Document:

Exhibit 10.2

  

  

  

  
    INVESTMENT MANAGEMENT TRUST AGREEMENT

    

    

    This Investment Management Trust Agreement (this "Agreement") is made effective as of January 28, 2021, by and
      between CF Acquisition Corp. V, a Delaware corporation (the "Company"), and Continental Stock Transfer & Trust Company, a New York corporation (the "Trustee").

    

    

    WHEREAS, the Company's registration statement on Form S-1, File No. 333-251971 (the Registration Statement") and prospectus (the "Prospectus") for the initial public offering of the Company's units (the "Units"), each of which consists of one share of the Company's Class A common stock, par value $0.0001 per share (the "Common Stock"), and one-third of one
      redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the "Offering"), has been
      declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

    

    

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

    

    

    WHEREAS, as described in the Prospectus, $250,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement)
      (or $287,500,000, if the Underwriters' over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the "Trust Account") for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the
      amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the "Property," the stockholders for whose benefit the Trustee shall hold the
      Property will be referred to as the "Public Stockholders," and the Public Stockholders and the Company will be referred to
      together as the "Beneficiaries"); and

    

    

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

    

    

    NOW, THEREFORE, IT IS AGREED:

    

    

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

    

    

    (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at
      J.P. Morgan Chase Bank, N.A. and (or at another U.S chartered commercial bank with consolidated assets of $100 billion or more) at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

    

    

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

    

    

    (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government securities within the meaning of
      Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
      Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are
      uninvested awaiting the Company's instructions hereunder and the trustee may earn bank credits and other consideration.

    

    

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

    

    

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

    

    

    
      
        

    

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

    

    

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

    

    

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

    

    

    (i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company ("Termination Letter") in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as
      applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the "Board") or other authorized officer of the Company (and, in the case of Exhibit A, jointly signed by the Representative), and complete the liquidation of the Trust Account and distribute the Property in the
      Trust Account, including interest (net of taxes, less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the
      date which is, the later of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company's stockholders in accordance with the Company's amended and restated certificate of incorporation if a Termination
      Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust
      Account, including interest (net of taxes, less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date;

    

    

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

    

    

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

    

    

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

    

    

    
      
        

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      
        

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      
        

    

    5. Termination. This Agreement shall terminate as follows:

    

    

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

    

    

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

    

    

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

    

    

    6. Miscellaneous.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      
        

    

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

    

    

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

    

    

    	
            if to the Trustee, to:

          
	

          	 
	

          	
            Continental Stock Transfer & Trust Company

          
	

          	
            1 State Street, 30th Floor

          
	

          	
            New York, NY 10004

          
	

          	
            Attn: Francis Wolf and Celeste Gonzalez

          
	

          	
            Email: fwolf@continentalstock.com

          
	

          	
            Email: cgonzalez@continentalstock.com

          
	

          	

          
	
            if to the Company, to:

          
	

          	
            CF Acquisition Corp. V

          
	

          	
            110 East 59th Street

          
	

          	
            New York, NY 10022

          
	

          	
            Attn: Howard W. Lutnick

          
	

          	

          
	
            in each case, with copies to:

          
	

          	
            Ellenoff Grossman & Schole LLP

          
	

          	
            1345 Avenue of the Americas

          
	

          	
            New York, NY 10105

          
	

          	
            Attn: Stuart Neuhauser, Esq.

          
	

          	
            Email: sneuhauser@egsllp.com

          
	
            and

          
	

          	
            Cantor Fitzgerald & Co.

          
	

          	
            110 East 59th Street

          
	

          	
            New York, NY 10022

          
	

          	
            Attn: General Counsel

          
	

          	
            Fax No.: (212) 829-4708

          
	
            and

          
	

          	
            Graubard Miller

          
	

          	
            The Chrysler Building

          
	

          	
            405 Lexington Avenue

          
	

          	
            New York, New York 10174

          
	

          	
            Attn: Jeffrey Gallant, Esq.

          
	

          	
            Email: JGallant@graubard.com

          

    

    

    
      
        

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    [Signature Page Follows]

    

    

    
      
        

    

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

     

    

    	

          	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

          
	

          	

          	

          
	

          	
            By:

          	
            /s/ Francis E. Wolf, Jr.

          
	

          	

          	
            Name:

          	
            Francis E. Wolf, Jr.

          
	

          	

          	
            Title:

          	
            Vice President

          
	

          	

          	

          
	

          	
            CF ACQUISITION CORP. V

          
	

          	

          	

          
	

          	
            By:

          	
            /s/ Howard W. Lutnick

          
	

          	

          	
            Name:

          	
            Howard W. Lutnick

          
	

          	

          	
            Title:

          	
            Chairman and Chief Executive Officer

          

    

    

    [Signature Page to Investment Management Trust Agreement - CF Acquisition Corp. V]

    

    

    
      
        

    

    SCHEDULE A

    

    

    	
            Fee Item

          	 	
            Time and method of payment

          	 	
            Amount

          	 
	
            Initial set-up fee.

          	 	
            Initial closing of Offering by wire transfer.

          	 	
            $

          	
            3,500

          	 
	
            Trustee administration fee

          	 	
            Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.

          	 	
            $

          	
            10,000

          	 
	
            Transaction processing fee for disbursements to Company under Sections 1(i) and (j)

          	 	
            Billed to the Company following disbursement made to Company under Section 1

          	 	
            $

          	
            250

          	 
	
            Paying Agent services as required pursuant to Section 1(i) or (k)

          	 	
            Billed to Company upon delivery of service pursuant to Section 1(i) or (k)

          	 	 	
            Prevailing rates

          	 

    

    

    
      
        

    

    EXHIBIT A

    [Letterhead of Company]

    [Insert date]

     

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf and Celeste Gonzalez

    	

          	Re:	
            Trust Account - Termination Letter

          

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(i) of the Investment Management Trust Agreement between CF Acquisition Corp. V (the "Company")
      and Continental Stock Transfer & Trust Company (the "Trustee"), dated as of January 28, 2021 (the "Trust Agreement"), this is to advise you that the Company has entered into an agreement with (the "Target Business") to consummate a
      business combination with Target Business (the "Business Combination") on or about [insert date]. The Company shall notify you at
      least seventy-two (72) hours in advance of the actual date (or such shorter time as you may agree) of the consummation of the Business Combination (the "Consummation Date"). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

    

    

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

    

    

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

    

    

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

    

    

    [signature page follows]

    

    

    
      
        

    

    	

          	
            Very truly yours,

          
	

          	

          
	

          	
            CF ACQUISITION CORP. V

          

    	

          	

          	

          
	

          	
            By:

          	

          

    	

          	

          	
            Name:

          
	

          	

          	
            Title:

          

    Agreed to and acknowledged by:

    CANTOR FITZGERALD & CO.

    	
            By:

          	

          	

          

    	
            Name:

          	

          	

          
	
            Title:

          	

          	

          

    

    

    
      
        

    

    EXHIBIT B

    

    

    [Letterhead of Company]

    [Insert date]

     

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf and Celeste Gonzalez

    	

          	Re:	
            Trust Account - Termination Letter

          

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(i) of the Investment Management Trust Agreement between CF Acquisition Corp. V (the "Company")
      and Continental Stock Transfer & Trust Company (the "Paying Agent"), dated as of January 28, 2021 (the "Trust Agreement"), this is to advise you that the Company has been unable to effect a business combination with a Target Business (the "Business Combination") within the time frame specified in the Company's Amended and Restated Certificate of Incorporation, as described in the Company's Prospectus relating to the Offering. Capitalized
      terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

    

    

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

    

    

    	

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

          

    	

          	
            Very truly yours,

          
	

          	

          
	

          	
            CF Acquisition Corp. V

          
	

          	

          	

          
	

          	
            By:

          	

          
	

          	

          	
            Name:

          
	

          	

          	
            Title:

          
	

          	
            cc:

          	
            Cantor Fitzgerald & Co.

          	

          

    

    

    
      
        

    

    EXHIBIT C

    

    

    [Letterhead of Company]

    [Insert date]

     

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf and Celeste Gonzalez

    	

          	Re:	
            Trust Account -Withdrawal Instruction

          

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    Pursuant to Section 1(j) of the Investment Management Trust Agreement between CF Acquisition Corp. V (the "Company")
      and Continental Stock Transfer & Trust Company (the "Trustee"), dated as of January 28, 2021 (the "Trust Agreement"), the Company hereby requests that you deliver to the Company $ of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
      shall have the meanings set forth in the Trust Agreement.

    

    

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

    

    

    [WIRE INSTRUCTION INFORMATION]

     

    

    	

          	
            Very truly yours,

          
	

          	

          
	

          	
            CF Acquisition Corp. V

          
	

          	

          	

          
	

          	
            By:

          	

          
	

          	

          	
            Name:

          
	

          	

          	
            Title:

          
	

          	
            cc:

          	
            Cantor Fitzgerald & Co.

          	

          

    

    

    
      
        

    

    EXHIBIT D

    [Letterhead of Company]

    [Insert date]

     

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf and Celeste Gonzalez

    	

          	Re:	
            Trust Account - Stockholder Redemption Withdrawal Instruction

          

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    Pursuant to Section 1(k) of the Investment Management Trust Agreement between CF Acquisition Corp. V (the "Company")
      and Continental Stock Transfer & Trust Company (the "Trustee"), dated as of January 28, 2021 (the "Trust Agreement"), the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $ of the principal and interest income earned on the Property as of the date hereof
      to a segregated account held by you on behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

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

    

    

    	 	
            Very truly yours,

          
	 	 
	 	
            CF Acquisition Corp. V

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    	 	
            Cc:

          	
            Cantor Fitzgerald & Co.Exhibit 10.3

      

       

      

      REGISTRATION RIGHTS AGREEMENT

       

      THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of January 28, 2021, is made and entered into by and among CF Acquisition Corp. V, a Delaware
        corporation (the "Company"), CFAC Holdings V, LLC, a Delaware limited liability company (the "Sponsor") and each of the
        undersigned individuals (together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a "Holder"
        and collectively the "Holders").

       

      RECITALS

       

      WHEREAS, the Sponsor owns an aggregate of 7,187,500 shares (the "Initial Founder Shares") of the Company's Class B common stock, par value $0.0001 per share, up to 937,500 of which will be forfeited to the Company for no consideration depending on the extent to which the underwriters of the
        Company's initial public offering exercise their over-allotment option (the "Class B Common Stock");

       

      WHEREAS, up to 15,000 Initial Founder Shares may be transferred by the Sponsor to each independent director nominee of the Company prior to or after the consummation of the
        Company's initial public offering;

       

      WHEREAS, the Founder Shares are convertible into shares of the Company's Class A common stock, par value $0.0001 per share (the "Common Stock"), on the terms and conditions provided in the Company's amended and restated certificate of incorporation;

       

      WHEREAS, on January 28, 2021, the Company and the Sponsor entered into that certain Private Placement Units Purchase Agreement, pursuant to which the Sponsor agreed to purchase
        600,000 units (the "Private Placement Units"), each Private
        Placement Unit consisting of one share of Common Stock and one-third of one warrant ("Private Placement Warrant"), in a private placement transaction occurring simultaneously with the
        closing of the Company's initial public offering; each whole Private Placement Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share;

       

      WHEREAS, on January 28, 2021, the Company entered into that certain Forward Purchase Contract with the Sponsor, pursuant to which the Sponsor has agreed to purchase (i) 1,000,000 units (the "Forward Purchase Units"), each such unit comprised of one share of Class A Common Stock and one-third of one warrant, and (ii) 250,000 shares of Class A Common Stock (the "Forward Purchase Founder Shares" and together with the Initial Founder Shares, the "Founder Shares"); and

       

      WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to
        certain securities of the Company, as set forth in this Agreement.

       

      NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

       

      "Adverse Disclosure" shall mean any public disclosure of material non-public information, which
        disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in
        order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any
        preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide
        business purpose for not making such information public.

       

      "Agreement" shall have the meaning given in the Preamble.

       

      "Board" shall mean the Board of Directors of the Company.

       

      
        
          

      

      "Business Combination" shall mean any merger, capital stock exchange, asset acquisition, stock
        purchase, reorganization or other similar business combination with one or more businesses, involving the Company.

       

      "Commission" shall mean the Securities and Exchange Commission.

       

      "Common Stock" shall have the meaning given in the Recitals hereto.

       

      "Company" shall have the meaning given in the Preamble.

       

      "Demand Registration" shall have the meaning given in subsection 2.1.1.

       

      "Demanding Holder" shall have the meaning given in subsection 2.1.1.

       

      "Exchange Act" shall mean the Securities Exchange Act of 1934, as it may be amended from time to
        time.

       

      "Form S-1" shall have the meaning given in subsection 2.1.1.

       

      "Form S-3" shall have the meaning given in subsection 2.3.

       

      "Founder Shares" shall have the meaning given in the Recitals hereto.

       

      "Founder Shares Lock-up Period" shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) one year after the completion of the Company's initial Business Combination or (B) subsequent to
        the Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any
        30-trading day period commencing at least 150 days after the Company's initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
        results in all of the Company's stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

       

      “Forward Purchase Founder Shares” shall have the meaning given in the recitals hereto.

       

      “Forward Purchase Units” shall have the meaning given in the recitals hereto.

       

      "Holders" shall have the meaning given in the Preamble.

       

      "Initial Founder Shares" shall have the meaning given in the Recitals hereto and shall be deemed to include the shares of Common Stock issuable upon
        conversion thereof.

       

      "Insider Letter" shall mean that certain letter agreement, dated as of January 28, 2021, by and
        among the Company, the Sponsor and each of the Company's officers, directors and director nominees.

       

      "Maximum Number of Securities" shall have the meaning given in subsection 2.1.4.

       

      "Misstatement" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or
        Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading.

       

      "Permitted Transferees" shall mean any person or entity to whom a Holder of Registrable Securities
        is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letter, the Private Placement Unit Purchase Agreement, this
        Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

       

      "Piggyback Registration" shall have the meaning given in subsection 2.2.1.

       

      "Private Placement Lock-up Period" shall mean, with respect to Private Placement Units (and their component securities) that are held by the initial holders of such Private Placement Units or their Permitted Transferees
        (and their component securities), the period ending 30 days after the completion of the Company's initial Business Combination.

       

      "Private Placement Units" shall have
        the meaning given in the Recitals hereto.

       

      "Private Placement Warrants" shall
        have the meaning given in the Recitals hereto.

       

      
        
          

      

      "Prospectus" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
        all post-effective amendments and including all material incorporated by reference in such prospectus.

       

      "Registrable Security" shall mean (a) the Founder Shares and the shares of Common Stock issued or
        issuable upon the conversion of any Initial Founder Shares, (b) the Private Placement Units (including any shares of Common Stock included in the Private Placement Units, any Private Placement Warrants and any shares of Common Stock issued or
        issuable upon the exercise of the Private Placement Warrants), (c) the Forward Purchase Units (including any shares of Common Stock included in such Forward Purchase Units, any warrants included in such Forward Purchase Units and any shares of
        Common Stock issued or issuable upon the exercise of the warrants included in such Forward Purchase Units), (d) any outstanding share of Common Stock or any other equity security (including the shares of Common Stock issued or issuable upon the
        exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement or held as of the date of the consummation of the Company's initial Business Combination including any securities purchased in connection
        therewith, and (e) any other equity security of the Company issued or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
        consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have
        become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates
        for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall
        have ceased to be outstanding; (D) such securities have been sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission); or (E) such securities have been sold
        to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

       

      "Registration" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of
        the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

       

      "Registration Expenses" shall mean the out-of-pocket expenses of a Registration, including,
        without limitation, the following:

       

      (A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Stock is then
        listed;

       

      (B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

       

      (C) printing, messenger, telephone and delivery expenses;

       

      (D) reasonable fees and disbursements of counsel for the Company;

       

      (E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

       

      (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable
        Registration.

       

      "Registration Statement" shall mean any registration statement that covers the Registrable
        Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all
        material incorporated by reference in such registration statement.

       

      "Requesting Holder" shall have the meaning given in subsection 2.1.1.

       

      "Securities Act" shall mean the Securities Act of 1933, as amended from time to time.

       

      
        
          

      

      "Sponsor" shall have the meaning given in the Recitals hereto.

       

      "Underwriter" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
        dealer's market-making activities.

       

      "Underwritten Registration" or "Underwritten Offering" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

       

      ARTICLE II

       

      REGISTRATIONS

       

      2.1 Demand Registration.

       

      2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates the
        Business Combination, the Holders of at least a majority in interest of the then-outstanding number of Registrable Securities (the "Demanding Holders") may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended
        method(s) of distribution thereof (such written demand a "Demand Registration"). The Company shall, within ten (10) days of the
        Company's receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable
        Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder's Registrable Securities in such Registration, a "Requesting Holder") shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written
        notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter
        as practicable, the Registration of all Registrable Securities requested by the Demanding Holder(s) and Requesting Holder(s) pursuant to such Demand Registration, including by filing a Registration Statement relating thereto as soon as practicable,
        but not more than forty five (45) days immediately after the Company's receipt of the Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand
        Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form
        registration statement that may be available at such time ("Form S-1") has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on
        behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

       

      2.1.2 Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a
        Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its
        obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand
        Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been
        declared effective, unless and until, (a) such stop order or injunction is removed, rescinded or otherwise terminated, and (b) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to
        continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; and provided, further, that the Company shall not be obligated or required to file another
        Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

       

      2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their
        Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its
        Registrable Securities in such Registration shall be conditioned upon such Holder's participation in such Underwritten Offering and the inclusion of such Holder's Registrable Securities in such Underwritten Offering to the extent provided herein.
        All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
        Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

       

      
        
          

      

      2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding
        Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other
        equity securities that the Company desires to sell and the shares of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who
        desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
        of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "Maximum Number of Securities"), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of
        the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and
        the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as "Pro Rata")) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached
        under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register their Registrable Securities pursuant
        to subsection 2.2.1 hereof, without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Common Stock or other equity
        securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and
        (iii), Common Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding
        the Maximum Number of Securities.

       

      2.1.5 Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration
        under subsection 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their
        intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding
        anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5;
        provided that if the Company pays such expenses related to a Demand Registration initiated by the Sponsor, such registration shall count as a Demand Registration for purposes of Section 3.6.

       

      2.2 Piggyback Registration.

       

      2.2.1 Piggyback Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an
        offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the
        stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or
        offering of securities solely to the Company's existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of
        such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of
        securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the
        opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a "Piggyback Registration"). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing
        Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as
        any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to
        distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
        Company.

       

      
        
          

      

      2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the
        Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock that the Company desires to sell, taken together with (i) the shares of Common Stock, if any, as to
        which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been
        requested pursuant to Section 2.2 hereof, and (iii) the shares of Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the
        Company, exceeds the Maximum Number of Securities, then:

       

      (a) If the Registration is undertaken for the Company's account, the Company shall include in any such Registration (A) first, the shares of Common Stock or other equity securities that the Company desires to sell,
        which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights
        to register their Registrable Securities pursuant to subsection 2.2.1 hereof, pro rata based on the respective number of Registrable Securities that each Holder has so requested, which can be sold without exceeding the Maximum Number of
        Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock, if any, as to which Registration has been requested pursuant to written
        contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

       

      (b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the shares of Common Stock
        or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
        Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on the respective number of
        Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested be included in such Underwritten Registration, which can be sold
        without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that the Company
        desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock
        or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum
        Number of Securities.

       

      2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the
        Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback
        Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in
        connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
        connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

       

      
        
          

      

      2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand
        Registration effected under Section 2.1 hereof.

       

      2.3 Registrations on Form S-3. Any Holder of Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor
        rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that may be available at such time ("Form S-3"); provided, however, that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company's receipt of a written request from a
        Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable
        Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from
        the Company. As soon as practicable thereafter, but not more than fifteen (15) days after the Company's initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such Holder's
        Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or
        Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable
        Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the
        public of less than $10,000,000.

       

      2.4 Restrictions on Registration Rights. If during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of, and ending on a date one hundred and
        twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it
        continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective, the Holders have requested an Underwritten Registration and (A) the Company and the Holders are unable to obtain
        the commitment of underwriters to firmly underwrite the offer or (B) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the
        filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental
        to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period
        of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

       

      ARTICLE III

       

      COMPANY PROCEDURES

       

      3.1 General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its
        best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

       

      3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to
        become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

       

      3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by any Holder or any Underwriter of
        Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective
        until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

       

      
        
          

      

      3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such
        Registration, and each such Holder's legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated
        by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal
        counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

       

      3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws
        of such jurisdictions in the United States as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable
        Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may
        be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
        Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such
        jurisdiction where it is not then otherwise so subject;

       

      3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

       

      3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

       

      3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such
        Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

       

      3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus, furnish a copy thereof to each seller of such
        Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

       

      3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus
        included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

       

      3.1.10 permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters, if any, and any attorney or accountant retained by such Holders or
        Underwriter to participate, at each such person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative,
        Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the
        Company, prior to the release or disclosure of any such information; and provided further, the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration
        Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without
        the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the Company shall include unless contrary to
        applicable law;

       

      
        
          

      

      3.1.11 obtain a "cold comfort" letter from the Company's independent registered public accountants in the event of an Underwritten Registration which the participating Holders may rely on, in customary form and
        covering such matters of the type customarily covered by "cold comfort" letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

       

      3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration,
        addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales
        agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

       

      3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

       

      3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full
        calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

       

      3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to
        participate in customary "road show" presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

       

      3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

       

      3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating
        to the sale of Registrable Securities, such as Underwriters' commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of "Registration Expenses," all reasonable fees and expenses of any
        legal counsel representing the Holders.

       

      3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company
        hereunder unless such person (i) agrees to sell such person's securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities,
        lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

       

      3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue
        disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon
        as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any
        Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company's control, the
        Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days,
        determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above,
        their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights
        under this Section 3.4.

       

      
        
          

      

      3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain
        extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true
        and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell the shares of Common
        Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including
        providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

       

      3.6 Limitations on Registration Rights. Notwithstanding anything herein to the contrary, (i) the Sponsor may not exercise its rights under Sections 2.1 and 2.2 hereunder after five (5) and seven
        (7) years, respectively, after the effective date of the registration statement relating to the Company's initial public offering and (ii) the Sponsor may not exercise its rights under Section 2.1 more than one time.

       

      ARTICLE IV

       

      INDEMNIFICATION AND CONTRIBUTION

       

      4.1 Indemnification.

       

      4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its affiliates, officers and directors and each person who controls such Holder (within the meaning of
        the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
        Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or
        contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning
        of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

       

      4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company
        reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within
        the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement,
        Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
        statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among
        such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such
        Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in
        the foregoing with respect to indemnification of the Company.

       

      
        
          

      

      4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give
        prompt notice shall not impair any person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) permit such indemnifying party to assume the defense of such claim with counsel
        reasonably satisfactory to the indemnified party if the indemnifying party provides notice of such to the indemnified party within 30 days of the indemnifying party's receipt of notice of such claim. After notice from the indemnifying party to the
        indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently
        incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such
        indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal
        defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the
        indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to
        assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees,
        disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same
        jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or parties. If such
        defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). No indemnifying party shall, without the
        consent of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 4 (whether or not any indemnified party is
        a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of
        such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

       

      4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling
        person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified
        party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

       

      4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages,
        liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages,
        liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
        and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
        by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
        however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as
        a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses
        reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation
        or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
        Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

       

      
        
          

      

      ARTICLE V

       

      MISCELLANEOUS

       

      5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or
        certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or
        transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by
        courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any
        notice or communication under this Agreement must be addressed, if to the Company, to: 110 East 59th Street, New York, NY 10022, and, if to any Holder, at such
        Holder's address or contact information as set forth in the Company's books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall
        become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

       

      5.2 Assignment; No Third Party Beneficiaries.

       

      5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

       

      5.2.2 Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may assign or delegate such Holder's rights, duties or obligations under this
        Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this
        Agreement.

       

      5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted
        Transferees.

       

      5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement, including Section 4.1 and Section 5.2
        hereof.

       

      5.2.5 No assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of
        such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an
        addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.

       

      5.3 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the
        same instrument, but only one of which need be produced.

       

      5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
        UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY
        ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

       

      5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the
        provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment
        hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the
        consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall
        operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies
        hereunder or thereunder by such party.

       

      
        
          

      

      5.6 Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company
        for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement
        supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

       

      5.7 Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to
        a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) with respect to any
        Holder, such Holder ceasing to hold Registrable Securities.

       

      [Signature Page Follows]

       

      

      
        
          

      

       IN WITNESS WHEREOF, the undersigned have caused this Registration Rights Agreement to be executed
        as of the date first written above.

       

      	 	
              COMPANY:

            
	 	 
	 	
              CF ACQUISITION CORP. V,

            
	 	
              a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Howard W. Lutnick

            	 
	 	 	
              Name: Howard W. Lutnick

            
	 	 	
              Title: Chairman and Chief Executive Officer

            
	 	 	 
	 	
              HOLDERS:

            
	 	 
	 	
              CFAC HOLDINGS V, LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Howard W. Lutnick

            	 
	 	 	
              Name: Howard W. Lutnick

            
	 	 	
              Title: Chief Executive Officer

            
	 	 	 
	 	
              By:

            	
              /s/ Louis Zurita

            	 
	 	 	
              Name: Louis Zurita

            
	 	 	 
	 	
              By:

            	
              /s/ Natasha Cornstein

            	 
	 	 	
              Name: Natasha Cornstein

            

      

      

      [Signature Page to Registration Rights Agreement- CF Acquisition Corp. V]

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