Document:

EX-10.4

 Exhibit 10.4 
 ESCROW AGREEMENT 
 This Escrow Agreement, dated as of February 26, 2013
(this “Agreement”), is by and among HF2 Financial Management Inc., a Delaware corporation (the “Company”), each of the parties set forth on the signature page hereto under the heading
“Initial Stockholders” (collectively, the “Initial Stockholders” and each an “Initial Stockholder”) and Bingham McCutchen LLP, a Massachusetts limited liability partnership (the
“Escrow Agent”). 
 WHEREAS, the Company and each of the Initial Stockholders have entered into a
letter agreement (the “Letter Agreements”), dated as of the date hereof, pursuant to which each of the Initial Stockholders will purchase Sponsors’ Shares (as defined in the Letter Agreements); 

WHEREAS, each of the Initial Stockholders has agreed as a condition of the sale of the Sponsors’ Shares to deposit the amount
set forth opposite the name of such Initial Stockholder on Exhibit A hereto (with respect to each Initial Stockholder, the “Sponsors’ Purchase Price”) in escrow as hereinafter provided; and 

WHEREAS, the Company and each of the Initial Stockholders desire that the Escrow Agent accept the Sponsors’ Purchase Price,
in escrow, to be held and disbursed as hereinafter provided. 
 NOW, THEREFORE, in consideration of the premises,
representations, warranties and mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Appointment of Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 
 Section 2. Deposit of Sponsors’ Purchase Price. In accordance with the Letter Agreements and within three (3) days after the Company’s request therefor, each of the Initial
Stockholders shall deliver to the Escrow Agent by wire transfer of immediately available funds to a non-interest bearing account designated by the Escrow Agent the Sponsors’ Purchase Price, to be held and disbursed subject to the terms and
conditions of this Agreement. 
 Section 3. Disbursement of Sponsors’ Purchase Price. 

(a) The Escrow Agent shall hold the Sponsors’ Purchase Price until the earliest of (i) receipt of the written notice(s)
referred to in Sections 3(b) and 3(c), (ii) 10:00 a.m. New York City time on the 46th day after the date of the consummation of the Company’s initial public offering of its Class A common stock (the “IPO”) if
the underwriters of the IPO have not exercised their over-allotment option and (iii) 12:00 p.m. New York City time on the 60th day after the last day on which the Initial Stockholders are required to deliver the Sponsor’s Purchase Price to
the Escrow Agent under Section 2 hereof (the “Escrow Period”); provided, however, that if the Escrow Agent receives a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of
the Company that the Company is being 

  
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liquidated at any time after the Escrow Agents receipt of the Sponsors’ Purchase Price, then the Escrow Agent shall promptly return the Sponsors’ Purchase Price to each of the Initial
Stockholders. 
 (b) If the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company
provides written notice to the Escrow Agent, in form reasonably acceptable to the Escrow Agent, certifying that the closing of the IPO is imminent (i.e., will be completed momentarily) and the amount of Sponsors’ Purchase Price to be disbursed,
then the Escrow Agent shall deposit such amount of Sponsors’ Purchase Price, without interest or deduction, into the trust account established by the Company for the benefit of the Company’s public stockholders as described in the
Company’s registration statement on Form S-1 relating to the IPO. 
 (c) If the Chairman of the Board, Chief
Executive Officer or other authorized officer of the Company provides written notice to the Escrow Agent, in form reasonably acceptable to the Escrow Agent, certifying that the closing of the purchase of securities pursuant to the exercise of the
underwriters’ over-allotment option for the IPO is imminent (i.e., will be completed momentarily) and the amount of Sponsors’ Purchase Price to be disbursed, then the Escrow Agent shall deposit such amount of Sponsors’ Purchase Price,
without interest or deduction, into the trust account established by the Company for the benefit of the Company’s public stockholders as described in the Company’s registration statement on Form S-1 relating to the IPO. 

(d) If the Escrow Agent has not disbursed the entire amount of the Sponsors’ Purchase Price pursuant to Sections 3(b) and
3(c) prior to 10:00 a.m. New York City time on the 46th day after the date of the consummation of the IPO and has received written notice from the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company that the
underwriters’ over-allotment option for the IPO has not been exercised within the required timeframe, then the Escrow Agent shall promptly return the amount of Sponsor’s Purchase Price remaining in the non-interest bearing escrow account
to each of the Initial Stockholders, without interest or deduction. 
 (e) If the Escrow Agent has not disbursed the
entire amount of the Sponsors’ Purchase Price pursuant to Sections 3(b), 3(c) and 3(d) prior to 12:00 p.m. New York City time on the 60th day after the last day on which the Initial Stockholders are required to deliver the Sponsor’s
Purchase Price to the Escrow Agent under Section 2 hereof, then the Escrow Agent shall promptly return the Sponsor’s Purchase Price to each of the Initial Stockholders, without interest or deduction. 

(f) The Escrow Agent shall have no further duties hereunder after the disbursement of the Sponsors’ Purchase Price in
accordance with this Section 3. 
 Section 4. Concerning the Escrow Agent. 

(a) Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in
the exercise of its own best judgment, and 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 Escrow Agent), statement, instrument,

  
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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 is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 

(b) Indemnification. The Escrow Agent shall be indemnified and held harmless, jointly and severally, by the Company and the
Initial Stockholders other than Bulldog Investors and White Sand Investor Group, LP (such indemnifying parties, the “Indemnifying Stockholders”) from and against any losses, claims, damages, liabilities or expenses, including
counsel fees and disbursements, suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, relates to or arises out of this Agreement, the performance by the
Escrow Agent of services under this Agreement or with respect to the Sponsors’ Purchase Price, except to the extent any losses, claims, damages or liabilities are found in a final judgment by a court of competent jurisdiction to have resulted
from the Escrow Agent’s willful misconduct or gross negligence. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the Company and
the Indemnifying Stockholders in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the
Sponsors’ Purchase Price or it may deposit the Sponsors’ Purchase Price with the clerk of any appropriate court or it may retain the Sponsors’ Purchase Price pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what circumstances the Sponsors’ Purchase Price is to be disbursed and delivered. The Company and the Initial Stockholders agree that the Escrow Agent shall have no
liability (whether direct or indirect, in contract, tort or otherwise) to the Company or the Initial Stockholders under this Agreement related to or arising out of the performance by the Escrow Agent of services under this Agreement or with respect
to the Sponsors’ Purchase Price, except to the extent any losses, claims, damages or liabilities are found in a final judgment by a court of competent jurisdiction to have resulted from the Escrow Agent’s willful misconduct or gross
negligence. The provisions of this Section 4(b) shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 4(e) or 4(f) below. 
 (c) Compensation. The Escrow Agent shall be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but
not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges. 
 (d) Further Assurances. If the underwriters’ over-allotment option for the IPO has not been exercised during the 45-day period following the consummation of the IPO, then, no later than
9:00 a.m. New York City time on the 46th day after the date of the consummation of the IPO, the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company shall provide written notice to the Escrow Agent certifying
that the underwriters’ over-allotment option for the IPO has not been exercised within the required timeframe. From time to time on and after the date hereof, the Company and the Initial Stockholders shall deliver or cause

  
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to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more
effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 (e) Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Sponsors’ Purchase Price held
hereunder. If no new escrow agent is so appointed within the sixty (60) day period following the giving of such notice of resignation, the Escrow Agent may deposit the Sponsors’ Purchase Price with any court it reasonably deems
appropriate. 
 (f) Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as
escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly; provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in
Section 4(e). 
 (g) Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not
be relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
 (h) Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the trust account (to be established by the Company for the benefit of the
Company’s public stockholders as described in the Company’s registration statement filed in connection with the IPO) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against such trust account
for any reason whatsoever. 
 Section 5. Miscellaneous. 

(a) Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed 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. 

(b) Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter
hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged. 
 (c) Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof. 

(d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and
their legal representatives, successors and assigns. 

  
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 (e) Notices. Any notice or other communication required or which may be given
hereunder shall be in writing and either be delivered personally or by facsimile or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally, or upon receipt of confirmation of transmission if sent by facsimile, or, if mailed, two days after the date of mailing, as follows: 
 If to the Company, to: 
 HF2 Financial Management Inc. 

999 18th Street, Suite 3000 
 Denver, Colorado 80202 
 Attn: Richard S. Foote, President and Chief Executive
Officer 
 Fax No.: (646) 224-8222 
 If to a Stockholder, to his address set forth in Exhibit A. 
 and if to the Escrow Agent, to:

 Bingham McCutchen LLP 
 399 Park Avenue New York, 
 New York 10022 

Attn: Floyd I. Wittlin, Esq. 
 Fax No.: (212) 702-3625 
 The parties may change the persons and addresses to which the
notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 [Signature Page Follows] 

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

			
	COMPANY:
	
	HF2 FINANCIAL MANAGEMENT INC.
		
	By:	 	 /s/ R. Bradley Forth

	Name:	 	R. Bradley Forth
	Title:	 	EVP, CFO
	
	INITIAL STOCKHOLDERS:
	
	Bulldog Investors
		
	By:	 	 /s/ Andrew Dakos

	Name:	 	 Andrew Dakos

	Title:	 	 Manager/Director
 Managing
General Partner
 Bulldog Investors General Partnership

	
	White Sand Investor Group, LP
		
	By:	 	 /s/ Owen M. Donnelley

	Name:	 	Owen M. Donnelley
	Title:	 	Treasurer of Corporate General Partner
	
	Broad Hollow Investors LLC
		
	By:	 	 /s/ R. Bruce Cameron

	Name:	 	R. Bruce Cameron
	Title:	 	Managing Partner
	
	Broad Hollow LLC
		
	By:	 	 /s/ R. Bruce Cameron

	Name:	 	R. Bruce Cameron
	Title:	 	Managing Partner
	
	Healey Associates LLC
		
	By:	 	 /s/ John C. Hagerty

	Name:	 	John C. Hagerty
	Title:	 	 Manager

	
	Healey Family Foundation
		
	By:	 	 /s/ John C. Hagerty

	Name:	 	John C. Hagerty
	Title:	 	Manager

  
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	Burke Family Trust
		
	By:	 	 /s/ T. Robert Burke

	Name:	 	T. Robert Burke
	Title:	 	Trustee
	
	Parsifal Partners B, LP
		
	By:	 	 /s/ Kenneth Rilander

	Name:	 	Kenneth Rilander
	Title:	 	Member
	
	PanMar Capital llc
		
	By:	 	 /s/ Oscar Junquera

	Name:	 	Oscar Junquera
	Title:	 	Managing Partner
	
	Randall S. Yanker
		
	By:	 	 /s/ Randall S. Yanker

	Name:	 	Randall S. Yanker
	Title:	 	
	
	NAR Special Global, LLC
		
	By:	 	 /s/ Neil Ramsey

	Name:	 	Neil Ramsey
	Title:	 	Managing Member
	
	Thomas Maheras
		
	By:	 	 /s/ Thomas Maheras

	Name:	 	Thomas Maheras
	Title:	 	
	
	Daniel T. Smythe
		
	By:	 	 /s/ Daniel T. Smythe

	Name:	 	Daniel T. Smythe
	Title:	 	
	
	Ramnarain Jaigobind
		
	By:	 	 /s/ Ramnarain Jaigobind

	Name:	 	Ramnarain Jaigobind
	Title:	 	

  
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	Dickinson Investments LLC
		
	By:	 	 /s/ Dan Dickinson

	Name:	 	Dan Dickinson
	Title:	 	Member
	
	SC-NGU LLC
		
	By:	 	 /s/ Ronnie Lott

	Name:	 	Ronnie Lott
	Title:	 	Managing Member
	
	Jeffrey J. Hodgman
		
	By:	 	 /s/ Jeffrey J. Hodgman

	Name:	 	Jeffrey J. Hodgman
	Title:	 	
	
	Paul D. Schaeffer
		
	By:	 	 /s/ Paul D. Schaeffer

	Name:	 	Paul D. Schaeffer
	Title:	 	
	
	Joseph C. Canavan
		
	By:	 	 /s/ Joseph C. Canavan

	Name:	 	Joseph C. Canavan
	Title:	 	
	
	Robert H. Zerbst
		
	By:	 	 /s/ Robert H. Zerbst

	Name:	 	Robert H. Zerbst
	Title:	 	
	
	ESCROW AGENT:
	
	BINGHAM MCCUTCHEN LLP
		
	By:	 	 /s/ Christina Melendi

	Name:	 	Christina Melendi
	Title:	 	Partner

  
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 EXHIBIT A 

 

					
	 Initial Stockholder
	  	Sponsors’ Purchase Price	 
	 Bulldog Investors
	  	$	1,129,700	  
	 White Sand Investor Group, LP
	  	$	300,000	  
	 Broad Hollow Investors LLC
	  	$	1,718,750	  
	 Broad Hollow LLC
	  	$	281,250	  
	 Healey Associates LLC
	  	$	1,497,900	  
	 Healey Family Foundation
	  	$	1,497,900	  
	 Burke Family Trust
	  	$	1,500,000	  
	 Parsifal Partners B, LP
	  	$	1,250,000	  
	 PanMar Capital llc
	  	$	250,000	  
	 Randall S. Yanker
	  	$	1,130,000	  
	 NAR Special Global, LLC
	  	$	3,390,000	  
	 Thomas Maheras
	  	$	565,000	  
	 Daniel T. Smythe
	  	$	452,000	  
	 Ramnarain Jaigobind
	  	$	282,500	  
	 Dickinson Investments LLC
	  	$	56,500	  
	 SC-NGU LLC
	  	$	56,500	  
	 Jeffrey J. Hodgman
	  	$	113,000	  
	 Paul D. Schaeffer
	  	$	113,000	  
	 Joseph C. Canavan
	  	$	300,000	  
	 Robert H. Zerbst
	  	$	100,000EX-10.11

 Exhibit 10.11 
 HF2 FINANCIAL MANAGEMENT INC. 
 ADMINISTRATIVE SERVICES AGREEMENT

 This Administrative Services Agreement (this “Agreement”) is dated February 25, 2013 and is entered into by
and among Berkshire Capital Securities LLC (“Berkshire Capital”) and HF2 Financial Management Inc. (“HF2”). 
 Berkshire Capital and HF2 agree that Berkshire Capital will provide to HF2 for and in consideration of the fees set forth herein, office space and certain general and administrative services, as HF2 may
require from time to time and as outlined below. 
 Section 1. Basic Terms. 

(a) Monthly Fixed Fee for Administrative Services (as defined in Section 2 below): $10,000.00 

(b) Facilities: 999 18th Street, Suite 3000, Denver, Colorado 80202 and such other office facilities maintained by Berkshire Capital as
HF2 may reasonably require (the “Buildings”) 
 Section 2. Term. From the effective date of
HF2’s proposed initial public offering of its Class A common stock pursuant to a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission (as may be amended from time to time, the “Registration
Statement” and such date, the “Effective Date”) until the earlier of (i) the date on which HF2 consummates an initial business combination (as defined in the Registration Statement) and (ii) the date on
which the public shares (as defined in the Registration Statement) held by the public stockholders (as defined in the Registration Statement) are redeemed and the trust account (as defined in the Registration Statement, the “Trust
Account”) is liquidated (the “Term”) as a result of HF2’s failure to consummate an initial business combination. 
 Section 3. Administrative Services. HF2 shall be provided with the non-exclusive use of the Buildings and shall have access to the Buildings twenty-four (24) hours a day, seven
(7) days a week. In exchange for the Monthly Fixed Fee for Administrative Services, Berkshire Capital agrees to provide the following base services in addition to the use of the Buildings: office cleaning, maintenance services, office supplies,
electricity, heating and air conditioning to the Buildings, administrative support, including, but not limited to, information technology, secretarial and bookkeeping services as well as communications services such as unlimited use of
Internet/Data, telephone, fax and photocopier (the “Administrative Services”). In addition, HF2 will have reasonable use of Berkshire Capital’s common area facilities. HF2 shall use the Buildings and auxiliary areas of
the facilities solely for general office use in the conduct of HF2’s business. 
 In order to accommodate the needs of potential multiple
office clients, Berkshire Capital will have the right, upon ten (10) days’ written notice, to relocate HF2 to other offices in the Buildings and to substitute such other offices for the offices contracted herein, provided such other
offices are substantially similar in area and configuration to HF2’s contracted offices and provided HF2 shall incur no increase in the total monthly fee or any relocation cost or expense. HF2 will not offer to any party in the Buildings any of
the services which Berkshire Capital provides to HF2. Berkshire Capital will answer all incoming phone calls, unless otherwise mutually agreed, during normal business hours, as reasonably determined by Berkshire Capital. HF2 acknowledges that due to
the imperfect nature of verbal, written and electronic communications, Berkshire Capital shall not be responsible for damages, direct or consequential, which 

 
may result from the failure of Berkshire Capital to furnish any service, including but not limited to the conveying of messages, communications and other utilities or services required under this
Agreement. HF2 expressly agrees to waive the right to make any claim for damages, direct or consequential, arising out of any failure to furnish any utility, service or facility, any error or omission with respect thereto, or any delay or
interruption of the same. Berkshire Capital will pay some of HF2’s expenses, and HF2 will remit the amount of such expenses to Berkshire Capital on a monthly basis, at no profit to Berkshire Capital. 

Section 4. Duration of Agreement. After expiration of the Term, the Agreement will automatically terminate. Prior to
expiration of the Term, either party may terminate the Agreement upon 30 days’ advance written notice to the other party. 

Section 5. Payments. The monthly invoices/statements for the Monthly Fixed Fee for Administrative Services will be billed in
advance. Any amounts payable by HF2 for expenses paid by Berkshire Capital shall appear on the invoice for the month following the month in which Berkshire Capital has paid such expenses. Statements will be placed in the mail or faxed to HF2 on the
first day of each month with payments due by the fifth day of each month. If the Term shall not commence on the first day of a month or end on the last day of a month, fees for any such month shall be prorated. All amounts payable hereunder shall be
payable at the office of Berkshire Capital or to such other location or to any agent designated in writing by Berkshire Capital. 
 Section 6. Damages and Insurance. HF2 will not damage or deface the furnishings, walls, floors or ceiling. HF2 will not cause damage to any part of the Buildings or disturb the quiet enjoyment
of any other licensee or occupant of the Buildings nor suffer to be made any waste, obstruction or unlawful, improper or offensive use of the Buildings or the common area facilities. At the termination of this Agreement, HF2 will return the
Buildings in as good of condition as when HF2 took possession, though normal wear and tear shall be expected. Berkshire Capital shall have the right to show the Buildings to prospective clients, provided Berkshire Capital will use reasonable efforts
not to disrupt HF2’s business. 
 Berkshire Capital and its respective directors, licensors, officers, agents, servants and employees shall
not, to the extent permitted by law, except upon the affirmative showing of Berkshire Capital’s gross negligence or willful misconduct, be liable for, and HF2 waives all right of recovery against such entities and individuals for any damage or
claim with respect to any injury to person or damage to, or loss or destruction of any property of HF2, its employees, authorized persons and invitees due to any act, omission or occurrence in or about the Buildings. Without limitation of any other
provision hereof, HF2 agrees to indemnify, defend, protect and hold Berkshire Capital and its respective directors, licensors, officers, agents, servants and employees harmless from and against all liability to third parties arising out of
HF2’s use and occupancy of the Buildings or actions or omissions of HF2 and its agents, employees, contractors, and invitees. HF2 further agrees that all personal property of HF2, its agents, employees, contractors, and invitees, within or
about the facilities of the Buildings shall be at the sole risk of HF2. 
 The parties hereby waive any and all rights of recovery against each
other, or against the officers, employees, agents or representatives of the other, for loss of or damage to its property or the property of others under its control, to the extent such loss or damage is covered by any insurance policy. 

If the Buildings is made unusable, in whole or in part by fire or other casualty not due to the negligence of HF2, Berkshire Capital may, at its option,
terminate the Agreement upon written notice to HF2, effective upon such casualty, or may elect to repair, restore, or rehabilitate, or cause to be repaired, restored or rehabilitated, the Buildings, without expense to HF2, within ninety
(90) days or within such longer period of time as may be required because of events beyond Berkshire Capital’s control. The Monthly Fixed Fee for Administrative Services shall be abated on a pro rata basis for the period of time the
Buildings is unusable. 

 Section 7. Default. HF2 shall be deemed to be in default under this Agreement:
(a) if HF2 fails to pay the Monthly Fixed Fee for Administrative Services, (b) if HF2 fails to promptly and fully perform any other provisions of this Agreement and any such default continues in excess of five (5) business days after
written notice by Berkshire Capital, or (c) if HF2 fails to comply with the laws or permit licensing rules and other requirements regulating the conduct of HF2’s business. Should HF2 be in default hereunder, Berkshire Capital may terminate
any or all of the services for the period of such default. 
 Section 8. Miscellaneous. 

(a) This is the only Agreement between the parties with respect to the subject matter hereof. All amendments to this Agreement shall be in
writing and signed by all parties. Any attempted amendment shall be void. The invalidity or unenforceability of any provision hereof shall not affect the remainder hereof. 
 (b) Failure of Berkshire Capital to insist upon the strict performance of any term or condition of this Agreement or to exercise any right or remedy available for a breach thereof, or acceptance of full
or partial payment during the continuance of any such breach, will not constitute a waiver of any such breach or any such term or condition and shall not prevent Berkshire Capital from enforcing any provisions of this Agreement in the future. No
term or condition of this Agreement required to be performed by a party and no breach thereof, will be waived, altered or modified, except by a written instrument executed by the other party. 

(c) In regard to the Trust Account that will hold substantially all of the offering proceeds HF2 expects to raise from the initial public
offering of its Class A common stock, Berkshire Capital hereby waives any right of recourse against the Trust Account and agrees not to seek reimbursement, payment or satisfaction of any claim against the Trust Account. 

	(d)	The laws of the State of Colorado without regard to the conflict of law principles shall govern this Agreement. 

(e) HF2 represents and warrants to Berkshire Capital that there are no agents, brokers, finders or other parties with whom HF2 has dealt
who are or may be entitled to any commission or fee with respect to this Agreement. 
 (f) Neither HF2 nor anyone claiming by,
through or under HF2 shall assign this Agreement or permit the use of any portion of the Buildings by any person other than HF2. 

(g) All notices hereunder shall be in writing. Notices to HF2 shall be deemed to be duly given if hand-delivered to HF2’s mailbox at
999 18th Street, Suite 3000, Denver, Colorado 80202. Notice to Berkshire Capital shall be deemed to be duly given if mailed by registered or certified mail, postage prepaid, to 535 Madison Avenue, New York, New York 10022. 

(h) HF2 acknowledges that Berkshire Capital will comply with U.S. Postal Service regulations regarding client mail and, upon termination
of this Agreement, it will be HF2’s responsibility to notify all parties of termination of the use of the above-described address. 

 (i) Berkshire Capital may assign this Agreement and/or any fees hereunder and HF2 agrees to
attorn any such assignee. 
 (j) Berkshire Capital shall not be liable for any interruption or error in the performance of its
services to HF2. HF2 waives any recourse against Berkshire Capital arising from the provision of such services, including, without limitation, any claim of business interruption or for any indirect, incidental, special, consequential or punitive
damages, except for claims arising out of willful misconduct or from negligence by Berkshire Capital. 
 (k) Berkshire Capital
will not be liable for any claim of business interruption or for any indirect, incidental, special, consequential, exemplary or punitive damages arising out of any failure to furnish any service or facility, any error or omission with respect
thereto, or any delay or interruption of the same. 
 (l) Berkshire Capital and its agents will have the right of access to the
Buildings at any time for the purpose of (i) making any repairs, alterations and/or inspections that it deems necessary in its sole discretion for the preservation, safety or improvements of the facilities, or (ii) to show the facilities
to prospective clients without in any way being deemed or held to have committed an eviction (constructive or otherwise) of or trespass against HF2. 
  

			
	HF2 FINANCIAL MANAGEMENT INC.
		
	By:	 	/s/ Richard S. Foote
		 	Name: Richard S. Foote
		 	Title: President and Chief Executive Officer
	
	 ACCEPTED AND AGREED:
  

BERKSHIRE CAPITAL SECURITIES LLC

		
	By:	 	/s/ R. Bruce Cameron
		 	Name: R. Bruce Cameron
		 	Title: President and Chief Executive Officer

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