Document:

Exhibit 10.1

 

[_______], 2018

 

CF Finance Acquisition Corp.

110 East 59th Street

New York, NY 10022 

 

	Re:	Initial Public Offering  

 

Ladies and Gentlemen:

 

This letter (this
“Letter Agreement”) is being delivered to you in accordance with the
Underwriting Agreement (the “Underwriting Agreement”) entered into by and among
CF Finance Acquisition Corp., a Delaware corporation (the “Company”), and Cantor Fitzgerald &
Co. as representative (the “Representative”) of the several underwriters (each, an
“Underwriter” and collectively, the “Underwriters”), relating to an
underwritten initial public offering (the “Public Offering”), of 28,750,000 of
the Company’s units (including up to 3,750,000 units that may be purchased to cover over-allotments, if any) (the
“Units”), each comprised of one share of the Company’s Class A common stock, par
value $0.0001 per share (the “Common Stock”), and three-quarters of
one redeemable warrant. Each whole Warrant (each, a “Warrant”) entitles the holder thereof to
purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the
Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the
Company has applied to have the Units listed on The Nasdaq Capital Market. Certain capitalized terms used herein are defined
in paragraph 12 hereof.

 

In order to induce the Company and the Underwriters to enter into
the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of CF Finance Holdings LLC (the “Sponsor”) and the
undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

		1.	The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then
in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock (including shares
of Common Stock underlying the Private Placement Units) owned by it, him or her in favor of any proposed Business Combination and
(ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder approval.

 

		2.	The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
                                                                within 18 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders
                                                                in accordance with the Company’s amended and restated certificate of incorporation (the
                                                                “Charter”), the Sponsor and each Insider shall take all reasonable steps to cause the Company to
                                                                (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10
                                                                business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold as part of the
                                                                Units in the Public Offering (the “Offering Shares”), at a per-share price,
                                                                payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
                                                                held in the Trust Account (net of taxes), less up to $100,000 of interest to pay dissolution expenses), divided by the number
                                                                of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as
                                                                stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and
                                                                (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
                                                                stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s
                                                                obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and
                                                                each Insider agrees to not propose any amendment to the Charter (i) to modify the substance or timing of the Company’s
                                                                obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 18 months
                                                                from the closing of the Public Offering or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination
activity, unless the Company provides its public stockholders with the opportunity to redeem
                                                                their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the
                                                                aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net
                                                                of taxes), divided by the number of then outstanding Offering Shares.

     

     

    

	 	 	The Sponsor and each Insider acknowledges that it, he
or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation
of the Company with respect to the Founder Shares or shares of Common Stock underlying the Private Placement Units held by it,
him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by it, him or her,
if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including,
without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or a stockholder
vote to approve an amendment to the Charter to modify the substance or timing of the Company’s obligation to redeem 100%
of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in the Charter
or in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders
and their respective current or future affiliates shall be entitled to redemption and liquidation rights with respect to any Offering
Shares it or they hold if the Company fails to consummate a Business Combination within 18 months from the date of the closing
of the Public Offering).
	 	 	 
		3.	(a) During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, other
than to permitted transferees as described in paragraph 7(c) below, the Sponsor and each Insider shall not, without the prior written
consent of the Representatives, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect
to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable
for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock, Founder Shares, Warrants
or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention
to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior
to the effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company
shall announce the impending release or waiver by press release through a major news service at least two business days before
the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days after the
publication date of such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely
to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in
this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer. If a discretionary
waiver, release or termination of any of the Founder Share restrictions (each, a “Lock-Up Waiver”) applicable to any
party subject to a lock-up agreement is granted, other than to the Company (each, a “Lock-Up Party”), then a substantively
identical Lock-Up Waiver shall be deemed to apply to each of the undersigned’s Founder Shares on a pro rata basis based on
the portion of the Lock-Up Parties’ Founder Shares that were granted the Lock-Up Waiver; provided that such pro rata waiver,
release or termination shall be in the same manner and on the same terms (including with respect to any conditions or provisos
that apply to such waiver or termination) from such restriction.
	 	 	 
	 	 	(b) The Sponsor shall not sell, transfer, assign, pledge
or hypothecate any of its Private Placement Units or securities issuable pursuant to the Forward Purchase Contract (or component
securities) or shares of Common Stock issuable upon the exercise of the warrants underlying the Private Placement Units or units
issuable pursuant to the Forward Purchase Contract, or subject any of such securities to any hedging, short sale, derivative, put,
or call transaction that would result in the effective economic disposition of such securities, except as provided in FINRA Rule
5110(g)(2).

     

     

    

 

		4.	In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination
within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and
hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered
or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter
of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”); provided, however,
that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent necessary to ensure that such claims
by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Offering
Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account,
if less than $10.10 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets (net
of taxes), (y) shall not apply to any claims by a third party or a Target which executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the
Company if, within 30 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company
in writing that it shall undertake such defense.

 

		5.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at
no cost, a number of Founder Shares in the aggregate equal to 937,500 multiplied by a fraction, (i) the numerator of which is 3,750,000
minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 3,750,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by
the Underwriters so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding
shares of Capital Stock after the Public Offering (not including the shares underlying the Private Placement Units). For purposes
of clarification, nothing in this paragraph will impact the number of shares of Class A Common Stock purchased by the Sponsor as
part of the Forward Purchase Contract (as defined below).

 

		6.	(a) Each Insider that is an officer of the Company hereby agrees not to participate (other than the participation of an
                                                                affiliate of the Company as an underwriter) in the formation of, or become an officer or director of, any other special
                                                                purpose acquisition company (in the case of Henrique de Castro, a special purpose acquisition company focused on acquiring
                                                                target companies in the financial or real estate services industries) with a class of securities registered under the
                                                                Exchange Act until the Company has entered into a definitive
                                                                agreement regarding an initial Business Combination or unless the Company has failed to complete a Business Combination
                                                                within the time period set forth in the Charter.
	 	 	 
	 	 	(b) The Sponsor and each Insider hereby severally agrees
and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor
or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a), 7(a), 7(b), and 9, as applicable, of this Letter
Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled
to injunctive relief from the breaching party, in addition to any other remedy that such party may have in law or in equity against
the breaching party, in the event of such breach.

 

		7.	(a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares or any of the 750,000 shares
of Common Stock issuable pursuant to the Forward Contract (or shares of Common Stock issuable upon conversion thereof) until the
earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business
Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

     

     

    

	 	 	(b) The Sponsor and each Insider agrees that it, he or
she shall not Transfer any Private Placement Units or any of the 3,000,000 units issuable pursuant to the Forward Contract (or
component securities or shares of Common Stock issuable upon the exercise of the warrants underlying the Private Placement Units),
until 30 days after the completion of a Business Combination (the “Private Placement Units Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”).
	 	 	 
	 	 	(c) Notwithstanding the provisions set forth in paragraphs
7(a) and (b), Transfers of the Founder Shares, Private Placement Units or securities issuable pursuant to the Forward Purchase
Contract (or component securities or shares of Common Stock issuable upon the exercise of the warrants underlying the Private Placement
Units or units issuable pursuant to the Forward Purchase Contract) that are held by the Sponsor, any Insider or any of their permitted
transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any
current or future affiliate or family member of any of the Company’s officers or directors or any current or future affiliate
of the Sponsor or to any member(s), officers, directors or employees of the Sponsor or any of its current or future affiliates;
(b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary
of which is a member of such individual’s immediate family, any current or future affiliate of such individual or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d)
in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection
with any forward purchase agreement or similar arrangement or in connection with the consummation of an initial Business Combination
at prices no greater than the price at which the shares or units were originally purchased; (f) in the event of the Company’s
liquidation prior to the completion of an initial Business Combination or (g) by virtue of the laws of the State of Delaware or
the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; provided, however,
that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions herein.
	 	 	 
		8.	The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to the Insider’s
background. Each Insider’s questionnaire furnished to the Company is true and accurate in all material respects. Each Insider
represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial
transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is
not currently a defendant in any such criminal proceeding.

 

		9.	The Sponsor has entered into a forward purchase contract (the “Forward Purchase Contract”) to purchase
at least 3,000,000 Units and 750,000 shares of Common Stock at a price per Unit of $10.00 per Unit, in a transaction exempt from
the registration requirements of the Securities Act (the “Private Placement”). The Private Placement
will be completed concurrently with the completion of the initial Business Combination. Neither the Company nor the Sponsor may
waive the obligation of the undersigned to complete the Private Placement in accordance with this Section 9 pursuant
to the terms of the Forward Purchase Contract.

 

     

     

    

		10.	Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any current or future affiliate of the Sponsor
or any officer, nor any director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in
order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction
that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion
of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the
Sponsor; payment of $25,000 quarterly to each of the Company’s independent directors (including directors to be appointed
following the consummation of the Public Offering) for services rendered as board members; reimbursement for any reasonable out-of-pocket
expenses related to identifying, investigating and consummating an initial Business Combination; repayment of loans, including
the $750,000 loan commitment made by the Sponsor for working capital, on such terms as to be determined by the Company from time
to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with
an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a
portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as
no proceeds from the Trust Account are used for such repayment; payment to the Representative of its underwriting discount, marketing
fee (pursuant to the Business Combination Marketing Agreement, dated as of the date hereof, by and between the Company and the
Representative), fees for any financial advisory, placement agency or other similar investment banking services the Representative
may provide to the Company in the future, and reimbursement of the Representative for any out-of-pocket expenses incurred by it
in connection with the performance of such services; and repayment of the loan to be made by the Sponsor in an amount up to $2,875,000
(the “Sponsor Loan”) but only in the event the Company consummates the Business Combination. Up to $1,500,000
of such loans (not including the Sponsor Loan) may be convertible into warrants at a price of $1.00 per warrant at the option of
the lender. Such warrants would be identical to the warrants underlying the Private Placement Units, including as to exercise price,
exercisability and exercise period.

 

		11.	The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as a director on the board of directors of the Company and hereby consents to being named
in the Prospectus as a director of the Company.

 

		12.	As used herein, (i) “Business Combination” shall mean a merger, capital
                                                                 stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and
                                                                 one or more businesses; (ii) “Capital Stock” shall mean, collectively, the
                                                                 Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean (a) the
                                                                 7,187,500 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsor
                                                                 (up to 937,500 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is
                                                                 not exercised by the Underwriters) for an aggregate purchase price of $50,383, or approximately $0.007 per share, prior to
                                                                 the consummation of the Public Offering; (iv) “Initial Stockholders” shall mean
                                                                 the Sponsor and any Insider that holds Founder Shares; (v)
                                                                 “Private Placement Units” shall mean the 600,000 units, each
                                                                 unit consisting of one share of Common Stock and three-quarters of one warrant to purchase one share of Common Stock that
                                                                 the                                                                  Sponsor has agreed to purchase for an aggregate purchase
                                                                 price of $6,000,000, or $10.00 per unit, in a private placement that
                                                                 shall occur simultaneously with the consummation of the Public Offering; (vi)
                                                                 “Public Stockholders” shall mean the holders of securities issued in the Public
                                                                 Offering; (vii) “Trust Account” shall mean the trust fund into which a portion
                                                                 of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer” shall mean
                                                                 the                                                                  (a) sale of, offer to sell, contract or agreement to
                                                                 sell, hypothecate, pledge, grant of any option to purchase or otherwise
                                                                 dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
                                                                 liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act
                                                                 and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any
                                                                 swap                                                                  or other arrangement that transfers to another, in
                                                                 whole or in part, any of the economic consequences of ownership of any
                                                                 security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
                                                                 announcement of any intention to effect any transaction specified in clause (a) or (b).

 

		13.	The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance
in an amount and type that is appropriate for a blank check company such as the Company, and each Director shall be covered by
such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the
Company’s directors or officers.

 

     

     

    

		14.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto except any waiver need only be executed by the party waiving its rights
hereunder.

 

		15.	No party hereto may assign, in whole or in part, either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

		16.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties
hereto, any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees.

 

		17.	This Letter Agreement may be executed in any number of original or facsimile or other electronic counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

		18.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		19.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the federal or state courts of New York City, in the State of New York, and irrevocably
submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

		20.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

		21.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of
the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not
consummated and closed by March 31, 2019; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

     

     

    

 

	 	Sincerely,
	 	 
	 	CF FINANCE HOLDINGS LLC
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title: 

 

	 	By:	 
	 	 	Name: Howard W. Lutnick

 

	 	By:	 
	 	 	Name: Anshu Jain

 

	 	By:	 
	 	 	Name: Henrique de Castro

 

	 	By:	 
	 	 	Name: Steven Bisgay

 

	 	By:	 
	 	 	Name: Stephen M. Merkel

 

	 	By:	 
	 	 	Name: Peter J. Worth

 

	Acknowledged and Agreed:	 
	 	 
	CF FINANCE ACQUISITION CORP.	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

[Signature Page to Letter Agreement –
CF Finance Acquisition Corp. (Insider Letter)]Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
“Agreement”) is made effective as of [_______], 2018, by and between CF Finance Acquisition Corp., a
Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-[______]
(the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units
(the “Units”), each of which consists of one share of the Company’s Class A common
stock, par value $0.0001 per share (the “Common Stock”), and three-quarters of one redeemable
warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering
hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by
the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an Underwriting
Agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. as representative
(the “Representative”) of the several underwriters (the “Underwriters”) named
therein; and

 

WHEREAS, as described in the Prospectus, $252,500,000
of the gross proceeds of the Offering, sale of the Private Placement Units (as defined in the Underwriting Agreement) and a loan
from CF Finance Holdings LLC (the “Sponsor”) (or $290,375,000, if the Underwriters’ over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at
all times in the United States (the “Trust Account”) for the benefit of the Company
and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be delivered
to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,”
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW, THEREFORE, IT IS AGREED:

 

1. Agreements and Covenants of Trustee. The
Trustee hereby agrees and covenants to:

 

(a) Hold the Property in trust for the Beneficiaries
in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at J.P. Morgan
Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b) Manage, supervise and administer the Trust
Account subject to the terms and conditions set forth herein;

 

(c) In a timely manner, upon the written instruction
of the Company, invest and reinvest the Property solely in United States government securities within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds meeting the
conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company
Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined
by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the
Company’s instructions hereunder and the trustee may earn bank credits and other consideration.

 

(d) Collect and receive, when due, all interest
or other income arising from the Property, which shall become part of the “Property,” as such term is
used herein;

 

    			 

     

    

(e) Promptly notify the Company and the Representative
of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information or documents
as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns
relating to assets held in the Trust Account;

 

(g) Participate in any plan or proceeding
for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

 

(h) Render to the Company monthly written
statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i) Commence liquidation of the Trust Account
only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”)
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice
President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company (and, in the case of Exhibit A, jointly signed by the Representative), and complete
the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (net of taxes, less up
to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter
and the other documents referred to therein, or (y) upon the date which is, the later of (1) 18 months after the closing of
the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s
amended and restated certificate of incorporation if a Termination Letter has not been received by the Trustee prior to such date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account, including interest (net of taxes, less up to $100,000
of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of
record as of such date; and provided, however, that in the event the Trustee receives a Termination
Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property
because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall
keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders.

 

(j) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, withdraw
from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to
cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property,
which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent
there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the
Trust Account as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the
principal amount initially deposited in the Trust Account; provided, further, that if the tax to be paid
is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise
tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company
setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned
on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

 

 (k) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee
shall distribute (from a segregated account) on behalf of the Company to the Public Stockholders of record as of such date the
amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection
with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify
the substance or timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if the Company has
not consummated an initial Business Combination (as defined below) within such time as is described in the Company’s amended
and restated certificate of incorporation. The written request of the Company referenced above shall constitute presumptive evidence
that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;
and 

 

    			 

     

    

 

(l) Not make any withdrawals or distributions
from the Trust Account other than pursuant to Sections 1(i), 1(j) or 1(k) above.

 

2. Agreements and Covenants of the
Company. The Company hereby agrees and covenants to:

 

(a) Give all instructions to the Trustee hereunder
in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Executive
Vice President, Vice President, Secretary or other authorized officer of the Company. In addition, except with respect to its duties
under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely
on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable
care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall
promptly confirm such instructions in writing;

 

(b) Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all
out-of-pocket expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in
connection with any action taken by it as permitted hereunder and in connection with any action, suit or other proceeding
brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or
relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property,
except for any expenses and losses arising out of, in connection with or resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or
claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification
under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as
the “Indemnified Claim”). The Trustee shall have the right to conduct and manage
the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of
the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld or delayed. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent
shall not be unreasonably withheld or delayed. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee the fees set forth on Schedule A hereto,
including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification
as agreed by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless
and until a Business Combination is consummated. The Company shall pay the Trustee the initial acceptance fee and the first annual
administration fee at the consummation of the Offering. The Trustee shall refund to the Company the annual administration fee (on
a pro rata basis) with respect to any period after the liquidation of the Trust Account or after the removal or withdrawal of the
Trustee in accordance with this Agreement. The Company shall not be responsible for any other fees or charges of the Trustee except
as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d) In connection with any vote of the Company’s
stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote
of such stockholders regarding such Business Combination;

 

(e) Provide the Representative with a copy
of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal
from the Trust Account promptly after it issues the same; and

 

 (f) Instruct the Trustee to make only
those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions
that are not permitted under this Agreement.

 

    			 

     

    

3. Limitations of Liability. The
Trustee shall have no responsibility or liability to:

 

(a) Imply obligations, perform duties, inquire
or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set
forth herein;

 

(b) Take any action with respect to the
Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any
third party except for liability arising out of, in connection with or resulting from the Trustee’s gross negligence,
fraud, or willful misconduct;

 

(c) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of
the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company
shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d) Refund any depreciation in principal of
any Property;

 

(e) Assume that the authority of any person
designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The Company or to anyone else
for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in
the Trustee’s best judgment in accordance with this Agreement, except for the Trustee’s gross negligence, fraud
or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon
any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel
may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are
affected, unless it shall give its prior written consent thereto;

 

(g) Verify the accuracy of the information
contained in the Registration Statement;

 

(h) Provide any assurance that any Business
Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

 

(i) File information returns with respect
to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting
the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j) Prepare, execute and file tax reports,
income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income
tax obligations, except pursuant to Section 1(j) hereof; or

 

 (k) Verify calculations, qualify or
otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof. 

 

4. Trust Account Waiver. The
Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to
any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may
have now or in the future for any reason whatsoever. In the event the Trustee has any Claim against the Company under this Agreement,
including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust
Account and the Trustee hereby agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust
Account.

 

    			 

     

    

5. Termination. This Agreement
shall terminate as follows:

 

(a) If the Trustee gives written notice to
the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies
the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies
of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation
notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New
York located in the Borough of Manhattan or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever with respect to any liability arising after such time;
or

 

(b) At such time that the Trustee has completed
the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof
(which section may not be amended under any circumstances) and distributed the Property in accordance with the provisions of the
Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

(c) If the Offering is not consummated within
ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or the Sponsor,
as applicable, shall be returned promptly following the receipt by the Trustee of written instructions from the Company.

 

6. Miscellaneous.

 

(a) The Company and the Trustee each
acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the
Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party as promptly as practicable if it has reason to
believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company,
including, account names, account numbers, and all other identifying information relating to a Beneficiary,
Beneficiary’s bank or intermediary bank. Except for any liability arising out of, in connection with or resulting from
the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or
expense resulting from any error in the information or transmission of the funds.

 

(b) This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes
hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL
BY JURY.

 

(c) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only
be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto;
provided, that an amendment to Section 1(i) shall also require the consent of the Representative.

 

    			 

     

    

 

(d) This Agreement or any provision
hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent of the
Stockholders. For purposes of this Section 6(d), the
“Consent of the Stockholders” means
receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the
Company’s stockholders of record as of a record date established in accordance with Section 213(a) of the
Delaware General Corporation Law, as amended (“DGCL”) (or any successor rule), who hold sixty-five
percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per
share, of the Company voting together as a single class, have voted in favor of such change, amendment or modification. No
such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common
Stock in connection with a stockholder vote sought to amend this Agreement to modify the substance or timing of the
Company’s obligation to redeem 100% of the Common Stock if the Company does not complete its initial Business
Combination within the time frame specified in the Company’s amended and restated certificate of incorporation. Except
for any liability arising out of, in connection with or resulting from the Trustee’s gross negligence, fraud or willful
misconduct, the Trustee may rely conclusively on the certification from the inspector or
elections referenced above and shall be relieved of all liability to any party for executing the proposed amendment in
reliance thereon. 

 

(e) No failure or delay by a party hereto
in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate
as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under
this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall
preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The
election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.
No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or
demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party
giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

(f) Any notice, consent or request to be given
in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery, by facsimile or by electronic mail:

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn:  Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzales@continentalstock.com

 

if to the Company, to:

 

CF Finance Acquisition Corp.

110 East 59th Street

New York, NY 10022

Attn: [_______]

 

in each case, with copies to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.com

 

and

 

Cantor Fitzgerald & Co.

110 East 59th St #4

New York, NY 10022

Attn: General Counsel

Fax No.: (212) 829-4708

 

    			 

     

    

and

 

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, CA 90071

Attn: Gregg A. Noel, Esq.

Email: Gregg.Noel@skadden.com

 

(g) Each of the Company and the Trustee hereby
represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against
the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

 

(h) This Agreement is the joint product of
the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of
such parties and shall not be construed for or against any party hereto.

 

(i) This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute
valid and sufficient delivery thereof.

 

(j) Each of the Company and the Trustee hereby
acknowledges and agrees that Cantor Fitzgerald & Co. on behalf of the Underwriters is a third party beneficiary of this Agreement.

 

(k) Except as specified herein, no party to
this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

    			 

     

    

 

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

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY,
    as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CF FINANCE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investment Management
Trust Agreement]

 

    			 

     

    

  

SCHEDULE A 

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250	 
	Paying Agent services as required pursuant to Section 1(i) or (k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) or (k)	 	 	Prevailing rates	 

 

    			 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No.      Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between CF Finance Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [______], 2018 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with             
(the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”)
on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance of the actual date
(or such shorter time as you may agree) of the consummation of the Business Combination (the “Consummation Date”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account on [insert date], and to transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on
the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at
J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business
Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction
signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment
of amounts owed to public stockholders who have properly exercised their redemption rights (the “Instruction Letter”). You
are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification
and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of
the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after
the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is
not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

[signature page follows]

 

    			 

     

    

	 	Very truly yours,
	 	 
	 	CF FINANCE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Agreed to and acknowledged by:

 

CANTOR FITZGERALD & CO.

 

	
        
	 
	Name:
	Title:

 

    			 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No.      Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between CF Finance Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Paying Agent”), dated as of [______], 2018 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business Combination”)
within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s
Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the
Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on
            , 20     and to transfer the
total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public
Stockholders. The Company has selected
            (1) as the effective date for the
purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute
said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, your
obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided
in Section 1(j) of the Trust Agreement.

 

	(1)	18 months from the closing of the Offering.

 

	 	Very truly yours,
	 	 
	 	CF Finance Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	cc:	Cantor Fitzgerald & Co.

 

    			 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No.     
Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between CF Finance Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_______], 2018 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $         of the interest income
earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

The Company needs such funds to pay for the
tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	CF Finance Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	cc:	Cantor Fitzgerald & Co.

 

    			 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	Re:	Trust Account No.      Stockholder Redemption Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between CF Finance Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of [_______], 2018 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $        
of the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf
of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public
Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or
timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company has not consummated an
initial Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation.
As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter
to a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 
	 	CF Finance Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Cc:	Cantor Fitzgerald & Co.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]