Document:

EX-10.8

 Exhibit 10.8 

CFAC Holdings VIII, LLC 
 110 East
59th Street 
 New York, NY 10022 

March 11, 2021 
 CFAC Holdings VIII, LLC 

110 East 59th Street 
 New York, NY 10022 

 

	 	Re:	 Forward Purchase Contract 

Ladies and Gentlemen: 
 We are pleased to accept
the offer CFAC Holdings VIII, LLC (the “Subscriber” or “you”) has made to purchase an aggregate of (i) 1,000,000 units (the “Units”) of CF Acquisition Corp. VIII, a Delaware corporation (the
“Company”), each Unit comprising one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and one-fourth
of one warrant (“Warrant”) and (ii) 250,000 shares (the “Forward Purchase Shares”), for an aggregate purchase price of $10,000,000. The Units, the securities underlying the Units and the Forward Purchase Shares,
collectively, are hereinafter referred to as the “Securities”. Each whole Warrant is exercisable to purchase one Share at an exercise price of $11.50 per Share during the period commencing on the later of (i) twelve (12) months
from the date of the closing of the Company’s initial public offering of units, each comprising one share of Class A Common Stock and one-fourth of one Warrant (the “IPO”), such IPO
expected as of the date hereof to generate gross proceeds to the Company in the amount of $220,000,000 (exclusive of the over-allotment option to be granted to the underwriters) and (ii) thirty (30) days following the consummation of the
Company’s initial business combination (the “Business Combination”) and expiring on the fifth anniversary of the consummation of the Business Combination. This letter agreement (this “Agreement”) sets forth the
terms on which the Company is willing to sell the Securities to the Subscriber, and the Company and the Subscriber’s agreements regarding such Securities, are as follows: 

1. Purchase of the Securities. For the sum of $10,000,000 (the “Purchase Price”), at the Closing (as defined herein),
the Company agrees to sell the Securities to the Subscriber, and the Subscriber hereby agrees to purchase the Securities from the Company, subject to the terms and subject to the conditions set forth in this Agreement. 

2. Representations, Warranties and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Securities to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1 No Government Recommendation or
Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Securities. 

2.1.2 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party,
(iii) any law, statute, rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the Subscriber is subject. 

2.1.3 Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing
under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by the Subscriber and the Company, this Agreement is a legal, valid and
binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of
creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 2.1.4 Experience, Financial Capability and Suitability. Subscriber is:
(i) sophisticated in financial matters, is able to evaluate the risks and benefits of the investment in the Securities and has the capacity to protect its own interests and (ii) able to bear the economic risk of its investment in the
Securities for an indefinite period of time because the Securities have not been registered under the Securities Act (as defined below) and therefore cannot be sold unless pursuant to an effective registration statement under the Securities Act
(including pursuant to the Registration Rights Agreement (as defined below)) or an exemption from such registration is available with respect to such sale. Subscriber is able to afford a complete loss of Subscriber’s investment in the
Securities. 
 2.1.5 Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber
has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain
additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based
upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations which were not
furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects. 

2.1.6 Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal or state law. 

2.1.7 Investment Purposes. The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule 502 under the Securities Act. 
 2.1.8 Restrictions on Transfer; Shell Company.
Subscriber understands the Securities are being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Securities will be “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act and Subscriber understands that any certificates representing the Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any
transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or
an exemption, the Subscriber agrees not to resell the Securities. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Securities until one (1) year
following consummation of the Business Combination, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 

2.1.9 No Governmental Consents. No governmental, administrative or other third party consents or approvals are required or
necessary on the part of Subscriber in connection with the transactions contemplated by this Agreement. 

 2.2 Company’s Representations, Warranties and Agreements. To induce the
Subscriber to purchase the Securities, the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

2.2.1 Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every
jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority
necessary to carry out the transactions contemplated by this Agreement. 
 2.2.2 No Conflicts. The execution, delivery and
performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws of the Company, (ii) any
agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company is subject. 

2.2.3 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Securities will be
duly and validly issued, fully paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or receive good title to the Securities, free and
clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions described herein and under federal and state securities laws, and (b) liens, claims or encumbrances imposed due to the actions of the Subscriber.
The Company will reserve sufficient Shares to permit issuance of all of the Securities, including full exercise of the Warrants. 

2.2.4 No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the
Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality of any such transactions or seeks to recover damages or
to obtain other relief in connection with any such transactions. 
 2.2.5 Authorization. All corporate action on the part of the
Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement, the Securities, the performance of all obligations of the Company required pursuant hereto, and the authorization, issuance
(or reservation for issuance) of the Securities, has been taken. Upon execution and delivery by the Company and each of the other parties of this Agreement, this Agreement constitutes a valid and legally binding obligation of the Company,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). When issued, the Units and Warrants will constitute valid and legally binding obligations of the Company, enforceable in accordance with their
respective terms. 
 2.2.6 Capitalization. The authorized capital stock of the Company on the date hereof, consists of
160,000,000 shares of Class A Common Stock, no shares of which are issued and outstanding, 40,000,000 shares of Class B common stock, par value $0.0001 per share (“Class B Common Stock” and, collectively
with the Class A Common Stock, the “Common Stock”), 6,325,000 shares of which are issued and outstanding (including up to 825,000 shares subject to forfeiture in the event that the underwriters’ over-allotment option is
not exercised in full), and 1,000,000 shares of preferred stock, no shares of which are issued and outstanding. All issued and outstanding shares of the Class B Common Stock (a) have been duly authorized and validly issued, and
(b) are fully paid and non-assessable. The rights, preferences, privileges and restrictions of the Common Stock are as stated in the Certificate of Incorporation currently on file with the Delaware
Secretary of State. There are no outstanding rights, options, warrants, preemptive rights, rights of first refusal or similar rights for the purchase or acquisition from the Company of any securities of the Company. 

2.2.7 No Governmental Consents. No governmental, administrative or other third party consents or approvals are required or
necessary on the part of the Company in connection with the transactions contemplated by this Agreement, other than the filing of a Form D with the Securities and Exchange Commission and such state Blue Sky, FINRA and Nasdaq consents and
approvals as may be required. 
 3. Settlement Date and Delivery. 

3.1 Closing. The settlement of the forward purchase contract for the purchase and sale of the Securities hereunder (the
“Closing”) shall be held at the same date and time as the closing of the Business Combination (the date of the Closing being referred to as the “Closing Date”). At the Closing, the Company will issue to the
Subscriber the Units and the Forward Purchase Shares, each registered in the name of the Subscriber, against delivery of the Purchase Price in cash via wire transfer to an account specified in writing by the Company no later than five
(5) business days prior to the Closing. 

 3.2 Conditions to Closing of the Company. 

The Company’s obligations to sell and issue the Securities at the Closing are subject to the fulfillment on or prior to the Closing, as
applicable, of each of the following conditions: 
 3.2.1 Representations. The representations and warranties made by the
Subscriber in Section 2 hereof shall be true and correct in all material respects when made and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case
they shall be true and correct in all material respects as of such date) with the same force and effect as if they had been made on and as of said date. 

3.2.2 Blue Sky. The Company shall have obtained all necessary Blue Sky law permits and qualifications,
or secured an exemption therefrom, required by any state for the offer and sale of the Securities. 
 3.3 Conditions to Closing of
the Subscriber. 
 The Subscriber’s obligation to purchase the Securities at the Closing is subject to the fulfillment on or prior
to the Closing Date, as applicable, of each of the following conditions: 
 3.3.1 Representations and Warranties Correct. The
representations and warranties made by the Company in Section 2 of this Agreement shall be true and correct in all material respects when made and shall be true and correct in all material respects on and as of the Closing Date (unless they
specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) with the same force and effect as if they had been made on and as of said date. 

3.3.2 Covenants. All covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior
to the Closing Date shall have been performed or complied with in all material respects. 
 3.3.3 Blue Sky. The Company shall
have obtained all necessary Blue Sky law permits and qualifications, or secured an exemption therefrom, required by any state for the offer and sale of the Securities. 

3.3.5 Registration Rights Agreement. The Company and Subscriber shall have entered into a registration rights agreement (the
“Registration Rights Agreement”), as referenced in Section 4.3, in a form customary for transactions of the type contemplated hereby and reasonably acceptable to each of the parties. 

3.3.6 IPO Closing. The Company shall have consummated an IPO raising at least $220,000,000 in gross proceeds. 

3.3.7 Business Combination. The Company shall have entered into an agreement with respect to the Business Combination and all
conditions to the closing of the Business Combination as set forth in such agreement, including the approval by the Company’s stockholders of the Business Combination, if applicable, shall have been satisfied or met.

4. Terms of the Units and Warrants. 

4.1 The Warrants will be substantially identical to the warrants to be included in the units offered in the IPO as set forth in the Warrant
Agreement to be entered into with Continental Stock Transfer and Trust Company at or prior to the IPO (the “Warrant Agreement”), except that the Warrants: (i) will be non-redeemable so
long as they are held by the Subscriber (or any of its permitted transferees), and (ii) are exercisable on a “cashless” basis if held by Subscriber or its permitted transferees. 

 4.2 The Units and their component parts will be substantially identical to the units to be
offered in the IPO except (i) as described in Sections 4.1 and 4.3 and (ii) the Units and component parts are being offered and sold pursuant to an exemption from the registration requirements of the Securities Act and will become freely
tradable only after they are registered in accordance with the Registration Rights Agreement to be signed on or before the date of the Company’s registration statement to be filed in connection with the IPO, as amended at the time it becomes
effective (the “Registration Statement”). 
 4.3 The Forward Purchase Shares will be substantially identical to the shares
of Class A Common Stock to be offered in the IPO except that the Forward Purchase Shares (i) are being offered and sold pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only
after they are registered in accordance with the Registration Rights Agreement and (ii) will be subject to the lock up described in Section 5.2. 

5. Restrictions on Transfer. 

5.1 Securities Law Restrictions. Subscriber hereby agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or
any part of the Securities unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed to be transferred shall then be
effective or (b) the Company has received an opinion of counsel for the Company that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and
Exchange Commission thereunder and under all applicable state securities laws. 
 5.2 Lock up. 

5.2.1 Subscriber hereby agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Forward Purchase
Shares until the earlier to occur of (the “Share Lock up”): (a) one year after the completion of the Business Combination or (b) the date following the completion of the Business Combination on which the Company completes a
liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property. Notwithstanding
the foregoing, if the last reported sale price of the Class A 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 Business Combination, the Forward Purchase Shares and the shares underlying the Units will be released from the Share Lock up. 

5.2.2 Subscriber hereby agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Units, the shares of
Class A Common Stock and warrants underlying the Units and the shares of Class A Common Stok issuable upon exercise of such warrants until 30 days after the completion of the Business Combination except for transfers to certain permitted
transferees (as such term defined in the prospectus for the IPO). 
 5.3 Restrictive Legends. All certificates representing the
Securities shall have endorsed thereon legends substantially as follows: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THE COMPANY, IS AVAILABLE.” 

 All certificates representing the Securities shall have endorsed thereon legends substantially as follows:

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP EXCEPT PURSUANT TO ITS TERMS.”
 5.4 Additional Units or Substituted
Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than Common Stock, a spin-off, a share split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration (other than those occurring at the time of the IPO in connection with a change in the size of the
offering), any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Securities subject to this Section 5.4 or into which such Securities thereby become convertible
shall immediately be subject to this Section 5.4 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Securities subject to this Section 5.4 and
Section 3. The Securities shall not be subject to forfeiture upon failure of the underwriters to exercise their over-allotment option in the IPO.

5.5. FINRA Lock-up. The Subscriber acknowledges and agrees that the Securities will be deemed
underwriting compensation by the Financial Industry Regulatory Authority (“FINRA”) and, pursuant to FINRA Rule 5110(e)(1), may not be sold during the offering, or transferred, assigned, pledged or hypothecated or be the subject of any
hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities for a period of 180 days immediately following the date of effectiveness or commencement of sales in the IPO, except as provided
in FINRA Rule 5110(e)(2).
 6. Other Agreements. 

6.1 Further Assurances. Each of the Company and Subscriber agrees to execute such further instruments and to take such further
action as may reasonably be requested by the other party to carry out the intent of this Agreement. 
 6.2 Notices. All notices,
statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to
the address designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if
sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

6.3 Entire Agreement. This Agreement, together with that certain Insider Letter and that certain Registration Rights Agreement to
be entered into among the Subscriber, the Company and the other parties thereto, each substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Subscriber and the
Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly
set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

6.4 Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto. 
 6.5 Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent
for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any
other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 6.6 Assignment. This Agreement, and the rights and obligations hereunder, may
not be assigned, in whole or in party, by either party hereto without the prior written consent of the other party, except that the Subscriber may assign this Agreement to any of its affiliates. 

6.7 Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the
parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or
entity shall be regarded as a third-party beneficiary of this Agreement.
 6.8 Governing Law and Venue. This Agreement and the
rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law
principles thereof. The parties hereto (i) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this 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. 

6.9 Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and
effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 

6.10 No Waiver of Rights, Powers and Remedies. 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. 

6.11 Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 

6.12 No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any
claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any
such claim. 
 6.13 Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

6.14 Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
signature page were an original thereof.

 6.15 Construction. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the
singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained
herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

6.16 Mutual Drafting. This Agreement is the joint product of the Subscriber 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. 

7. [Intentionally Omitted]. 

8. Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement. 

9. Term. The Subscriber’s obligation to acquire the Securities hereunder, and the Company’s obligation to sell the
Securities hereunder, shall be in effect until the earlier of (i) the consummation of the Business Combination within the time frame permitted by the Company’s amended and restated certificate of incorporation (the
“Charter”), which, as of the date hereof, is expected to be 12 months from the consummation of the IPO, including any extensions beyond such term effected pursuant to the terms of the Charter, and (ii) the liquidation of the
Company in the event that the Company is unable to consummate the Business Combination within the time frame permitted by the Charter (including any extensions). 

10. Disclosure. The Subscriber hereby acknowledges that (i) the terms of this Agreement will be disclosed in the Registration
Statement, (ii) this Agreement will be filed with the Securities and Exchange Commission as an exhibit to the Registration Statement and (iii) the Company will disclose the terms of this Agreement to potential IPO investors and to
potential Business Combination targets. 
 11. Waiver of Claims Against Trust. The Subscriber hereby acknowledges that it is
aware that the Company will establish a trust account (the “Trust Account”) for the benefit of its public stockholders upon the closing of the IPO. The Subscriber hereby agrees that it has no right, title, interest or claim of any
kind in or to any monies held in the Trust Account, except for redemption and liquidation rights the Subscriber may have in respect of any Shares issued as part of the units sold in the IPO (“Public Shares”) held by the Subscriber,
if any. The Subscriber hereby agrees that it shall have 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, except for redemption and liquidation rights the Subscriber may have in respect of any Public Shares held by the Subscriber, if any. In
the event the Subscriber has any Claim against the Company under this Agreement, the Subscriber 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, except for redemption and liquidation rights the Subscriber may have in respect of any Public Shares held by the Subscriber, if any. 

[Signature Page Follows] 

 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this Agreement and return it to us. 
  

			
	Very truly yours,
	
	CF ACQUISITION CORP. VIII
		
	By:	 	 /s/ Howard W. Lutnick

	Name:	 	Howard W. Lutnick
	Title:	 	Chief Executive Officer

  

			
	Accepted and agreed this 11th day of March, 2021.
	
	CFAC Holdings VIII, LLC
		
	By:	 	 /s/ Howard W. Lutnick

	Name:	 	Howard W. Lutnick
	Title:	 	Chief Executive Officer

 [Signature Page to Forward Purchase Contract - - CF Acquisition Corp. VIII]ex_233650.htm

 

EXHIBIT 4.1

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

The following summary of the securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 of Energy Resources 12, L.P. (the “Partnership”) is based on and qualified by the Partnership’s First Amended and Restated Limited Partnership Agreement (“Partnership Agreement”). The following summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Partnership Agreement, which is incorporated by reference as Exhibit 3.2 to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. The Partnership encourages you to read the Partnership Agreement and the applicable provisions of the Delaware Revised Uniform Limited Partnership Act (“Delaware Act”) for additional information.

 

General

 

The Partnership Agreement provided for the offering and sale of up to 17,631,579 common units. On July 25, 2017, the Incentive Distribution Rights were issued to the Partnership’s general partner. The Partnership Agreement authorizes the Partnership’s general partner, without approval of common unit holders, to amend certain parts of the Partnership Agreement, in whole or in part, within the limits set forth in the Partnership Agreement and under Delaware law.

 

David Lerner Associates, Inc. (the “Dealer Manager”) was the dealer manager for the offering of the Partnership’s common units. Under the agreement with the Dealer Manager, the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager may also be paid Dealer Manager Incentive Fees (after Payout, discussed below), which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of approximately $8.7 million.

 

Common units 

 

Units issued and outstanding – 11,031,579 common units.

 

Voting – see “Voting Rights” below for more information.

 

Distributions – holders of the common units are entitled to receive proportionately any dividends if, and when, such dividends are declared by the Partnership.

 

Other rights – the common units do not have a sinking fund or redemption provisions or preemptive, conversion or exchange rights.

 

Incentive Distribution Rights (IDRs)

 

Voting – subject to the provisions of Partnership Agreement, a holder of IDRs does not have the right to vote on Partnership matters, except with respect for amendments to the Partnership Agreement that would adversely affect such IDR interests, in which case a holder of IDRs will have a right to vote thereon as a separate class.

 

Distributions – the Partnership will not make any distributions with respect to the IDRs until Payout occurs. See below for the distribution rights of holders of IDRs after Payout.

 

Rights at Payout

 

The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.

 

All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:

 

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			First, (i) to the record holders of the Incentive Distribution Rights, 30%; (ii) to the Dealer Manager, the “Dealer Manager Incentive Fees”, 30%, until such time as the Dealer Manager receives 4% of the gross proceeds of the common units sold; and (iii) to the record holders of outstanding common units, 40%, pro rata based on their percentage interest;

			

 

	 	
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			Thereafter, (i) to the record holders of the Incentive Distribution Rights, 60%; and (ii) to the record holders of outstanding common units, 40%, pro rata based on their percentage interest.

			

 

The information below further summarizes certain sections of the Partnership Agreement to address the rights of the holders of the common units.

 

Purpose

 

The purpose under the Partnership Agreement is limited to any business activity that is approved by the general partner and that lawfully may be conducted by a limited partnership organized under Delaware law; provided, that the general partner shall not cause the Partnership to engage, directly or indirectly, in any business activity that the general partner determines would cause the Partnership to be treated as an association taxable as a corporation or otherwise taxable as an entity for federal income tax purposes.

 

Power of Attorney

 

Each limited partner, and each person who acquires a common unit from a common unitholder, by accepting the common unit, automatically grants to the general partner and, if appointed, a liquidator, a power of attorney to, among other things, execute and file documents required for the Partnership’s qualification, continuance or dissolution. The power of attorney also grants the general partner the authority to amend, and to make consents and waivers under, the Partnership Agreement.

 

Capital Contributions

 

Common unitholders are not obligated to make additional capital contributions, except as described below under “— Limited Liability”. The general partner will make only a nominal capital contribution to the Partnership. No cash capital contributions will be made with respect to the IDRs.

 

Voting Rights

 

The following is a summary of the voting rights of the holders of common units. A common unit majority is a vote or consent by the holders of a majority of the common units then outstanding.

 

	
			Amendment of the Partnership Agreement

				
			Certain amendments may be made by the general partner without the approval of the common unitholders. Other amendments generally require the approval of the holders of a majority of the common units (including common units held by the general partner and its affiliates) which the Partnership refers to as a “common unit majority.”

			
	 	 
	
			Merger of the Partnership or the sale of all or substantially all of its assets

				
			Common unit majority and the holder of a majority of the IDRs in certain circumstances.

			
	 	 
	
			Dissolution of the Partnership

				
			Common unit majority

			
	 	 
	
			Continuation of the Partnership’s business upon dissolution

				
			Common unit majority

			
	 	 
	
			Withdrawal of the general partner

				
			The general partner does not have the right to withdraw as the general partner without the consent of the holders of a majority of the common units other than common units owned by the general partner and its affiliates.

			
	 	 
	
			Removal of the general partner

				
			Holders of the common units do not have the right to remove the general partner.

			
	 	 

 

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			Transfer of the general partner interest

				
			The general partner may transfer all, but not less than all, of its general partner interest in the Partnership without a vote of the common unitholders to an affiliate or another person in connection with its merger or consolidation with or into, or sale of all or substantially all of its assets to, such person. The approval of a majority of the common units, excluding common units held by the general partner and its affiliates, is required in other circumstances for a transfer of the general partner interest to a third party.

			
	 	 
	
			Transfer of incentive distribution rights

				
			The general partner has agreed not to transfer the incentive distribution rights prior to October 24, 2022.

			
	 	 
	
			Transfer of ownership interests in the general partner

				
			The general partner has agreed that it will not permit a change of control of the general partner to occur.

			

 

Limited Liability

 

Assuming that a limited partner does not participate in the control of the Partnership’s business within the meaning of the Delaware Act and that he otherwise acts in conformity with the provisions of the Partnership Agreement, his liability under the Delaware Act will be limited, subject to possible exceptions, to the amount of capital he is obligated to contribute to the Partnership for his common units plus his share of any undistributed profits and assets. If it were determined, however, that the right, or exercise of the right, by the limited partners as a group:

 

	 	
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			to approve some amendments to the Partnership Agreement; or

			

	 	
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			to take other action under the Partnership Agreement;

			

 

constituted “participation in the control” of the Partnership’s business for the purposes of the Delaware Act, then the limited partners could be held personally liable for the Partnership’s obligations under the laws of Delaware, to the same extent as the general partner. This liability would extend to persons who transact business with the Partnership who reasonably believe that the limited partner is a general partner. Neither the Partnership Agreement nor the Delaware Act specifically provides for legal recourse against the general partner if a limited partner were to lose limited liability through any fault of the general partner. While this does not mean that a limited partner could not seek legal recourse, the Partnership knows of no precedent for this type of a claim in Delaware case law.

 

Under the Delaware Act, a limited partnership may not make a distribution to a partner if, after the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the assets of the limited partnership. For the purpose of determining the fair value of the assets of a limited partnership, the Delaware Act provides that the fair value of property subject to liability for which recourse of creditors is limited shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds the nonrecourse liability. The Delaware Act provides that a limited partner who receives a distribution and knew at the time of the distribution that the distribution was in violation of the Delaware Act shall be liable to the limited partnership for the amount of the distribution for three years. Under the Delaware Act, a substituted limited partner of a limited partnership is liable for the obligations of his assignor to make contributions to the partnership, except that such person is not obligated for liabilities unknown to him at the time he became a limited partner and that could not be ascertained from the Partnership Agreement.

 

The Partnership’s subsidiaries conduct business in states other than Delaware. Maintenance of the Partnership’s limited liability as an owner of its subsidiaries may require compliance with legal requirements in the jurisdictions in which the subsidiaries conduct business, including qualifying the Partnership’s subsidiaries to do business there.

 

Limitations on the liability of limited partners for the obligations of a limited partner have not been clearly established in many jurisdictions. If, by virtue of the Partnership’s interest in its subsidiaries or otherwise, it were determined that the Partnership were conducting business in any state without compliance with the applicable limited partnership or limited liability company statute, or that the right or exercise of the right by the limited partners as a group to approve some amendments to the Partnership Agreement, or to take other action under the Partnership Agreement constituted “participation in the control” of the Partnership’s business for purposes of the statutes of any relevant jurisdiction, then the limited partners could be held personally liable for the Partnership’s obligations under the law of that jurisdiction to the same extent as the general partner under the circumstances. The Partnership will operate in a manner that the general partner considers reasonable and necessary or appropriate to preserve the limited liability of the limited partners.

 

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Amendment of the Partnership Agreement

 

General

 

Amendments to the Partnership Agreement may be proposed only by or with the consent of the general partner. However, the general partner will have no duty or obligation to propose any amendment and may decline to do so free of any fiduciary duty or obligation whatsoever to the Partnership or the limited partners, including any duty to act in good faith or in the best interests of the Partnership or the limited partners. In order to adopt a proposed amendment, other than the amendments discussed below, the general partner is required to seek written approval of the holders of the number of common units required to approve the amendment or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as described below, an amendment must be approved by a common unit majority.

 

Prohibited Amendments

 

No amendment may be made that would:

 

	 	
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			enlarge the obligations of any limited partner without its consent; or

			

	 	
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			enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable by the Partnership to the general partner or any of its affiliates without the consent of the general partner, which consent may be given or withheld at its option; or

			

	 	
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			materially adversely affect the rights of the holders of IDRs without the consent of the holders of a majority of IDRs, as applicable; provided that if such amendment to the Partnership Agreement is made in connection with a Liquidity Event, such consent by the holders of IDRs may not be unreasonably withheld.

			

 

No Common Unitholder Approval

 

The general partner may generally make amendments to the Partnership Agreement without the approval of any limited partner or assignee to reflect:

 

	 	
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			a change in the Partnership’s name, the location of its principal place of its business, its registered agent or its registered office;

			

	 	
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			the admission, substitution, withdrawal or removal of partners in accordance with the Partnership Agreement;

			

	 	
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			a change that the general partner determines to be necessary or appropriate to qualify or continue the Partnership’s qualification as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that neither the Partnership nor its wholly-owned operating subsidiary will be treated as an association taxable as a corporation or otherwise taxed as an entity for federal income tax purposes;

			

	 	
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			an amendment that is necessary, in the opinion of the Partnership’s counsel, to prevent the Partnership or the general partner or its directors, officers, agents or trustees from in any manner being subjected to the provisions of the Investment Company Act of 1940, the Investment Advisors Act of 1940, or “plan asset” regulations adopted under the Employee Retirement Income Security Act of 1974, or ERISA;

			

	 	
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			any amendment expressly permitted in the Partnership Agreement to be made by the general partner acting alone;

			

	 	
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			an amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms of the Partnership Agreement;

			

	 	
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			any amendment that the general partner determines to be necessary or appropriate for the formation by Partnership of, or its investment in, any corporation, partnership or other entity, as otherwise permitted by the Partnership Agreement;

			

	 	
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			a change in the Partnership’s fiscal year or taxable year and related changes;

			

	 	
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			conversions into, mergers with or conveyances to another limited liability entity that is newly formed and has no assets, liabilities or operations at the time of the conversion, merger or conveyance other than those it receives by way of the conversion, merger or conveyance; or

			

	 	
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			any other amendments substantially similar to any of the matters described in the clauses above.

			

 

In addition, the general partner may make amendments to the Partnership Agreement without the approval of any limited partner if the general partner determines that those amendments:

 

	 	
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			do not adversely affect the limited partners in any material respect;

			

 

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			are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

			

	 	
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			are necessary or appropriate to facilitate the trading of limited partner interests or to comply with any rule, regulation, guideline or requirement of any securities exchange on which the limited partner interests are or will be listed for trading;

			

	 	
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			are necessary or appropriate for any action taken by the general partner relating to splits or combinations of common units under the provisions of the Partnership Agreement; or

			

	 	
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			are required to effect the intent expressed in the prospectus describing the public offering of common units or the intent of the provisions of the Partnership Agreement or are otherwise contemplated by the Partnership Agreement.

			

 

Opinion of Counsel and Common Unitholder Approval.

 

The general partner will not be required to obtain an opinion of counsel that an amendment proposed by the general partner will not result in a loss of limited liability to the limited partners or result in the Partnership being treated as an entity for federal income tax purposes in connection with any of the amendments. No other amendments to the Partnership Agreement will become effective without the approval of holders of at least 90% of the outstanding common units voting as a single class unless the Partnership first obtains an opinion of counsel to the effect that the amendment will not affect the limited liability under applicable law of any of the Partnership’s limited partners.

 

Any amendment that reduces the voting percentage required to take any action is required to be approved by the affirmative vote of limited partners whose aggregate outstanding common units constitute not less than the voting requirement sought to be reduced.

 

Merger, Consolidation, Conversion, Sale or Other Disposition of Assets

 

A merger, consolidation or conversion of the Partnership requires the prior consent of the general partner. However, the general partner will have no duty or obligation to consent to any merger, consolidation or conversion and may decline to do so free of any fiduciary duty or obligation whatsoever to the Partnership or the limited partners, including any duty to act in good faith or in the best interest of the Partnership or the limited partners.

 

In addition, the Partnership Agreement generally prohibits the general partner without the prior approval of the holders of a common unit majority from causing the Partnership to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or a series of related transactions, including by way of merger, consolidation or other combination, or approving on its behalf the sale, exchange or other disposition of all or substantially all of the assets of the Partnership’s subsidiaries. In addition, if the sale of assets or merger, consolidation or other combination would result in an amendment to the Partnership Agreement that is materially adverse to the holders of IDRs, the sale of assets, merger, consolidation or other combination will require approval of the holders of a majority of IDRs, as the case may be, which approval may not be unreasonably withheld. The general partner may, however, mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the Partnership’s assets without that approval. The general partner may also sell all or substantially all of the Partnership’s assets under a foreclosure or other realization upon those encumbrances without that approval.

 

If the conditions specified in the Partnership Agreement are satisfied, the general partner may convert the Partnership or any of its subsidiaries into a new limited liability entity or merge it or any of its subsidiaries into, or convey all of the Partnership’s assets to, a newly formed entity if the sole purpose of that conversion, merger or conveyance is to effect a mere change in its legal form into another limited liability entity, the general partner has received an opinion of counsel regarding limited liability and tax matters, and the governing instruments of the new entity provide the limited partners and the general partner with the same rights and obligations as contained in the Partnership Agreement. The common unitholders are not entitled to dissenters’ rights of appraisal under the Partnership Agreement or applicable Delaware law in the event of a conversion, merger or consolidation, a sale of substantially all of the Partnership’s assets or any other similar transaction or event.

 

Termination and Dissolution

 

The Partnership will continue as a limited partnership until terminated under the Partnership Agreement. The Partnership will dissolve upon:

 

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			the election of the general partner to dissolve the Partnership, if approved by the holders of common units representing a common unit majority;

			

	 	
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			there being no limited partners, unless the Partnership is continued without dissolution in accordance with applicable Delaware law;

			

	 	
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			at any time after 90% of the net proceeds from the sale of common units (after deduction of sales commissions, marketing fees and offering and organization expenses) have been invested, the election of the general partner to cause the Partnership to dissolve at any time that the present value of its after tax cash flows, discounted at 10%, from estimated net proved reserves at the end of any year falls below 20% of the net proceeds from our sale of common units;

			

	 	
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			the entry of a decree of judicial dissolution of this partnership; or

			

	 	
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			the withdrawal or removal of the general partner or any other event that results in its ceasing to be the general partner other than by reason of a transfer of its general partner interest in accordance with the Partnership Agreement or withdrawal or removal following approval and admission of a successor.

			

 

Upon a dissolution under the last clause above, the holders of a common unit majority may also elect, within specific time limitations, to continue the Partnership’s business on the same terms and conditions described in the Partnership Agreement by appointing as a successor general partner an entity approved by the holders of common units representing a common unit majority, subject to the Partnership’s receipt of an opinion of counsel to the effect that:

 

	 	
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			the action would not result in the loss of limited liability of any limited partner; and

			

	 	
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			neither the Partnership, nor its wholly-owned operating subsidiary would be treated as an association taxable as a corporation or otherwise be taxable as an entity for federal income tax purposes upon the exercise of that right to continue.

			

 

Liquidation and Distribution of Proceeds

 

Upon the Partnership’s dissolution, unless the Partnership is continued as a new limited partnership, the liquidator authorized to wind up the Partnership’s affairs will, acting with all of the powers of the general partner, take such actions that are necessary or appropriate to liquidate the Partnership’s assets and apply the proceeds of the liquidation in the same manner that the Partnership distributes cash at the end of each quarter. The liquidator may defer liquidation or distribution of the Partnership’s assets for a reasonable period of time or distribute assets to partners in kind if it determines that a sale would be impractical or would cause undue loss to its partners.

 

Withdrawal or Removal of the General Partner

 

The general partner may not withdraw as general partner without the consent of holders of a majority of the common units, other than common units held by the general partner and its affiliates.

 

Upon withdrawal of the general partner under any circumstances, other than as a result of a transfer by the general partner of all or a part of its general partner interest in the Partnership, the holders of a common unit majority may select a successor to the withdrawing general partner. If a successor is not elected, or is elected but an opinion of counsel regarding limited liability and tax matters cannot be obtained, the Partnership will be dissolved, wound up and liquidated, unless within a specified period after that withdrawal, the holders of a common unit majority agree in writing to continue the Partnership’s business and to appoint a successor general partner.

 

The general partner may not be removed by the holders of common units.

 

Transfer of General Partner Interest

 

Except for transfer by the general partner of all, but not less than all, of its general partner interest to:

 

	 	
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			an affiliate of the general partner (other than an individual); or

			

	 	
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			another entity as part of the merger or consolidation of the general partner with or into another entity or the transfer by the general partner of all or substantially all of its assets to another entity,

			

 

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the general partner may not transfer its general partner interest in the Partnership without the consent of a common unit majority. As a condition of this transfer, the transferee must assume, among other things, the rights and duties of the general partner, agree to be bound by the provisions of the Partnership Agreement, and furnish an opinion of counsel regarding limited liability and tax matters.

 

The general partner and its affiliates may at any time, transfer common units to one or more persons, without common unitholder approval.

 

Transfer of Ownership Interests in the General Partner

 

The general partner has agreed not to undergo a change of control. A change of control is defined as any person or group of persons, other than “qualifying owners”, acquiring beneficial ownership of 50% or more of the outstanding membership interests in the general partner. A qualifying owner is generally defined as the current beneficial owners of the general partner and any conservator, guardian or similar person of such existing beneficial owner, and any trust, foundation or similar organization the beneficiaries of which include the existing beneficial owner.

 

Transfer of Incentive Distribution Rights

 

The general partner or its affiliates or a subsequent holder may transfer its IDRs to an affiliate of the holder or another entity as part of the merger or consolidation of such holder with or into another entity, the sale of all of the ownership interest in the holder or the sale of all or substantially all of its assets to, that entity without the prior approval of the holders of a majority of the common units. The general partner may also transfer its IDRs to managers, officers and/or employees of the general partner and to managers, officers and/or employees of the members of the general partner. The general partner may not otherwise transfer the IDRs for three years following October 24, 2019, the final closing date, without the consent of a unit majority.

 

Meetings; Voting

 

Record holders of common units on the record date will be entitled to notice of, and to vote at, meetings of the limited partners and to act upon matters for which approvals may be solicited.

 

The general partner does not anticipate that any meeting of common unitholders will be called in the foreseeable future. Any action that is required or permitted to be taken by the common unitholders may be taken either at a meeting of the common unitholders or without a meeting if consents in writing describing the action so taken are signed by holders of the number of common units necessary to authorize or take that action at a meeting. Meetings of the common unitholders may be called by the general partner or by common unitholders owning at least 20% of the outstanding common units. Common unitholders may vote either in person or by proxy at meetings. The holders of a majority of the outstanding common units of the class or classes for which a meeting has been called represented in person or by proxy will constitute a quorum unless any action by the common unitholders requires approval by holders of a greater percentage of the common units, in which case the quorum will be the greater percentage.

 

Each record holder of a common unit has one vote. Common units held in nominee or street name account will be voted by the broker or other nominee in accordance with the instruction of the beneficial owner unless the arrangement between the beneficial owner and his nominee provides otherwise.

 

Any notice, demand, request, report or proxy material required or permitted to be given or made to record holders of common units under the Partnership Agreement will be delivered to the record holder by us or by the transfer agent.

 

Status as Limited Partner

 

By transfer of common units in accordance with the Partnership Agreement, each transferee of common units shall be admitted as a limited partner with respect to the common units transferred when such transfer and admission is reflected in the Partnership’s books and records. Except as described under “— Limited Liability” , the common units will be fully paid, and common unitholders will not be required to make additional contributions.

 

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Non-Citizen Assignees; Redemption

 

If the Partnership is or becomes subject to federal, state or local laws or regulations that, in the reasonable determination of the general partner, create a substantial risk of cancellation or forfeiture of any property that the Partnership has an interest in because of the nationality, citizenship or other related status of any limited partner, the Partnership may redeem the common units held by the limited partner at their current market price. In order to avoid any cancellation or forfeiture, the general partner may require each limited partner to furnish information about his nationality, citizenship or related status. If a limited partner fails to furnish information about his nationality, citizenship or other related status within 30 days after a request for the information or the general partner determines after receipt of the information that the limited partner is not an eligible citizen, the limited partner may be treated as a non-citizen assignee. A non-citizen assignee, is entitled to an interest equivalent to that of a limited partner for the right to share in allocations and distributions from the Partnership, including liquidating distributions. A non-citizen assignee does not have the right to direct the voting of his common units and may not receive distributions in-kind upon our liquidation.

 

Indemnification

 

The Partnership will indemnify the following persons under the Partnership Agreement:

 

	 	
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			The general partner,

			

	 	
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			Any former general partner, and

			

	 	
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			Any director, officer, member, partner, fiduciary or trustee of any of the foregoing entities.

			

 

Any indemnification under these provisions will only be out of the Partnership’s assets. Unless it otherwise agrees, the general partner will not be personally liable for, or have any obligation to contribute or lend funds or assets to the Partnership to enable it to effectuate, indemnification. The Partnership may purchase insurance against liabilities asserted against and expenses incurred by persons for its activities, regardless of whether it would have the power to indemnify the person against liabilities under the Partnership Agreement.

 

Governing Law, Venue and Jurisdiction

 

The Partnership Agreement is governed by the laws of the State of Delaware without regard to the principles of conflicts of law. Under the terms of the Partnership Agreement, each partner and each person holding any beneficial interest in the Partnership agree that any claims arising under the Partnership Agreement or related to the Partnership shall be exclusively brought in the Court of Chancery of the State of Delaware, provided, however that any claims over which the Court of Chancery of the State of Delaware does not have jurisdiction shall be brought in any other court in the State of Delaware having jurisdiction. The terms of the Partnership Agreement also provide that each partner irrevocably submits to the exclusive jurisdiction of the courts of the State of Delaware in connection with any claims pursuant to the Partnership Agreement.

 

Lack of Liquidity in Investment in Common Units

 

The common units will not be listed for trading or quotation on any securities exchange or other market, and you may have difficulty selling your common units. The common units are an illiquid investment, and purchasers should be able to hold their common units indefinitely.

 

Conditions to Becoming a Substitute Partner

 

An assignee of a common unit will not be entitled to any of the rights granted to a partner under the Partnership Agreement, other than the right to receive all or part of the share of the profits, losses, income, gain, credits and cash distributions or returns of capital to which his assignor would otherwise be entitled, unless the assignee becomes a substituted partner. In general, an assignee of a common unit will become a substitute limited partner upon acquisition of a common unit.

 

A substitute partner is entitled to all of the rights of full ownership of the assigned common units, including the right to vote.

 

 

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