPIB:

 

(a) it
will not, and will not permit any of its wholly-owned direct or indirect Subsidiaries with respect to the Acquired Assets (excluding
any actions or transactions by any GCM Fund, provided such actions or transactions do not disproportionately and adversely affect
the SPV’s economic entitlements in the Acquired Assets), to:

 

(i) modify
the governing documents of any GCM Fund or of any Intermediate Vehicle that receives distributions of carried interest from any
of the GCM Funds, in each case, so as to adversely impact the SPV’s economic entitlements in the Acquired Assets, including
any modification that would result in a material delay in the distribution of cash which is due to SPV to which SPV is or would
be entitled as a result of its ownership of the Acquired Assets (in each case, except in the ordinary course or in accordance
with past practice);

 

(ii) seek
to delay or withhold (for a period of 60 days or more), or reduce, any distributions attributable to any of the Acquired Assets
in an aggregate amount at any time in excess of $1,000,000 except (A) for the establishment of reasonable reserves for expenses
and liabilities of SPV and its Subsidiaries, (B) as required by the governing documents of a GCM Fund, (C) to the extent failing
to do so would reasonably be likely to be inconsistent with the duties of a GCM Entity to a GCM Fund or (C) in the ordinary course
of business consistent with past practice; or

 

(iii) take
or fail to take any action, an intended purpose of which is to deprive SPV of its economic entitlements in the Acquired Assets;

 

(b) it
shall not permit any Intermediate Vehicle through which the entitlement to proceeds in respect of the Acquired Assets would be
distributed or would flow through to (x) incur any Indebtedness or (y) create any mortgage, charge, pledge or other encumbrance
securing all or any of the assets of such Intermediate Vehicle as security for the repayment of such Indebtedness, in each case
other than (i) in respect of borrowings or any activities of the GCM Funds in the ordinary course as set out in the GCM Funds’
governing documents or (ii) in the ordinary course and consistent with GCM LLLP’s prior practice in respect of carried interest
arrangements or in respect of borrowings pursuant to the Term Loan, and provided further that the Indebtedness as permitted in
clause (ii) above and any related mortgage, charge, pledge or other encumbrance securing all or any of the assets of an Intermediate
Vehicle (whether with respect to the Acquired Assets or otherwise) has no adverse effect on the distributions, including but not
limited to the delay, deferral or forfeiture, that the SPV is entitled to receive from or by reference to the Acquired Assets
nor is the SPV allocated any costs, expenses or liabilities solely in respect of such Indebtedness; and

 

    12

     

    

 

(c) shall,
or shall cause another GCM Entity to, commit to invest, or invest, at least $10,000,000 of additional funds to GCM Funds in respect
of Future GP Commitments (as defined in the Partnership Agreement) in excess of those committed to as of the date hereof as set
forth on Section 5.02(c) of the Seller Disclosure Schedules.

 

Section
5.03 Assignment of Underlying Assets.
Seller agrees to cause its Affiliates to approve an assignment and assumption of interests in GCM Entities with respect to the
Acquired Assets to the SPV at the Closing and to cause the admission of the SPV as a limited partner of such entities at the Closing.

 

Section
5.04 Prepayment. Seller shall,
immediately upon receiving the Consideration, make the Prepayment such that any Liens over the Acquired Assets (or any part thereof)
which relate to the indebtedness of Seller are released on the Closing Date.

 

Section
5.05 Excluded Tax Amount. Following
Seller’s receipt of all Internal Revenue Service Schedule K-1s in respect of the Acquired Assets for the 2019 taxable year,
Seller shall deliver to the SPV a computation of the amount of the Excluded Tax Amount with respect to each Acquired Asset. The
Excluded Tax Amounts shall not be distributed to the SPV in respect of the Acquired Assets and instead shall be distributed by
the applicable GCM Entity to Seller. Notwithstanding the foregoing, to the extent Seller has not received such Excluded Tax Amounts
within ten (10) Business Days of the SPV’s receipt of the computation of the Excluded Tax Amount described above with respect
to any applicable GCM Entity and Seller reasonably demonstrates that the SPV has incorrectly received a distribution of any such
Excluded Tax Amount, the SPV will promptly (and in any event within five (5) Business Days), pay to Seller such Excluded Tax Amount
by wire transfer of immediately available funds to an account specified by Seller. The parties agree to treat any Excluded Tax
Amount as distributed by the applicable GCM Entity to Seller as a distribution under Section 731 of the Code and any payment by
the SPV to Seller in relation to an Excluded Tax Amount as a purchase price adjustment for all U.S. Federal income tax purposes
to the extent such amounts have not been treated as having been distributed directly by the applicable GCM Entity to Seller under
Section 731 of the Code.

 

    13

     

    

 

Article
VI

 

INDEMNIFICATION

 

Section
6.01 Indemnification by Seller.
Subject to the applicable limitations and other provisions of this Article VI, Seller shall indemnify and hold harmless
the SPV and its Related Parties (the “SPV Indemnitees”) from and against any and all Losses asserted against,
incurred, sustained or suffered by any of them to the extent as a result of, arising out of or relating to (a) any breach or violation
of, or inaccuracy in, any representation or warranty made by Seller and contained in this Agreement, (b) any failure by Seller
to perform any of its covenants, agreements or obligations contained in this Agreement, (c) any Excluded Obligations, (d) an injunction
preventing distributions in respect of Acquired Assets to the SPV, or by the SPV to CPPIB Feeder, or by GP Entity to SPV, or by
Newco Subsidiary to SPV or GP Entity, as a result of, arising out of or relating to any breach or violation of, or inaccuracy
in, Section 3.03, and/or (e) (i) any fraud or willful and wanton misconduct of (A) GCM LLLP or any successor general partner
which is an Affiliate of it, in respect of its obligations and duties as general partner of SPV, (B) Lakeshore Investments GP,
LLC or any successor general partner which is an Affiliate of it, in respect of its obligations and duties as general partner
of CPPIB Feeder, (C) CFIG Holdings, LLC or any successor general partner which is an Affiliate of it, in respect of its obligations
and duties as general partner of GP Entity, or (D) GP Entity, or any successor general partner which is an Affiliate of it, in
respect of its obligations and duties as general partner of Newco Subsidiary, in each case of this clause (i) resulting in a Loss
to the SPV or (ii) any material breach by (A) GCM LLLP or any successor general partner which is an Affiliate of it, of its covenants,
agreements or obligations contained in the Partnership Agreement, (B) Lakeshore Investments GP, LLC or any successor general partner
which is an Affiliate of it, of its covenants, agreements or obligations contained in the Feeder Partnership Agreement, (C) CFIG
Holdings, LLC or any successor general partner which is an Affiliate of it, of its covenants, agreements or obligations contained
in the GP Entity Partnership Agreement, or (D) GP Entity, or any successor general partner which is an Affiliate of it, of its
covenants, agreements or obligations contained in the Newco Subsidiary Partnership Agreement, in each case of this clause (ii)
arising out of its gross negligence or bad faith and resulting in a material Loss to the SPV.

 

Section
6.02 Indemnification by SPV. Subject
to the applicable limitations and other provisions of this Article VI, SPV shall indemnify and hold harmless Seller and
its Related Parties (the “Seller Indemnitees”) from and against any and all Losses asserted against, incurred,
sustained or suffered by any of them to the extent as a result of, arising out of or relating to any failure by the SPV to perform
any of its covenants, agreements or obligations contained in this Agreement.

 

Section
6.03 Survival of Representations and Warranties.

 

(a) All
representations, warranties, covenants and agreements set forth in this Agreement will survive the Closing for the periods set
forth in this Section 6.03.

 

(b) With
respect to any claim or claims for breaches of representations, warranties or covenants contained in this Agreement, or a claim
or claims for indemnification for Excluded Obligations, no Indemnifying Party will be liable with respect thereto unless written
notice of a possible claim for indemnification with respect to such matter is given by the Indemnified Party to such Indemnifying
Party on or before the applicable Survival Date, it being understood that so long as such written notice is given on or prior
to the Survival Date, such representation, warranty, covenant or claim for indemnification for Excluded Obligations shall continue
to survive until such matter is resolved, but only with respect to the matter(s) identified in such notice(s) of possible claim(s).
It is the express intent of the Parties that, if an applicable Survival Date as contemplated by this Section 6.03(b) relating
to a claim is shorter than the statute of limitations that would otherwise have been applicable to such claim, then, by contract,
the applicable statute of limitations relating to that claim shall be reduced to the shortened Survival Date contemplated hereby.
Any investigation or other examination that may be made at any time by or on behalf of a Party to which representations and warranties
are made shall not limit, diminish or in any way affect the specific representations and warranties in this Agreement, and the
parties may rely on the specific representations and warranties in this Agreement (as qualified by the Seller Disclosure Schedules),
irrespective of any information obtained by them by any investigation, examination or otherwise.

 

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Section
6.04 Indemnification Claims Procedures.
Any claim by a Party (the “Indemnified Party”) for indemnification pursuant to this Article VI shall
be made by a written notice to the other Party (the “Indemnifying Party”) (and in the case of Section 6.01(a),
(b) or (c), prior to the applicable Survival Date), describing such claim in reasonable detail, including (to the
extent reasonably ascertainable) the amount or estimated amount of Losses, the basis thereof and the provisions of this Agreement
upon which such claim for indemnification is made, and including a copy of all materials and claims received with respect to such
claim (a “Claims Notice”). In the event an Indemnified Party becomes aware of a claim made by any third party
against the Indemnified Party (a “Third Party Claim”), which the Indemnified Party reasonably believes could
result in a claim for indemnification pursuant to Section 6.01 or Section 6.02, as applicable, the Indemnified Party
shall promptly notify the Indemnifying Party of such claim in a Claims Notice; provided, however, that no failure
or delay in the serving of such notice shall in any way relieve the Indemnifying Party of its indemnification obligations except
to the extent the Indemnifying Party shall have been actually prejudiced as a result of such failure or delay. Such Claims Notice
shall also reasonably summarize, to the extent possible, (i) the basis for the claim for indemnification and any claim or liability
being asserted by a third party, (ii) the representation and warranty or covenant or other agreement that is alleged to have been
inaccurate or to have been breached and (iii) (to the extent reasonably ascertainable) the aggregate amount of the Losses for
which a claim is being made under this Article VI. Following receipt of a Claims Notice with respect to a Third Party Claim,
the Indemnifying Party may, at its option, assume the defense of the Third Party Claim and any litigation resulting therefrom
with counsel selected by it, subject to the Indemnifying Party undertaking, in a form reasonably acceptable to the Indemnified
Party, to indemnify the Indemnified Party and its Related Parties for any Losses arising therefrom (subject to Section 6.05
and the other provisions of this Article VI). In the event the Indemnifying Party assumes the defense of the Third
Party Claim, the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense
of such Third Party Claim; provided that if the named parties to the Third Party Claim or related litigation include both
the Indemnifying Party and the Indemnified Party, and in the written opinion of the Indemnified Party’s outside counsel
there exists a material conflict of interest between the Indemnified Party and the Indemnifying Party, the Indemnified Party may
engage separate counsel and the Indemnifying Party shall pay the reasonable and documented fees and disbursements of such separate
counsel (subject to consultation in relation to the choice of counsel with the Indemnifying Party) which shall be limited to one
counsel to the Indemnified Party. Whether or not the Indemnifying Party has assumed the defense of a Third Party Claim, the Indemnifying
Party shall not be obligated to indemnify the Indemnified Party with respect to any settlement entered into or any judgment consented
to without the Indemnifying Party’s prior written consent (not to be unreasonably withheld). The Indemnified Party shall
reasonably cooperate and assist the Indemnifying Party in determining the validity of any claim for indemnity and in otherwise
defending and resolving such matters, which assistance and cooperation shall include providing reasonable access to and copies
of information, records and documents reasonably requested relating to such matters. Any indemnification payment shall be treated
for tax purposes as an adjustment to the applicable portion of the Consideration, to the extent permitted under applicable Law.

 

    15

     

    

 

Section
6.05 Limitation on Indemnification.
Notwithstanding any other provision of this Agreement to the contrary:

 

(a) Seller.
Notwithstanding anything in Section 6.01 to the contrary, Seller shall not be required to indemnify and hold harmless the
SPV Indemnitees (i) pursuant to Section 6.01(a) with respect to the Seller Fundamental Representations, if and to the extent
that the aggregate amount of such Losses exceeds an amount equal to 115% of $173,327,307; (ii) pursuant to Section 6.01(a)
(other than indemnification obligations referred to in the preceding clause (i) or arising from or in connection with a breach
of the Seller Representation at Section 3.03), if and to the extent that the aggregate amount of such Losses exceeds $173,327,307;
(iii) pursuant to Section 6.01(a), with respect to a breach of the Seller Representation at Section 3.03, if and
to the extent that the aggregate amount of such Losses exceeds the Other Cap Amount; (iv) pursuant to Section 6.01(b) or
pursuant to Section 6.01(a) with respect to Section 3.10, if and to the extent the aggregate amount of such Losses
exceeds $173,327,307; (v) pursuant to Section 6.01(c) with respect to Clawback Obligations, if and to the extent that the
aggregate amount of such Losses exceeds $173,327,307; (vi) pursuant to Section 6.01(d), if and to the extent that the aggregate
amount of such Losses exceeds the Other Cap Amount; and (vi) pursuant to Section 6.01(e)(ii), if and to the extent that
the aggregate amount of such Losses exceeds the Other Cap Amount; provided that, in the case of each of clauses (i) to
(vi) (inclusive), each such amount shall be reduced (but not below zero) by the aggregate amount paid by Seller to SPV in satisfaction
of an obligation to indemnify SPV pursuant to any other clause of Section 6.01. Except with respect to the Seller Fundamental
Representations or Section 3.10, Seller shall not be liable in connection with any indemnification obligations pursuant
to Section 6.01(a) (x) with respect to any individual claim unless such claim (together with all other claims, if any,
resulting from the same or related facts and circumstances) is greater than $173,327 and (y) until the SPV Indemnitees have suffered
aggregate Losses arising from one or more breaches of Seller Representations (excluding Losses not indemnifiable pursuant to the
preceding clause (x)) in excess of $866,636 (the “Deductible”) in the aggregate (after which point Seller will,
subject to the immediately preceding sentence, be obligated to provide indemnification for all such indemnifiable Losses in excess
of the Deductible). Notwithstanding the foregoing provisions of this Section 6.05(a), the SPV Indemnitees shall not be
subject to any limitation pursuant to this Section 6.05 or otherwise, and shall be entitled to US dollar for US dollar
recovery from the Seller, for Losses arising out of (i) fraud of the Seller, (ii) Excluded Obligations referred to in clause (ii)
of the definition of “Excluded Obligations” in this Agreement, and/or (iii) fraud or willful and wanton misconduct
of (A) GCM LLLP or any successor general partner which is an Affiliate of it, in respect of its obligations and duties as general
partner of SPV, (B) Lakeshore Investments GP, LLC or any successor general partner which is an Affilaite of it, in respect of
its obligations and duties as general partner of CPPIB Feeder, (C) CFIG Holdings, LLC or any successor general partner which is
an Affiliate of it, in respect of its obligations and duties as general partner of GP Entity, and/or (D) GP Entity, or any successor
general partner which is an Affiliate of it, in respect of its obligations and duties as general partner of Newco Subsidiary,
in each case of this clause (iii) to the extent resulting in a Loss to the SPV.

 

    16

     

    

 

(b) SPV.
Notwithstanding anything in Section 6.02 to the contrary, the SPV shall not be required to indemnify and hold harmless
the Seller Indemnitees pursuant to Section 6.02 to the extent that the aggregate amount of such Losses exceeds an amount
equal to $173,327,307. Notwithstanding the foregoing provisions of this Section 6.05(b), the Seller Indemnitees shall not
be subject to any limitation pursuant to this Section 6.05 or otherwise, and shall be entitled to US dollar for US dollar
recovery from SPV, for Losses arising out of fraud or willful and wanton misconduct by the SPV which directly results from any
act or omission of SPV taken at the written direction of CPPIB.

 

Section
6.06 Determination of Damages. With respect
to each indemnification obligation contained in this Article VI, all Losses shall be net of any third-party insurance and
indemnity proceeds that are actually obtained by the Indemnified Party in connection with the facts giving rise to the right of
indemnification, less all reasonable and documented out-of-pocket costs and expenses incurred by such Indemnified Party in connection
with obtaining such insurance proceeds or third-party recovery (including reasonable and documented attorneys’ fees and
any deductible) and less any Taxes incurred in respect of the amounts so recovered from any insurer or third party (it being agreed
that if third-party insurance or indemnification proceeds in respect of such facts are recovered by the Indemnified Party subsequent
to the Indemnifying Party’s making of an indemnification payment in satisfaction of its applicable indemnification obligation,
such proceeds less all reasonable and documented out-of-pocket costs and expenses incurred by such Indemnified Party in connection
with obtaining such insurance proceeds or third-party recovery (including reasonable and documented attorneys’ fees and
any deductible) and less any Taxes incurred in respect of the amounts so recovered from any insurer or third party shall be promptly
remitted to the Indemnifying Party to the extent of the indemnification payment made). Each Party shall take all reasonable steps
to mitigate its Losses upon and after becoming aware of any event which would reasonably be expected to give rise to any Losses.
If an Indemnifying Party makes any payment for any Losses suffered or incurred by an Indemnified Party pursuant to the provisions
of this Article VI, such Indemnifying Party shall be subrogated, to the extent of such payment, to all rights and remedies
of the Indemnified Party to any insurance benefits or other claims of the Indemnified Party with respect to such Losses and with
respect to the claim giving rise to such Losses.

 

Section
6.07 Exclusive Remedy. The rights
provided in this Article VI shall constitute the sole and exclusive remedy for each Party with respect to any and all Losses
asserted against, incurred, sustained or suffered by such Party as a result of, arising out of or relating to any breach or violation
of, or inaccuracy in, any representation or warranty contained in this Agreement, provided, however, that notwithstanding
the foregoing, nothing in this Section 6.07 shall limit in any way any remedy at law or equity to which a Party may be
entitled with respect to a breach of a representation or warranty contained in this Agreement to the extent such breach constitutes
fraud.

 

    17

     

    

 

Article
VII

 

MISCELLANEOUS

 

Section
7.01 Expenses. Except as
otherwise provided in this Agreement, each of the Parties agrees to pay the expenses incurred by it in connection with the negotiation,
preparation, execution and delivery of this Agreement and the consummation of the Transaction, including the fees and expenses
of counsel to such Party, save that this section shall not prejudice the right of any party to seek to recover its costs in any
litigation or dispute resolution procedure which may arise out of or in connection with this Agreement.

 

Section
7.02 Governing Law; Amendment; Waiver.
This Agreement shall be governed by and construed and enforced in accordance with the Laws of the State of Delaware, without regard
to the principles of conflicts of law thereof. No amendment, waiver, change, modification or discharge of any provision of this
Agreement shall in any event be effective unless the same shall be in writing and signed by the Party against whom enforcement
of any such amendment, waiver, change, modification or discharge is sought.

 

Section
7.03 Notices. All notices, statements,
instructions or other documents required to be given hereunder shall be in writing and shall be given by hand delivery, certified
mail, Federal Express or a similarly reputable overnight courier service, email or other similar electronic means, addressed to
the relevant Party at its mail address or email address set forth below:

 

If
to Seller:

 

Grosvenor
Capital Management Holdings, LLLP

900
N. Michigan Avenue

Chicago,
Illinois 60202

Suite
1100

Attn:   Michael
J. Sacks

           Burke
J. Montgomery

Email: mjs@gcmlp.com

            legal@gcmlp.com

 

With
a copy to (which shall not constitute notice for purposes of this Agreement):

 

Simpson
Thacher & Bartlett LLP

425 Lexington Avenue

New
York, New York 10017

Attn:
   Olga Gutman

           Gary
Horowitz

Email: ogutman@stblaw.com

            ghorowitz@stblaw.com

 

    18

     

    

 

If
to the SPV, to Seller and CPPIB at the addresses above and below, respectively:

 

If
to CPPIB:

 

CPP Investment Board Private Holdings (4) Inc

One Quebec Street East

Suite 2500 POX 101

Toronto

Quebec

M5C 2W5

Canada

Attn:   Louis Choy

Email: lchoy@cppib.com

 

With
a copy to (which shall not constitute notice for purposes of this Agreement):

 

Proksauer
Rose (UK) LLP

110
Bishopsgate

London

EC2N
4AY

Attn:
   Nigel van Zyl

           Warren
Allan

Email: nvanzyl@proskauer.com

            wallan@proskauer.com

 

Each
Party, by written notice given to each of the other Parties in accordance with this Section 7.03 may change the mail address
or email address to which notices, statements, instructions or other documents are to be sent to such Party. All notices, statements,
instructions and other documents hereunder shall be deemed to have been given (a) if delivered by hand at the address noted above,
at the time of delivery, (b) if sent by certified mail, Federal Express or a similarly reputable overnight courier service, on
the Business Day following the date of posting, (c) if sent by email, on the date of emailing. If a communication would otherwise
be deemed to have been delivered outside normal business hours (being 9:30am to 5:30pm Chicago time on a Business Day) under the
preceding provisions of this Section 7.03, it shall be deemed to have been delivered at the next opening of such business
hours.

 

Section
7.04 Further Assurances. Subject
to the terms and conditions of this Agreement, each Party agrees to use its reasonable best efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate and
make effective, as soon as reasonably practicable, the Transaction. Without limiting the generality of the foregoing, the Parties
shall from time to time execute and deliver all such further documents and do all acts and things as the other Party may reasonably
require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

 

    19

     

    

 

Section
7.05 No Recourse. Notwithstanding
anything that may be expressed or implied in this Agreement or any document or instrument delivered contemporaneously herewith,
and notwithstanding the fact that any Party may be a partnership or limited liability company, by its acceptance of the benefits
of this Agreement, each Party covenants, agrees and acknowledges that (a) no Person other than the Parties shall have any obligation
hereunder and (b) no recourse under this Agreement or under any documents or instruments delivered in connection herewith or in
respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against any former,
current or future direct or indirect equityholders, controlling Persons, stockholders, directors, officers, employees, Affiliates,
members, managers, general or limited partners, agents, attorneys or other representatives of such Party, or any of its successors
or assigns, or any former, current or future direct or indirect equityholders, controlling Persons, stockholders, directors, officers,
employees, Affiliates, members, managers, general or limited partners, agents, attorneys or other representatives or successors
or assignees of any of the foregoing (each, a “Related Party” and, collectively, the “Related Parties”),
whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being
agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Related
Party for any obligations of Seller or the SPV, as the case may be, or any of its successors or permitted assigns under this Agreement
or any documents or instrument delivered in connection herewith or in respect of any oral representations made or alleged to be
made in connection herewith or therewith or for any claim (whether at law or equity, in tort, contract or otherwise) based on,
in respect of, or by reason of such obligations or their creation, in each case except to the extent of any liability or obligation
of a Person pursuant to the terms of a Transaction Document to which it is a party.

 

Section
7.06 Complete Agreement; Third Party Beneficiaries.
This Agreement, together with the other Transaction Documents, constitutes the entire agreement, and supersedes all other prior
agreements and understandings, both written and oral, of the Parties with respect to the subject matter hereof and thereof. This
Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other Person, any legal or equitable right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement; provided, however, that (i) CPPIB is an express intended third
party beneficiary of this Agreement and may directly enforce the rights of the SPV hereunder and (ii) the Related Parties are
express intended third party beneficiaries of Article VI and Section 7.05. In furtherance and not in limitation
of the foregoing, the SPV (a) shall promptly provide to CPPIB copies of all and any notices received by it under or in connection
with this Agreement or the Transactions, (b) shall comply with any direction given by CPPIB in relation to consents, approvals,
variations, waivers, compromises, releases or actions to be taken by SPV under this Agreement to the extent in compliance with
the terms of this Agreement and the other Transaction Documents, and (c) shall not give any consent, approval, variation, waiver,
compromise or release, or take any action under this Agreement, without the prior written consent of CPPIB as may be required
by the terms of this Agreement and the other Transaction Documents. The Parties agree that CPPIB may give any consent, approval,
variation, waiver, compromise or agreement or take any action which may be given or taken by SPV under this Agreement and that
any such action shall be as effective as if taken by the SPV itself. Notwithstanding anything to the contrary herein, nothing
in this Agreement shall require any Party to, or cause any GCM Entity or GCM Fund to, take or fail to take any action which would
reasonably be likely to be inconsistent with the duties of a GCM Entity to a GCM Fund provided that the foregoing provisions of
this sentence shall be without prejudice to, and shall not in any way restrict, limit or otherwise affect any of the covenants
contained in Articles II and/or V of this Agreement.

 

Section
7.07 Assignment. Except as otherwise
expressly set forth herein, neither this Agreement nor any interest herein is assignable by any of the Parties or any other Person
without the prior written consent of the other Parties; provided, however, that notwithstanding the foregoing, CPPIB
shall have the right to assign its third party beneficiary rights herein to any permitted transferee in a Transfer (as defined
in the Partnership Agreement) made in compliance with the Partnership Agreement.

 

    20

     

    

 

Section
7.08 Interpretation. Unless the
context clearly requires otherwise, the words “hereof,” “herein,” and “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement, together with any Exhibit or Schedule to this Agreement,
as a whole and not to any particular provision of this Agreement. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”
(except to the extent the context otherwise provides). The terms defined in the singular shall have a comparable meaning when
used in the plural, and vice versa. References herein to a specific Article, Section, subsection or Schedule shall refer, respectively,
to Articles, Sections, subsections or Schedules to this Agreement, unless otherwise indicated. Unless otherwise expressly indicated
herein, any agreement, instrument or statute defined or referred to herein means such agreement, instrument or statute as from
time to time amended, modified or supplemented, including in the case of agreements or instruments by waiver or consent and in
the case of statutes by succession of comparable successor statutes and references to all attachments thereto and instruments
incorporated therein. References to any Person herein shall be deemed to include the heirs, personal representatives, successors
and permitted assignees of such Person. References to a “third party” in this Agreement shall, in relation to a Party,
be deemed to exclude any Related Party of that Party. All accounting terms have the meanings given to them by United States generally
accepted accounting principles applied on a consistent basis. Captions contained in this Agreement are inserted only as a matter
of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provision hereof. The Parties
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise
favoring or disfavoring any Party because of the authorship of any provision of this Agreement. For the purposes of determining
whether SPV is aware or has knowledge of any fact, matter or circumstance, there shall only be taken into account such facts,
matters or circumstance which the Relevant Persons have actual knowledge of at the relevant time. For the purposes of the preceding
sentence, the term “Relevant Persons” shall mean Louis Choy, Henry Jamieson and any replacement or successor
investment professional employed or engaged by CPPIB that monitor CPPIB’s indirect investment in the Acquired Assets.

 

Section
7.09 Severability. If any term or
provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be affected
thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by Law.
Upon the determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall
negotiate in good faith to modify this Agreement so as to effect their original intent as closely as possible in an acceptable
manner to the end that Transaction is fulfilled to the extent possible.

 

Section
7.10 Specific Performance. The Parties
acknowledge that there would be no adequate remedy at law if any Party fails to perform any of its obligations hereunder, and
accordingly agree that each Party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled
to compel specific performance of the obligations of any other Party under this Agreement in accordance with the terms and conditions
of this Agreement without the necessity of posting any bond or establishing that monetary damages would be an inadequate remedy.
Any remedy under this Section 7.10 is subject to certain equitable defenses and to the discretion of the court before which
any proceedings therefor may be brought.

 

    21

     

    

 

Section
7.11 Waiver of Jury Trial; Arbitration; Consent
to Jurisdiction.

 

(a) EACH
PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY
ACTION OR PROCEEDING BROUGHT BY OR AGAINST IT IN ANY WAY RELATING TO THIS AGREEMENT.

 

(b) Except
as set forth in this Section 7.11, any dispute, controversy or claim arising out of or relating to this Agreement or the
breach thereof or concerning the provisions of this Agreement or their application to any state of facts or the rights or equities
of any of the Parties hereto shall be resolved by final and binding arbitration conducted in English by a panel of three arbitrators
in New York City, New York, U.S.A., in accordance with the then-current Commercial Arbitration Rules of the American Arbitration
Association, as amended from time to time, or any successor thereto (the “AAA Rules”), as modified by this
Section 7.11, under which such arbitration is invoked. One arbitrator shall be selected by Seller and one arbitrator shall
be selected by SPV in accordance with the AAA Rules, and such arbitrators shall jointly select the third arbitrator who shall
chair the tribunal. The arbitrators shall be reasonably familiar with the operations of private investment funds. The parties
shall have the right of limited pre-hearing discovery, in accordance with the U.S. Federal Rules of Civil Procedure, as then in
effect, for a period not to exceed sixty (60) days. As soon as the discovery is concluded, but in any event within thirty
(30) days thereafter, the arbitrators shall hold a hearing in accordance with the aforesaid AAA Rules. Thereafter, the arbitrators
shall promptly render a written decision, together with a written opinion setting forth in reasonable detail the grounds for such
decision. The parties shall bear the costs of the arbitration equally, provided that any award by the arbitrators in connection
with such decision shall also provide that the substantially prevailing party shall recover its reasonable attorney’s fees
and other costs incurred in the proceedings, in addition to any other relief which may be granted. Judgment may be entered in
any court of competent jurisdiction to enforce the award entered by the arbitrator. Any such arbitration agreement shall be governed
by the laws of New York without regard to any conflicts of laws principles thereof.

 

(c) In
connection with any dispute, controversy or claim arising out of or relating to Section 7.12 or the breach thereof, each
of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the state and federal courts located
within the State of New York.

 

    22

     

    

 

Section
7.12 Confidentiality. Without the
prior consent of the other Party, neither Seller nor the SPV will disclose the terms of this Agreement (including the Consideration)
or the Transaction, or the identity of the Parties, to any Person, except to the extent disclosure would be permitted with respect
to Confidential Information pursuant to the Partnership Agreement. Notwithstanding anything to the contrary provided herein or
in any other agreement relating to the transactions contemplated herein, each party to this Agreement and each party to any other
agreement relating to the transactions contemplated by this Agreement and its affiliates (and each employee, representative, or
other agent of such party or its affiliates) is authorized to disclose to any and all Persons, without limitation of any kind,
the tax treatment and tax structure of such transactions, and all materials of any kind (including opinions or other tax analyses)
that are provided to such party or such affiliates relating to such tax treatment and tax structure. For purposes of this authorization,
“tax treatment” and “tax structure” have the meanings provided, respectively, in Treasury Regulations
Section 1.6011-4(c)(8) and (9).

 

Section
7.13 Counterparts. This Agreement
may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by email or
telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

[Signature
Pages Follow]

 

    23

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	MOSAIC ACQUISITIONS 2020, L.P.
	 	 
	 	By: Grosvenor Capital Management Holdings, LLLP, its general partner
	 	 
	 	By: GCMH GP, L.L.C., its general partner
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	 President
	 	 
	 	GROSVENOR CAPITAL MANAGEMENT HOLDINGS, LLLP, for itself and in its capacity as general partner of SPV
	 	 
	 	By: GCMH GP, L.L.C., its general partner
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	 President
	 	 
	 	CFIG HOLDINGS, LLC
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	President
	 	 
	 	GROSVENOR CAPITAL MANAGEMENT, L.P.
	 	 
	 	By: GCM, L.L.C., its general partner
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	President
	 	 
	 	GCM INVESTMENTS GP, LLC
	 	 
	 	By:	 /s/ Michael J. Sacks
	 	 	Name: 	Michael J. Sacks
	 	 	Title:	President

 

[Signature Page to SPA]Exhibit
10.11

 

Execution
Version

 

 

CALL
AGREEMENT

 

by
and among

 

CPP INVESTMENT BOARD PRIVATE HOLDINGS (4) INC,

 

MOSAIC
FEEDER, L.P.

 

and

 

GROSVENOR
HOLDINGS, LLC

 

Dated
as of March 4, 2020

 

 

    

     

    

 

TABLE
OF CONTENTS

 

	Article
    I Definitions	1
	 	 
	Section
    1.01	Definitions	1
	 	 	 
	Article
    II CALL RIGHT	4
	 	 
	Section
    2.01	Call
    Right	4
	Section
    2.02	Exercise	4
	Section
    2.03	Closing	5
	Section
    2.04	Closing
    Actions and Deliverables	5
	Section
    2.05	Conditions
    to the Closing	6
	Section
    2.06	Step
    In and Transfer Rights	6
	Section
    2.07	Release	7
	 	 	 
	Article
    III REPRESENTATIONS AND WARRANTIES OF Holdings	7
	 	 
	Section
    3.01	Organization	7
	Section
    3.02	Authorization;
    Valid and Binding Agreements	7
	Section
    3.03	No
    Conflicts	8
	Section
    3.04	Consents
    and Approvals	8
	Section
    3.05	Litigation	8
	Section
    3.06	Brokers’
    Fees	8
	 	 	 
	Article
    IV REPRESENTATIONS AND WARRANTIES OF CPPIB ENTITIES	8
	 	 
	Section
    4.01	Organization	8
	Section
    4.02	Authorization;
    Valid and Binding Agreements	8
	Section
    4.03	No
    Conflicts	8
	Section
    4.04	Consents
    and Approvals	9
	Section
    4.05	Litigation	9
	Section
    4.06	Title
    to the Interests	9
	Section
    4.07	Brokers’
    Fees	9
	Section
    4.08	No
    Additional Representations	9
	 	 	 
	Article
    V COVENANTS	10
	 	 
	Section
    5.01	Further
    Assurances	10
	Section
    5.02	Regulatory
    Approvals	10
	Section
    5.03	Joinder
    of Permitted Transferees	10
	Section
    5.04	Withholding
    Rights	10
	 	 	 
	Article
    VI MISCELLANEOUS	11
	 	 
	Section
    6.01	Survival	11
	Section
    6.02	Expenses	11
	Section
    6.03	Governing
    Law; Amendment; Waiver	11
	Section
    6.04	Notices	11
	Section
    6.05	No
    Recourse	12
	Section
    6.06	Complete
    Agreement; Third Party Beneficiaries	13
	Section
    6.07	Assignment	13
	Section
    6.08	Interpretation	13
	Section
    6.09	Severability	14
	Section
    6.10	Specific
    Performance	14
	Section
    6.11	Waiver
    of Jury Trial; Arbitration; Consent to Jurisdiction	14
	Section
    6.12	Confidentiality	15
	Section
    6.13	Counterparts	15

 

    ii

     

    

 

CALL
AGREEMENT

 

This
CALL AGREEMENT (this “Agreement”), dated as of March 4, 2020, is by and among CPP Investment Board Private Holdings (4) Inc, a Canadian private company
(“CPPIB”), Mosaic Feeder, L.P., a Cayman Islands exempted limited partnership (“Mosaic Feeder”,
together with CPPIB, the “CPPIB Entities”), and Grosvenor Holdings, LLC, a Delaware limited liability company
(“Holdings”). Each of CPPIB and Holdings are each individually referred to in this Agreement as a “Party”
and, collectively, as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Partnership Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Parties desire to enter into this Agreement to set forth certain rights of the CPPIB Entities and Holdings to sell and acquire,
respectively, the Class A Interests and Class B Interests (each as defined in the Partnership Agreement (as defined below)) indirectly
held by CPPIB; and

 

WHEREAS,
in consideration for entering into this Agreement, Holdings will pay an amount equal to $2,600,000 to Mosaic Feeder on December
31, 2020 (the “Option Premium”).

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements contained in this Agreement, the Parties
agree as follows with effect as of the Closing (as defined in the Transaction Implementation Agreement, dated as of the date hereof,
by and among the Parties and each other Person party thereto (the “Transaction Implementation Agreement”)):

 

Article
I

Definitions

 

Section
1.01 Definitions. As used in this
Agreement, the following terms have the following meanings:

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Call
Right” has the meaning set forth in Section 2.01.

 

“Closing”
has the meaning set forth in Section 2.03.

 

“Closing
Date” has the meaning set forth in Section 2.03.

 

“Contract”
means any binding agreement, lease, license, evidence of indebtedness, mortgage, indenture, security agreement or other contract.

 

“CPPIB”
has the meaning set forth in the preamble to this Agreement.

 

“CPPIB
Contribution” has the meaning set forth in the Partnership Agreement.

 

    1

     

    

 

“CPPIB
Entities” has the meaning set forth in the preamble to this Agreement.

 

“CPPIB
Proceeds” has the meaning set forth in the Partnership Agreement.

 

“Exercise”
has the meaning set forth in Section 2.02.

 

“Exercise
Notice” has the meaning set forth in Section 2.02.

 

“GCM
Default” means the occurrence of a default of the obligation to pay the Potential GCM Payments to SPV pursuant to Section
2.04(b) of the Purchase Agreement, which default has not been cured within ten (10) Business Days after written notice by CPPIB
to the Seller (as defined in the Purchase Agreement).

 

“GCM
LLLP” means Grosvenor Capital Management Holdings, LLLP.

 

“Governmental
Authority” means, the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, or any supranational authority or body or self-regulatory organization and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

“Holdings”
has the meaning set forth in the preamble to this Agreement.

 

“Holdings
Designee” has the meaning set forth in Section 2.01.

 

“Laws”
means, any applicable laws, ordinances, rules or regulations or any applicable orders, judgments or decrees and any other requirements
with similar effect of any Governmental Authority.

 

“Liens”
means any mortgage, pledge, assessment, security interest, lease, lien, claim, restriction, easement, levy, charge or other encumbrance
of any kind.

 

“Mosaic
Feeder” has the meaning set forth in the preamble to this Agreement.

 

“Option
Premium” has the meaning set forth in the recitals to this Agreement.

 

“Partnership
Agreement” means the Second Amended and Restated Exempted Limited Partnership Agreement of the SPV, dated the date hereof,
by and among Mosaic Feeder, Lakeshore Investments 2020, LLC solely to withdraw as a limited partner, Holdings and GCM LLLP, as
it may be amended or restated from time to time.

 

“Party”
has the meaning set forth in the preamble to this Agreement.

 

“Person”
means any natural person, corporation, limited liability company, general partnership, limited partnership, proprietorship, other
business organization, trust, union, association or Governmental Authority.

 

    2

     

    

 

“Purchase
Agreement” means the Purchase and Sale Agreement, dated as of the date hereof, between GCM LLLP, CFIG Holdings, LLC,
Grosvenor Capital Management, L.P., GCM Investments GP, LLC and the SPV.

 

“Purchase
Price” means (a) if there is no GCM Default, an amount that results in Mosaic Feeder, CPPIB or any of their permitted
transferees receiving in the aggregate (and without duplication as to monies received by both Mosaic Feeder and CPPIB or any of
their permitted transferees), taking into account CPPIB Proceeds, the greater of (i) a 12% IRR on the CPPIB Contribution and (ii)
the sum of (1) 130% of the CPPIB Contribution (excluding any amount recontributed or retained and utilized pursuant to Section
4.03(b) of the Partnership Agreement) and (2) 100% of any amount recontributed or retained and utilized pursuant to Section 4.03(b)
of the Partnership Agreement and (b) in the event of a GCM Default, CPPIB, Mosaic Feeder and their permitted transferees shall
receive in the aggregate (and without duplication as to monies received by both Mosaic Feeder and CPPIB or any of their permitted
transferees) the greater of (i) a 15% IRR on the CPPIB Contribution and (ii) the sum of (1) 140% of the CPPIB Contribution (excluding
any amount recontributed or retained and utilized pursuant to Section 4.03(b) of the Partnership Agreement) and (2) 100% of any
amount recontributed or retained and utilized pursuant to Section 4.03(b) of the Partnership Agreement.

 

Notwithstanding
the foregoing, in the event that GCM has received a valid Exercise Notice under the Put Agreement and GCM has not paid the purchase
price to the CPPIB Entities on or prior to the date that is 90 days after being required to under the Put Agreement (such 90th
day, the “Put Default Date”), which default is continuing for the number of days set forth on Schedule
I (the “Default Duration”), then “Purchase Price” means an amount that results in CPPIB,
Mosaic Feeder or any of their permitted transferees receiving in the aggregate (and without duplication as to monies received
by both CPPIB and Mosaic Feeder or any of their permitted transferees) the greater of (a) an IRR on the CPPIB Contribution equal
to the amount specified under the heading “IRR” on Schedule I opposite the corresponding Default Duration and (b)
the sum of (1) a percentage of the CPPIB Contribution (excluding any amount recontributed or retained and utilized pursuant to
Section 4.03(b) of the Partnership Agreement) equal to the amount specified under the heading “Percentage” on Schedule
I opposite the corresponding Default Duration and (2) 100% of any amount recontributed or retained and utilized pursuant to Section
4.03(b) of the Partnership Agreement. For purposes of calculating the Purchase Price, any amounts paid for or withheld on account
of withholding taxes or other taxes determined in accordance with the principles of Section 7.06 of the Partnership Agreement
shall be deemed to be received by Mosaic Feeder, CPPIB or any of their permitted transferees and part of the Purchase Price.

 

“Put
Agreement” means the Put Agreement, dated as of the date hereof, between CPPIB, Mosaic Feeder and GCM LLLP.

 

“Related
Parties” has the meaning set forth in Section 6.05.

 

“Released
Parties” has the meaning set forth in Section 2.07.

 

“Releasing
Parties” has the meaning set forth in Section 2.07

 

    3

     

    

 

“SPV”
means Mosaic Acquisitions 2020, L.P., a Cayman Islands exempted limited partnership.

 

“Transaction
Implementation Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Underlying
Interests” has the meaning set forth in Section 2.01.

 

“Underlying
Interest Election” has the meaning set forth in Section 2.01.

 

Article
II

CALL RIGHT

 

Section
2.01 Call Right.

 

		a)	Upon
                                         the terms and subject to the conditions set forth herein, upon exercise pursuant to Section
                                         2.02, Holdings has the right (the “Call Right”), but not the obligation,
                                         to require Mosaic Feeder to sell to Holdings all (but not less than all) of the Class
                                         A Interests and Class B Interests held by Mosaic Feeder and its permitted transferees
                                         for an aggregate cash purchase price equal to the Purchase Price; provided that
                                         Holdings may, in its discretion, subject to the provisions of Section 5.04, below
                                         (x) elect (an “Underlying Interest Election”) to require that the
                                         Call Right be effected through the acquisition by Holdings (or, if applicable, its Holdings
                                         Designees (as defined below)) directly from the SPV of the assets of the SPV (the “Underlying
                                         Interests”), followed immediately with the redemption by the SPV of all of
                                         the Class A Interests and Class B Interests held by Mosaic Feeder and its permitted transferees
                                         at the Purchase Price and (y) assign all or a portion of its purchase obligation to one
                                         or more other Persons (a “Holdings Designee”) (provided that Holdings
                                         shall remain liable hereunder notwithstanding any such assignment).

 

		b)	In
                                         consideration for the issuance of the Call Right to Holdings, on December 31, 2020, Holdings
                                         shall pay the Option Premium to Mosaic Feeder by wire transfer of immediately available
                                         funds to the account or accounts of Mosaic Feeder specified in writing by Mosaic Feeder
                                         at least five (5) Business Days prior to December 31, 2020.

 

Section
2.02 Exercise.

 

(a) Subject
to the provisions of Section 5.04, below, Holdings may exercise (“Exercise”) the Call Right at any time
by giving written notice to the CPPIB Entities (the “Exercise Notice”).

 

(b) The
Exercise Notice shall specify (i) the date of the Closing, which date shall be at least ten (10) Business Days after the delivery
of the Exercise Notice, (ii) the calculation of the Purchase Price assuming the occurrence of the Closing on the date specified
in clause (i); and (iii) whether Holdings is making an Underlying Interest Election.

 

    4

     

    

 

(c) Within
five (5) Business Days) following receipt of the Exercise Notice, Mosaic Feeder shall provide to Holdings the wire instructions
for payment of the Purchase Price.

 

Section
2.03 Closing. The consummation of
the Exercise (the “Closing”), if any, shall take place on the date set forth in the Exercise Notice or, if
later, the date that is five (5) Business Days after all the conditions to the Closing set forth in Section 2.05 have
been satisfied or waived by the Party entitled to waive the same (other than those conditions that by their nature are to be
satisfied at the Closing, but subject to the fulfillment or waiver of those conditions by the Party entitled to waive the
same). The date on which the Closing actually occurs is referred herein as the “Closing Date”.

 

Section
2.04 Closing Actions and
Deliverables. At the Closing the following shall occur simultaneously:

 

(a) Holdings
shall pay (or cause to be paid) the Purchase Price to the account of Mosaic Feeder provided to Holdings pursuant to Section
2.02(c) (or, in the case of an Underlying Interest Election, to an account of the SPV specified by the SPV within five (5)
Business Days following the delivery of the Exercise Notice) by wire transfer of immediately available funds;

 

(b) Unless
an Underlying Interest Election is made in accordance with Section 2.02(b), upon payment of the Purchase Price to Mosaic
Feeder in accordance with Section 2.04(a) above, Mosaic Feeder shall transfer the Class A Interests and Class B Interests
held by it to Holdings (or, if applicable, its Holdings Designees), free and clear of all Liens (other than Liens pursuant to
the Partnership Agreement or applicable securities Laws), and shall execute and deliver evidence thereof reasonably satisfactory
to Holdings (or, if applicable, its Holdings Designees);

 

(c) in
the case of an Underlying Interest Election:

 

		(i)	upon
                                         payment of the Purchase Price in accordance with Section 2.04(a) above, the SPV shall
                                         transfer the Underlying Interests to Holdings (or, if applicable, its Holdings Designees),
                                         free and clear of all Liens (other than Liens pursuant to the organizational documents
                                         of the issuer of such Underlying Interests or applicable securities Laws), and shall
                                         execute and deliver evidence thereof reasonably satisfactory to Holdings (or, if applicable,
                                         its Holdings Designees); and

 

		(ii)	the
                                         SPV shall immediately, after receipt of the Purchase Price, redeem all of the Class A
                                         Interests and Class B Interests held by Mosaic Feeder in exchange for a contemporaneous
                                         payment to Mosaic Feeder of the Purchase Price by wire transfer of immediately available
                                         funds to the account set forth in the Exercise Notice.

 

For
the avoidance of doubt, the provisions of Sections 2.04(b) and 2.04(c) shall not occur until such time as the Purchase Price has
been paid in full.

 

    5

     

    

 

Section
2.05 Conditions to the
Closing.

 

(a) Conditions
to Holdings’ Obligations. The obligation of Holdings to consummate the transactions contemplated by this Agreement at
the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived
by Holdings in its sole discretion:

 

		(i)	No
                                         Governmental Authority shall have enacted, issued, enforced or entered into any applicable
                                         Law or order that is in effect and restrains, enjoins or otherwise prohibits the consummation
                                         of the Closing.

 

		(ii)	The
                                         representations of the CPPIB Entities set forth in Article IV shall be true and
                                         correct as of the Closing Date as though made on and as of the Closing Date, and each
                                         of CPPIB and Mosaic Feeder shall have delivered to Holdings a certificate of a duly authorized
                                         officer of such Person certifying that the condition set forth in this clause (ii) has
                                         been satisfied; provided that the condition set forth in this clause (ii) with
                                         respect to the representations of Mosaic Feeder and the obligation of Mosaic Feeder to
                                         deliver a certificate shall be deemed to be satisfied unless the failure of such representations
                                         to be true and correct or for Mosaic Feeder to deliver a certificate were caused by actions
                                         taken by, or matters pertaining to, CPPIB.

 

(b) Conditions
to the CPPIB Entities’ Obligations. The obligations of the CPPIB Entities to consummate the transactions contemplated
by this Agreement at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions,
unless otherwise waived by CPPIB in its sole discretion:

 

		(i)	No
                                         Governmental Authority shall have enacted, issued, enforced or entered into any applicable
                                         Law or order that is in effect and restrains, enjoins or otherwise prohibits the consummation
                                         of the Closing.

 

		(ii)	The
                                         representations of Holdings set forth in Article III shall be true and correct
                                         as of the Closing Date as though made on and as of the Closing Date, and Holdings shall
                                         have delivered to the CPPIB Entities a certificate of a duly authorized officer of Holdings
                                         certifying that the condition set forth in this clause (ii) has been satisfied.

 

Section
2.06 Step In and Transfer Rights. For
the avoidance of doubt, Holdings may exercise the Call Right at any time, including following the exercise of the Step In
Right or the Transfer Right (each as defined in the Put Agreement). The CPPIB Entities shall not be permitted to exercise the
Transfer Right (as defined in the Put Agreement), unless the applicable transferee executes and delivers to each Party a
joinder to this Agreement, in form and substance reasonably satisfactory to Holdings, pursuant to which such transferee in
the Transfer Right agrees to be bound by the terms hereof to the same extent as CPPIB and Mosaic Feeder and agrees that the
Call Right hereunder shall also apply to the assets of the SPV acquired pursuant to the Transfer Right; and any such
purported transfer not in compliance with this Section 2.06 shall be null and void ab initio.

 

    6

     

    

 

Section
2.07 Release. Effective upon the
Closing (but only if the Closing actually occurs), except for any rights or obligations under this Agreement, the CPPIB
Entities, on behalf of themselves and each of their Affiliates and each of their past, present or future officers, directors,
employees, agents, general or limited partners, managers, management companies, members, stockholders, equity holders,
controlling Persons, representatives or Affiliates, or any heir, executor, administrator, successor or assign of any of the
foregoing (collectively, the “Releasing Parties”), hereby irrevocably and unconditionally releases and
forever discharges Holdings, the SPV, GCM LLLP and each of their respective Affiliates, and each of the foregoing’s
respective past, present or future officers, directors, employees, agents, general or limited partners, managers, management
companies, members, stockholders, equity holders, controlling Persons, representatives or Affiliates, or any heir, executor,
administrator, successor or assign of any of the foregoing (collectively, the “Released Parties”) of and
from any and all actions, causes of action, suits, proceedings, executions, judgments, duties, debts, dues, accounts, bonds,
contracts and covenants (whether express or implied), and claims and demands whatsoever whether in law or in equity (whether
based upon contract, tort or otherwise) which the Releasing Parties may have against each of the Released Parties, now or in
the future, in each case in respect of any cause, matter or thing relating to the SPV, the Acquired Assets (a defined in the
Purchased Agreement), the transactions contemplated by the Purchase Agreement or any actions taken or failed to be taken by
any of the Released Parties in any capacity related to any of the foregoing occurring or arising on or prior to the date of
this Agreement, but only to the extent that such cause, matter or thing does not otherwise constitute (x) fraud or (y) a
breach of the Partnership Agreement resulting from GCM LLLP’s willful and wanton misconduct, in either case resulting
in Losses (as defined in the Purchase Agreement) to the Releasing Parties, in which case the Releasing Parties shall not be
prevented from pursuing any and all causes of action they have against the Release Parties with respect to such fraud or
breach.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF Holdings

 

Holdings
represents and warrants to the CPPIB Entities as of date hereof as follows:

 

Section
3.01 Organization. Holdings
is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite
power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

 

Section
3.02 Authorization; Valid and Binding
Agreements. The execution and delivery by Holdings of this Agreement and the consummation by Holdings of the
transactions contemplated by this Agreement have been duly authorized by all necessary action of Holdings. This Agreement has
been duly executed and delivered by Holdings and, when duly executed and delivered by the other Parties, will be the valid
and binding obligation of Holdings enforceable against it in accordance with the terms thereof, except as such enforceability
may be limited by or subject to any bankruptcy, insolvency, reorganization, moratorium or other similar laws of general
application affecting creditors’ rights generally or by general principles of equity.

 

    7

     

    

 

Section
3.03 No Conflicts. Neither the
execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will, with or without
the giving of notice, the lapse of time, or both, result in any violation of or be in conflict with, or constitute a default
under, (a) the organizational documents of Holdings, (b) any Law applicable to Holdings or (c) any material Contract to which
Holdings is a party, except, in the case of clauses (b) and (c), as would not reasonably be expected to prevent or materially
delay the consummation of the transactions contemplated hereby.

 

Section
3.04 Consents and Approvals. Except
as may have previously been obtained or made, Holdings is not required to obtain any consent, waiver or approval of, or to make
any filing, notification or registration with, any Governmental Authority or any other Person in connection with the execution,
delivery and performance of this Agreement or the consummation of the transactions contemplated hereby.

 

Section
3.05 Litigation. There is no action,
suit, claim, proceeding, arbitration, governmental inquiry or investigation pending or, to the knowledge of Holdings, threatened
against Holdings, at law or in equity, before or by any Governmental Authority, which, if adversely determined, would question
the validity of this Agreement, or prevent or materially delay the consummation of the transactions contemplated hereby.

 

Section
3.06 Brokers’ Fees. Holdings
has not entered into any agreement to pay any brokers’ or finders’ fees to any Person with respect to this Agreement.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF CPPIB ENTITIES

 

Each
of CPPIB and Mosaic Feeder, severally but not jointly, hereby represents and warrants (in respect of itself only) to Holdings
as of the date hereof as follows (save that the representation and warranty at Section 4.06 is given only by Mosaic Feeder):

 

Section
4.01 Organization. Such CPPIB
Entity is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all
requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

 

Section
4.02 Authorization; Valid and Binding
Agreements. The execution and delivery by such CPPIB Entity of this Agreement and the consummation by such CPPIB
Entity of the transactions contemplated by this Agreement have been duly authorized by all necessary action of such CPPIB
Entity. This Agreement has been duly executed and delivered by such CPPIB Entity and, when duly executed and delivered by
Holdings, will be the valid and binding obligation of such CPPIB Entity enforceable against it in accordance with the terms
thereof, except as such enforceability may be limited by or subject to any bankruptcy, insolvency, reorganization, moratorium
or other similar laws of general application affecting creditors’ rights generally or by general principles of
equity.

 

Section
4.03 No Conflicts. Neither the
execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will, with or without
the giving of notice, the lapse of time, or both, result in any violation of or be in conflict with, or constitute a default
under, (a) the organizational documents of such CPPIB Entity, (b) any Law applicable to such CPPIB Entity or (c) any material
Contract to which such CPPIB Entity is a party, except, in the case of clauses (b) and (c), as would not reasonably be
expected to prevent or materially delay the consummation of the transactions contemplated hereby.

 

    8

     

    

 

Section
4.04 Consents and Approvals. Except
as may have previously been obtained or made, such CPPIB Entity is not required to obtain any consent, waiver or approval of,
or to make any filing, notification or registration with, any Governmental Authority or any other Person in connection with the
execution, delivery and performance of this Agreement or the consummation of the transactions contemplated hereby.

 

Section
4.05 Litigation. There is no action,
suit, claim, proceeding, arbitration, governmental inquiry or investigation pending or, to the knowledge of such CPPIB Entity,
threatened against such CPPIB Entity, at law or in equity, before or by any Governmental Authority, which, if adversely determined,
would question the validity of this Agreement, or prevent or materially delay the consummation of the transactions contemplated
hereby.

 

Section
4.06 Title to the Interests. At the
Closing, unless an Underlying Interest Election is made, subject to the receipt of the Purchase Price, Mosaic Feeder shall have
delivered to Holdings (or, if applicable, its Holdings Designees) and Holdings (or, if applicable, its Holdings Designees) shall
acquire, good and valid title to all the Class A Interests and Class B Interests owned by Mosaic Feeder, free and clear of all
Liens (other than Liens under applicable securities Laws or pursuant to the Partnership Agreement). At the Closing, if an Underlying
Interest Election is made, subject to the receipt of the Purchase Price, Mosaic Feeder shall have validly delivered to the SPV
for redemption all the Class A Interests and Class B Interests owned by Mosaic Feeder.

 

Section
4.07 Reserved.

 

Section
4.08 No Additional Representations.
Such CPPIB Entity acknowledges and agrees that, except for the representations and warranties expressly set forth in Article
III, none of Holdings, any of its Affiliates nor any other Person on behalf of any of them, makes or shall be deemed to make
any representation or warranty to such CPPIB Entity or any other Person with respect to Holdings or its Affiliates or the transactions
contemplated hereby, express or implied, at law or in equity (including as to the accuracy of completeness of any of the information
provided or made available to such CPPIB Entity or any of its agents, representatives, or Affiliates prior to the execution of
this Agreement) and such CPPIB Entity hereby disclaims any such representation or warranty, whether by Holdings, its Affiliates
or any other Person, notwithstanding the delivery or disclosure to such CPPIB Entity or any of its or its Affiliates’ officers,
directors, employees, agents or representatives or any other Person, of any documentation or other information by Holdings, its
Affiliates or any other Person with respect to any one or more of the foregoing.

 

    9

     

    

 

Article
V

COVENANTS

 

Section
5.01 Further Assurances. Subject to
the terms and conditions of this Agreement, each Party agrees to use its reasonable best efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate and
make effective, as soon as reasonably practicable, the transactions contemplated by this Agreement. Without limiting the generality
of the foregoing, the Parties shall from time to time execute and deliver all such further documents and do all acts and things
as the other Party may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of
this Agreement.

 

Section
5.02 Regulatory Approvals. Without
limiting the generality of Section 5.01, each Party shall use its reasonable best efforts to obtain all waivers, consents
and approvals from Governmental Authorities and make all filings with any Governmental Authority as may be required in order to
consummate the transactions contemplated hereby. Each Party shall cooperate with each other in respect of their efforts pursuant
to the preceding sentence.

 

Section
5.03 Joinder of Permitted
Transferees. Mosaic Feeder shall cause any permitted transferee of its direct or indirect ownership of the Class A
Interests or Class B Interests to execute and deliver to each Party a joinder to this Agreement, in form and substance
reasonably satisfactory to Holdings, pursuant to which such permitted transferee agrees to be bound by the terms hereof to
the same extent as Mosaic Feeder.

 

Section
5.04 Withholding Rights. Reasonably
in advance of the Exercise, Holdings shall consult in good faith with CPPIB and Mosaic Feeder, and their tax advisors, concerning
whether U.S. withholding tax (including U.S. withholding tax under section 1446(f) of the Code) may be applicable to the payment
of the Purchase Price. In the event that it is determined that U.S. withholding tax is likely to be applicable to the Purchase
Price, the Parties shall cooperate in good faith, at the CPPIB’s and Mosaic Feeder’s expense, to structure the exercise
of the Call Right (including, without limitation, in agreeing whether an Underlying Interest Election shall be made by Holdings)
in such a way as to minimize, to the extent reasonably practicable, the amount of such U.S. tax withheld; provided that
the General Partner, in consultation with its tax advisers, determines such structure is permissible under the Code and treasury
regulations and there are no material adverse consequences to the General Partner or any of its Affiliates. In connection with
the Call Right, Holdings or the SPV, as the case may be, shall be entitled to deduct and withhold (or cause to be deducted and
withheld) from any amount payable to Mosaic Feeder or its permitted transferees for the Class A Interests and the Class B Interests
held by Mosaic Feeder or its permitted transferees, any amounts required to be deducted and withheld under applicable Law. If
Holdings intends to withhold tax from the Purchase Price, it shall provide notice to Mosaic Feeder of the amount it intends to
withhold, the legal basis for withholding, and the calculations of such amounts, and shall provide Mosaic Feeder with an opportunity
to establish that such withholding tax is not applicable or should be reduced; provided that after such opportunity, the
General Partner in good faith and in consultation with its tax advisers shall determine the applicability of any such U.S. withholding
tax. Any amounts so deducted or withheld shall be (i) paid over to the appropriate Governmental Authority to the extent required
by Law and (ii) treated for all purposes of this Agreement as having been paid to Mosaic Feeder or its permitted transferee in
respect of which such deduction or withholding was made. In connection with the Call Right, Holdings and the SPV shall, upon request
by a CPPIB Entity, use commercially reasonable efforts to deliver any certifications or documents to mitigate, reduce or eliminate
any withholding on amounts payable to a CPPIB Entity.

 

    10

     

    

 

Article
VI

MISCELLANEOUS

 

Section
6.01 Survival. The representations
and warranties of the Parties shall survive the Closing hereunder.

 

Section
6.02 Expenses. Except as otherwise
provided in this Agreement, each of the Parties agrees to pay the expenses incurred by it in connection with the negotiation,
preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, including
the fees and expenses of counsel to such Party.

 

Section
6.03 Governing Law; Amendment;
Waiver. This Agreement shall be governed by and construed and enforced in accordance with the Laws of the State of
Delaware, without regard to the principles of conflicts of law thereof. No amendment, waiver, change, modification or
discharge of any provision of this Agreement shall in any event be effective unless the same shall be in writing and signed
by the Party against whom enforcement of any such amendment, waiver, change, modification or discharge is sought. For the
avoidance of doubt, any waiver given by Mosaic Feeder pursuant to the terms of this agreement, shall not be valid unless also
waived by CPPIB.

 

Section
6.04 Notices. All notices,
statements, instructions or other documents required to be given hereunder shall be in writing and shall be given by hand
delivery, certified mail, Federal Express or a similarly reputable overnight courier service, email or other electronic
means, addressed to the relevant Party at its mail address or email address set forth below:

 

	 	If to Holdings:	 
	 	 	 	 
	 	 	Grosvenor Capital Management Holdings, LLLP
	 	 	900 N. Michigan Avenue
	 	 	Chicago, Illinois 60202
	 	 	Suite 1100
	 	 	Attn:	Michael J. Sacks
	 	 	 	Burke J. Montgomery
	 	 	Email:	mjs@gcmlp.com
	 	 	 	legal@gcmlp.com
	 	 	 	 
	 	With a copy to (which shall not constitute notice for purposes of this Agreement):
	 	 
	 	 	Simpson Thacher & Bartlett LLP
	 	 	425 Lexington Avenue
	 	 	New York, New York 10017
	 	 	Attn: 	Olga Gutman
	 	 	 	Gary Horowitz

	 	 	Email:	ogutman@stblaw.com
		 	 	ghorowitz@stblaw.com

 

    11

     

    

 

If to a CPPIB Entity:

 

CPP Investment Board Private Holdings (4) Inc

One Quebec Street East, Suite 2500, PO BOX 101, Toronto,

Ontario

MSC 2W5, Canada

Attn:   Louis Choy

Email:  lchoy@cppib.com

 

With
a copy to (which shall not constitute notice for purposes of this Agreement):

 

Proskauer
Rose LLP,

110
Bishopsgate, London, UK, EC2N 4AY

Attn:
   Nigel van Zyl

Email:
  nvanzyl@proskauer.com

 

Each
Party, by written notice given to each of the other Parties in accordance with this Section 6.04 may change the mail address
or email address to which notices, statements, instructions or other documents are to be sent to such Party. All notices, statements,
instructions and other documents hereunder that are emailed shall be deemed to have been given on the date of emailing.

 

Section
6.05 No Recourse. Notwithstanding
anything that may be expressed or implied in this Agreement or any document or instrument delivered contemporaneously
herewith, and notwithstanding the fact that any Party may be a partnership or limited liability company, by its acceptance of
the benefits of this Agreement, each Party covenants, agrees and acknowledges that (a) no Person other than the Parties shall
have any obligation hereunder and (b) no recourse under this Agreement or under any documents or instruments delivered in
connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith
shall be had against any former, current or future direct or indirect equityholders, controlling Persons, stockholders,
directors, officers, employees, Affiliates, members, managers, general or limited partners, agents, attorneys or other
representatives of such Party, or any of its successors or assigns, or any former, current or future direct or indirect
equityholders, controlling Persons, stockholders, directors, officers, employees, Affiliates, members, managers, general or
limited partners, agents, attorneys or other representatives or successors or assignees of any of the foregoing (each, a
“Related Party” and, collectively, the “Related Parties”), whether by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being agreed and
acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Related
Party for any obligations of the CPPIB Entities or Holdings, as the case may be, or any of its successors or permitted
assigns under this Agreement or any documents or instrument delivered in connection herewith or in respect of any oral
representations made or alleged to be made in connection herewith or therewith or for any claim (whether at law or equity, in
tort, contract or otherwise) based on, in respect of, or by reason of such obligations or their creation, in each case except
to the extent of any liability or obligation of a Person pursuant to the terms of a Transaction Document to which it is a
party.

 

    12

     

    

 

Section
6.06 Complete Agreement; Third Party
Beneficiaries. This Agreement, together with the Partnership Agreement and the Purchase Agreement, constitutes the entire
agreement, and supersedes all other prior agreements and understandings, both written and oral, of the Parties with respect
to the subject matter hereof and thereof. This Agreement is for the sole benefit of the Parties and their permitted
successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; provided, however,
that the Released Parties and the Related Parties are express intended third party beneficiaries of Section 2.07 and Section
6.05, respectively.

 

Section
6.07 Assignment. Except as otherwise
expressly set forth herein, this Agreement is not assignable by any of the Parties without the prior written consent of the other
Parties; provided that Holdings may assign its rights and obligations hereunder, in whole or in part, to any Person without
the consent of any CPPIB Entity, provided that no such assignment shall relieve Holdings of its obligations hereunder.

 

Section
6.08 Interpretation. Unless the
context clearly requires otherwise, the words “hereof,” “herein,” and “hereunder” and
words of similar import, when used in this Agreement, shall refer to this Agreement, together with any Exhibit or Schedule to
this Agreement, as a whole and not to any particular provision of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the
words “without limitation” (except to the extent the context otherwise provides). The terms defined in the
singular shall have a comparable meaning when used in the plural, and vice versa. References herein to a specific Article,
Section, subsection or Schedule shall refer, respectively, to Articles, Sections, subsections or Schedules to this Agreement,
unless otherwise indicated. Unless otherwise expressly indicated herein, any agreement, instrument or statute defined or
referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented,
including in the case of agreements or instruments by waiver or consent and in the case of statutes by succession of
comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to
any Person herein shall be deemed to include the heirs, personal representatives, successors and permitted assignees of such
Person. All accounting terms have the meanings given to them by United States generally accepted accounting principles
applied on a consistent basis. Captions contained in this Agreement are inserted only as a matter of convenience and in no
way define, limit or extend the scope or intent of this Agreement or any provision hereof. The Parties have participated
jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises,
this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise
favoring or disfavoring any Party because of the authorship of any provision of this Agreement.

 

    13

     

    

 

Section
6.09 Severability. If any term or
provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be
affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by Law. Upon the determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties shall negotiate in good faith to modify this Agreement so as to effect their original intent as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent
possible.

 

Section
6.10 Specific Performance. The
Parties acknowledge that there would be no adequate remedy at law if any Party fails to perform any of its obligations
hereunder, and accordingly agree that each Party, in addition to any other remedy to which it may be entitled at law or in
equity, shall be entitled to compel specific performance of the obligations of any other Party under this Agreement in
accordance with the terms and conditions of this Agreement without the necessity of posting any bond or establishing that
monetary damages would be an inadequate remedy. Any remedy under this Section 6.10 is subject to certain equitable
defenses and to the discretion of the court before which any proceedings therefor may be brought.

 

Section
6.11 Waiver of Jury Trial; Arbitration;
Consent to Jurisdiction.

 

(a) EACH
PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY
ACTION OR PROCEEDING BROUGHT BY OR AGAINST IT IN ANY WAY RELATING TO THIS AGREEMENT.

 

(b) Except
as set forth in this Section 6.11, any dispute, controversy or claim arising out of or relating to this Agreement or the
breach thereof or concerning the provisions of this Agreement or their application to any state of facts or the rights or equities
of any of the Parties hereto shall be resolved by final and binding arbitration conducted in English by one arbitrator in New
York City, New York, U.S.A., in accordance with the then-current Commercial Arbitration Rules of the American Arbitration Association,
as amended from time to time, or any successor thereto (the “AAA Rules”), as modified by this Section 6.11,
under which such arbitration is invoked. One arbitrator shall be selected by Holdings and one arbitrator shall be selected by
the CPPIB Entities in accordance with the AAA Rules, and such arbitrators shall jointly select the third arbitrator who shall
chair the tribunal. The arbitrators shall be reasonably familiar with the operations of private investment funds. The parties
shall have the right of limited pre-hearing discovery, in accordance with the U.S. Federal Rules of Civil Procedure, as then in
effect, for a period not to exceed sixty (60) days. As soon as the discovery is concluded, but in any event within thirty
(30) days thereafter, the arbitrators shall hold a hearing in accordance with the aforesaid AAA Rules. Thereafter, the arbitrators
shall promptly render a written decision, together with a written opinion setting forth in reasonable detail the grounds for such
decision. The parties shall bear the costs of the arbitration equally, provided that any award by the arbitrators in connection
with such decision shall also provide that the substantially prevailing party shall recover its reasonable attorney’s fees
and other costs incurred in the proceedings, in addition to any other relief which may be granted. Judgment may be entered in
any court of competent jurisdiction to enforce the award entered by the arbitrators. Any such arbitration agreement shall be governed
by the laws of New York without regard to any conflicts of laws principles thereof.

 

    14

     

    

 

(c) In
connection with any dispute, controversy or claim arising out of or relating to Section 6.13 or the breach thereof, each
of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the state and federal courts located
within the State of New York.

 

Section
6.12 Confidentiality. Without the
prior consent of the other Party, neither Holdings nor the CPPIB Entities will disclose the terms of this Agreement
(including the Purchase Price) or the transactions contemplated hereunder, or the identity of the Parties, to any Person,
except to the extent disclosure would be permitted with respect to Confidential Information pursuant to the Partnership
Agreement.

 

Section
6.13 Counterparts. This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by email or
telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

[Signature
Pages Follow]

 

    15

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	CPP
    INVESTMENT BOARD PRIVATE HOLDINGS (4) INC
	 	 	 
	 	By:	/s/
    Michael Woolhouse
	 	Name:	Michael Woolhouse
	 	Title:
    	Authorized
    Signatory
	 	 
	 	By:	/s/Shane
    Feeney
	 	Name: 
    	Shane Feeney
	 	Title:	Authorized
    Signatory

 

[Signature Page to Call Agreement]

 

    

     

    

 

	 	MOSAIC
    FEEDER, L.P.
	 	 
	 	By: Lakeshore Investments GP, LLC, its general partner
	 	 
	 	By:	/s/ Michael J. Sacks
	 	Name: 	Michael J. Sacks
	 	Title: 	President
	 	 
	 	GROSVENOR
    HOLDINGS, LLC
	 	 
	 	By:	/s/ Michael J. Sacks
	 	Name: 	 Michael J. Sacks
	 	Title:	 President

 

[Signature Page to Call Agreement]

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