Document:

Exhibit 10.3

 

EXECUTION VERSION

 

 

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

GCM GROSVENOR INC.

 

CF FINANCE INTERMEDIATE ACQUISITION,
LLC

 

GROSVENOR CAPITAL MANAGEMENT HOLDINGS,
LLLP

 

the several MEMBERS (as defined herein)

 

TRA PARTY REPRESENTATIVE (as defined
herein) and 

 

ANY OTHER MEMBERS OF GROSVENOR CAPITAL
MANAGEMENT HOLDINGS, LLLP

FROM TIME TO TIME PARTY HERETO

 

Dated as of November 17, 2020

 

 

 

     

     

    

 

CONTENTS

 

	 	Page
	 	 
	Article
    I. Definitions	2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Rules of Construction	10
	 	 	 
	Article
    II. Determination of Realized Tax Benefit	11
	 	 	 
	Section 2.1	Basis Adjustments; the Partnership 754 Election	11
	Section 2.2	Basis Schedules	12
	Section 2.3	Tax Benefit Schedules	12
	Section 2.4	Procedures; Amendments	13
	 	 	 
	Article
    III. Tax Benefit Payments	14
	 	 	 
	Section 3.1	Timing and Amount of Tax Benefit Payments	14
	Section 3.2	No Duplicative Payments	17
	Section 3.3	Pro-Ration of Payments as Between the Members	17
	Section 3.4	Optional Estimated Tax Benefit Payment Procedure	18
	 	 	 
	Article
    IV. Termination	19
	 	 	 
	Section 4.1	Early Termination of Agreement; Breach of Agreement	19
	Section 4.2	Early Termination Notice	21
	Section 4.3	Payment Upon Early Termination	22
	 	 	 
	Article
    V. Subordination and Late Payments	22
	 	 	 
	Section 5.1	Subordination	22
	Section 5.2	Late Payments by the Corporation	22
	 	 	 
	Article
    VI. Tax Matters; Consistency; Cooperation	23
	 	 	 
	Section 6.1	Participation in the Corporation’s and
    the Partnership’s Tax Matters	23
	Section 6.2	Consistency	23
	Section 6.3	Cooperation	23
	 	 	 
	Article
    VII. Miscellaneous	24
	 	 	 
	Section 7.1	Notices	24
	Section 7.2	Counterparts	25
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	25
	Section 7.4	Governing Law	25
	Section 7.5	Severability	25

 

    i

     

    

 

	Section 7.6	Assignments; Amendments; Successors; No Waiver	26
	Section 7.7	Titles and Subtitles	27
	Section 7.8	Resolution of Disputes	27
	Section 7.9	Reconciliation	28
	Section 7.10	Withholding	28
	Section 7.11	Admission of the Corporation into a Consolidated
    Group; DREs of the Corporation; Transfers of Corporate Assets	29
	Section 7.12	Change in Law	30
	Section 7.13	Interest Rate Limitation	30
	Section 7.14	Independent Nature of Rights and Obligations	30
	Section 7.15	Partnership Agreement	30
	Section 7.16	TRA Party Representative	31
	Section 7.17	Non-Effect of Other Tax Receivable Agreements	31

 

Exhibits

 

	Exhibit A	-	Form of Joinder Agreement

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE AGREEMENT (as the same
may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of November 17, 2020, is hereby entered into by and among GCM Grosvenor Inc., a Delaware corporation (the “Corporation”),
Grosvenor Capital Management Holdings, LLLP, a Delaware limited liability limited partnership (the “Partnership”),
CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company (“DRE”), each of the Members
from time to time party hereto, and the TRA Party Representative. Capitalized terms used but not otherwise defined herein have
the respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS, the Partnership is treated as
a partnership for U.S. federal income tax purposes;

 

WHEREAS, each of the members of the Partnership
other than the Corporation (such members who are parties hereto, and each other Person who becomes party hereto by satisfying
the Joinder Requirement, the “Members”) owns limited liability limited partnership interests and/or other equity
interests in the Partnership (the “Units”);

 

WHEREAS, as of the date hereof, the Corporation
has 39,914,862 shares of its Class A common stock, par value $0.0001 per share (the “Class A Common Stock”)
issued and outstanding;

 

WHEREAS, on the date hereof, the Corporation
used a portion of its assets to acquire newly-issued equity interests in the Partnership directly from the Partnership;

 

WHEREAS, on the date hereof, the Corporation
used a portion of its assets to purchase an option to acquire equity interests in the Partnership from Holdings, and the Corporation
acquired equity interests in the Partnership previously held by certain former members of the Partnership, and the Corporation
also used a portion of its assets to purchase equity interests in the Partnership held directly or indirectly by Holdings (including
equity interests in the Partnership acquired from GCMH GP, L.L.C., which is a wholly owned subsidiary of Holdings that is treated
as an entity disregarded as separate from Holdings for U.S. federal income tax purposes) (such transactions, the “Purchase”);

 

WHEREAS, on and after the date hereof,
pursuant to and subject to the terms of the Partnership Agreement, each Member has the right from time to time to require the
Partnership to redeem (a “Redemption”) all or a portion of such Member’s Units for cash or, at the Corporation’s
election, Class A Common Stock, in either case contributed to the Partnership by the Corporation; provided that, at the
election of the Corporation, the Corporation may effect a direct exchange (a “Direct Exchange”) of such cash
or shares of Class A Common Stock for such Units;

 

WHEREAS, to the extent provided in Section
2.1(b) the Partnership and any direct subsidiary or indirect subsidiary (owned through a chain of pass-through entities) of the
Partnership that is controlled by the Partnership and treated as a partnership for U.S. federal income tax purposes (together
with the Partnership and any direct or indirect subsidiary (owned through a chain of pass-through entities) of the Partnership
that is treated as a disregarded entity for U.S. federal income tax purposes, the “the Partnership Group”)
will have in effect an election under Section 754 of the Code (as defined herein); and

 

    1

     

    

 

WHEREAS, the parties to this Agreement
desire to provide for certain payments and make certain arrangements with respect to any tax benefits to be derived by the Corporation
as the result of Exchanges, certain tax attributes of the Partnership Group, and the receipt of payments under this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties
hereto agree as follows:

 

Article
I.

Definitions

 

Section 1.1 Definitions. As used
in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable
to both (i) the singular and plural and (ii) the active and passive forms of the terms defined).

 

“Actual Interest Amount”
is defined in Section 3.1(b)(vii) of this Agreement.

 

“Advisory Firm” means
any accounting firm that is nationally recognized as being an expert in Covered Tax matters and is not an Affiliate of the Corporation,
provided that such Advisory Firm that is used by the Corporation shall be selected by the Corporation and be reasonably acceptable
to the TRA Party Representative.

 

“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such first Person.

 

“Agreed Rate” means
the Benchmark plus 200 basis points.

 

“Agreement” is defined
in the preamble.

 

“Amended Schedule” is
defined in Section 2.4(b) of this Agreement.

 

“Assumed State and Local Tax Rate”
means, for any applicable Taxable Year(i.e., a Taxable Year for which a Tax Benefit Payment is being calculated), the tax rate
equal to the sum of the products of (x) the Corporation’s income tax apportionment percentage(s) for the Reference Year
for each U.S. state and local jurisdiction in which the Corporation filed income or franchise tax returns for the Reference Year
and (y) the highest corporate income and franchise tax rate(s) for each such state and local jurisdiction referred to in clause
(x) for the applicable Taxable Year (determined by reference to the rates in effect on January 1 of the calendar year that includes
the final day of the applicable Taxable Year, and for purposes of the Valuation Assumptions, taking into account future changes
in rates as prescribed by the law in effect on January 1 of the Taxable Year in which the Early Termination Payment is being calculated).
For any applicable Taxable Year for which there is no Reference Year, the Assumed State and Local Tax Rate shall be 4.47%.

 

    2

     

    

 

“Attributable” is defined
in Section 3.1(b)(i) of this Agreement.

 

“Basis Adjustment” means
the increase or decrease to the tax basis of, or the Corporation’s share of, the tax basis of the Reference Assets (i) under
Section 734(b), 743(b) and 754 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations
where, following an Exchange, the Partnership remains in existence as an entity for tax purposes) and (ii) under Sections 732
and 1012 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, as a result
of one or more Exchanges, the Partnership becomes an entity that is disregarded as separate from its owner for tax purposes),
in each case, as a result of any Exchange and any payments made under this Agreement. Notwithstanding any other provision of this
Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard
to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred.

 

“Basis Schedule” is
defined in Section 2.2 of this Agreement.

 

“Benchmark” means SOFR.
If SOFR ceases to be published in accordance with the definition thereof or otherwise is not available, the Corporation and the
Partnership shall work together in good faith to select an alternate Benchmark with similar characteristic that gives due consideration
to the prevailing market conventions for determining rates of interest in the United States at such time.

 

“Business Day” means
any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of New York or is a day on
which banking institutions located in New York are closed.

 

“Change of Control”
means the occurrence of any of the following events:

 

(1) any
“person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended, or any successor provisions thereto (the “Exchange Act”), but excluding any employee benefit
plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan, and excluding the Permitted Holders) becomes the “beneficial owner” (within the
meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class C Common
Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate
more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled
to vote;

 

(2) the
stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated
an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of
all or substantially all of the Corporation’s assets (including a sale of all or substantially all of the assets of the
Partnership); or

 

    3

     

    

 

(3) there
is consummated a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after the consummation
of such merger or consolidation, the voting securities of the Corporation immediately prior to such merger or consolidation do
not continue to represent, or are not converted into, more than 50% of the combined voting power of the then outstanding voting
securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate
parent thereof.

 

Notwithstanding the foregoing, a “Change
of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated
transactions immediately following which the record holders of the Class A Common Stock, Class C Common Stock, preferred stock
and/or any other class or classes of capital stock of the Corporation immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares
of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series
of transactions.

 

“Class C Common Stock”
means the shares of the Corporation’s Class C Common Stock, par value $0.0001 per share.

 

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

 

“Control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or other agreement.

 

“Corporation” is defined
in the preamble to this Agreement.

 

“Corporation Letter”
means a letter prepared by the Corporation in connection with the performance of its obligations under this Agreement, which states
that the relevant Schedules, notices or other information to be provided by the Corporation to the Members, along with all supporting
schedules and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not
expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules,
notices or other information were delivered by the Corporation to the Members.

 

“Covered Person” is
defined in Section 7.16 of this Agreement.

 

“Covered Tax Benefit”
is defined in Section 3.3(a) of this Agreement.

 

“Covered Taxes” means
any and all U.S. federal, state, local and foreign taxes, assessments or similar charges that are based on or measured with respect
to net income or profits and any interest related thereto.

 

    4

     

    

 

“Credit Event” means:
(a) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Corporation, the Partnership or any of their Subsidiaries or their debts, or of a substantial
part of their assets, under any federal, state or non-U.S. bankruptcy, insolvency, receivership or similar law now or hereafter
in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Corporation,
the Partnership or any of their Subsidiaries or for a substantial part of their assets, and, in any such case, such proceeding
or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
(b) the Corporation, the Partnership or any of their Subsidiaries shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any federal, state or non-U.S. bankruptcy, insolvency, receivership
or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (a) above, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Corporation, the Partnership or any of their Subsidiaries
or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of
effecting any of the foregoing; or (c) the Corporation, the Partnership or any of their Subsidiaries engages in any other action
or fails to take any action that constitutes an ‘event of default’ under any indebtedness or guarantee having an aggregate
principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined
or syndicated credit arrangement) of more than $30 million if such event of default is not waived by the applicable creditor or
cured by the Company within 30 days of its occurrence.

 

“Credit Event Notice”
has the meaning set forth in Section 4.1(d).

 

“Cumulative Net Realized Tax Benefit”
is defined in Section 3.1(b)(iii) of this Agreement.

 

“Default Rate” means
the sum of (i) the Benchmark plus (ii) 400 basis points

 

“Default Rate Interest”
is defined in Section 3.1(b)(viii) of this Agreement.

 

“Determination” shall
have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of U.S. state tax law, as applicable,
or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability
for tax.

 

“Direct Exchange” is
defined in the recitals to this agreement.

 

“Dispute” is defined
in Section 7.8(a) of this Agreement.

 

“Early Termination Agreed Rate”
means the Benchmark plus 200 basis points.

 

“Early Termination Effective Date”
means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination Notice”
is defined in Section 4.2 of this Agreement.

 

“Early Termination Payment”
is defined in Section 4.3(b) of this Agreement.

 

    5

     

    

 

“Early Termination Rate”
means the lesser of (i) 5.50 % per annum, compounded annually, and (ii) the Early Termination Agreed Rate.

 

“Early Termination Reference Date”
is defined in Section 4.2 of this Agreement.

 

“Early Termination Schedule”
is defined in Section 4.2 of this Agreement.

 

“Estimated Tax Benefit Payment”
is defined in Section 3.4 of this Agreement.

 

“Exchange” means any
Direct Exchange or Redemption, and the Purchase.

 

“Exchange Date” means
the date of any Exchange.

 

“Expert” is defined
in Section 7.9 of this Agreement.

 

“Extension Rate Interest”
is defined in Section 3.1(b)(viii) of this Agreement.

 

“Final Payment Date”
means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance of doubt, the Final Payment
Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a) of this Agreement.

 

“Holdings” means Grosvenor
Holdings, L.L.C., an Illinois limited liability company.

 

“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the hypothetical liability of the Corporation that would arise in respect of Covered
Taxes, using the same methods, elections, conventions and similar practices used on the actual relevant Tax Returns of the Corporation
but (i) calculating depreciation, amortization, or other similar deductions, or otherwise calculating any items of income, gain,
or loss, (A) using the Corporation’s share of the Non-Adjusted Tax Basis as reflected on the Basis Schedule, including amendments
thereto for the Taxable Year and (B) without taking into account the Other Tax Assets, and (ii) excluding any deduction attributable
to Imputed Interest for the Taxable Year; provided, that for purposes of determining the Hypothetical Tax Liability, the
combined tax rate for U.S. state and local Covered Taxes (but not, for the avoidance of doubt, federal Covered Taxes) shall be
the Assumed State and Local Tax Rate. For the avoidance of doubt, the Hypothetical Tax Liability shall be determined without taking
into account the carryover or carryback of any tax item attributable to Imputed Interest, a Basis Adjustment or Other Tax Assets
(or portions thereof); and (ii) the calculation of the Hypothetical Tax Liability shall take into account the federal benefit
received by the Corporation with respect to state and local jurisdiction income taxes (with such benefit taking into account the
Corporation’s marginal U.S. federal income tax rate for the relevant Taxable Year, the Assumed State and Local Tax Rate,
and the deductibility, if any, of state and local jurisdiction income taxes).

 

“Imputed Interest” is
defined in Section 3.1(b)(vi) of this Agreement.

 

“IRS” means the U.S.
Internal Revenue Service.

 

“Joinder” means a joinder
to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

    6

     

    

 

“Joinder Requirement”
is defined in Section 7.6(b) of this Agreement.

 

“Partnership Agreement”
means that certain Amended and Restated Limited Liability Company Agreement of the Partnership, dated as of the date hereof, as
such agreement may be further amended, restated, supplemented and/or otherwise modified from time to time.

 

“Market Value” means
the Common Unit Redemption Price, as defined in the Partnership Agreement, determined as of an Early Termination Date.

 

“Members” is defined
in the recitals to this Agreement.

 

“Net Tax Benefit” is
defined in Section 3.1(b)(ii) of this Agreement.

 

“Non-Adjusted Tax Basis”
means, with respect to any Reference Asset at any time, the tax basis that such asset would have had at such time if no Basis
Adjustments had been made.

 

“Objection Notice” is
defined in Section 2.4(a)(i) of this Agreement.

 

“Other Tax Assets” means
all existing tax basis (as of the date of this Agreement) in the Reference Assets (and all depreciation or amortization deductions
arising from such tax basis) attributable to any Section 197 Intangible (as such term is used in the Code).

 

“Over-Allotment Option”
is defined in the recitals to this Agreement.

 

“Parties” means the
parties named on the signature pages to this agreement and each additional party that satisfies the Joinder Requirement, in each
case with their respective successors and assigns.

 

“Partnership” is defined
in the recitals to this Agreement.

 

“Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental
entity or other entity.

 

“Permitted Holder” is
defined in the Partnership Agreement.

 

“Pre-Exchange Transfer”
means any transfer of one or more Units (including upon the death of a Member) (i) that occurs after the date of this Agreement
but prior to an Exchange of such Units and (ii) to which Section 743(b) of the Code applies.

 

“Realized Tax Benefit”
is defined in Section 3.1(b)(iv) of this Agreement.

 

“Realized Tax Detriment”
is defined in Section 3.1(b)(v) of this Agreement.

 

“Reconciliation Dispute”
is defined in Section 7.9 of this Agreement.

 

“Reconciliation Procedures”
is defined in Section 2.4(a) of this Agreement.

 

“Redemption” has the
meaning in the recitals to this Agreement.

 

    7

     

    

 

“Reference Asset” means
any tangible or intangible asset of the Partnership or any of its successors or assigns, and whether held directly by the Partnership
or indirectly by the Partnership through any entity in which the Partnership now holds or may subsequently hold an ownership interest
(but only if such entity is treated as a partnership or disregarded entity or other flow-thru entity for purposes of the applicable
tax), at the time of an Exchange. A Reference Asset also includes any asset the tax basis of which is determined, in whole or
in part, by reference to the tax basis of an asset that is described in the preceding sentence, including “substituted basis
property” within the meaning of Section 7701(a)(42) of the Code.

 

“Reference Year” means,
with respect to an applicable Taxable Year, the most recent prior Taxable Year of the Corporation (i) for which the Corporation
has filed its final U.S. state and local income tax returns in respect of such prior Taxable Year, and (ii) for which the final
filing of such U.S. state and local income tax returns for such prior Taxable Year was made prior to January 1 of the calendar
year that includes the final day of the applicable Taxable Year.

 

“Schedule” means any
of the following: (i) a Basis Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination Schedule, and, in each case,
any amendments thereto.

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“SOFR” means for each
month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum reported, on the date two
Business Days prior to the first Business Day of such month, on the applicable Bloomberg screen page (or other commercially available
source providing quotations of SOFR) for the Secured Overnight Financing Rate as published by the Federal Reserve Bank of New
York for such month (or portion thereof). In no event will SOFR be less than 0%.

 

“Subsidiary” means,
with respect to any Person and as of the date of any determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls, more than 50% of the voting power or other similar interests, or the sole general partner interest,
or managing member or similar interest, of such Person.

 

“Tax Benefit Payment”
is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit Schedule”
is defined in Section 2.3(a) of this Agreement.

 

“Tax Return” means any
return, declaration, report or similar statement filed or required to be filed with respect to taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated tax.

 

“Taxable Year” means
a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of U.S. state or local tax law,
as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return
is made), ending on or after the closing date of this Agreement.

 

“Taxing Authority” means
any national, federal, state, county, municipal, or local government, or any subdivision, agency, commission or authority thereof,
or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to tax
matters.

 

    8

     

    

 

“Termination Objection Notice”
is defined in Section 4.2 of this Agreement.

 

“TRA Party Representative”
is defined in Section 7.16 of this Agreement.

 

“Transaction Agreement”
means the Transaction Agreement, dated August 2, 2020, by and among the Corporation, DRE, the Members and the other parties thereto.

 

“Treasury Regulations”
means the final, temporary, and (to the extent they can be relied upon) proposed regulations under the Code, as promulgated from
time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“True-Up” is defined
in Section 3.4 of this Agreement.

 

“U.S.” means the United
States of America.

 

“Units” is defined in
the recitals to this Agreement.

 

“Valuation Assumptions”
means, as of an Early Termination Effective Date, the assumptions that:

 

(1) in
each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have taxable income sufficient
to fully use the deductions arising from the Basis Adjustments and the Other Tax Assets and the Imputed Interest during such Taxable
Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result
from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would
become available;

 

(2) the
U.S. federal income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable
Year by the Code and other law as in effect on the Early Termination Effective Date and the combined U.S. state and local income
tax rates (but not, for the avoidance of doubt, federal income tax rates) for each such Taxable Year shall be the Assumed State
and Local Tax Rate for the Taxable Year that includes the Early Termination Effective Date;

 

(3) all
taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant
period; provided, that the combined tax rate for U.S. state and local income taxes (but not, for the avoidance of doubt,
federal income tax) shall be the Assumed State and Local Tax Rate, and, for the avoidance of doubt, the applicable calculations
shall take into account the federal benefit received by the Corporation with respect to state and local jurisdiction income taxes
(with such benefit taking into account the Corporation’s applicable marginal U.S. federal income tax rate, the Assumed State
and Local Tax Rate, and the deductibility, if any, of state and local jurisdiction income taxes);

 

    9

     

    

 

(4) any
loss or disallowed interest or other carryovers generated by any Basis Adjustment or the Other Tax Assets or Imputed Interest
(including such Basis Adjustment and Imputed Interest generated as a result of payments under this Agreement) and available as
of the Early Termination Effective Date will be used by the Corporation in the earliest year for which such carryover may be used
under applicable Law (assuming for this purpose that there will be sufficient income in any such year so as to permit the full
utilization of such carryover);

 

(5) any
non-amortizable assets will be disposed of on the fifth anniversary of the Early Termination Effective Date and no other assets
are disposed of;

 

(6) if,
on the Early Termination Effective Date, any Member has Units that have not been Exchanged, then such Units shall be deemed to
be Exchanged for the Market Value that would be received by such Member if such Units had been Exchanged on the Early Termination
Effective Date, and such Member shall be deemed to receive the amount of cash such Member would have been entitled to pursuant
to Section 4.3(a) had such Units actually been Exchanged on the Early Termination Effective Date;

 

(7) any
payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation
relates is required to be filed excluding any extensions.

 

Section 1.2 Rules
of Construction. Unless otherwise specified herein:

 

(a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b) For
purposes of interpretation of this Agreement:

 

(i) The
words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof.

 

(ii) References
in this Agreement to a Schedule, Article, Section, clause or sub-clause refer to the appropriate Schedule to, or Article, Section,
clause or subclause in, this Agreement.

 

(iii) References
in this Agreement to dollars or “$” refer to the lawful currency of the United States of America.

 

(iv) The
term “including” is by way of example and not limitation.

 

(v) The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(c) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.”

 

    10

     

    

 

(d) Section
headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e) Unless
otherwise expressly provided herein, (a) references to organization documents (including the Partnership Agreement), agreements
(including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions,
supplements and other modifications are permitted hereby; and (b) references to any law (including the Code and the Treasury Regulations)
shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

 

Article
II.

Determination of Realized Tax Benefit

 

Section 2.1 Basis
Adjustments; the Partnership 754 Election.

 

(a) Basis
Adjustments. The Parties acknowledge and agree that (A) the Purchase shall and (to the fullest extent permitted by applicable
law) each Direct Exchange shall give rise to Basis Adjustments and (B) to the fullest extent permitted by applicable Law, each
Redemption using cash or Class A Common Stock contributed to the Partnership by the Corporation shall be treated as a direct purchase
of Units by the Corporation from the applicable Member pursuant to Section 707(a)(2)(B) of the Code that shall give rise to Basis
Adjustments. In connection with the Purchase, and in connection with any Direct Exchange or any Redemption treated as a taxable
direct purchase of Units by the Corporation, the Parties acknowledge and agree that pursuant to applicable law the Corporation’s
share of the basis in the Reference Assets shall be increased by the excess, if any, of (A) the sum of (x) the fair market value
of Class A Common Stock or the cash transferred to a Member pursuant to an Exchange as payment for the Units (and any other amounts
includible in the basis of the Corporation with respect to Units acquired in connection with the Purchase), (y) the amount of
payments made pursuant to this Agreement with respect to such Exchange other than amounts treated as Imputed Interest) and (z)
the amount of liabilities allocated to the Units acquired pursuant to the Exchange, over (B) the Corporation’s share of
the basis of the Reference Assets immediately after the Exchange attributable to the Units acquired, determined in accordance
with the regulations under Section 743 of the Code as if each member of the Partnership Group remains in existence as an entity
for tax purposes and no member of the Partnership Group made the election provided by Section 754 of the Code. The Parties agree
(i) to file (and cause their Affiliates to file) their respective tax returns consistent with the foregoing except as otherwise
required by applicable law, (ii) to claim positive Basis Adjustments to the maximum extent permitted by applicable law, and (iii)
to the maximum extent permitted by Law, to utilize the Basis Adjustments, Other Tax Assets, and Imputed Interest to reduce the
amount of Taxes that the Corporation would otherwise be required to pay.

 

For the avoidance of doubt, payments made
under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent that such payments are treated as Imputed
Interest.

 

    11

     

    

 

(b) Section
754 Election. Throughout the term of this Agreement, the TRA Party Representative shall be entitled to determine which members
of the Partnership Group will have in effect an election under Section 754 of the Code, and the Corporation shall cause to be
taken any actions required to make any such elections.

 

Section 2.2 Basis
Schedules. Within ninety (90) calendar days after the filing of the U.S. federal income Tax Return of the Corporation for
each relevant Taxable Year, the Corporation shall deliver to the TRA Party Representative a schedule (the “Basis Schedule”)
that shows, in reasonable detail as necessary in order to understand the calculations performed under this Agreement: (a) the
Basis Adjustments with respect to the Reference Assets as a result of the relevant Exchanges effected in such Taxable Year, (b)
the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable, (c) the Other Tax Assets that remain
and may give rise to payments pursuant to the terms of this Agreement and (d) the period (or periods) over which such Other Tax
Assets may be utilized. The Basis Schedule will become final and binding on the Parties pursuant to the procedures set forth in
Section 2.4(a) and may be amended by the Parties pursuant to the procedures set forth in Section 2.4(b).

 

Section 2.3 Tax
Benefit Schedules.

 

(a) Tax
Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income Tax Return of the Corporation
for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the
TRA Party Representative a schedule (developed in consultation with the Advisory Firm) showing, in reasonable detail, the calculation
of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”). The
Tax Benefit Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.4(a), and
may be amended by the Parties pursuant to the procedures set forth in Section 2.4(b).

 

(b) Applicable
Principles. Subject to the provisions of this Agreement, the Realized Tax Benefit or Realized Tax Detriment for each Taxable
Year is intended to measure the decrease or increase in the actual liability of the Corporation for Covered Taxes for such Taxable
Year attributable to the Basis Adjustments, Other Tax Assets, Imputed Interest as determined using a “with and without”
methodology described in Section 2.4(a). Carryovers or carrybacks of any Tax item attributable to any Basis Adjustment, Other
Tax Asset, or Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the
appropriate provisions of U.S. state or local tax law, as applicable, governing the use, limitation and expiration of carryovers
or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to a Basis
Adjustment, Other Tax Asset, or Imputed Interest (a “TRA Portion”) and another portion that is not (a “Non-TRA
Portion”), such portions shall be considered to be used in accordance with the “with and without” methodology
so that the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion (with the TRA Portion
being applied on a proportionate basis consistent with the provisions of Section 3.3(a)); but provided that, in the case of a
carryback of a Non-TRA Portion, such carryback shall not affect the original “with and without” calculation made in
the prior Taxable Year. The Parties agree that (i) all Tax Benefit Payments (other than Imputed Interest) attributable to an Exchange
will to the extent permitted by applicable law (A) be treated as subsequent upward purchase price adjustments that give rise to
further Basis Adjustments for the Corporation in respect of an applicable Exchange and (B) have the effect of creating additional
Basis Adjustments for the Corporation in the year of payment, and (ii) as a result, such additional Basis Adjustments will be
incorporated into the current Taxable Year continuing until any incremental current Taxable Year benefits equal an immaterial
amount.

 

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Section 2.4 Procedures;
Amendments.

 

(a) Procedures.
Each time the Corporation delivers an applicable Schedule to the TRA Party Representative under this Agreement, including any
Amended Schedule delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule or amended Early Termination
Schedule delivered pursuant to the procedures set forth in Section 4.2, the Corporation shall also: (x) deliver supporting schedules
and work papers, as determined by the Corporation or as reasonably requested by the TRA Party Representative that provide a reasonable
level of detail regarding the data and calculations that were relevant for purposes of preparing the Schedule; (y) deliver a Corporation
Letter supporting such Schedule; and (z) allow the TRA Party Representative and its advisors to have reasonable access to the
appropriate representatives, as determined by the Corporation or as reasonably requested by TRA Party Representative at the Corporation
and the Advisory Firm in connection with a review of such Schedule. Without limiting the generality of the preceding sentence,
the Corporation shall ensure that any Tax Benefit Schedule that is delivered to the TRA Party Representative, along with any supporting
schedules and work papers, provides a reasonably detailed presentation of the calculation of the actual liability of the Corporation
for Covered Taxes (the “with” calculation) and the Hypothetical Tax Liability of the Corporation (the “without”
calculation), and identifies any material assumptions or operating procedures or principles that were used for purposes of such
calculations. An applicable Schedule or amendment thereto shall become final and binding on the Parties thirty (30) calendar days
from the date on which the TRA Party Representative first received the applicable Schedule or amendment thereto unless:

 

(i) the
TRA Party Representative within thirty (30) calendar days after receiving the applicable Schedule or amendment thereto, provides
the Corporation with written notice of a material objection to such Schedule that is made in good faith and that sets forth in
reasonable detail the TRA Party Representative’s material objection (an “Objection Notice”) or

 

(ii) the
TRA Party Representative provides a written waiver of its right to deliver an Objection Notice within the time period described
in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver from the TRA Party
Representative is received by the Corporation.

 

In the event that the TRA Party Representative timely delivers
an Objection Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully resolve the issues
raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporation of the Objection Notice, the
Corporation and the TRA Party Representative, shall employ the reconciliation procedures as described in Section 7.9 of this Agreement
(the “Reconciliation Procedures”).

 

(b) Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporation: (i) in connection
with a Determination affecting such Schedule; (ii) to correct inaccuracies in the Schedule identified as a result of the receipt
of additional factual information relating to a Taxable Year after the date the Schedule was originally provided to the TRA Party
Representative, as applicable; (iii) to comply with an Expert’s determination under the Reconciliation Procedures applicable
to this Agreement; (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to a carryback or carryforward of a loss or other Tax item to such Taxable Year; (v) to reflect a change in the Realized Tax Benefit
or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year; or (vi) to
adjust a Basis Schedule to take into account any Tax Benefit Payments made pursuant to this Agreement (any such Schedule, an “Amended
Schedule”).

 

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Article
III.

Tax Benefit Payments

 

Section 3.1 Timing
and Amount of Tax Benefit Payments.

 

(a) Timing
of Payments. Except as provided in Sections 3.4 and subject to Sections 3.2 and 3.3, within three (3) Business Days following
the date on which each Tax Benefit Schedule that is required to be delivered by the Corporation to the TRA Party Representative
pursuant to Section 2.3(a) of this Agreement becomes final in accordance with Section 2.4(a) of this Agreement, the Corporation
shall pay to each relevant Member the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment
shall be made by wire transfer of immediately available funds to the bank account previously designated by such Members or as
otherwise agreed by the Corporation and such Members. For the avoidance of doubt, the Members shall not be required under any
circumstances to return any portion of any Tax Benefit Payment previously paid by the Corporation to the Members (including any
portion of any Estimated Tax Benefit Payment or any Early Termination Payment).

 

(b) Amount
of Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any Member means an
amount, not less than zero, equal to the sum of: (i) the portion of the Net Tax Benefit that is Attributable to such Member (including
Imputed Interest calculated in respect of such amount); and (ii) the Actual Interest Amount with respect to the Net Tax Benefit
described in (i).

 

(i) Attributable.
A Net Tax Benefit is “Attributable” to (i) subject to clause (ii) that follows, a Member to the extent that
it is derived from any Basis Adjustment or Imputed Interest that is attributable to an Exchange undertaken by or with respect
to such Member; or (ii) to Holdings to the extent that it is derived from (A) any Basis Adjustment (including Basis Adjustments
attributable to all amounts expended by the Corporation in connection with the Purchase) or Imputed Interest, which is attributable
to the Purchase, or (B) any Other Tax Asset (or any Imputed Interest with respect to such Other Tax Asset).

 

(ii) Net
Tax Benefit. The “Net Tax Benefit” for a Taxable Year equals the amount of the excess, if any, of (x) 85%
of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (y) the aggregate amount of all Tax Benefit
Payments previously made under this Section 3.1. For the avoidance of doubt, if the Cumulative Net Realized Tax Benefit as of
the end of any Taxable Year is less than the aggregate amount of all Tax Benefit Payments previously made, no Member shall be
required to return any portion of any Tax Benefit Payment previously made by the Corporation to such Member.

 

    14

     

    

 

(iii) Cumulative
Net Realized Tax Benefit. The “Cumulative Net Realized Tax Benefit” for a Taxable Year equals the cumulative
amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative
amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year
shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such
determination.

 

(iv) Realized
Tax Benefit. The “Realized Tax Benefit” for a Taxable Year equals the excess, if any, of the Hypothetical
Tax Liability over the actual liability of the Corporation for Covered Taxes; provided, that for purposes of determining
the Hypothetical Tax Liability and actual liability of the Corporation for Covered Taxes, the Corporation shall use the Assumed
State and Local Tax Rate for purposes of determining such liabilities for all state and local Covered Taxes. For the avoidance
of doubt, the calculation of the Hypothetical Tax Liability and the actual liability of the Corporation for Covered Taxes shall
take into account the federal benefit received by the Corporation with respect to state and local jurisdiction income taxes (with
such benefit taking into account the Corporation’s marginal U.S. federal income tax rate for the relevant Taxable Year,
the Assumed State and Local Tax Rate, and the deductibility, if any, of state and local jurisdiction income taxes). If all or
a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority
of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been
a Determination.

 

(v) Realized
Tax Detriment. The “Realized Tax Detriment” for a Taxable Year equals the excess, if any, of the actual
liability of the Corporation for Covered Taxes over the Hypothetical Tax Liability for such Taxable Year; provided, that
for purposes of determining the Hypothetical Tax Liability and actual liability of the Corporation for Covered Taxes, the Corporation
shall use the Assumed State and Local Tax Rate for purposes of determining such liabilities for all state and local Covered Taxes.
For the avoidance of doubt, the calculation of the Hypothetical Tax Liability and the actual liability of the Corporation for
Covered Taxes shall take into account the federal benefit received by the Corporation with respect to state and local jurisdiction
income taxes (with such benefit taking into account the Corporation’s marginal U.S. federal income tax rate for the relevant
Taxable Year, the Assumed State and Local Tax Rate, and the deductibility, if any, of state and local jurisdiction income taxes).
If all or a portion of the actual liability for such Covered Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until
there has been a Determination.

 

(vi) Imputed
Interest. The parties acknowledge that the principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the principles
of any similar provision of U.S. state and local law, will, as applicable, apply to cause a portion of payments by the Corporation
to a Member under this Agreement (including, as applicable, a portion of amounts characterized as Extension Rate Interest and
Default Rate Interest) to be treated as imputed interest (“Imputed Interest”). For the avoidance of doubt,
the deduction for the amount of Imputed Interest as determined with respect to any payments hereunder made by the Corporation
to a Member shall be excluded in determining the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized
Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

 

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(vii) Actual
Interest Amount. The “Actual Interest Amount” calculated in respect of the Net Tax Benefit for a Taxable
Year will equal, subject to Section 3.4, interest calculated at the Agreed Rate from the due date (without taking into account
extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year until the date on which the
Corporation makes a timely Tax Benefit Payment to the Member on or before the Final Payment Date as determined pursuant to Section
3.1(a).

 

(viii) Default
Rate Interest. In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment
to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate
Interest” calculated in respect of the Tax Benefit Payment (including previously accrued Imputed Interest and Extension
Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit
Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such
Member.

 

(ix) The
Corporation and the Members hereby acknowledge and agree that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained
for U.S. federal income or other applicable tax purposes. Notwithstanding anything to the contrary in this Agreement, unless a
Member notifies the Corporation otherwise or specifies a different applicable percentage at the time of the Exchange, the stated
maximum selling price (within the meaning of Treasury Regulation 15A.453-1(c)(2)) with respect to any Exchange by such Member
(including for purposes of this Agreement (i) any Exchange undertaken by a Member after the date of this Agreement; and (ii) the
sale of equity interests in the Partnership by Holdings in connection with the Purchase, but not including the sale of the option
(the “Option”) to acquire equity interests of the Partnership in connection with the Purchase) shall be an amount
equal to 150% of the amount of the initial consideration received in connection with such Exchange (which, for the avoidance of
doubt, shall include the amount of any cash and the fair market value of any Class A Common Stock received in such Exchange and
shall exclude the fair market value of any Tax Benefit Payments) and the amount of the initial consideration received in connection
with such Exchange and the aggregate Tax Benefit Payments to such Member in respect of such Exchange (other than amounts accounted
for as interest under the Code) shall not exceed such stated maximum selling price. Notwithstanding the foregoing, with respect
to the sale of the Option, the stated maximum selling price shall be an amount equal to 180% of the sum of the Option Consideration
and the Option Exercise Price (in each case, as such terms are used in the Transaction Agreement, and provided that the parties
agree to treat all Tax Benefit Payments that are attributable to Basis Adjustments or Imputed Interest with respect to the acquisition
of Partnership equity pursuant to the Option, and all Tax Benefit Payments attributable to the Other Tax Assets (or any Imputed
interest with respect to the Other Tax Assets), as allocable to the sale of the Option).

 

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(c) Interest.
The provisions of Section 3.1(b) are intended to operate so that interest will effectively accrue in respect of the Net Tax Benefit
for any Taxable Year as follows:

 

(i) first,
at the applicable rate used to determine the amount of Imputed Interest under the Code (from the relevant Exchange Date until
the due date (without taking into account extensions) for filing the U.S. federal income Tax Return of the Corporation for such
Taxable Year and, if required under applicable law, through the Final Payment Date for a Tax Benefit Payment as determined pursuant
to Section 3.1(a));

 

(ii) second,
at the Agreed Rate in respect of any Extension Rate Interest (from the due date (without taking into account extensions) for filing
the U.S. federal income Tax Return of the Corporation for such Taxable Year until the Final Payment Date for a Tax Benefit Payment
as determined pursuant to Section 3.1(a)); and

 

(iii) third,
at the Default Rate in respect of any Default Rate Interest (from the Final Payment Date for a Tax Benefit Payment as determined
pursuant to Section 3.1(a) until the date on which the Corporation makes the relevant Tax Benefit Payment to a Member).

 

Section 3.2 No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in the duplicative payment of any
amount (including interest) that may be required under this Agreement, and the provisions of this Agreement shall be consistently
interpreted and applied in accordance with that intent. For purposes of this Agreement, and also for the avoidance of doubt, no
Tax Benefit Payment shall be required to be calculated or made in respect of any estimated tax payments, including, without limitation,
any estimated U.S. federal income tax payments.

 

Section 3.3 Pro-Ration
of Payments as Between the Members.

 

(a) Insufficient
Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the aggregate potential depreciation, amortization
or other deductions in respect of the Basis Adjustments, Other Tax Assets and Imputed Interest for purposes of determining the
Corporation’s liability for Covered Taxes (the “Covered Tax Benefit”) is limited in a particular Taxable
Year because the Corporation does not have sufficient actual taxable income, then the available Covered Tax Benefit for the Corporation
shall be allocated among the Members in proportion to the respective Tax Benefit Payment that would have been payable if the Corporation
had in fact had sufficient taxable income so that there had been no such limitation. As an illustration of the intended operation
of this Section 3.3(a), if the Corporation had $200 of aggregate potential Covered Tax Benefits in a particular Taxable Year (with
$50 of such Covered Tax Benefits being attributable to Member 1 and $150 of such Covered Tax Benefits being attributable to Member
2), such that Member 1 would have potentially been entitled to a Tax Benefit Payment of $10.62 and Member 2 would have been entitled
to a Tax Benefit Payment of $31.87 if the Corporation had $200 of actual taxable income (assuming for purposes of illustration
a 25% composite tax rate), and if the Corporation in fact only had $100 of actual taxable income in such Taxable Year, then $25
of the aggregate $100 actual Covered Tax Benefit for the Corporation for such Taxable Year would be allocated to Member 1 and
$75 of the aggregate $100 actual Covered Tax benefit for the Corporation would be allocated to Member 2, such that Member 1 would
receive a Tax Benefit Payment of $5.31 and Member 2 would receive a Tax Benefit Payment of $15.94. Notwithstanding anything to
the contrary in Section 3.1(b), in no event will the aggregate of the portions of the Net Tax Benefit that are “Attributable”
to the Members exceed 100% of the Net Tax Benefit. .

 

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(b) Late
Payments. If for any reason the Corporation is not able to timely and fully satisfy its payment obligations under this Agreement
in respect of a particular Taxable Year, then Default Rate Interest will begin to accrue pursuant to Section 5.2 and the Corporation
and other Parties agree that (i) the Corporation shall pay the Tax Benefit Payments due in respect of such Taxable Year to each
Member pro rata in proportion to the amount of such Tax Benefit Payments, without favoring one obligation over the other, and
(ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments to all Members in respect
of all prior Taxable Years have been made in full.

 

Section 3.4 Optional
Estimated Tax Benefit Payment Procedure. As long as the Corporation is current in respect of its payment obligations owed
to each Member pursuant to this Agreement and there are no delinquent Tax Benefit Payments (including interest thereon) outstanding
in respect of prior Taxable Years for any Member, the Corporation may, at any time on or after the due date (without taking into
account extensions) for filing the U.S. federal income Tax Return of the Corporation for a Taxable Year and at the Corporation’s
option, in its sole discretion, make one or more estimated payments to the Members in respect of any anticipated amounts to be
owed with respect to a Taxable Year to the Members pursuant to Section 3.1 of this Agreement (any such estimated payments referred
to as an “Estimated Tax Benefit Payment”); provided that any Estimated Tax Benefit Payment made to a
Member pursuant to this Section 3.4 is matched by a proportionately equal Estimated Tax Benefit Payment to all other Members then
entitled to a Tax Benefit Payment. Any Estimated Tax Benefit Payment made under this Section 3.4 shall be paid by the Corporation
to the Members and applied against the final amount of any Tax Benefit Payment to be made pursuant to Section 3.1. The payment
of an Estimated Tax Benefit Payment by the Corporation to the Members pursuant to this Section 3.4 shall also terminate the obligation
of the Corporation to make payment of any Extension Rate Interest that might have otherwise accrued after the date of the Estimated
Tax Benefit Payment with respect to the proportionate amount of the Tax Benefit Payment that is being paid in advance of the applicable
Tax Benefit Schedule being finalized pursuant to Section 2.4. Upon the making of any Estimated Tax Benefit Payment pursuant to
this Section 3.4, the amount of such Estimated Tax Benefit Payment shall first be applied to any estimated Extension Rate Interest,
then to Imputed Interest, and then applied to the remaining residual amount of the Tax Benefit Payment to be made pursuant to
Section 3.1. In determining the final amount of any Tax Benefit Payment to be made pursuant to Section 3.1, and for purposes of
finalizing the Tax Benefit Schedule pursuant to Section 2.4, the amount of any Estimated Tax Benefit Payments that may have been
made with respect to the Taxable Year shall be increased, if the finally determined Tax Benefit Payment for a Taxable Year exceeds
the Estimated Tax Benefit Payments made for such Taxable Year, with such increase being paid by the Corporation to the Members
along with an appropriate amount of Extension Rate Interest in respect of the amount of such increase (a “True-Up”).
If the Estimated Tax Benefit Payment for a Taxable Year exceeds the finally determined Tax Benefit Payment for such Taxable Year,
such excess, shall be applied to reduce the amount of any subsequent future Tax Benefit Payments (including Estimated Tax Benefit
Payments, if any) to be paid by the Corporation to such Member. As of the date on which any Estimated Tax Benefit Payments are
made, and as of the date on which any True-Up is made, all such payments shall be made in the same manner and subject to the same
terms and conditions as otherwise contemplated by Section 3.1 and all other applicable terms of this Agreement. For the avoidance
of doubt, as is the case with Tax Benefit Payments made by the Corporation to the Members pursuant to Section 3.1, (i) the amount
of any Estimated Tax Benefit Payments made pursuant to this Section 3.4 that are attributable to an Exchange shall also be treated,
in part, as subsequent upward purchase price adjustments that give rise to Basis Adjustments in the Taxable Year of payment to
the extent permitted by applicable law and as of the date on which such payments are made (exclusive of any amounts treated as
Imputed Interest); and (ii) the amount of any Estimated Tax Benefit Payments made pursuant to this Section 3.4 that are attributable
to the Purchase (including for this purpose all such payments attributable to the Other Tax Assets) shall be treated, in part,
as subsequent upward purchase price adjustments that give rise to Basis Adjustments in the Taxable Year of payment to the extent
permitted by applicable law and as of the date such payments are made (exclusive of any amounts treated as Imputed Interest).

 

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Article
IV.

Termination

 

Section 4.1 Early
Termination of Agreement; Breach of Agreement.

 

(a) Corporation’s
Early Termination Right. The Corporation may completely terminate this Agreement, as and to the extent provided herein, with
respect to all amounts payable to the Members pursuant to this Agreement by paying to the Members the Early Termination Payments;
provided that Early Termination Payments may be made pursuant to this Section 4.1(a) only if made to all Members that are
entitled to such a payment simultaneously, and provided further, that the Corporation may withdraw any notice to execute
its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon
the Corporation’s payment of the Early Termination Payment, the Corporation shall not have any further payment obligations
under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments that are due and payable under this Agreement
but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment due for the
Taxable Year ending on or including the date of the Early Termination Notice (except to the extent that the amount described in
clause (ii) is included in the calculation of the Early Termination Payment). If an Exchange subsequently occurs with respect
to Units for which the Corporation has exercised its termination rights under this Section 4.1(a) and paid all amounts owed in
connection with the exercise of such rights, the Corporation shall have no obligations under this Agreement with respect to such
Exchange.

 

(b) Acceleration
Upon Change of Control. In the event of a Change of Control, all obligations hereunder shall be accelerated and such obligations
shall be calculated pursuant to this Article IV as if an Early Termination Notice had been delivered on the closing date of the
Change of Control and utilizing the Valuation Assumptions by substituting the phrase “the closing date of a Change of Control”
in each place where the phrase “Early Termination Effective Date” appears. Such obligations shall include, but not
be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the closing
date of the Change of Control, (2) any Tax Benefit Payments agreed to by the Corporation and the Members as due and payable but
unpaid as of the Early Termination Notice and (3) any Tax Benefit Payments due for any Taxable Year ending prior to, with or including
the closing date of a Change of Control (except to the extent that any amounts described in clauses (2) or (3) are included in
the Early Termination Payment). For the avoidance of doubt, Sections 4.2 and 4.3 shall apply to a Change of Control, mutadis
mutandi.

 

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(c) Acceleration
Upon Breach of Agreement. In the event that the Corporation materially breaches any of its material obligations under this
Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required
hereunder, or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code
or otherwise, at the option of the TRA Party Representative, all obligations hereunder shall be accelerated and become immediately
due and payable (provided that in the case of any proceeding under the Bankruptcy Code or other insolvency statute, such acceleration
shall be automatic without any such notice), and such obligations shall be calculated as if an Early Termination Notice had been
delivered on the date of such notice of acceleration (or, in the case of any proceeding under the Bankruptcy Code or other insolvency
statute, on the date of such breach) and shall include, but not be limited to: (i) the Early Termination Payment calculated as
if an Early Termination Notice had been delivered on the date of such acceleration; (ii) any prior Tax Benefit Payments that are
due and payable under this Agreement but that still remain unpaid as of the date of such acceleration; and (iii) any current Tax
Benefit Payment due for the Taxable Year ending with or including the date of such acceleration (except to the extent included
in the Early Termination Payment). Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement and
such breach is not a material breach of a material obligation, a Member shall still be entitled to enforce all of its rights otherwise
available under this Agreement, excluding, for the avoidance of doubt, seeking an acceleration of amounts payable under this Agreement.
For purposes of this Section 4.1(c), and subject to the following sentence, the Parties agree that the failure to make any payment
due pursuant to this Agreement within sixty (60) days of the relevant Final Payment Date shall be deemed to be a material breach
of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a material
breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within sixty (60) days of
the relevant Final Payment Date. Notwithstanding anything in this Agreement to the contrary, it shall not be a material breach
of a material obligation of this Agreement if the Corporation fails to make any Tax Benefit Payment within sixty (60) days of
the relevant Final Payment Date to the extent that the Corporation has insufficient funds or cannot make such payment as a result
of obligations imposed in connection with the Senior Obligations or under applicable law, and cannot obtain sufficient funds to
make such payments by taking commercially reasonable actions; provided that the interest provisions of Section 5.2 shall
apply to such late payment (unless the Corporation does not have sufficient funds to make such payment as a result of limitations
imposed by any Senior Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed
Rate); and further provided that such payment obligation shall nonetheless accrue for the benefit of the Members and the
Corporation shall make such payment at the first opportunity that it has sufficient funds and is otherwise able to make such payment.

 

(d) In
the event that the Corporation or the Partnership becomes aware than an event described in clause (c) of the definition of Credit
Event exists, such person shall provide notice to the TRA Party Representative of such fact (the “Credit Event Notice”).
In the event that the Credit Event described in clause (c) of the definition of Credit Event is not cured within ten days of delivery
of such Credit Event Notice or upon the occurrence of an event described in clauses (a) or (b) in the definition of Credit Event,
then at the option of the TRA Party Representative, all obligations hereunder shall be accelerated and become immediately due
and payable, and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of the
Credit Event and shall include, but not be limited to, (i) the Early Termination Payment calculated as if an Early Termination
Notice had been delivered on the date of the Credit Event; (ii) any prior Tax Benefit Payments that are due and payable under
this Agreement but that still remain unpaid as of the date of such acceleration; and (iii) any Tax Benefit Payment due for the
Taxable Year ending with or including such date (except to the extent that such amount is included in the Early Termination Payment).

 

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Section 4.2 Early
Termination Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1 above, the Corporation
shall deliver to the TRA Party Representative a notice of the Corporation’s decision to exercise such right (an “Early
Termination Notice”) and a schedule developed in consultation with the Advisory Firm (the “Early Termination
Schedule”) showing in reasonable detail the calculation of the Early Termination Payment. The Corporation shall also
(x) deliver to the TRA Party Representative supporting schedules and work papers, as determined by the Corporation or as reasonably
requested by the TRA Party Representative, that provide a reasonable level of detail regarding the data and calculations that
were relevant for purposes of preparing the Early Termination Schedule; (y) deliver to the TRA Party Representative a Corporation
Letter supporting such Early Termination Schedule; and (z) allow the TRA Party Representative and its advisors to have reasonable
access to the appropriate representatives, as determined by the Corporation or as reasonably requested by the TRA Party Representative
at the Corporation and the Advisory Firm in connection with a review of such Early Termination Schedule. The Early Termination
Schedule shall become final and binding on each Party thirty (30) calendar days from the first date on which the TRA Party Representative
received such Early Termination Schedule unless:

 

(i) the
TRA Party Representative within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporation
with (A) notice of a material objection to such Early Termination Schedule made in good faith and setting forth in reasonable
detail the TRA Party Representative’s material objection (a “Termination Objection Notice”) and (B) a
letter from an Advisory Firm (that is different from the Advisory Firm that was used by the Corporation to prepare the Early Termination
Schedule) in support of such Termination Objection Notice; or

 

(ii) the
TRA Party Representative provides a written waiver of such right of a Termination Objection Notice within the period described
in clause (i) above, in which case such Early Termination Schedule becomes binding on the date the waiver from the TRA Party Representative
is received by the Corporation.

 

In the event that the TRA Party Representative timely delivers
a Termination Objection Notice pursuant to clause (i) above, and if the Parties, for any reason, are unable to successfully resolve
the issues raised in the Termination Objection Notice within thirty (30) calendar days after receipt by the Corporation of the
Termination Objection Notice, the Corporation and the TRA Party Representative shall employ the Reconciliation Procedures. The
date on which the Early Termination Schedule becomes final in accordance with this Section 4.2 shall be the “Early Termination
Reference Date.”

 

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Section 4.3 Payment
Upon Early Termination.

 

(a) Timing
of Payment. Within three (3) Business Days after the Early Termination Reference Date, the Corporation shall pay to each Member
an amount equal to the Early Termination Payment for such Member. Such Early Termination Payment shall be made by the Corporation
by wire transfer of immediately available funds to a bank account or accounts designated by the Members or as otherwise agreed
by the Corporation and the Members.

 

(b) Amount
of Payment. The “Early Termination Payment” payable to a Member pursuant to Section 4.3(a) shall equal
the present value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date, of all Tax
Benefit Payments that would be required to be paid by the Corporation to such Member, whether payable with respect to Units that
were Exchanged prior to the Early Termination Effective Date or on or after the Early Termination Effective Date, beginning from
the Early Termination Effective Date and using the Valuation Assumptions.

 

Article
V.

Subordination and Late Payments

 

Section 5.1 Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by the Corporation to the Members under this Agreement shall rank subordinate and junior in right of payment to any
principal, interest, or other amounts due and payable in respect of any obligations owed in respect of secured or unsecured indebtedness
for borrowed money of the Corporation (such obligations of the Corporation, along with any such obligations in respect of secured
or unsecured indebtedness for borrowed money of the Corporation or the Partnership or their Subsidiaries, “Senior Obligations”)
and shall rank pari passu in right of payment with all current or future unsecured obligations of the Corporation that
are not Senior Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time payment
is due as a result of this Section 5.1 and the terms of the agreements governing Senior Obligations, such payment obligation nevertheless
shall accrue for the benefit of the Members and the Corporation shall make such payments at the first opportunity that such payments
are permitted to be made in accordance with the terms of the Senior Obligations. The Corporation and the Partnership shall not,
and shall cause their Subsidiaries to not, without the prior written consent of the TRA Party Representative (not to be unreasonably
withheld, conditioned or delayed) enter into or amend the terms of any financing agreement or Senior Obligations if the terms
of such agreement or amendment would further restrict (beyond the restrictions applicable in financing agreements as of the date
of this Agreement) the Corporation’s ability to make payments owed under the terms of this Agreement (including as a result
of any restriction on the ability of the Corporation’s Subsidiaries to make distributions or other payments to the Corporation
to fund amounts payable under this Agreement).

 

Section 5.2 Late
Payments by the Corporation. Except as otherwise provided in this Agreement, the amount of all or any portion of any Tax Benefit
Payment or Early Termination Payment not made to the Members when due under the terms of this Agreement, whether as a result of
Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable together with any interest thereon, computed
at the Default Rate and commencing from the Final Payment Date on which such Tax Benefit Payment or Early Termination Payment
was first due and payable to the date of actual payment.

 

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Article
VI.

Tax Matters; Consistency; Cooperation

 

Section 6.1 Participation
in the Corporation’s and the Partnership’s Tax Matters. Except as otherwise provided herein, the Corporation shall
have full responsibility for, and sole discretion over, all tax matters concerning the Corporation and the Partnership Group,
including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue
pertaining to taxes; provided, however, that, the Corporation shall not settle or fail to contest any issue pertaining to Covered
Taxes that is reasonably expected to materially and adversely affect the Members’ rights and obligations under this Agreement
without the consent of the TRA Party Representative, such consent not to be unreasonably withheld or delayed. If the TRA Party
Representative fails to respond to any notice with respect to the settlement or other disposition of any such issue within fifteen
(15) days of its receipt of the applicable notice, the TRA Party Representative shall be deemed to have consented to the proposed
settlement or other disposition. Notwithstanding the foregoing, the Corporation shall notify the TRA Party Representative, and
keep it reasonably informed with respect to, the portion of any tax audit of the Corporation or the Partnership, or any of their
Subsidiaries, the outcome of which is reasonably expected to materially affect amounts payable under this Agreement, and the TRA
Party Representative shall have the right to participate in and to monitor any such portion of any such Tax audit. To the extent
there is a conflict between this Agreement and the Partnership Agreement as it relates to tax matters concerning Covered Taxes
and the Corporation and the Partnership, including preparation, filing or amending of any Tax Return and defending, contesting
or settling any issue pertaining to taxes, this Agreement shall control. For the avoidance of doubt, nothing in this Agreement
shall limit any rights of Holdings or the other Members under the terms of the Transaction Agreement or the Partnership Agreement.

 

Section 6.2 Consistency.
Except as otherwise required by law, all calculations and determinations made hereunder, including, without limitation, any Basis
Adjustments, the determination of deductions arising from Other Tax Assets, the Schedules and the determination of any Realized
Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies or positions taken by the
Corporation and the Partnership (and their respective Subsidiaries) on their respective Tax Returns. Each Member shall prepare
its Tax Returns in a manner that is consistent with the terms of this Agreement, and any related calculations or determinations
that are made hereunder, including, without limitation, the terms of Section 2.1 of this Agreement and the Schedules provided
to the Members under this Agreement. In the event that an Advisory Firm is replaced with another Advisory Firm, such replacement
Advisory Firm shall perform its services under this Agreement using procedures and methodologies consistent with the previous
Advisory Firm, unless otherwise required by law or unless the Corporation and the TRA Party Representative agree to the use of
other procedures and methodologies.

 

Section 6.3 Cooperation.

 

(a) Each
Member shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation
may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (ii) make
itself available to the Corporation and its representatives to provide explanations of documents and materials and such other
information as the Corporation or its representatives may reasonably request in connection with any of the matters described in
clause (i) above, and (iii) reasonably cooperate in connection with any such matter.

 

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(b) The
Corporation shall reimburse the Members for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to
Section 6.3(a).

 

Article
VII.

Miscellaneous

 

Section 7.1 Notices.
All notices, requests, consents and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt
requested) or by certified or registered mail (postage prepaid, return receipt requested) to the respective Parties at the following
addresses (or at such other address for a Party as shall be as specified in a notice given in accordance with this Section 7.1).
All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing
by the Party to receive such notice:

 

If to the Corporation, to:

 

 Grosvenor Capital Management
Holdings, LLLP

 900 North Michigan Avenue

 Suite 1100

 Chicago, Illinois 60611

 Email: legal@gcmlp.com

 Attention: Legal Department

 

with a copy (which shall not constitute
notice to the Corporation) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022

Attn: Justin G. Hamill

Facsimile: 212-751-4864

E-mail: justin.hamill@lw.com

 

If to the TRA Party Representative:

 

c/o Grosvenor Holdings, L.L.C.

900 North Michigan Avenue, Suite 1100

Chicago, IL 60611

Email: legal@gcmlp.com

Attention: Legal Department

 

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with a copy (which shall not constitute
notice to TRA Party Representative) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022

Attn: Justin G. Hamill

Facsimile: 212-751-4864

E-mail: justin.hamill@lw.com

 

Any Party may change its address, fax number or e-mail address
by giving each of the other Parties written notice thereof in the manner set forth above.

 

Section 7.2 Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it
being understood that all Parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 7.3 Entire
Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements
and understandings, both written and oral, among the Parties with respect to the subject matter hereof. This Agreement shall be
binding upon and inure solely to the benefit of each Party hereto and their respective successors and permitted assigns, and nothing
in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

Section 7.4 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard
to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5 Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

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Section 7.6 Assignments;
Amendments; Successors; No Waiver.

 

(a) Assignment.
Any Member may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including the right to
receive any Tax Benefit Payments under this Agreement, to any Person without the prior written consent of the Corporation, provided
that such Person shall execute and deliver a Joinder agreeing to succeed to the applicable portion of such Member’s interest
in this Agreement and to become a Party for all purposes of this Agreement (the “Joinder Requirement”). For
the avoidance of doubt, if a Member transfers Units in accordance with the terms of the Partnership Agreement but does not assign
to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such Member shall continue
to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units (and any such transferred
Units shall be separately identified, so as to facilitate the determination of Tax Benefit Payments hereunder). The Corporation
may not assign any of its rights or obligations under this Agreement to any Person (other than any direct or indirect successor
(whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation)
without the prior written consent of the TRA Party Representative (and any purported assignment without such consent shall be
null and void).

 

(b) Amendments.
No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation and the TRA Party
Representative, in which case such amendment shall be permitted. No provision of this Agreement may be waived unless such waiver
is in writing and signed by the Party against whom the waiver is to be effective.

 

(c) Successors.
Except as provided in Section 7.6(a), all of the terms and provisions of this Agreement shall be binding upon, and shall inure
to the benefit of and be enforceable by, the Parties hereto and their respective successors, assigns, heirs, executors, administrators
and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly
to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required
to perform if no such succession had taken place.

 

(d) Waiver.
No failure by any Party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement,
or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other
covenant, duty, agreement, or condition.

 

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Section 7.7 Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

Section 7.8 Resolution
of Disputes.

 

(a) Except
for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot be settled amicably, including any ancillary
claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance
or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) (each a
“Dispute”) shall be finally resolved by arbitration in accordance with the International Institute for Conflict
Prevention and Resolution Rules for Administered Arbitration (the “Rules”) by three arbitrators, of which the
Corporation shall appoint one arbitrator and the Members party to such Dispute shall appoint one arbitrator in accordance with
the “screened” appointment procedure provided in Rule 5.4. The arbitration shall be governed by the Federal Arbitration
Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be entered by any court having
jurisdiction thereof. The place of the arbitration shall be Chicago, Illinois.

 

(b) Notwithstanding
the provisions of paragraph (a), any Party may bring an action or special proceeding in any court of competent jurisdiction for
the purpose of compelling another Party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder,
and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Party (i) expressly consents to the application
of paragraph (c) of this Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate.
For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in accordance with the procedures
set forth in Section 7.9.

 

(c) Each
Party irrevocably consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in this
Agreement shall affect the right of any Party to serve process in any other manner permitted by law.

 

(d) WAIVER
OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

(e) In
the event the parties are unable to agree whether a dispute between them is a Reconciliation Dispute subject to the dispute resolution
procedure set forth in Section 7.9 or a Dispute subject to the dispute resolution procedure set forth in this Section 7.8, such
disagreement shall be decided and resolved in accordance with the procedure set forth in this Section 7.8.

 

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Section 7.9 Reconciliation.
In the event that the Corporation and the TRA Party Representative are unable to resolve a disagreement with respect to a Schedule
(other than an Early Termination Schedule) prepared in accordance with the procedures set forth in Section 2.4, or with respect
to an Early Termination Schedule prepared in accordance with the procedures set forth in Section 4.2, within the relevant time
period designated in this Agreement (a “Reconciliation Dispute”), the Reconciliation Dispute shall be submitted
for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually
acceptable to both such Parties. The Expert shall be a partner or principal in a nationally recognized accounting firm, and unless
the Corporation and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs the Expert shall
not, have any material relationship with the Corporation or TRA Party Representative or other actual or potential conflict of
interest. If the Parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, the selection of an Expert shall be treated as a Dispute subject to Section 7.8 and
an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any material relationship
with the Corporation or TRA Party Representative or other actual or potential conflict of interest. The Expert shall resolve any
matter relating to the Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within
thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen
(15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the
Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject
of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement
is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared
by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such
Expert or amending any Tax Return shall be borne by the Corporation. The Corporation and the TRA Party Representative shall bear
their own costs and expenses of such proceeding, unless the Expert adopts the TRA Party Representative’s position, in which
case the Corporation shall reimburse the Member for any reasonable and documented out-of-pocket costs and expenses in such proceeding
(including for the avoidance of doubt any costs and expenses incurred by the Member relating to the engagement of the Expert or
amending any applicable Tax Return). The Expert shall finally determine any Reconciliation Dispute and the determinations of the
Expert pursuant to this Section 7.9 shall be binding on the Corporation and the TRA Party Representative and may be entered and
enforced in any court having competent jurisdiction.

 

Section 7.10 Withholding.
The Corporation and its affiliates and representatives shall be entitled to deduct and withhold from any payment that is payable
to any Member pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the
making of such payment under the Code or any provision of U.S. state or local tax law. To the extent that amounts are so withheld
and paid over to the appropriate Taxing Authority, such withheld amounts shall be treated for all purposes of this Agreement as
having been paid by the Corporation to the relevant Member. Each Member shall reasonably cooperate with the Corporation with any
applicable tax forms and certifications reasonably requested by the Corporation in connection with determining whether any such
deductions and withholdings are required under the Code or any provision of U.S. state, local or foreign tax law. Notwithstanding
the foregoing, if a withholding obligation arises as a result of a Change of Control or other transaction that causes the Corporation
(or its successor) to become a non-U.S. Person, any amount payable to a Member under this Agreement shall be increased such that
after all required deductions and withholdings have been made (including such deductions and withholdings applicable to additional
sums payable under this sentence) the relevant Member receives an amount equal to the sum that it would have received had no such
deductions or withholdings been made.

 

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Section 7.11 Admission
of the Corporation into a Consolidated Group; DREs of the Corporation; Transfers of Corporate Assets.

 

(a) If
the Corporation is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income
Tax Return pursuant to Section 1501 or other applicable Sections of the Code governing affiliated or consolidated groups, or any
corresponding provisions of U.S. state or local law, then: (i) the provisions of this Agreement shall be applied with respect
to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments, and other applicable items hereunder shall
be computed with reference to the consolidated taxable income of the group as a whole.

 

(b) Except
to the extent the context requires otherwise, any reference to the Corporation in this Agreement shall include a reference to
the DRE, and to any other Subsidiary of the Corporation that is treated as an entity disregarded as separate from the Corporation
for U.S. federal income tax purposes. Undertakings of the Corporation under the terms of this Agreement shall (to the extent requiring
action of the DRE) constitute undertakings of the DRE, and the Corporation shall cause the DRE to facilitate compliance with the
covenants of the Corporation pursuant to this Agreement. For the avoidance of doubt, \the acquisition of equity interests in the
Partnership by the DRE in connection with the Purchase or in connection with any other Exchange shall be treated as an acquisition
of such interests by the Corporation for purposes of this Agreement giving rise to Basis Adjustments that are subject to the payment
obligations described in Article III and Article IV of this Agreement.

 

(c) If
the Corporation, its successor in interest or any member of a group described in Section 7.11(a) transfers one or more assets
to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a
consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Tax Benefit
Payment or Early Termination Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction
on the date of such transfer. The consideration deemed to be received by such entity shall be equal to the fair market value of
the contributed asset as determined by the Advisory Firm or a valuation expert selected by the Corporation. For purposes of this
Section 7.11, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of
each of the assets and liabilities of that partnership. Notwithstanding anything to the contrary set forth herein, if the Corporation,
its successor in interest or any member of a group described in Section 7.11(a), transfers its assets pursuant to a transaction
that qualifies as a “reorganization” (within the meaning of Section 368(a) of the Code) in which such entity does
not survive or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any such reorganization
or any such other transaction, in each case, pursuant to which such entity transfers assets to a corporation with which the Corporation,
its successor in interest or any member of the group described in Section 7.11(a) (other than any such member being transferred
in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501 of the Code), the
transfer will not cause such entity to be treated as having transferred any assets to a corporation (or a Person classified as
a corporation for U.S. income tax purposes) pursuant to this Section 7.11(b).

 

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Section 7.12 Change
in Law. Notwithstanding anything herein to the contrary, if, as a result of or, in connection with an actual or proposed change
in law, a Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt
of a payment under this Agreement) recognized by such Member (or direct or indirect equity holders in such Member) in connection
with any Exchange to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for
U.S. federal income tax purposes or would have other material adverse tax consequences to such Member or any direct or indirect
owner of such Member, then at the written election of such Member in its sole discretion (in an instrument signed by such Member
and delivered to the Corporation) and to the extent specified therein by such Member, this Agreement shall cease to have further
effect and shall not apply to an Exchange with respect to such Member occurring after a date specified by such Member, or may
be amended by in a manner reasonably determined by such Member, provided that such amendment shall not result in an increase
in any payments owed by the Corporation under this Agreement at any time as compared to the amounts and times of payments that
would have been due in the absence of such amendment.

 

Section 7.13 Interest
Rate Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or agreed to be paid hereunder
with respect to amounts due to any Member hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable
law (the “Maximum Rate”). If any Member shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the Tax Benefit Payment, Estimated Tax Benefit Payment or Early Termination Payment, as
applicable (but in each case exclusive of any component thereof comprising interest) or, if it exceeds such unpaid non-interest
amount, refunded to the Corporation. In determining whether the interest contracted for, charged, or received by any Member exceeds
the Maximum Rate, such Member may, to the extent permitted by applicable law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the payment
obligations owed by the Corporation to such Member hereunder. Notwithstanding the foregoing, it is the intention of the Parties
to conform strictly to any applicable usury laws.

 

Section 7.14 Independent
Nature of Rights and Obligations. The rights and obligations of the each Member hereunder are several and not joint with the
rights and obligations of any other Person. A Member shall not be responsible in any way for the performance of the obligations
of any other Person hereunder, nor shall a Member have the right to enforce the rights or obligations of any other Person hereunder
(other than the Corporation). Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Member pursuant hereto or thereto, shall be deemed to constitute the Members acting as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a
group with respect to such rights or obligations or the transactions contemplated hereby, and the Corporation acknowledges that
the Members are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations
or the transactions contemplated hereby.

 

Section 7.15 Partnership
Agreement. This Agreement shall be treated as part of the Partnership Agreement as described in Section 761(c) of the Code
and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

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Section 7.16 TRA
Party Representative. By executing this Agreement, each of the Members shall be deemed to have irrevocably constituted and
appointed Holdings (in the capacity described in this Section 7.16 and each successor as provided below, the “TRA Party
Representative”) as its agent and attorney in fact with full power of substitution to act from and after the date hereof
and to do any and all things and execute any and all documents on behalf of such Members which may be necessary, convenient or
appropriate to facilitate any matters under this Agreement, including but not limited to: (i) execution of the documents
and certificates required pursuant to this Agreement; (ii)  receipt and forwarding of notices and communications pursuant
to this Agreement; (iv) administration of the provisions of this Agreement; (v)  giving or agreeing to, on behalf of
such Members, any and all consents, waivers, amendments or modifications deemed by the TRA Party Representative, in its sole and
absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may
be necessary or appropriate in connection therewith; (vi)  amending this Agreement or any of the instruments to be delivered
to the Corporation pursuant to this Agreement; (vii) taking actions the TRA Party Representative is expressly authorized
to take pursuant to the other provisions of this Agreement; (viii)  negotiating and compromising, on behalf of such Members,
any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or
any other agreement contemplated hereby and executing, on behalf of such Members, any settlement agreement, release or other document
with respect to such dispute or remedy; and (ix) engaging attorneys, accountants, agents or consultants on behalf of such
Members in connection with this Agreement or any other agreement contemplated hereby and paying any fees related thereto. If the
TRA Party Representative is unwilling to so serve, then the person then-serving as the TRA Party Representative shall be entitled
to appoint its successor. To the fullest extent permitted by law, none of the TRA Party Representative, any of its Affiliates,
or any of the TRA Party Representative’s or Affiliate’s directors, officers, employees or other agents (each a “Covered
Person”) shall be liable, responsible or accountable in damages or otherwise to any Member, the Partnership or the Corporation
for damages arising from any action taken or omitted to be taken by the TRA Party Representative or any other Person with respect
to the Partnership or the Corporation, except in the case of any action or omission which constitutes, with respect to such Person,
willful misconduct or fraud. Each of the Covered Persons may consult with legal counsel, accountants, and other experts selected
by it, and any act or omission suffered or taken by it on behalf of the Partnership or the Corporation or in furtherance of the
interests of the Partnership or the Corporation in good faith in reliance upon and in accordance with the advice of such counsel,
accountants, or other experts shall create a rebuttable presumption of the good faith and due care of such Covered Person with
respect to such act or omission; provided that such counsel, accountants, or other experts were selected with reasonable
care. Each of the Covered Persons may rely in good faith upon, and shall have no liability to the Partnership, the Corporation
or the Members for acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, or other paper or document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties.

 

Section 7.17 Non-Effect
of Other Tax Receivable Agreements. If the Corporation, the Partnership or any of its Subsidiaries enters into any other agreement
that obligates the Corporation, the Partnership or any of its Subsidiaries to make payments to another party in exchange for tax
benefits conferred upon the Corporation or any of its Subsidiaries, unless otherwise agreed by the TRA Party Representative, such
tax benefits and such payments shall be ignored for all purposes of this Agreement (including for purposes of calculating the
Hypothetical Tax Liability and the actual Tax liability of the Corporation hereunder).

 

[Signature Page Follows This Page]

 

    31

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	GCM Grosvenor Inc.
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Chief Executive Officer
	 	 	 
	 	Grosvenor Holdings, L.L.C.
	 	an Illinois limited liability company
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

	 	Grosvenor Capital Management Holdings, LLLP
	 	an Illinois limited liability limited partnership
	 	 	 
	 	By:	GCMH GP, L.L.C., its General Partner
	 	 	 
	 	By:	 Grosvenor Holdings, L.L.C., its Managing Member
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks
	 	 	 
	 	GCM Grosvenor Management, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	Grosvenor Holdings, L.L.C., its Managing Member
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

	 	Grosvenor Holdings II, L.L.C.
	 	a Delaware limited liability company
	 	 	 
	 	By:	 Grosvenor Holdings, L.L.C., its Managing Member
	 	 	 
	 	By: 	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks
	 	 	 
	 	Grosvenor Holdings, L.L.C.
	 	an Illinois limited liability company, as TRA Party Representative
	 	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks
	 	 	 
	 	CF Finance Intermediate Acquisition, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	CF Finance Acquisition Corp., its sole member 
	 	 	 
	 	By:	/s/ Paul Pion
	 	 	Name: Paul Pion
	 	 	Title: Chief Financial Officer

 

[Signature Page to Tax Receivable Agreement]Exhibit
10.4

 

	CONFIDENTIAL	EXECUTION
                                         VERSION

 

 

 

 

 

 

 

 

 

 

 

 

 

Grosvenor
Capital Management Holdings, LLLP

 

Fifth
Amended and ResTated

LIMITED liability limited PARTNERSHIP AGREEMENT

 

Dated
as of November 17, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Grosvenor
Capital Management Holdings, LLLP

 

Fifth
Amended and ResTated

LIMITED liability limited PARTNERSHIP AGREEMENT

 

This
FIFTH AMENDED AND RESTATED LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Grosvenor
Capital Management Holdings, LLLP, a Delaware limited liability limited partnership (the “Partnership”),
is made and entered into and becomes effective as of the 17th day of November, 2020 (the “Effective Date”)
by and among Grosvenor Holdings, L.L.C., a limited liability company organized under the laws of the State of Illinois (“Holdings”);
GCM Grosvenor Management, LLC, a Delaware limited liability company (“GCM Grosvenor Management”); Grosvenor
Holdings II, L.L.C., a limited liability company organized under the laws of the State of Delaware (“Holdings II”);
CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company (“CF Intermediate” and,
in its capacity as the general partner of the Partnership (together with any successor general partner permitted pursuant to this
Agreement), the “General Partner”); and GCM Grosvenor Inc., a Delaware corporation (the “Corporation”).
Capitalized terms used herein without definition shall have the meanings assigned to such terms in Appendix I hereto.

 

Recitals:

 

A. The
Partnership was originally organized as a limited liability limited partnership under the laws of the State of Illinois and, prior
to the Effective Date, existed under a Certificate of Limited Partnership filed with the Illinois Secretary of State and a Fourth
Amended and Restated Limited Liability Limited Partnership Agreement, dated as of October 5, 2017 (the “Previous Agreement”).

 

B. On
the Effective Date but immediately prior to the Conversion, (i) Holdings exercised the option under the Option Agreement, dated
October 5, 2017 (the “Option Agreement”), by and among Holdings and HFCP VI AIV, L.P., H&F Chicago
AIV I, L.P. and Hellman & Friedman Capital Executives VI, L.P. (collectively, “H&F”), to purchase
all, but not less than all, of the Class B-2 Common Shares (as defined in the Previous Agreement) held by H&F, (ii) in accordance
with the Option Agreement, Holdings designated CF Intermediate to purchase all of the Class B-2 Common Shares (as defined in the
Previous Agreement) held by H&F, (iii) upon such exercise and purchase, H&F ceased to be a Limited Partner and CF Intermediate
became a Limited Partner and (iv) Holdings transferred certain Class B-1 Common Shares (as defined in the Previous Agreement)
held by Holdings to CF Intermediate.

 

C. With
the authorization and approvals of all the Partners, the Partnership entered into that certain Plan of Conversion of Grosvenor
Capital Management Holdings, LLLP dated as of November 17, 2020, pursuant to which a Certificate of Conversion and a Certificate
of Limited Partnership (the “Certificate”) were filed with the Delaware Secretary of State effective
as of November 17, 2020, and the Partnership converted into a Delaware limited liability limited partnership (the “Conversion”).

 

D. In
connection with the Conversion and the transactions contemplated by the Transaction Agreement, dated August 2, 2020 (the “Transaction
Agreement”), by and among the Corporation, CF Intermediate, the Partnership and the other parties thereto, the Partners
desire to amend and restate the Previous Agreement to, among other things: (i) substitute CF Intermediate as the General Partner,
(ii) create a single class of Common Units and reclassify the Class B-1 Common Shares, Class B-2 Common Shares and Class C Common
Shares (as defined in the Previous Agreement) (collectively, the “Previous Interests”) as set forth
herein and (iii) provide for the issuance of additional Common Units to CF Intermediate as contemplated by the Transaction Agreement
and the issuance of the Warrants pursuant to the Warrant Agreements.

 

     

     

    

 

Agreements:

 

NOW,
THEREFORE, in consideration of the foregoing and the covenants contained herein, the Partners hereby agree as follows:

 

§1. OPERATION
OF PARTNERSHIP; NAME; TERM; ETC.

 

§1.1. Continuation
of the Partnership. The Partners hereby continue the Partnership as a limited liability limited partnership under the Act
and agree to operate the Partnership on the terms and subject to the conditions and for the purposes and the term set forth herein.
The rights and obligations of the Partners shall be as provided in the Act, except as expressly provided herein. As of the Effective
Date, any previous agreement for the formation, organization, or governance of the Partnership (including, but not limited to,
the Previous Agreement) is hereby superseded and amended by substituting this Agreement in its entirety. The General Partner shall,
from time to time, execute or cause to be executed all such certificates, instruments and other documents, and do, make, or cause
to be done or made all such filings, recordings, publishings and other acts as the General Partner may deem necessary or appropriate
to comply with the requirements of law for the continuation and operation of the Partnership in all jurisdictions in which the
Partnership shall desire to conduct its business.

 

§1.2. Registered
Office; Principal Place of Business. The name of the Partnership’s registered agent for service of process in Delaware
is Corporation Service Company, and the address of the Partnership’s registered office in the State of Delaware is 251 Little
Falls Drive, Wilmington, New Castle County, Delaware 19808, or at such other place in the State of Delaware as the General Partner
may from time to time designate. The address of the Partnership’s principal place of business is 900 North Michigan Avenue,
Suite 1100, Chicago, Illinois 60611. The General Partner may change the Partnership’s registered agent or the location of
the Partnership’s registered office or principal place of business or establish additional places of business as the General
Partner may from time to time determine in its discretion.

 

§1.3. Name.
The name of the Partnership shall be “Grosvenor Capital Management Holdings, LLLP,” or such other name as shall be
designated from time to time by the General Partner in compliance with the Act.

 

§1.4. Purposes
and Powers. The purposes of the Partnership shall be to: (i) own interests in one or more operating and holding entities
as may be determined by the General Partner in accordance with this Agreement; (ii) engage, directly or through such entities,
in the business of (A) furnishing investment and financial advisory, counseling, and management services, (B) acting
as a general partner, limited partner, shareholder, member, or manager of one or more investment or other partnerships, corporations,
limited liability companies, or other entities, and (C) investing in Securities, commodities, currencies, futures, options
and other instruments and assets; and/or (iii) engage in any other lawful business or activity permitted under the Act. In
furtherance of these purposes the Partnership shall have all the powers necessary, advisable, incidental, or convenient for the
accomplishment of its purposes, including the power to:

 

(a) acquire
interests in, and manage the business and affairs of, any partnership, corporation, limited liability company, or other entity
in which the Partnership is a general partner, limited partner, shareholder, member, or manager and perform any act and execute
any document which, in the judgment of the General Partner, is necessary, advisable, incidental, or convenient to the management
of any such partnership, corporation, limited liability company, or other entity;

 

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(b) take
such actions as may be deemed necessary, advisable, incidental, or convenient in respect of any Subsidiary, including modifying
the terms of (or waiving any rights under) any Subsidiary governing documents;

 

(c) purchase,
hold, sell, write, exchange, transfer, mortgage, pledge, grant options with respect to, and otherwise invest and trade in Securities,
commodities, currencies, futures, options, instruments and assets for investment or otherwise;

 

(d) invest
and reinvest assets of the Partnership in any investments, including any investments in Grosvenor Funds or any Subsidiaries;

 

(e) exercise
all rights, powers, privileges, and other incidents of ownership or possession with respect to Securities, commodities, currencies,
futures, options, instruments and other assets of the Partnership;

 

(f) participate
in the management of issuers of Securities and other instruments which are held by the Partnership, by any partnership, corporation,
limited liability company, or other entity of which the Partnership is a general partner, limited partner, shareholder, manager,
or member, or by any other Person whose investments or accounts are managed by the Partnership;

 

(g) give
general or special proxies or powers of attorney, or vote or act in respect of Securities or any other assets of the Partnership,
which may be discretionary and with power of substitution; deposit Securities and other assets with, or transfer them to, representative
committees or similar bodies; join in any reorganization; or pay assessments or subscriptions called for in connection with Securities
and other assets held by the Partnership;

 

(h) open,
conduct and close accounts, including, without limitation, margin, futures, and discretionary accounts, with brokers, dealers,
and futures commission merchants and pay customary fees and charges applicable to transactions in all such accounts;

 

(i) borrow
or raise monies or make loans or other extensions of credit (either on a secured or unsecured basis or with or without recourse)
to any Person (including the General Partner and its Affiliates or a Limited Partner or any employee or officer of the General
Partner and its Affiliates and Limited Partners); guarantee loans or other extensions of credit for any purpose; and obtain letters
of credit; issue, accept, endorse, and execute promissory notes, drafts, bills of exchange, warrants, bonds, debentures, and other
negotiable or non-negotiable instruments and evidences of indebtedness from time to time without limitation as to the amount or
manner and time of repayment; and secure the payment of all such obligations of the Partnership by mortgage upon, or by hypothecation
or pledge of, all or part of the property of the Partnership whether at the time owned or thereafter acquired;

 

(j) have
and maintain one or more offices within or without the State of Delaware and, in connection therewith, rent or acquire office
space, engage personnel and do such other acts and things as may be advisable or necessary in connection with the maintenance
of such office or offices;

 

(k) hire
and dismiss any and all employees, staff, agents, independent contractors and other service providers, including any Subsidiary
of the Partnership acting in such capacity;

 

(l) engage
lawyers, accountants, advisors, consultants, lobbyists, or such other Persons as the General Partner may deem necessary, advisable,
incidental, or convenient;

 

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(m) make
political contributions to any candidate for federal, state, local, municipal, or other public office, including contributions
to any political action committee, campaign or candidate committee, inaugural committee, or similar committee related to a candidate,
a campaign, or political speech;

 

(n) make
charitable and philanthropic contributions;

 

(o) sue,
prosecute, mediate, arbitrate, settle, or compromise all claims against third parties, compromise, settle, or accept judgment
of claims against the Partnership, and execute all documents and make all representations, admissions, and waivers in connection
therewith;

 

(p) indemnify
and exculpate any and all employees, staff, agents, independent contractors and other service providers, including any Subsidiary
of the Partnership acting in such capacity; and

 

(q) enter
into, make and perform all contracts and other undertakings, and engage in all other activities and transactions, as the General
Partner may deem necessary, advisable, incidental, or convenient for carrying out the purposes of the Partnership.

 

§1.5. Limitation
of Liability.

 

(a) Except
as provided in the Act or as expressly provided in this Agreement, no Partner of the Partnership shall be obligated personally
for any debt, obligation, or liability of the Partnership or of any other Partner solely by reason of being a Partner of the Partnership.

 

(b) In
no event shall any Partner or former Partner (i) be obligated to make any capital contribution or payment to or on behalf of the
Partnership except as expressly provided for in this Agreement, (ii) have any liability in its capacity as a Partner in excess
of such Partner’s obligation to make capital contributions or other payments pursuant to Section 3.4 and any other payments
expressly provided for in this Agreement or (iii) have any liability to return distributions received by such Partner from the
Partnership except as otherwise specifically provided in this Agreement or other related agreements, as expressly agreed to in
another writing, or as may be required by applicable law.

 

§1.6. Title
to Partnership Property. Title to Partnership property may be held in the name of the Partnership or a nominee of the Partnership.

 

§1.7. Term.
The existence of the Partnership shall continue unless and until the Partnership is dissolved, wound up, and terminated in accordance
with Section 11.

 

§2. MANAGEMENT.

 

§2.1. Management
of the Partnership. The business and affairs of the Partnership will be managed by and under the direction of the General
Partner. Subject to the terms of this Agreement, the General Partner will have full, exclusive, and complete discretion to manage
and control the business and affairs of the Partnership and, except as expressly otherwise provided in this Agreement as it may
be amended from time to time, to make all decisions affecting the business and affairs of the Partnership and to take all such
actions as it deems necessary, appropriate, advisable, incidental, or convenient to accomplish the purposes of the Partnership
as set forth herein. The General Partner will have the sole power to bind the Partnership, except and to the extent that such
power is expressly delegated by the General Partner pursuant to Section 2.2. Any reference in this Agreement to a decision, determination,
or other action which may be made or taken by the General Partner shall mean that such decision, determination, or other action
may be made or taken in the sole and absolute discretion of the General Partner (or in the sole and absolute discretion of any
Person to whom the General Partner has expressly delegated the authority or duty to make or take such decision, determination,
or other action pursuant to Section 2.2). The General Partner may not be removed.

 

    4

     

    

 

§2.2. Officers.
The General Partner may, from time to time, delegate to one or more Persons (including any other Partner, any officer of the Partnership
or of any Partner, or any member, partner, shareholder, or Affiliate of any Partner) such authority and duties and assign such
titles to such Persons as the General Partner shall determine. Any such delegation pursuant to this Section 2.3 may be revoked
at any time by the General Partner.

 

§2.3. No
Management by Limited Partners. No Limited Partner (other than the General Partner, in its capacity as such) will take part
in the day-to-day management, operation, or control of the business and affairs of the Partnership. Except and only to the extent
expressly provided for in this Agreement and as delegated by the General Partner, no Partner or other Person, other than the General
Partner, will be an agent of the Partnership or have any right, power or authority to transact any business in the name of the
Partnership or to act for or on behalf of or to bind the Partnership.

 

§2.4. Reliance
by Third Parties. Any Person dealing with the Partnership or the General Partner may rely upon a certificate signed by the
manager of the General Partner as to:

 

(a) the
identity of the members of the General Partner, any officer of the Partnership, or any Partner thereof;

 

(b) the
existence or non-existence of any fact or facts which constitute a condition precedent to acts by the General Partner or in any
other manner germane to the affairs of the Partnership;

 

(c) the
Persons who are authorized to execute and deliver any agreement, instrument, or document of or on behalf of the Partnership; or

 

(d) any
act or failure to act by the Partnership or as to any other matter whatsoever involving the Partnership or any Partner.

 

§2.5. Personnel;
Expenses; Insurance; Reimbursements (including CF Intermediate and the Corporation); Related Party Transactions.

 

(a) The
Partnership may employ or contract with personnel to carry on the Partnership’s business. Subject to the terms of any employment,
consulting, or other contract to which the Partnership or any of its Subsidiaries is a party and to any other provision of this
Agreement, the General Partner may employ, dismiss from employment, terminate and determine the compensation of any and all employees,
agents, independent contractors, attorneys, accountants, and such other persons as it shall determine to be necessary, advisable,
incidental, or convenient. Without limiting the generality of the foregoing, the Partnership may employ or contract any Person
who is a Limited Partner or a member, partner, shareholder, or Affiliate of a Limited Partner.

 

(b) The
General Partner may cause the Partnership to purchase, at the Partnership’s expense, (i) such liability, casualty, property,
life, and other insurance as the General Partner in its discretion deems necessary, advisable, incidental, or convenient to protect
the Partnership’s assets and personnel against loss or claims of any nature, and (ii) any insurance covering the potential
liabilities of any contractor for, or agent or employee of, the Partnership or the General Partner, and any of the officers, directors
and employees of the General Partner or the Partnership, and potential liabilities of the General Partner or any other Person
serving at the request of the General Partner as a director and/or officer of a corporation or official of any other entity in
which the Partnership has an investment; provided, however, the General Partner shall not be liable to the Partnership or other
Partners for its failure to purchase any insurance or its failure to purchase insurance with adequate coverage.

 

    5

     

    

 

(c) The
Partnership may reimburse the Partners, officers, and employees of the Partnership for all out-of-pocket expenses incurred by
such Persons on behalf of the Partnership in accordance with such reimbursement policies as may be established by the General
Partner, as such policies may be limited by the terms of any applicable employment agreement and any agreement that may be entered
into among the Partners amending the terms of this Agreement. In addition, the Partnership shall reimburse CF Intermediate and
the Corporation for the direct and indirect costs of carrying on their businesses, including without limitation their respective
costs of insurance, financial reporting and tax return preparation, any other liabilities of CF Intermediate or the Corporation
to the extent permitted by Law, and any costs or expenses with respect to directors, officers or employees of CF Intermediate
or the Corporation. The General Partner’s reasonable determination of which expenses may be reimbursed to a Partner or officer
of the Partnership, as applicable, and the amount of such expenses, shall be conclusive and binding on the Partners. Such reimbursement
shall be treated as an expense of the Partnership and shall not be deemed to constitute a distributive share of the Profits or
a distribution or return of capital to any Partner.

 

(d) The
Partnership may engage in any transaction or contract with any Partner or Affiliate of a Partner or any employee or officer of
such Partner or Affiliate of a Partner, on such terms and conditions as may be prescribed by the General Partner in its discretion.

 

§3. PARTNERS;
PARTNERSHIP INTERESTS; CAPITAL CONTRIBUTIONS, AND CAPITAL ACCOUNTS.

 

§3.1. Identity
of Partners. The names and addresses of the Partners of the Partnership as of the Effective Date are set forth on Exhibit
A hereto.

 

§3.2. Partnership
Interests.

 

(a) As
of the Effective Date and following the Conversion, the Partnership Interests of the Partnership will be comprised of Common Units.

 

(b) The
number of Previous Interests that were issued and outstanding and held by the Partners immediately prior to the Conversion are
as set forth in Exhibit B hereto and are hereby converted, as of the effective time of the Conversion, into the number
of Common Units set forth opposite the name of the respective Partner as set forth in Exhibit B hereto under the heading
“Converted Partnership Interests”, and such Common Units are hereby issued and outstanding as of the effective time
of the Conversion and the holders of such Common Units are Partners hereunder. Exhibit B hereto also reflects the Common
Units and Warrants issued to CF Intermediate in connection with the transactions contemplated by the Transaction Agreement.

 

(c) The
Common Units shall have such economic rights and interests and legal rights and obligations as are set forth in this Agreement.

 

(d) All
holders of Common Units shall be entitled to the allocations of Profit and Loss (and items of income, gain, loss, and deduction)
provided for holders of Common Units by Section 4 and the distributions to holders of Common Units described in Section 5.

 

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§3.3. Capital
Contributions. No Partner will be required to make any Capital Contributions to the Partnership or to lend any funds to the
Partnership unless all the Partners agree. No Partner will have any personal liability for the payment or repayment of any Capital
Contribution of any other Partner or its predecessor.

 

§3.4. Capital
Accounts.

 

(a) A
Capital Account shall be established and maintained for each Partner in accordance with § 1.704-1(b)(2)(iv) of the Treasury
Regulations and, to the extent consistent with said Treasury Regulations, in accordance with subsections (b), (c), (d), and (e),
of this Section 3.4 for items accounted for from and after the date of this Agreement.

 

(b) The
Capital Account of each Partner shall be credited with: (i) the amount of any Capital Contribution made in cash by such Partner;
(ii) the fair market value (net of any liabilities the Partnership is considered to assume or take subject to under Section 752
of the Code) of any Capital Contribution made in property other than cash by such Partner (as determined in good faith by the
General Partner); (iii) allocations to such Partner of Profits pursuant to Section 4 of this Agreement; and (iv) any
other item required to be credited for proper maintenance of capital accounts by the Treasury Regulations under Section 704(b)
of the Code.

 

(c) A
Partner’s Capital Account shall be debited with: (i) the amount of any cash distributed to such Partner; (ii) the fair market
value (net of liabilities that such Partner is considered to assume or take subject to under Section 752 of the Code) of
any property other than cash distributed to such Partner (as determined in good faith by the General Partner); (iii) allocations
to such Partner of Losses pursuant to Section 4; and (iv) any other item required to be debited for proper maintenance of
capital accounts by the Treasury Regulations under Section 704(b) of the Code.

 

(d) The
Partnership may (in the discretion of the General Partner), upon the occurrence of the events specified in Treasury Regulation
Section 1.704-1(b)(2)(iv)(f) or as otherwise provided in the Treasury Regulations, increase or decrease the Capital Accounts of
the Partners in accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to
reflect a revaluation of Partnership property. The fair market value of Partnership property used to determine such increases
or decreases shall be determined in good faith by the General Partner.

 

(e) Following
the date hereof, upon any permitted Transfer by a Partner of a Partnership Interest in accordance with the terms of this Agreement,
so much of the Capital Account of the Transferring Partner as is attributable to the Partnership Interest Transferred shall be
Transferred to the Capital Account of the Transferee Partner.

 

§3.5. Additional
Partnership Interests.

 

(a) Subject
to compliance with Section 3.5(c), the General Partner shall have the right to cause the Partnership to create and/or issue Equity
Securities of the Partnership (including other classes, groups or series thereof having such relative rights, powers, and/or obligations
as may from time to time be established by the General Partner, including rights, powers, and/or obligations different from, senior
to or more favorable than existing classes, groups and series of Equity Securities of the Partnership), in which event the General
Partner shall have the power to amend this Agreement to reflect such additional issuances and to make any such other amendments
as the General Partner reasonably and in good faith deems necessary to reflect such additional issuances (including amending this
Agreement to increase the authorized number of Equity Securities of any class, group or series, to create and authorize a new
class, group or series of Equity Securities and to add the terms of such new class, group or series of Equity Securities including
economic and governance rights which may be different from, senior to or more favorable than the other existing Equity Securities),
in each case without the approval or consent of any Partner. In connection with any issuance of Equity Securities of the Partnership
pursuant to this Section 3.5(a), each Person who acquires such Equity Securities shall execute a counterpart to this Agreement,
accepting and agreeing to be bound by all terms and conditions hereof. Each Person who acquires Equity Securities of the Partnership
may be required in exchange for such Equity Securities to make a Capital Contribution to the Partnership in an amount to be determined
by the General Partner.

 

    7

     

    

 

(b) The
Partnership may issue preferred Partnership Interests, which may have such designations, preferences, and relative, optional or
other special rights as shall be fixed by the General Partner and, notwithstanding any provision to the contrary contained herein,
the General Partner may, without the consent of any Limited Partner, make such amendments to this Agreement as are necessary or
appropriate to effect the terms and conditions of any such issuance.

 

(c) From
and after the Sunset Date (as defined in the Stockholders’ Agreement), as otherwise provided in Section 3.5(c)(iii) below,
each time the Corporation and/or the Partnership (or any Subsidiary of the Partnership) proposes to issue any Equity Securities
(collectively, “New Issue Securities”) to any Person, the Corporation and/or the Partnership shall first
offer, or cause its applicable Subsidiary to offer, the New Issue Securities to each Limited Partner (the “Preemptive
Rights Partners”) in accordance with the following provisions:

 

(i) The
Partnership shall give a written notice to each Preemptive Rights Partner (the “Preemptive Notice”)
stating (A) its and/or the Corporation’s intention to issue the New Issue Securities; (B) the amount and description of
such New Issue Securities to be issued; and (C) the purchase price (calculated as of the proposed issuance date) and the other
terms upon which the Partnership (or Subsidiary) and/or the Corporation is offering the New Issue Securities, which purchase price
and terms shall be the same as those offered to the Persons to whom the Partnership and/or the Corporation seeks to issue such
New Issue Securities.

 

(ii) Upon
delivery of a Preemptive Notice, each Preemptive Rights Partner shall have the right to purchase or subscribe for its pro rata
share of the New Issue Securities based on its percentage ownership of the then-outstanding Common Units (before giving effect
to the proposed issuance or sale of New Securities). In the event any Preemptive Rights Partner does not subscribe to or purchase
any or all of its pro rata share of the New Issue Securities, the remaining Preemptive Rights Partners shall each have
the right to subscribe to or purchase its pro rata share of the New Issue Securities which have not been subscribed or
purchased, with such proration to be based on each such remaining Preemptive Rights Partner’s relative percentage ownership
of the then-outstanding Common Units (before giving effect to the proposed issuance or sale of the New Issue Securities). The
preemptive rights granted hereunder shall terminate with respect to any particular issuance of New Issue Securities if unexercised
within fifteen (15) days after receipt of the Preemptive Notice with respect thereto. The Corporation and/or the Partnership (or
its applicable Subsidiary) shall have 180 days from the expiration of the fifteen (15) day period described above to issue or
sell all or any part of such New Issue Securities which the Preemptive Rights Partners have not elected to subscribe to or purchase,
but only upon the terms and conditions set forth in the Preemptive Notice.

 

(iii) If
any Preemptive Rights Partner exercises its rights to purchase under this Section 3.5(c), the purchase of New Issue Securities
by such Preemptive Rights Partners pursuant to this Section 3.5(c) shall be consummated simultaneously with the closing of the
sale of the New Issue Securities set forth in the Preemptive Notice.

 

    8

     

    

 

(iv) The
preemptive rights contained in this Section 3.5(c) shall not apply to:

 

(A) the
issuance of Equity Securities in connection with any bona fide acquisition of the assets or Equity Securities of another Person
(whether by merger, acquisition of Equity Securities of such Person, acquisition of all or substantially all of the assets of
such Person, or other reorganization), to the sellers in such transaction as consideration for such acquisition;

 

(B) the
issuance of Equity Securities (1) in connection with the exercise, exchange, conversion, subdivision, combination, recapitalization,
or reorganization of outstanding Equity Securities which were issued in compliance with this Section 3.5(c) or were exempt from
this Section 3.5(c) upon issuance or (2) as a dividend or distribution in respect of outstanding Common Units, in each case approved
by the General Partner; or

 

(C) Preferred
Partnership Interests and shares issued pursuant to an Equity Plan.

 

(d) Each
Person who subscribes for an additional Partnership Interest and satisfies the conditions established by the General Partner shall
be admitted to the Partnership as a Partner in respect of said Partnership Interest, effective upon the execution by such Person
of a counterpart of this Agreement, without the consent of the Partners.

 

§3.6. Advances.
If any Partner advances any funds to the Partnership, the amount of such advance will neither increase its Capital Account nor
entitle it to any increase in its share of the distributions of the Partnership. The amount of any such advance will be a debt
obligation of the Partnership to such Partner (which may be evidenced by a promissory note) and, unless otherwise specifically
provided in this Agreement, will be repaid to it by the Partnership with interest at a rate equal to (a) an annual floating rate
equal to the average bank prime lending rate as published in the Wall Street Journal from time to time or (b) such higher rate
as may be approved by all the Partners, and upon such other terms and subject to such other conditions as may be determined by
the General Partner. Unless otherwise specifically provided in this Agreement, any such advance will be payable and collectible
only out of Partnership assets, and the other Partners will not be personally obligated to repay any part thereof. No Person who
makes any such loan to the Partnership will have or acquire, as a result of making such loan, any direct or indirect interest
in the profits, capital or property of the Partnership, other than as a creditor.

 

§3.7. No
Resignation or Withdrawal; No Interest. Except as approved by the General Partner in its sole discretion or as expressly provided
herein, a Limited Partner (i) may not resign, withdraw, or dissociate from the Partnership prior to the dissolution and winding
up of the Partnership in accordance with the provisions of Section 10 or in connection with a Transfer of all of such Limited
Partner’s Partnership Interests, (ii) may not receive the return of, or interest on, its Capital Contribution, Capital Account,
or other amount, and (iii) shall not have the right to petition or to take any action to subject Partnership assets or any part
thereof to the authority of any court or other governmental body in connection with any bankruptcy, insolvency, receivership or
similar proceeding.

 

§3.8. Nature
of Partnership Interest; No Partition. A Partnership Interest shall for all purposes be personal property. A Partner has no
interest in specific Partnership property. Each Partner waives any and all rights that it may have to maintain an action for partition
of the Partnership’s property.

 

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§3.9. Warrants.
On the Effective Date, in connection with the transactions contemplated by the Transaction Agreement, the Partnership has issued
warrants to purchase Common Units (the “Warrants”) to CF Intermediate as set forth on Exhibit B
hereto pursuant to warrant agreements (the “Warrant Agreements”) entered into between the Partnership
and CF Intermediate as of the Effective Date. Upon the valid exercise of a Warrant in accordance with a Warrant Agreement, the
Partnership shall issue to the party exercising such Warrant the number of Common Units, free and clear of all liens and encumbrances
other than those arising under applicable securities laws and this Agreement, to be issued in connection with such exercise. Excluding
warrants, options or similar instruments governed by Section 3.12 (the “Excluded Instruments”), which
shall be governed by such section, in the event any holder of a warrant (other than an Excluded Instrument) to purchase shares
of Class A Common Stock (the “Upstairs Warrants”) exercises an Upstairs Warrant, then the Corporation
and CF Intermediate each agree that it shall cause a corresponding exercise (including by effecting such exercise in the same
manner, i.e., by payment of a cash exercise price or on a cashless basis) of a Warrant with similar terms held by CF Intermediate,
such that the number of shares of Class A Common Stock issued in connection with the exercise of such Upstairs Warrant shall match
with a corresponding number of Common Units issued by the Partnership pursuant to a Warrant Agreement. The Corporation and CF
Intermediate each agree that it will not exercise any Warrants other than in connection with the corresponding exercise of an
Upstairs Warrant. In the event an Upstairs Warrant is redeemed, the Partnership will redeem a Warrant with similar terms held
by CF Intermediate.

 

§3.10. Authorization
and Issuance of Additional Common Units.

 

(a) The
Partnership shall undertake all actions, including, without limitation, an issuance, reclassification, distribution, division
or recapitalization, with respect to the Common Units, to maintain at all times a one-to-one ratio between the number of Common
Units owned by the Corporation, directly or indirectly (including through CF Intermediate), and the number of outstanding shares
of Class A Common Stock, disregarding, for purposes of maintaining the one-to-one ratio, (i) unvested shares of Class A Common
Stock, (ii) treasury stock or (iii) preferred stock or other debt or equity securities (including without limitation warrants,
options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class A Common Stock
(except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon conversion,
exercise or exchange thereof, has been contributed by the Corporation to the equity capital of the Partnership). In the event
the Corporation issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a transaction not contemplated
in this Agreement, the General Partner shall take all actions such that, after giving effect to all such issuances, transfers,
deliveries or repurchases, the number of outstanding Common Units owned by CF Intermediate will equal on a one-for-one basis the
number of outstanding shares of Class A Common Stock. In the event the Corporation issues, transfers or delivers from treasury
stock or repurchases or redeems the Corporation’s preferred stock in a transaction not contemplated in this Agreement, the
General Partner shall have the authority to take all actions such that, after giving effect to all such issuances, transfers,
deliveries, repurchases or redemptions, CF Intermediate holds (in the case of any issuance, transfer or delivery) or ceases to
hold (in the case of any repurchase or redemption) equity interests in the Partnership which (in the good faith determination
of the General Partner) are in the aggregate substantially equivalent to the outstanding preferred stock of the Corporation so
issued, transferred, delivered, repurchased or redeemed. Except as specifically contemplated by this Agreement, the Partnership
shall not undertake any subdivision (by any Common Unit split, Common Unit distribution, reclassification, recapitalization or
similar event) or combination (by reverse Common Unit split, reclassification, recapitalization or similar event) of the Common
Units that is not accompanied by an identical subdivision or combination of Class A Common Stock to maintain at all times a one-to-one
ratio between the number of Common Units owned by CF Intermediate and the number of outstanding shares of Class A Common Stock,
unless such action is necessary to maintain at all times a one-to-one ratio between the number of Common Units owned directly
or indirectly by the Corporation (including through CF Intermediate) and the number of outstanding shares of Class A Common Stock
as contemplated by the first sentence of this Section 3.04(a).

 

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(b) The
Partnership shall only be permitted to issue additional Common Units, and/or establish other classes of Partnership Interests
to the Persons and on the terms and conditions provided for in Section 3.5, this Section 3.10 or Section 3.12.

 

§3.11. Repurchase
or Redemption of Shares of Class A Common Stock. If, at any time, any shares of Class A Common Stock are repurchased or redeemed
(whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the
General Partner shall cause the Partnership, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem
a corresponding number of Common Units held by CF Intermediate, at an aggregate redemption price equal to the aggregate purchase
or redemption price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses
related thereto) and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed
by the Corporation. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make
any repurchase or redemption if such repurchase or redemption would violate any applicable law.

 

§3.12. Corporate
Stock Option Plans and Equity Plans.

 

(a) Options
Granted to Partnership Employees. If at any time or from time to time, an option to purchase shares of Class A Common Stock
that was granted under any Stock Option Plan to an employee of the Partnership or its Subsidiaries (a “Stock Option”)
is duly exercised:

 

(i) For
each share of Class A Common Stock with respect to which the Stock Option is exercised, the Corporation shall be considered to
have sold to the Optionee, and the Optionee shall be considered to have purchased from the Corporation, for a cash price per share
equal to the value of a share of Class A Common Stock at the time of the exercise, a number of shares of Class A Common Stock
equal to the quotient of (x) the per share exercise price of such Stock Option divided by (y) the value of a share of Class A
Common Stock at the time of such exercise (provided, that if such Stock Option is exercised on a cashless basis, no such shares
of Class A Common Stock shall be considered to have been purchased by the Optionee pursuant to this clause (i)).

 

(ii) The
Corporation shall be considered to have sold to the Partnership (or if the Optionee is an employee of, or other service provider
to, a Subsidiary of the Partnership, the Corporation shall be considered to have sold to such Subsidiary), and the Partnership
(or such Subsidiary, as applicable) shall be considered to have purchased from the Corporation, a number of shares of Class A
Common Stock equal to the excess of (x) the number of shares of Class A Common Stock as to which such Stock Option is being exercised
over (y) the number of shares of Class A Common Stock sold to the Optionee pursuant to Section 3.12(a)(i) hereof (provided, that
if such Stock Option is exercised on a cashless basis, the Corporation shall be considered to have sold to the Partnership (or
an applicable Subsidiary of the Partnership) the number of shares of Class A Common Stock into which such Stock Option is settled
on a cashless basis). The purchase price per share of Class A Common Stock for such sale of shares of Class A Common Stock to
the Partnership (or such Subsidiary) shall be the value of a share of Class A Common Stock as of the date of exercise of such
Stock Option.

 

(iii) The
Partnership shall transfer to the Optionee (or if the Optionee is an employee of, or other service provider to, a Partnership
Subsidiary, the Subsidiary shall transfer to the Optionee) at no additional cost to such Optionee and as additional compensation
to such Optionee, the number of shares of Class A Common Stock described in Section 3.12(a)(ii).

 

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(iv) The
Corporation shall be considered to have made a Capital Contribution to the Partnership (via CF Intermediate) in an amount equal
to all proceeds received by the Corporation in connection with the exercise of such Stock Option. The Corporation shall receive
for such Capital Contribution, a number of Common Units equal to the number of shares of Class A Common Stock for which such Stock
Option was exercised (or, if such Stock Option is exercised on a cashless basis, the number of shares of Class A Common Stock
into which such Stock Option is settled on a cashless basis).

 

(b) Restricted
Stock Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity Plan (other than
a Stock Option Plan), any shares of Class A Common Stock are issued to an employee of the Partnership or its Subsidiaries (including
any shares of Class A Common Stock that are subject to forfeiture in the event such employee terminates his or her employment
with the Partnership or any Subsidiary) in consideration for services performed for the Partnership or any Subsidiary:

 

(i) The
Corporation shall issue such number of shares of Class A Common Stock as are to be issued to such employee in accordance with
the Equity Plan;

 

(ii) on
the date (such date, the “Vesting Date”) that the value of such shares is includible in taxable income
of such employee, the following events will be deemed to have occurred: (A) the Corporation shall be deemed to have sold such
shares of Class A Common Stock to the Partnership (or if such employee is an employee of, or other service provider to, a Subsidiary,
to such Subsidiary) for a purchase price equal to the value of such shares of Class A Common Stock on the Vesting Date, (B) the
Partnership (or such Subsidiary) shall be deemed to have delivered such shares of Class A Common Stock to such employee, (C) the
Corporation shall be deemed to have contributed the purchase price described in clause (A) for such shares of Class A Common Stock
to the Partnership (via CF Intermediate) as a Capital Contribution and (D) in the case where such employee is an employee of a
Subsidiary, the Partnership shall be deemed to have contributed such amount to the capital of the Subsidiary; and

 

(iii) the
Partnership shall issue to the Corporation on the Vesting Date a number of Common Units equal to the number of shares of Class
A Common Stock issued under Section 3.12(b)(i) in consideration for a Capital Contribution that the Corporation is deemed to make
to the Partnership (via CF Intermediate) pursuant to clause (C) of Section 3.12(b)(ii) above.

 

(c) Future
Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from
adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates
of the Corporation, the Partnership or any of their respective Affiliates. The Partners acknowledge and agree that, in the event
that any such plan is adopted, modified or terminated by the Corporation, the Corporation and the Partnership and their Affiliates
shall be entitled to administer such plans in a manner consistent with the provisions of this Section 3.12, and that the Corporation
and the Partnership may make any amendments that are necessary or advisable to this Section 3.12 to accommodate such administration,
without the requirement of any further consent or acknowledgement of any other Partner other than Holdings (for so long as Holdings
is a Partner).

 

§4. ALLOCATIONS.

 

§4.1. Allocations
of Profits and Losses.

 

(a) Except
as otherwise provided herein, each item of income, gain, loss or deduction of the Partnership (determined in accordance with U.S.
tax principles as applied to the maintenance of capital accounts) shall be allocated among the Capital Accounts of the Partners
as of the end of each fiscal year or as circumstances otherwise require or allow, in a manner that as closely as possible causes
each Partner’s Capital Account balance to equal the amount that would be distributed to such Partner if the Partnership
sold all of its assets for their Book Values, repaid all of its liabilities and distributed the balance pursuant to Section 11.

 

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(b) If
during any Fiscal Year there is a change in any Partner’s Partnership Interest as a result of the admission of one or more
Partners, the withdrawal of a Partner, or a Transfer of a Partnership Interest, the Profits, Losses, or any other item allocable
to the Partners under this Agreement for the Fiscal Year shall, subject to the terms of the Transaction Agreement, be allocated
among the Partners so as to reflect their varying interests in the Partnership during the Fiscal Year, using any permissible method
under section 706 of the Code and the Treasury Regulations promulgated thereunder, as selected by the General Partner in its reasonable
discretion.

 

§4.2. Regulatory
Allocations.

 

(a) Losses
attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner
required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Fiscal Year in partner nonrecourse debt
minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Fiscal Year (and, if necessary, for subsequent
Fiscal Years) shall be allocated to the Partners in the amounts and of such character as determined according to Treasury Regulation
Section 1.704-2(i)(4).

 

(b) Nonrecourse
deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Fiscal Year shall be allocated pro rata
among the Partners in accordance with their Percentage Interests. Except as otherwise provided in Section 4.2(a), if there is
a net decrease in the Minimum Gain during any Fiscal Year, each Partner shall be allocated Profits for such Fiscal Year (and,
if necessary, for subsequent Fiscal Years) in the amounts and of such character as determined according to Treasury Regulation
Section 1.704-2(f). This Section 4.2(b) is intended to be a minimum gain chargeback provision that complies with the requirements
of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

 

(c) If
any Partner that unexpectedly receives an adjustment, allocation or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Sections
4.2(a) and 4.2(b) but before the application of any other provision of this Section 4, then Profits for such Fiscal Year shall
be allocated to such Partner in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 4.2(c)
is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall
be interpreted in a manner consistent therewith.

 

(d) If
the allocation of Losses to a Partner as provided in Section 4.1 would create or increase an Adjusted Capital Account Deficit,
there shall be allocated to such Partner only that amount of Losses as will not create or increase an Adjusted Capital Account
Deficit. The Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Partner shall
be allocated to the other Partners in accordance with their relative Percentage Interests, subject to this Section 4.2(d).

 

(e) Profits
and Losses described in clause (vi) of the definition of “Profits” and “Loss” shall be allocated in a
manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(j), (k) and (m).

 

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(f) The
allocations set forth in Section 4.2(a) through and including Section 4.2(e) (the “Regulatory Allocations”)
are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Partners intend to allocate Profit and Loss of the Partnership
or make distributions. Accordingly, notwithstanding the other provisions of this Section 4, but subject to the Regulatory Allocations,
income, gain, deduction and loss shall be reallocated among the Partners so as to eliminate the effect of the Regulatory Allocations
and thereby cause the respective Capital Accounts of the Partners to be in the amounts (or as close thereto as possible) they
would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference
to the Regulatory Allocations. In general, the Partners anticipate that this will be accomplished by specially allocating other
Profit and Loss (and such other items of income, gain, deduction and loss) among the Partners so that the net amount of the Regulatory
Allocations and such special allocations to each such Partner is zero.

 

(g) Allocations
and other adjustments with respect to any “non-compensatory options” (as defined in Treasury Regulation Section 1.721-2(f)),
shall be made in accordance with the Treasury Regulations including Treasury Regulations Section 1.721-2.

 

§4.3. Tax
Allocations.

 

(a) The
income, gains, losses, deductions and credits of the Partnership will be allocated, for federal, state and local income tax purposes,
among the Partners in accordance with the allocation of such income, gains, losses, deductions and credits among the Partners
for computing their Capital Accounts; provided that if any such allocation is not permitted by the Code or other applicable Law,
the Partnership’s subsequent income, gains, losses, deductions and credits will be allocated among the Partners so as to
reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

 

(b) Items
of Partnership taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership
shall be allocated among the Partners in accordance with Code Section 704(c) so as to take account of any variation between the
adjusted basis of such property to the Partnership for federal income tax purposes and its Book Value using any proper method
selected by the General Partner.

 

(c) If
the Book Value of any Partnership asset is adjusted pursuant to Section 3.4(d), subsequent allocations of items of taxable income,
gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset
for federal income tax purposes and its Book Value using the “traditional method” as described in Treasury Regulation
Section 1.704-3(b); provided that the Partnership shall make curative allocations in respect of gain from the disposition of property
subject to the ceiling rule (including, to the extent the General Partner determines applicable, any allocations with respect
to Section 704(c) property pursuant to Treasury Regulation Section 1.704-3(a)(9)) in accordance with Treasury Regulation Section
1.704-3(c)(3)(iii)(B).

 

(d) Allocations
of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Partners as determined by the General
Partner taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).

 

(e) For
purposes of determining a Partner’s share of the Partnership’s “excess nonrecourse liabilities” within
the meaning of Treasury Regulation Section 1.752-3(a)(3), each Partner’s interest in income and gain shall be determined
pursuant to any proper method, as reasonably determined by the General Partner; provided, that for any year where the allocation
of such liabilities could affect any gain that might be required to be recognized by (or an ability to utilize deductions or losses
otherwise allocated to) Holdings, Holdings II or GCM Grosvenor Management, such allocations shall be made consistent with any
approach permissible under applicable Law that is selected by Holdings.

 

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(f) Allocations
pursuant to this Section 4.3 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be
taken into account in computing, any Partner’s Capital Account or share of Profits, Losses distributions or other items.

 

§5. DISTRIBUTIONS.

 

§5.1. Distributions.
Distributions shall be made to the Partners, as and when determined by the General Partner, pro rata in accordance with their
respective Percentage Interests. Except (a) for pro rata distributions to the Partners in accordance with this Section 5.1 and
Section 5.2, (b) for distributions in accordance with Section 5.3 or (iii) as authorized by written consent of each Partner, the
Partnership shall not make any distributions (in cash or in kind) or dividend payments to any Partner.

 

§5.2. Distributions
In-Kind. To the extent that the Partnership makes pro rata distributions of property in-kind to the Partners, the Partnership
shall be treated as making a distribution equal to the fair market value of such property for purposes of Section 5.1 and such
property shall be treated as if it were sold for an amount equal to its fair market value. Any resulting gain or loss shall be
allocated to the Partners’ Capital Accounts in accordance with Section 4. The fair market value of such property shall be
determined in good faith by the General Partner.

 

§5.3. Tax
Distributions. With respect to any tax period (or portion thereof) ending after the date hereof:

 

(a) The
Partnership shall make distributions to all Partners pro rata, in accordance with each Partner’s Percentage Interest, on
a quarterly basis and in such amounts as necessary to enable each Partner (taking into account distributions made during the taxable
year in question under Section 5.1 and this Section 5.3) to timely (x) satisfy all of its U.S. federal, state and local and non-U.S.
tax liabilities related to tax items of the Partnership (calculated assuming each Partner is subject to an effective tax rate
equal to the highest applicable income tax rate to any direct or indirect partner in the Partnership that is tax resident in only
the United States, taking into account any audit or similar adjustment imposed with respect to tax items of the Partnership (including
in respect of taxable periods ending prior to the Effective Date), and disregarding the effect of adjustments made under Sections
734 or 743 of the Code, but taking into account the character of the income in such determination), and (y) to the extent the
amounts distributed in clause (x) are not sufficient to permit the Corporation to pay its actual U.S. federal, state and local
and non-U.S. tax liabilities related to tax items of the Partnership and meet its obligations pursuant to the Tax Receivable Agreement,
any incremental amount required to permit the Corporation to pay such actual tax liabilities and meet its obligations pursuant
to the Tax Receivable Agreement. At the direction of Holdings (which direction may be given in Holdings’ sole discretion),
the amount of pro rata tax distributions required to be made pursuant to the preceding sentence may be reduced to the extent directed
by Holdings (provided, that in no event will such reduction result in an amount of distributions to the Corporation and its Subsidiaries
pursuant to this Section 5.3 that is less than the amount required to permit the Corporation to pay its actual U.S. federal, state
and local and non-U.S. tax liabilities related to tax items of the Partnership and meet its obligations pursuant to the Tax Receivable
Agreement).

 

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(b) If
a Partner (other than CF Intermediate) has an Assumed Tax Liability at a Tax Advance Date in excess of the sum of the amount of
distributions under Section 5.1, Section 5.3(a) and any Tax Advances made to such Partner through such date in each case with
respect to the taxable period for which payments are due on such Tax Advance Date, the Partnership shall make advances to such
Partner in an amount equal to such excess (a “Tax Advance”). Any such Tax Advances shall be treated
as an advance against and, thus, shall reduce (without duplication), any future distributions that would otherwise be made to
such Partner pursuant to Section 5.1 and Section 11.3. If there is a Tax Advance outstanding with respect to a Partner who (i)
elects to participate in a Redemption (including, for the avoidance of doubt, any Direct Exchange at the option of the Corporation),
or (ii) transfers Common Units pursuant to the terms of this Agreement, then in each case such Partner will indemnify and hold
harmless the Partnership against such Tax Advance, and shall be required to promptly pay to the Partnership (but in all events
within fifteen days after the applicable exchange or transfer date, as the case may be) an amount of cash equal to the proportionate
share of such Tax Advance relating to its Common Units subject to such exchange or transfer (determined at the time of the redemption
or transfer based on the number of Common Units held by such Partner), provided that, in the case of any transfer described in
clause (ii), such Partner shall not be required to pay such amount of cash equal to the proportionate share of such Tax Advance
relating to its Common Units subject to the transfer, if the transferee agrees to assume the Partner’s obligation to repay
to the Partnership such amount equal to the proportionate share of the Partner’s existing Tax Advance relating to such Common
Units subject to the Transfer, and such Partner shall be relieved from any liabilities associated with and the obligation to repay
its existing Tax Advance relating to such Common Units subject to the Transfer. The obligations of each Partner pursuant to the
preceding sentence shall survive the withdrawal of any Partner or the transfer of any Partner’s Units in the Partnership
and shall apply to any current or former Partner. For the avoidance of doubt, any repayment of a Tax Advance pursuant to the previous
sentence shall not be treated as a Capital Contribution.

 

(c) Prior
to the Sunset Date (as defined in the Stockholders’ Agreement), if the Partnership does not have sufficient cash (as reasonably
determined by the General Partner) to make the distributions provided for by this Section 5.3, the Partnership may delay the making
of such distributions until it has sufficient cash (as reasonably determined by the General Partner) and the failure to pay such
distributions in such circumstance shall not constitute a breach of this Agreement (and neither the General Partner not the Partnership
shall have any obligation to take any action (including undertaking any asset or equity sales) to generate sufficient cash to
make such distributions).

 

§5.4. Amounts
Withheld. To the extent the Partnership (or any entity in which the Partnership holds a direct or indirect interest) is required
by law to withhold or to make tax payments (including, without limitation, any imputed underpayments under the Code, or similar
amounts under state, local, or non-U.S. law) on behalf of or with respect to any Partner, or if any entity in which the Partnership
holds a direct or indirect interest is required to withhold on amounts payable to the Partnership or its Subsidiaries as a result
of the status (e.g., based on tax residency or treaty qualification status) of a Partner, the General Partner may withhold such
amounts and make such tax payments as so required. All such amounts withheld or payments made on behalf of a Partner or as a result
of the status of a Partner (“Tax Amounts”) shall, at the option of the General Partner, (i) be promptly
paid to the Partnership by the Partner on whose behalf such Tax Amount were made, or (ii) be repaid by reducing the amount of
the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such
distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner.
Whenever the General Partner selects option (ii) pursuant to the preceding sentence for repayment of a Tax Amount by a Partner,
for all other purposes of this Agreement such Partner shall be treated as having received all distributions (whether before or
upon liquidation) unreduced by the amount of such Tax Amount. To the fullest extent permitted by law, each Partner hereby agrees
to indemnify and hold harmless the Partnership and the other Partners from and against any liability (including, without limitation,
any liability for taxes, penalties, additions to tax, interest or imputed underpayments under Section 6232(a) of the Code, or
similar amounts under state, local, or non-U.S. law) with respect to income attributable to or distributions or other payments
to such Partner. Each Partner’s obligations under this Section 5.4 shall survive the termination, liquidation, winding up
and dissolution of the Partnership for the applicable statute of limitations period and will survive any partial or complete transfer
or redemption of a Partner’s interest in the Partnership. Notwithstanding the foregoing or anything else in this Agreement,
consistent with the terms of the Transaction Agreement and Section 7.1(a), without the prior written consent of Holdings (which
consent may be withheld in Holdings’ sole discretion), in no event may the General Partner seek any indemnity from, reduce
any distribution to, or otherwise seek to recoup value from Holdings, Holdings II, or GCM Grosvenor Management (or their equityholders
or successors or assigns) pursuant to this Section 5.4 in connection with any Tax matter pertaining to the Partnership or its
Subsidiaries for a taxable period (or portion thereof) ending on or before the Effective Date.

 

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§5.5. Limitations
on Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership will not make
a distribution to any Partner if such distribution would violate applicable law or the terms of any indebtedness of the Partnership.

 

§6. BOOKS
AND RECORDS.

 

§6.1. Books,
Records and Financial Statements.

 

(a) The
General Partner shall cause to be maintained in the principal office of the Partnership a register setting forth the name and
mailing address of each Partner and such other information as the General Partner desires (the “Register”).
The Register shall from time to time be updated as necessary to accurately reflect the information therein. No update to the Register
shall require an amendment to this Agreement.

 

(b) At
all times during the continuance of the Partnership, the General Partner shall cause the Partnership to maintain, at its principal
place of business, separate books of account for the Partnership that will show a true and accurate record of all costs and expenses
incurred, all charges made, all credits made and received and all income derived in connection with the operation of the Partnership’s
business in accordance with generally accepted accounting principles consistently applied, and, to the extent inconsistent therewith,
in accordance with this Agreement.

 

§6.2. Accounting
Methods. For financial reporting purposes and for purposes of determining Profits and Losses and other items required to be
allocated pursuant to Section 4, the books and records of the Partnership will be kept on the accrual method of accounting,
in accordance with GAAP consistently applied, and to the extent inconsistent therewith, in accordance with this Agreement. Such
books and records and the entries therein will reflect all Partnership transactions and be appropriate for the Partnership’s
business.

 

§6.3. Audit.
The financial statements of the Partnership will be audited at the end of each Fiscal Year by the Partnership’s independent
certified public accountant, with each such audit to be accompanied by a report of such accountant containing its opinion, addressed
and provided to each of the Partners. The cost of such audits will be an expense of the Partnership. A copy of any such audited
financial statements and accountant’s report, and any management letters from such accountants, will be provided to the
Partners promptly upon receipt by the Partnership thereof. The General Partner may select and change the Partnership’s independent
public accountants.

 

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§7. TAX
MATTERS.

 

§7.1. Tax
Matters Partner.

 

(a) The
General Partner is hereby initially designated as (i) “tax matters partner” of the Partnership for purposes of section
6231(a)(7) of the Code as in effect prior the amendments made by the BBA Act and (ii) the partnership representative pursuant
to section 6223 of the Code, as amended by Public Law 114-74, the Bipartisan Budget Act of 2015 and the Consolidated Appropriations
Act of 2016 (the “BBA Act”), for federal income tax returns filed for Fiscal Years for which such legislation
applies to the Partnership (in its capacity as “tax matters partner or “partnership representative,” the “Tax
Matters Partner”). Each Partner, by execution of this Agreement (and subject to the terms of the Transaction Agreement),
hereby consents to the appointment of the General Partner as tax matters partner and partnership representative as set forth herein
and agrees to execute, certify, acknowledge, deliver, swear to, file and record, at the appropriate public offices, such documents
as may be necessary or appropriate to evidence such consent. Subject to the terms of this Agreement and the Transaction Agreement,
the Tax Matters Partner shall have the power and authority to (A) manage and control, on behalf of the Partnership, any administrative
proceeding at the Partnership level with the Internal Revenue Service relating to the determination of any item of Partnership
income, gain, loss, deduction or credit for federal income tax purposes and (B) make any election under sections 6221-6241 of
the Code, as amended by the BBA Act. Notwithstanding anything else in this Agreement (and consistent with the terms of the Transaction
Agreement), with respect to any tax audit, examination, proceeding, claimed deficiency or other similar matter relating to the
Partnership or its Subsidiaries that pertains to taxable periods (or portions thereof) ending on or prior to the Effective Date,
if directed by Holdings, (1) the relevant entity shall (to the extent permissible under applicable Law) make or not make the election
provided for under Section 1101(g)(4) of the BBA Act (or any similar election available under U.S. state or local law); and (2)
with respect to any Tax liability arising out of such matter, the relevant entity shall not make the election provided for in
Section 6226 of the Code with respect to such liability, and shall instead pay any “imputed underpayment” (or similar
liability imposed under other provisions of applicable tax law) at the Partnership or other relevant entity-level. Notwithstanding
anything else contained in this Agreement (including Section 5.4 and Section 7.1(c)), without the prior written consent of Holdings
(which may be withheld in Holdings’ sole discretion), in no event will Holdings, Holdings II, or GCM Grosvenor Management
(or their equityholders or successors or assigns) be required to amend any Tax Return in connection with the procedures described
in Section 6225(c) of the Code, undertake any other alternative to payment by the Partnership or its Subsidiaries of any imputed
underpayment as provided for in the immediately preceding sentence, or indemnify the Partnership or its Subsidiaries in respect
of any liability described in the immediately preceding sentence (including via a reduction of distributions otherwise required
to be made to such person). The terms of this Section 7.1(a) shall be solely for the benefit of Holdings, Holdings II and GCM
Grosvenor Management (and their equityholders or successors or assigns); no other (current or former) partner of the Partnership
shall be any third party beneficiary of the terms of this Section 7.1(a), and nothing herein shall limit any obligation of any
such other partner with respect to Tax Amounts, Section 6225 Liabilities, or other liabilities for which any such partner may
be responsible.

 

(b) The
Tax Matters Partner will, within ten (10) days of the receipt of any notice from the Internal Revenue Service in any administrative
proceeding at the Partnership level relating to the determination of any Partnership item of income, gain, loss, deduction or
credit, mail a copy of such notice to each Partner. The Tax Matters Partner shall not, (i) enter into a settlement agreement
with the Internal Revenue Service that purports to bind Holdings, Holdings II and GCM Grosvenor Management (or their equityholders
or successors or assigns) without the written consent of Holdings (not to be unreasonably withheld, conditioned or delayed), or
(ii) enter into an agreement extending the period of limitations for assessing an income tax deficiency with respect to any Partnership
items without the approval of Holdings (for so long as any of Holdings, Holdings II or GCM Grosvenor Management or their equityholders
or successors or assigns could be affected by such action, such consent not to be unreasonably withheld, conditioned or delayed);
provided, that with respect to tax matters pertaining to any taxable period beginning after the Sunset Date (as defined in the
Stockholders’ Agreement), the consent rights described in the preceding clauses (i) and (ii) shall only apply with respect
to tax matters that could reasonably be expected to have a disproportionate adverse impact on Holdings, Holdings II and/or GCM
Grosvenor Management (or their equityholders or successors or assigns) as compared to other Partners.

 

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(c) If,
the Partnership (or any entity in which the Partnership owns a direct or indirect interest) is subject to any liabilities for
taxes, interest, or penalties under section 6225 of the Code (as amended by the BBA) or any similar state or local income tax
statute (“Section 6225 Liabilities”), then except as otherwise provided in Section 7.1(a) or the Transaction
Agreement the Partner to whom such liabilities are attributable shall promptly pay such amount to the Partnership. For this purpose,
if the Partnership is obligated to pay any portion of a Section 6225 Liability of any other entity treated as a partnership for
income tax purposes in which the Partnership holds an equity interest under the governing documents of such entity or otherwise,
the amount for which the Partnership is liable shall be treated as a Section 6225 Liability of the Partnership for purposes of
this Section 7.1(c). If the amount of a Section 6225 Liability attributable to a Partner remains unpaid, the Partnership, subject
to the terms of Section 7.1(a), shall reduce future distributions or payments to such Partner by the amount of such unpaid liability
(and such withheld amounts shall be treated as distributions to such Partner hereunder). Each Partner acknowledges that, notwithstanding
the Transfer of all or any portion of its Common Units, it may remain liable for tax liabilities with respect to its allocable
share of income and gain of the Partnership for the Partnership’s taxable years (or portions thereof) prior to such Transfer
or redemption, as applicable under Section 6225 of the Code (as amended by the BBA), subject to the terms of this Agreement
(including Section 7.1(a)).

 

(d) It
is intended that, for purposes of determining whether any Section 6225 Liability is attributable to a Partner under Section 7.1(c)
of this Agreement, the Partners shall (subject to the terms of this Agreement, including Section 7.1(a)) bear the economic burdens
of any such liability in the same manner (to the maximum extent possible) in which the burdens of such tax, interest and penalties
would have been borne by the Partners (or their respective direct or indirect equity owners) had the Partnership been entitled
to “elect out” (and actually elected out) of the amendments made by the BBA under section 6221(b) of the Code for
the taxable year of the Partnership at issue, except to the extent that Section 6225 Liability is unable to take into account
partner level attributes.

 

(e) The
Partnership shall not be obligated to pay any fees or other compensation to the Tax Matters Partner in its capacity as such. However,
the Partnership shall reimburse the Tax Matters Partner for any and all out-of-pocket costs and expenses (including reasonable
attorneys and other professional fees) incurred by it in its capacity as Tax Matters Partner.

 

(f) This
Section 7.1 shall survive the termination of this Agreement.

 

§7.2. Section 754
Election. The Partnership (and to the extent provided in the Tax Receivable Agreement, each Subsidiary of the Partnership
that is treated as a partnership for U.S. federal income tax purposes) shall have in effect an election under Section 754
of the Code for the taxable year in which the date of this Agreement occurs. Each Partner will, upon request of the Tax Matters
Partner, supply the information necessary to give effect to any such election.

 

§7.3. Taxation
as Partnership. The Partnership will be treated as a partnership for U.S. federal income tax purposes and will be an accrual
basis taxpayer.

 

§7.4. Other
Tax Matters.

 

(a) The
Parties intend that (i) payments made under the Tax Receivable Agreement that are attributable to the Purchase (as such term is
defined in the Tax Receivable Agreement) be treated as additional consideration in respect of the transfer of the Option (as defined
in the Option Agreement) and the interests in the Partnership acquired directly or indirectly from Holdings on the Closing Date
except to the extent required to be treated as imputed interest under applicable law; (ii) that payments made under the Tax Receivable
Agreement in respect of Redemptions or any Direct Exchanges be treated as additional consideration in respect of the transfer
of the interests in the Partnership effectuated in connection with such Redemptions or Direct Exchanges except to the extent required
to be treated as imputed interest under applicable law; and (iii) that the conversion of the Previous Interests into interests
in the Partnership in connection with the transactions contemplated by Section 3.2 be treated as a non-taxable recapitalization
of the equity interests in the Partnership. The Parties will, and will cause all of their Affiliates to, file all tax returns
consistent with the foregoing.

 

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(b) The
General Partner shall arrange for the preparation and filing of all tax returns required to be filed by the Partnership. After
the Sunset Date (as defined in the Stockholders’ Agreement), on or before April 15, June 15, September 15,
and December 15 of each Fiscal Year (or, if the due dates for estimated tax payments applicable to the Partners or their
equityholders are modified after the date of this Agreement, on or before such modified due dates), the Partnership shall send
to each Person who was a Partner at any time during the prior quarter, an estimate of information that each such Partner reasonably
requires in connection with discharging its tax reporting and estimated tax payment obligations.  In addition, as soon as
reasonably practicable after the end of a Fiscal Year, the Partnership shall provide to each Partner a statement showing an estimate
of such Partner’s state tax apportionment information and such Partner’s estimated allocations of taxable income,
gains, losses, deductions and credits for such Fiscal Year and, as soon as reasonably practicable following the end of the prior
Fiscal Year, the Company shall send to each Partner a statement showing such Partner’s final state tax apportionment information
and allocations to the Partners of taxable income, gains, losses, deductions and credits for such Fiscal Year and a completed
IRS Schedule K-1 (and, if applicable, completed Schedules K-2 and K-3).

 

(c) For
so long as Holdings remains a Partner, at least twenty (20) days prior to the filing of the U.S. federal income tax return for
the Partnership, the Partnership shall provide to Holdings a draft copy of such tax return (including Schedules K-1 and, if applicable,
Schedules K-2 and K-3) for Holdings’ review and approval.

 

§8. LIABILITY,
EXCULPATION AND INDEMNIFICATION.

 

§8.1. Exculpation.

 

(a) A
“Covered Person” shall mean any Partner, any Affiliate of a Partner, any partner, shareholder, member,
director, officer, agent, or employee of any Partner or of any Affiliate of any Partner, any director, officer, agent, or employee
of the Partnership or of any of its Subsidiaries, and any Person who, at the request of the Partnership serves in any capacity
on behalf of another entity, including, without limitation, any director, officer or employee of CF Intermediate or the Corporation.
No Covered Person will be liable to the Partnership or any other Covered Person for any loss, damage or claim incurred by reason
of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Partnership and in a manner
reasonably believed to be within the scope of authority conferred on such Covered Person by this Agreement, except that a Covered
Person will be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence, willful
misconduct, or knowing violation of the law or of this Agreement.

 

(b) A
Covered Person will be fully protected in relying in good faith upon the records of the Partnership (or such other entity which
he or she serves) and upon such information, opinions, reports or statements presented to the Partnership (or such other entity
which he or she serves) by any Person as to matters the Covered Person reasonably believes are within such other Person’s
professional or expert competence and who in the reasonable belief of such Covered Person has been selected with reasonable care
by or on behalf of the Partnership (or such other entity which he or she serves), including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence
and amount of assets from which distributions to Partners might properly be paid.

 

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§8.2. Indemnification
by the Partnership.

 

(a) To
the fullest extent permitted by law, in addition to any indemnification obligations of the Corporation and CF Intermediate, the
Partnership shall indemnify any Covered Person to the extent and in the manner specified in this Section 8.2.

 

(b) A
Covered Person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative or investigative, by reason of alleged acts or omissions in his capacity
as a Covered Person (a “Covered Proceeding”), other than a Covered Proceeding brought by or in the right
of the Partnership or the Partners generally, shall be indemnified and held harmless by the Partnership from and against all losses,
claims, damages, liabilities, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other
amounts which the Covered Person may actually and reasonably incur in connection with or by reason of such Covered Proceeding,
by reason of any acts, omissions, or alleged acts or omissions committed directly or indirectly on behalf of the Partnership (whether
or not the Covered Person is still acting in such capacity at the commencement of or during such Covered Proceeding), except to
the extent that such act or omission was done fraudulently or in bad faith or as a result of willful and wanton misconduct or
gross negligence or except to the extent that, with respect to any criminal action or proceeding, such Person had reasonable cause
to believe his conduct was unlawful. The termination of any Covered Proceeding by judgment, order, conviction, plea, settlement,
or its equivalent, shall not of itself create a presumption that the act or omission was done fraudulently or in bad faith or
as a result of wanton or willful misconduct or, with respect to any criminal Covered Proceeding, that the Person had reasonable
cause to believe that his conduct was unlawful.

 

(c) A
Covered Person who was or is a party, or is threatened to be made a party, by reason of alleged acts or omissions in his capacity
as a Covered Person, to any Covered Proceeding brought by or in the right of the Partnership or of the Partners generally to procure
a judgment in its or their favor, shall be indemnified and held harmless as set forth in subsection (b) to the extent that such
Covered Person acted in good faith and in a manner such Covered Person reasonably believed to be in or not opposed to the best
interests of the Partnership. If the Covered Person shall have been adjudicated by final and nonappealable order in such Covered
Proceeding to be liable to the Partnership or to the Partners generally, then the indemnification provided for in the preceding
sentence shall apply only to the extent that the tribunal having jurisdiction over such Covered Proceeding shall determine that,
despite the adjudication of liability, in view of all the circumstances of the case, the Covered Person is fairly and reasonably
entitled to such indemnification.

 

(d) The
Partnership shall pay, (i) from the inception of a Covered Proceeding and for its entire duration, all costs and expenses
of the Covered Person with respect to such Covered Proceeding as they become due, including without limitation reasonable legal
fees and expenses, and (ii) in connection with the termination of a Covered Proceeding (whether or not appellate or other review
proceedings are taken or contemplated), all judgments, fines, settlement payments, and other amounts incurred by the Covered Person,
provided that in each case described in clause (i) or (ii), the Covered Person shall have delivered to the Partnership a
written undertaking to repay all such amounts to the Partnership to the extent it is determined, as provided in subsection (b)
or (c), that the Covered Person is not entitled to indemnification with respect to part or all of the amounts paid.

 

(e) The
Partnership shall be entitled to control the defense of any Covered Person in a Covered Proceeding as well as any settlement with
respect to such Covered Person, including without limitation the selection and direction of counsel. The Covered Person shall
not consent to the entry of any judgment or other dispositive order or to any settlement without the consent of the Partnership.
The Partnership and counsel selected by it shall not consent to the entry of any judgment or other dispositive order as to the
Covered Person which does not provide for a complete and unconditional release of all liability in favor of the Covered Person.

 

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(f) The
obligations of the Partnership under this Section 8.2 shall be enforceable solely against the assets of the Partnership,
and not against the assets of any Partner, of any member of the General Partner, or of any officer, director, agent, or employee
of the Partnership or the General Partner. The provisions of this Section 8.2 are solely for the benefit of the Covered Person
and his, her, or its heirs, personal representatives, successors, and assigns.

 

(g) The
rights and remedies granted a Covered Person by this Section 8.2 shall be in addition to, and not in lieu of, (i) any and
all rights and remedies available to a Covered Person against the Partnership or any other Person, whether conferred by any provision
of law, by any agreement, bylaw, articles of incorporation, or other document, or by any resolution or other action, and (ii) any
and all rights and claims available to a Covered Person under any policy of insurance. Amounts payable under this Section 8.2
shall not be reduced or deferred by reason of any such other rights, remedies, or claims which may be available to a Covered Person,
provided however, that a Covered Person shall have only one satisfaction with respect to amounts incurred, and provided further,
that the Partnership shall be subrogated to a Covered Person’s claims against other Persons and under any policy of insurance,
to the extent of payments made by the Partnership to such Covered Person under this Section 8.2. Notwithstanding anything
herein to the contrary, no Person other than Holdings and Michael J. Sacks shall be entitled to any rights under this Section
8.2 without the prior written consent of the General Partner.

 

§8.3. Insurance.
The Partnership may purchase and maintain such insurance with such coverages on behalf of Covered Persons and such other Persons
as the General Partner may determine, against any liability that may be asserted against or expenses that may be incurred by any
such Person in connection with the activities of the Partnership (or such other entity which he or she serves), regardless of
whether the Partnership (or such entity) would have the power to indemnify such Person against such liability under the provisions
of this Agreement. The General Partner and the Partnership may enter into indemnity contracts with Covered Persons or other parties
and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations
under Section 8.2(b) above and containing such other procedures regarding indemnification as are appropriate, provided that
such contracts and procedures shall not be in derogation of the protections provided by this Section 8. No Covered Person
shall be permitted to make a claim under any insurance coverage purchased and maintained by the Partnership without the prior
written consent of the General Partner. For the avoidance of doubt, any costs or liabilities under any indemnity contract entered
into by the Corporation or CF Intermediate with a Covered Person shall be paid by the Partnership.

 

§9. RESTRICTIONS
ON TRANSFERS OF PARTNERSHIP INTERESTS.

 

§9.1. Transfers
by the General Partner. The General Partner may not Transfer all or any part of its Partnership Interest without the consent
of the Limited Partners holding at least a majority of the aggregate Common Units then-outstanding.

 

§9.2. Transfers
by the Limited Partners.

 

(a) Except
as set forth in Section 9.2(b) or Section 9.5, to the fullest extent permitted by law, no Limited Partner may Transfer all or
any part of such Limited Partner’s Common Units without the prior written consent of the General Partner, which consent
may be given or withheld in the General Partner’s sole and absolute discretion. Unless a Transferee is admitted as a substitute
Limited Partner in accordance with Section 9.3(b), a Transfer by a Limited Partner of all or any part of such Limited Partner’s
Common Units shall not release such Limited Partner from any of such Limited Partner’s obligations or liabilities hereunder
or limit the General Partner’s rights with respect to such Limited Partner of any nature whatsoever arising under this Agreement;
provided, that any such Transferee shall be entitled to allocations and distributions with respect to its Common Units but shall
not have any of the other rights of a Limited Partner under this Agreement.

 

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(b) The
restrictions contained in Section 9.2(a) shall not apply to any of the following (each, a “Permitted Transfer”
and each transferee, a “Permitted Transferee”): (i)(A) a Transfer pursuant to a Redemption or Direct
Exchange in accordance with Section 10 or (B) a Transfer by a Limited Partner to another Limited Partner, the Limited Partnership
or any of its Subsidiaries, (ii) a Transfer to an Affiliate of, or owner of an equity interest in, a Limited Partner (including
any distribution by such Limited Partner to its members, partners or shareholders or any redemption of the equity interests in
such Limited Partner held by one or more of its members, partners or shareholders, and any related distributions or redemptions
by such members, partners or shareholders to their respective members, partners or shareholders) or (iii) any Transfer of equity
or other interests in such Limited Partner (including, for the avoidance of doubt, any Transfers of equity or other interests
in the Corporation) so long as such Transfer is consistent with the terms of any agreement with the Corporation and/or the Partnership;
provided, however, that (x) the restrictions contained in this Agreement will continue to apply to the transferred Partnership
Interests after any Permitted Transfer of such Partnership Interests, and (y) in the case of the foregoing clause (ii), prior
to such Transfer the transferor will deliver a written notice to the General Partner, which notice will disclose in reasonable
detail the identity of the proposed Permitted Transferee; provided, further, that, with respect to the foregoing clauses
(i)(B), (ii) and (iii), no such Transfer shall be a Permitted Transfer if it would result in the managing member of Holdings,
directly or indirectly, owning, holding or otherwise having Control over a number of Common Units that is less than the Minimum
Controlled Units.

 

§9.3. Certain
Provisions Applicable to Transfers. Any Person who acquires Common Units in accordance with this Agreement (“Transferee”)
shall be admitted as a Limited Partner upon the satisfaction of the following conditions:

 

(i) the
Transferee agrees to be bound by all the terms and provisions of this Agreement applicable to it;

 

(ii) the
Transferor and Transferee execute and acknowledge such other instruments, in form and substance satisfactory to the General Partner,
as the General Partner may deem necessary or desirable to effect such substitution; and

 

(iii) such
Transfer does not (A) cause the Partnership to become a “publicly traded partnership”, as such term is defined
in Section 469(k)(2) or 7704 of the Code, or (B) cause the Partnership to become subject to regulation or inspection under
the Bank Holding Company Act of 1956, as amended.

 

(b) For
purposes of this Section 9, a transaction shall be deemed to be a Transfer, irrespective of its form, if it has economic
effect which is substantially equivalent to that of a Transfer under the relevant circumstances.

 

§9.4. Pledges.
With the prior written consent of the General Partner, a holder of Common Units may pledge or grant a security interest in such
Common Units subject to the following conditions:

 

(a) such
pledge or grant of security interest shall be made in connection with a bona fide extension of credit by a Person (the “Lender”)
who in the ordinary course of such Person’s business engages in such extensions of credit; and

 

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(b) prior
to completing such pledge or grant of security interest, such holder shall deliver to the General Partner an undertaking or other
instrument reasonably satisfactory to the General Partner (and for the benefit of each holder of Common Units) in which the Lender
acknowledges and agrees that the exercise by the Lender of remedies involving Transfer of ownership of such shares or of rights
appurtenant thereto will be a Transfer subject to all the terms of conditions of this Agreement.

 

§9.5. Certain
Transactions with respect to the Corporation.

 

(a) In
connection with a Change of Control Transaction prior to the Sunset Date, each Limited Partner (other than CF Intermediate) shall,
and the General Partner shall have the right, in its sole discretion, to require each Limited Partner (other than CF Intermediate)
to, effect a Redemption of all or a portion of such Limited Partner’s Common Units, pursuant to which such Common Units
will be exchanged for shares of Class A Common Stock (or economically equivalent cash or securities of a successor entity), mutatis
mutandis, in accordance with the Redemption provisions of Section 10 (applied for this purpose as if the Corporation had delivered
an Election Notice that specified a Share Settlement with respect to such Redemption) and otherwise in accordance with this Section
9.5(a). Any such Redemption pursuant to this Section 9.5(a) shall be effective immediately prior to the consummation of such Change
of Control Transaction (and, for the avoidance of doubt, shall be contingent upon the consummation of such Change of Control Transaction
and shall not be effective if such Change of Control Transaction is not consummated) (the date of such Redemption pursuant to
this Section 9.5(a), the “Change of Control Date”). From and after the Change of Control Date,
(i) the Common Units subject to such Redemption shall be deemed to be transferred to CF Intermediate on the Change of Control
Date and (ii) each such Limited Partner shall cease to have any rights with respect to the Common Units subject to such Redemption
(other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity securities in a successor
entity) pursuant to such Redemption). In the event of an expected Change of Control Transaction, the General Partner shall provide
written notice of an expected Change of Control Transaction to all Limited Partners within the earlier of (x) five (5) business
days following the execution of an agreement with respect to such Change of Control Transaction and (y) ten (10) business days
before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including in such notice
such information as may reasonably describe the Change of Control Transaction, subject to applicable law or regulation, including
the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration
to be paid for shares of Class A Common Stock in the Change of Control Transaction and any election with respect to types of consideration
that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control
Transaction (which election shall be available to each Limited Partner on the same terms as holders of shares of Class A Common
Stock). Following delivery of such notice and on or prior to the Change of Control Date, the Limited Partners shall take all actions
reasonably requested by the Corporation to effect such Redemption, including taking any action and delivering any document required
pursuant to this Section 9.5(a) to effect such Redemption.

 

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(b) In
the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization, or similar transaction with
respect to Class A Common Stock (a “Pubco Offer”) is proposed by the Corporation or is proposed
to the Corporation or its stockholders and approved by the Board or is otherwise effected or to be effected with the consent or
approval of the Board, the General Partner shall provide written notice of the Pubco Offer to all Limited Partners within
the earlier of (i) five (5) business days following the execution of an agreement (if applicable) with respect to, or the commencement
of (if applicable), such Pubco Offer and (ii) ten (10) business days before the proposed date upon which the Pubco Offer is to
be effected, including in such notice such information as may reasonably describe the Pubco Offer, subject to applicable law or
regulation, including the date of execution of such agreement (if applicable) or of such commencement (if applicable), the material
terms of such Pubco Offer, including the amount and types of consideration to be received by holders of shares of Class A Common
Stock in the Pubco Offer, any election with respect to types of consideration that a holder of shares of Class A Common Stock,
as applicable, shall be entitled to make in connection with such Pubco Offer, and the number of Common Units held by such Limited
Partner that is applicable to such Pubco Offer. The Limited Partners shall be permitted to participate in such Pubco Offer by
delivering a written notice of participation that is effective immediately prior to the consummation of such Pubco Offer (and
that is contingent upon consummation of such offer), and shall include such information necessary for consummation of such offer
as requested by the Corporation. In the case of any Pubco Offer that was initially proposed by the Corporation, the Corporation
shall use reasonable best efforts to enable and permit the Limited Partners to participate in such transaction to the same extent
or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to enable such Limited Partners to
participate in such transaction without being required to exchange Common Units prior to the consummation of such transaction.

 

(c) In
the event that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Pubco Offer, the provisions
of Section 9.5(a) shall take precedence over the provisions of Section 9.5(b) with respect to such transaction, and the provisions
of Section 9.5(b) shall be subordinate to provisions of Section 9.5(a), and may only be triggered if the General Partner elects
to waive the provisions of Section 9.5(a).

 

§10. REDEMPTION
AND DIRECT EXCHANGE RIGHTS.

 

§10.1. Redemption
Right of a Partner.

 

(a) Each
Limited Partner (other than the Corporation and its Subsidiaries) shall be entitled to cause the Partnership to redeem (a “Redemption”)
its Common Units in whole or in part (the “Redemption Right”) at any time and from time to time following
the waiver or expiration of the Lock-Up Period (as defined in the Stockholders’ Agreement), relating to the shares of the
Corporation that may be applicable to such Partner. A Limited Partner desiring to exercise its Redemption Right (each, a “Redeeming
Limited Partner”) shall exercise such right by giving written notice (the “Redemption Notice”)
to the Partnership with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the “Redeemed
Units”) that the Redeeming Limited Partner intends to have the Partnership redeem and a date, not less than three
(3) business days nor more than ten (10) business days after delivery of such Redemption Notice (unless and to the extent that
the General Partner in its sole discretion agrees in writing to waive such time periods), on which exercise of the Redemption
Right shall be completed (the “Redemption Date”); provided, that the Partnership, the Corporation
and the Redeeming Limited Partner may change the number of Redeemed Units and/or the Redemption Date specified in such Redemption
Notice to another number and/or date by mutual agreement signed in writing by each of them; provided, further, that in
the event the Corporation elects a Share Settlement, the Redemption may be conditioned (including as to timing) by the Redeeming
Limited Partner on the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection
with such proposed Redemption. Subject to Section 10.3 and unless the Redeeming Limited Partner has revoked or delayed a Redemption
as provided in Section 10.1(d), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption
Date):

 

(i) the
Redeeming Limited Partner shall Transfer and surrender, free and clear of all liens and encumbrances the Redeemed Units to the
Partnership (including any certificates representing the Redeemed Units if they are certificated); and

 

(ii) the
Partnership shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Limited Partner the consideration to which the
Redeeming Limited Partner is entitled under Section 10.1(b), and (z) if the Units are certificated, issue to the Redeeming
Limited Partner a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units
evidenced by the certificate surrendered by the Redeeming Limited Partner pursuant to clause (i) of this Section 10.1(a) and the
Redeemed Units.

 

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(b) The
Corporation shall have the option as provided in Section 10.2 to elect to have the Redeemed Units be redeemed in consideration
for either a Share Settlement or a Cash Settlement. The Corporation shall give written notice (the “Election Notice”)
to the Partnership (with a copy to the Redeeming Limited Partner) of such election within three (3) Business Days of receiving
the Redemption Notice; provided, that if the Corporation does not timely deliver an Election Notice, the Corporation shall
be deemed to have elected the Share Settlement method (subject to the limitations set forth above). The Corporation may only elect
a Cash Settlement if such Cash Settlement is limited to the net proceeds from any issuance of shares of Class A Common Stock issued
for the purpose of satisfying such Cash Settlement.

 

(c) [RESERVED]

 

(d) In
the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Limited Partner shall be entitled
to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists:

 

(i) any
registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Limited Partner
at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction
by the SEC or no such resale registration statement has yet become effective;

 

(ii) the
Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary
to effect such Redemption;

 

(iii) the
Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
and such deferral, delay or suspension shall affect the ability of such Redeeming Limited Partner to have its Class A Common Stock
registered at or immediately following the consummation of the Redemption;

 

(iv) the
Redeeming Limited Partner is in possession of any material non-public information concerning the Corporation, the receipt of which
results in such Redeeming Limited Partner being prohibited or restricted from selling Class A Common Stock at or immediately following
the Redemption without disclosure of such information (and the Corporation does not permit disclosure of such information);

 

(v) any
stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming
Limited Partner at or immediately following the Redemption shall have been issued by the SEC;

 

(vi) there
shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
Common Stock is then traded;

 

(vii) there
shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits
the Redemption;

 

(viii) the
Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement,
and such failure shall have affected the ability of such Redeeming Limited Partner to consummate the resale of Class A Common
Stock to be received upon such Redemption pursuant to an effective registration statement; or

 

(ix) the
Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period;

 

    26

     

    

 

If
a Redeeming Limited Partner delays the consummation of a Redemption pursuant to this Section 10.1(d), the Redemption Date shall
occur on the fifth (5th) business day following the date on which the condition(s) giving rise to such delay cease
to exist (or such earlier day as the Corporation, the Partnership and such Redeeming Limited Partner may agree in writing).

 

(e) Without
limiting the terms of this Agreement related to Tax Advances, the number of shares of Class A Common Stock (or Redeemed Units
Equivalent, if applicable) (together with any Corresponding Rights) applicable to any Share Settlement or Cash Settlement shall
not be adjusted on account of any distributions previously made with respect to the Redeemed Units or dividends previously paid
with respect to Class A Common Stock; provided, however, that if a Redeeming Limited Partner causes the Partnership to
redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any distribution with respect to the Redeemed
Units but prior to payment of such distribution, the Redeeming Limited Partner shall be entitled to receive such distribution
with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Limited Partner Transferred
and surrendered the Redeemed Units to the Partnership prior to such date; provided, further, however, that
a Redeeming Limited Partner shall be entitled to receive any and all distributions pursuant to Section 5.3 that such Redeeming
Limited Partner otherwise would have received in respect of income allocated to such Limited Partner for the portion of any tax
year irrespective of whether such distribution(s) are declared or made after the Redemption Date.

 

(f) In
the case of a Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a Redemption
Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security,
then a Redeeming Limited Partner shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding
Rights) that the Redeeming Limited Partner would have received if such Redemption Right had been exercised and the Redemption
Date had occurred immediately prior to the record date of such reclassification or other similar transaction.

 

(g) Notwithstanding
anything to the contrary contained herein, neither the Partnership nor the Corporation shall be obligated to effectuate a Redemption
if such Redemption could (as determined in the reasonable discretion of the General Partner) cause the Partnership to be treated
as a “publicly traded partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor
provisions of the Code.

 

§10.2. Election
and Contribution of the Corporation. Unless the Redeeming Limited Partner has timely revoked or delayed a Redemption as provided
in Sections 10.1(d), subject to Section 10.3, on the Redemption Date (to be effective immediately prior to the close of business
on the Redemption Date) (i) the Corporation shall make a capital contribution to CF Intermediate and CF Intermediate shall make
a Capital Contribution to the Partnership (in the form of the Share Settlement or the Cash Settlement, as determined by the Corporation
in accordance with Section 10.1(b)), and (ii) in the event of a Share Settlement, the Partnership shall issue to CF Intermediate
a number of Common Units equal to the number of Redeemed Units surrendered by the Redeeming Limited Partner. Notwithstanding any
other provisions of this Agreement to the contrary, but subject to Section 10.3, in the event that the Corporation elects a Cash
Settlement, the Corporation shall only be obligated to contribute to CF Intermediate, and CF Intermediate shall only be obligated
to contribute to the Partnership, an amount in respect of such Cash Settlement equal to the Redeemed Units Equivalent with respect
to such Cash Settlement, which in no event shall exceed the amount actually paid by the Partnership to the Redeeming Limited Partner
as the Cash Settlement.

 

    27

     

    

 

§10.3. Direct
Exchange Right of the Corporation.

 

(a) Notwithstanding
anything to the contrary in this Section 10 (save for the limitations set forth in Section 10.1(b) regarding the Corporation’s
option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of the Limited Partners under
Section 10.1, including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute discretion (subject
to the limitations set forth on such discretion in Section 10.1(b)), elect to effect on the Redemption Date the exchange of Redeemed
Units for the Share Settlement or the Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and
the Share Settlement or the Cash Settlement, as applicable, between the Redeeming Limited Partner, on the one hand, and the Corporation
and CF Intermediate, on the other hand (a “Direct Exchange”) (rather than contributing the Share Settlement
or the Cash Settlement, as the case may be, to CF Intermediate, followed by a contribution by CF Intermediate to the Partnership
in accordance with Section 10.2 for purposes of the Partnership redeeming the Redeemed Units from the Redeeming Limited Partner
in consideration of the Share Settlement or the Cash Settlement, as applicable). Upon such Direct Exchange pursuant to this Section
10.3, CF Intermediate shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of
such Units.

 

(b) The
Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to Section 10.1(b)),
deliver written notice (an “Exchange Election Notice”) to the Partnership and the Redeeming Limited
Partner setting forth its election to exercise its right to consummate a Direct Exchange; provided, that such election
is subject to the limitations set forth in Section 10.1(b) and does not unreasonably prejudice the ability of the parties to consummate
a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time;
provided, that any such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption
or Direct Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all
of the Redeemed Units that would have otherwise been subject to a Redemption.

 

(c) Except
as otherwise provided by this Section 10.3, a Direct Exchange shall be consummated pursuant to the same timeframe as the relevant
Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows:

 

(i) the
Redeeming Limited Partner shall transfer and surrender, free and clear of all liens and encumbrances, the Redeemed Units to CF
Intermediate;

 

(ii) the
Corporation shall cause CF Intermediate to pay to the Redeeming Limited Partner the Share Settlement or the Cash Settlement, as
applicable; and

 

(iii) the
Partnership shall (x) register CF Intermediate as the owner of the Redeemed Units and (y) if the Units are certificated, issue
to the Redeeming Limited Partner a certificate for a number of Common Units equal to the difference (if any) between the number
of Common Units evidenced by the certificate surrendered by the Redeeming Limited Partner pursuant to Section 10.3(c)(i) and the
Redeemed Units, and issue to CF Intermediate a certificate for the number of Redeemed Units.

 

§10.4. Reservation
of shares of Class A Common Stock; Listing; Certificate of Incorporation. At all times the Corporation shall reserve and keep
available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Share Settlement
in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any
such Share Settlement pursuant to a Redemption or Direct Exchange; provided that nothing contained herein shall be construed
to preclude the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant to a Redemption or
Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation)
or by way of Cash Settlement. the Corporation shall deliver Class A Common Stock that has been registered under the Securities
Act with respect to any Share Settlement pursuant to a Redemption or Direct Exchange to the extent a registration statement is
effective and available with respect to such shares. The Corporation shall use its commercially reasonable efforts to list the
Class A Common Stock required to be delivered upon any such Share Settlement pursuant to a Redemption or Direct Exchange prior
to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at
the time of such Share Settlement pursuant to a Redemption or Direct Exchange (it being understood that any such shares may be
subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all shares of Class A Common
Stock issued in connection with a Share Settlement pursuant to a Redemption or Direct Exchange will, upon issuance, be validly
issued, fully paid and non-assessable. The provisions of this Section 10 shall be interpreted and applied in a manner consistent
with any corresponding provisions of the Corporation’s certificate of incorporation (if any).

 

    28

     

    

 

§10.5. Effect
of Exercise of Redemption or Direct Exchange. This Agreement shall continue notwithstanding the consummation of a Redemption
or Direct Exchange by a Limited Partner and all rights set forth herein shall continue in effect with respect to the remaining
Limited Partners and, to the extent the Redeeming Limited Partner has any remaining Common Units following such Redemption or
Direct Exchange, the Redeeming Limited Partner. No Redemption or Direct Exchange shall relieve a Redeeming Limited Partner of
any prior breach of this Agreement by such Redeeming Limited Partner.

 

§10.6. Tax
Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct
Exchange, as the case may be, shall be treated as a direct exchange between the Corporation (through its disregarded entity Subsidiary,
CF Intermediate) and the Redeeming Limited Partner for U.S. federal and applicable state and local income tax purposes.

 

§11. DISSOLUTION,
LIQUIDATION AND TERMINATION.

 

§11.1. Dissolution.
The Partnership will be dissolved and its affairs will be wound up upon the occurrence of the first of any of the following events:

 

(a) the
written agreement of 80% of the Partners; or

 

(b) dissolution
required by operation of law.

 

§11.2. Notice
of Dissolution. Upon the dissolution of the Partnership, the General Partner will promptly notify each of the Partners of
such dissolution.

 

§11.3. Liquidation.
Upon dissolution of the Partnership, the General Partner, as liquidating trustee, will immediately commence to wind up the Partnership’s
affairs; provided, however, that a reasonable time will be allowed for the orderly liquidation of the assets of the Partnership
and the satisfaction of liabilities to creditors so as to enable the Partners to minimize the normal losses attendant upon a liquidation.
The Partners will continue to share Profits and Losses and other items required to be allocated under Section 4, in the same
manner as before the dissolution of the Partnership. The proceeds of liquidation will be applied (i) first, to the payment of
amounts owed to creditors, (ii) then to the establishment of such reserves for contingent liabilities and costs of liquidation
as the General Partner may reasonably determine, and (iii) then to distributions to the Partners in accordance with Section 5.1.

 

§11.4. Termination.
The Partnership will terminate when all of the assets of the Partnership have been distributed in the manner provided for in Section 11.3.
Notwithstanding the foregoing, Section 2.5, Section 4, Section 7, Section 8, this Section 11 and Section 12
will survive termination of the Partnership and this Agreement in accordance with their terms.

 

    29

     

    

 

§11.5. Claims
of the Partners. Partners and former Partners will look solely to the Partnership’s assets for the return of their Capital
Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and
obligations of the Partnership are insufficient to return such Capital Contributions, the Partners and former Partners will have
no recourse against the Partnership or any other Partner.

 

§12. MISCELLANEOUS.

 

§12.1. Notices.
All notices provided for in this Agreement will be in writing, duly signed by the party giving such notice, addressed as follows:

 

(a) If
given to the Partnership, to the General Partner at the address for such Partner set forth on Exhibit A; and

 

(b) If
given to any Limited Partner or any of such Partner’s members or shareholders, at its address set forth on Exhibit A.

 

(c) All
notices required or permitted by this Agreement shall be given by overnight first class mail, postage prepaid, sent by commercial
overnight courier service or by electronic mail (with a subject indicating that it is a notice pursuant to this Agreement, provided
that a copy of such notice is sent the same day to the recipient by a nationally recognized overnight courier service (charges
prepaid) and provided, further, that receipt is confirmed promptly thereafter). Any such notice will be deemed to have been duly
given or made and to have become legally effective, in each case, only at the time of receipt thereof by both the primary Person
to whom it is directed and each Person to whom a copy is required to be sent in accordance with Exhibit A. Any provision in this
Agreement referring to the “giving” of a notice (as opposed to “delivery” or some other such term) shall
be construed in accordance with the preceding sentence.

 

§12.2. Failure
to Pursue Remedies. The failure of any party to seek redress for violation of, or to insist upon the strict performance of,
any provision of this Agreement will not prevent a subsequent act, which would have originally constituted a violation from having
the effect of an original violation.

 

§12.3. Cumulative
Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any
party will not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to
any other rights the parties may have by law, statute, ordinance or otherwise.

 

§12.4. Binding
Effect. Subject to other applicable provisions of this Agreement, this Agreement will be binding upon and inure to the benefit
of the parties and, to the extent permitted by this Agreement, their successors, heirs, legal representatives and assigns. Whenever
any provision of this Agreement refers to a Partner, such provision shall be deemed to refer also to any Transferee of a Partnership
Interest of such Partner, subject to other applicable provisions of this Agreement.

 

§12.5. Interpretation.
All references to “this Agreement” include the exhibits, schedules, and appendixes hereto. Throughout this Agreement,
nouns, pronouns and verbs will be construed as masculine, feminine, neuter, singular or plural, whichever will be applicable.
All references herein to Sections, subsections, paragraphs or clauses, or to exhibits, schedules or appendixes, will refer to
corresponding provisions of this Agreement. Use of the word “including” shall mean “including without limitation,”
unless otherwise stated.

 

    30

     

    

 

§12.6. Severability.
The invalidity or unenforceability of any particular provision of this Agreement will not affect the other provisions hereof,
and this Agreement will be construed in all respects as if such invalid or unenforceable provision were omitted.

 

§12.7. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if the parties hereto had signed the same
document. All counterparts will be construed together and will constitute one instrument.

 

§12.8. Integration.
This Agreement and all Exhibits and Appendices hereto, together with all other agreements that will become effective on the Effective
Date, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and shall supersede all
prior agreements and understanding pertaining hereto.

 

§12.9. Amendments.
Subject to the Stockholders’ Agreement, this Agreement may be amended, supplemented, waived or modified by the written consent
of the General Partner in its sole discretion without the approval of any other Partner or other Person.

 

§12.10. Headings.
The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended
to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

 

§12.11. Governing
Law. This Agreement and the rights of the parties hereunder will be interpreted in accordance with the laws of the State of
Delaware and all rights and remedies will be governed by such laws without regard to principles of conflict of laws.

 

§12.12. Consent
to Jurisdiction. Each party to this Agreement hereby irrevocably submits to the exclusive jurisdiction of any state or federal
court sitting in the State of Delaware in any action or proceeding arising out of or relating to this Agreement, and each party
hereby irrevocably agrees that all claims asserted in such action or proceeding shall be heard and determined in any such court.
Each party further irrevocably waives any objection which such party may now or hereafter have to the venue of the state or federal
court in the State of Delaware having jurisdiction, and irrevocably agrees not to assert that such court is an inconvenient forum.

 

§12.13. Waiver
of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

[Remainder
of Page Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above stated.

 

	 	GENERAL PARTNER:
	 	 
	 	CF FINANCE INTERMEDIATE ACQUISITION, LLC, a Delaware limited liability company
	 	 
	 	By:	CF Finance Acquisition Corp., its sole Member
	 	 
	 	By:	/s/ Paul Pion
	 	 	Name: Paul Pion
	 	 	Title: Chief Financial Officer
	 	 
	 	LIMITED PARTNERS:
	 	 
	 	CF FINANCE INTERMEDIATE ACQUISITION, LLC, a Delaware limited liability company
	 	 
	 	By:	CF Finance Acquisition Corp., its sole Member
	 	 
	 	By:	/s/ Paul Pion
	 	 	Name: Paul Pion
	 	 	Title: Chief Financial Officer

 

     

     

    

 

	 	GROSVENOR
    HOLDINGS, L.L.C., an Illinois
	 	limited liability company
	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks
	 	 
	 	GROSVENOR HOLDINGS II, L.L.C.,
    a Delaware limited liability company
	 	 
	 	By:	Grosvenor Holdings, L.L.C., its Managing Member
	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks

 

     

     

    

 

	 	GCM GROSVENOR MANAGEMENT, LLC a

 Delaware limited liability company
	 	 
	 	By:	Grosvenor Holdings, L.L.C., its Managing Member
	 	 
	 	By:	MJS, LLC, its Managing Member
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Manager
	 	 
	 	By:	Michael J. Sacks, its Managing Member
	 	 
	 	/s/ Michael J. Sacks
	 	Michael J. Sacks
	 	 
	 	THE CORPORATION:
	 	 
	 	GCM GROSVENOR INC., a Delaware corporation
	 	 
	 	By:	/s/ Michael J. Sacks
	 	 	Name: Michael J. Sacks
	 	 	Title: Chief Executive Officer

 

     

     

    

 

Appendix
I

 

DEFINED
TERMS

 

“Act”
means the Revised Uniform Limited Partnership Act of the State of Delaware, 6 Del. C. §§ 17-101, et seq.,
as the same may be amended from time to time.

 

“Adjusted
Capital Account Deficit” means with respect to the Capital Account of any Partner as of the end of any Fiscal Year,
the amount by which the balance in such Capital Account is less than zero. For this purpose, such Partner’s Capital Account
balance shall be:

 

		(a)	reduced
                                         for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5),
                                         and (6); and

 

		(b)	increased
                                         for any amount such Partner is obligated to contribute or is treated as being obligated
                                         to contribute to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c)
                                         (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating
                                         to minimum gain).

 

“Affiliate”
means with respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common
control with, the specified Person. As used in this definition, the term “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise, and is not limited, for instance, to the ownership of more than fifty percent
(50%) of the voting securities of a corporate Person.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Assumed
Tax Liability” means, with respect to any Partner at any Tax Advance Date, an amount equal to the amount of federal,
state and local income taxes (including any applicable estimated taxes) for the taxable period for which payments are due on such
Tax Advance Date, determined taking into account the character of income and loss allocated as it affects the Assumed Tax Rate,
that the General Partner estimates would be due from such Partner as of the relevant Tax Advance Date, (i) assuming such Partner
were an individual who earned solely the items of income, gain, deduction, loss, and/or credit allocated to such Partner under
this Agreement, (ii) ignoring the effects of Section 734 or 743 of the Code, (iii) after taking proper account of loss carryforwards
available to individual taxpayers resulting from losses allocated to the Partners by the Partnership, to the extent not taken
into account in prior periods, (iv) assuming that such Partner is subject to tax at the Assumed Tax Rate and (v) taking into account
any audit or similar adjustments imposed after the Effective Date with respect to tax items of the Partnership (including in respect
of taxable periods ending prior to the Effective Date). The General Partner shall determine the Assumed Tax Liability for each
Partner reasonably and in good faith. The determination of the Assumed Tax Liability (including the Assumed Tax Rate to be utilized
in such calculation) for each of Holdings, Holdings II and GCM Grosvenor Management, (i) shall be subject to the approval of Holdings
(such approval not to be unreasonably withheld, conditioned or delayed); and (ii) may, at the direction of Holdings, be reduced
to the extent directed by Holdings (in its sole discretion).

 

“Assumed
Tax Rate” means, for any taxable year, the sum of the highest marginal rate of federal, state, and local income
tax applicable to any direct, or in the case of ownership through an entity classified as a partnership or disregarded entity
for federal income tax purposes, indirect owner of a Partner (other than CF Intermediate) (including any tax rate imposed under
Section 1411 of the Code) determined by applying the rates applicable to ordinary income (in cases where taxes are being determined
on ordinary income allocated to a Partner) and capital gains (in cases where taxes are being determined on capital gains allocated
to a Partner), and including any deduction of state and local income taxes in computing a Partner’s liability for federal
income tax.

 

    I-1

     

    

 

“BBA
Act” has the meaning set forth in Section 7.1(a).

 

“Black-Out
Period” means any “black-out” or similar period under the Corporation’s policies covering trading
in the Corporation’s securities to which the applicable Redeeming Limited Partner is subject (or will be subject at such
time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Limited Partner to immediately resell
shares of Class A Common Stock to be delivered to such Redeeming Limited Partner in connection with a Share Settlement.

 

“Board”
means the Board of Directors of the Corporation.

 

“Book
Value” means, with respect to any Partnership property, the Partnership’s adjusted basis for U.S. federal
income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section
1.704-1(b)(2)(iv)(d)-(g).

 

“Capital
Account” means, with respect to any Partner, the account maintained for such Partner in accordance with the provisions
of Section 3.4.

 

“Capital
Contribution” means a contribution of money or other property by a Partner to the Partnership.

 

“Cash
Settlement” means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent.

 

“Certificate”
has the meaning set forth in the Preamble.

 

“CF
Intermediate” has the meaning set forth in the preamble.

 

“Change
of Control” means the occurrence of any of the following events:

 

(1)
any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding
any employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan, and excluding the Permitted Holders) becomes the “beneficial owner”
(within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock,
Class C Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing
in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation
entitled to vote;

 

(2)
the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated
an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of
all or substantially all of the Corporation’s assets (including a sale of all or substantially all of the assets of the
Partnership); or

 

(3)
there is consummated a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after
the consummation of such merger or consolidation, the voting securities of the Corporation immediately prior to such merger or
consolidation do not continue to represent, or are not converted into, more than fifty percent (50%) of the combined voting power
of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company
is a Subsidiary, the ultimate parent thereof.

 

    I-2

     

    

 

Notwithstanding
the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction
or series of integrated transactions immediately following which the record holders of the Class A Common Stock, Class C Common
Stock, preferred stock and/or any other class or classes of capital stock of the Corporation immediately prior to such transaction
or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own
substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately
following such transaction or series of transactions.

 

“Change
of Control Date” has the meaning set forth in Section 9.5(a).

 

“Change
of Control Transaction” means any Change of Control that was approved by the Board prior to such Change of Control.

 

“Class
A Common Stock” means the Class A Common Stock, par value $0.0001 per share, of the Corporation.

 

“Class
B-1 Common Shares” has the meaning set forth in the Recitals.

 

“Class
B-2 Common Shares” has the meaning set forth in the Recitals.

 

“Class
C Common Shares” has the meaning set forth in the Recitals.

 

“Class
C Common Stock” means the Class C Common Stock, par value $0.0001 per share, of the Corporation.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any corresponding federal tax statute enacted after
the date of this Agreement. A reference to a specific section of the Code refers not only to such specific section but also to
any corresponding provision of any federal tax statute enacted after the date of this Agreement, as such specific section or corresponding
provision is in effect on the date of application of the provisions of this Agreement containing such reference.

 

“Common
Unit” means a unit of Partnership Interest which entitles the holder thereof to the distributions, allocations,
and other rights that are accorded holders of Common Units under this Agreement.

 

“Common
Unit Redemption Price” means, with respect to any Redemption, the arithmetic average of the volume weighted average
prices for a share of Class A Common Stock (or any class of stock into which it has been converted) on the Stock Exchange, or
any other exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg,
L.P., or its successor, for each of the five (5) consecutive full trading days ending on and including the last full trading day
immediately prior to the applicable Redemption Date, subject to appropriate and equitable adjustment for any stock splits, reverse
splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on
the Stock Exchange or any other securities exchange or automated or electronic quotation system as of any particular Redemption
Date, then the Corporation (through a majority of its independent directors (within the meaning of the rules of the Stock
Exchange)) shall determine the Common Unit Redemption Price in good faith.

 

    I-3

     

    

 

“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise,
including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the
board of directors or similar body governing the affairs of such Person.

 

“Corporation”
has the meaning set forth in the Preamble.

 

“Corresponding
Rights” means any rights issued with respect to a share of Class A Common Stock, Class C Common Stock pursuant to
a “poison pill” or similar stockholder rights plan approved by the Board.

 

“Covered
Person” has the meaning set forth in Section 8.1(a).

 

“Covered
Proceeding” has the meaning set forth in Section 8.2(b).

 

“Direct
Exchange” has the meaning set forth in Section 10.3(a).

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Election
Notice” has the meaning set forth in Section 10.1(b).

 

“Equity
Plan” means any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation
plan now or hereafter adopted by the Corporation.

 

“Equity
Securities” means, with regard to any Person, as applicable, (a) any capital stock, voting, partnership, membership,
joint venture or other ownership or equity interests, or other share capital of such Person, (b) any debt or equity securities
of such Person, directly or indirectly, convertible into or exchangeable for any capital stock, partnership, membership, joint
venture or other ownership or equity interests, or other share capital (whether voting or non-voting, whether preferred, common
or otherwise) of such Person or containing any profit participation features with respect to such Person, (c) any rights
or options directly or indirectly to subscribe for or to purchase any capital stock, partnership, membership, joint venture or
other ownership or equity interests, other share capital of such Person or securities containing any profit participation features
with respect to such Person or directly or indirectly to subscribe for or to purchase any securities directly or indirectly convertible
into or exchangeable for any capital stock, partnership, membership, joint venture or other ownership interests, other share capital
of such Person or securities containing any profit participation features with respect to such Person, (d) any share, unit or
Partnership Interest appreciation rights, phantom share rights, contingent interest or other similar rights relating to such Person,
or (e) any Equity Securities of such Person issued or issuable with respect to the securities referred to in clauses (a) through
(d) above in connection with a combination of shares, units or Partnership Interests or recapitalization, exchange, merger, consolidation
or other reorganization.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and any applicable rules and regulations promulgated
thereunder, and any successor to such statute, rules or regulations.

 

“Exchange
Election Notice” has the meaning set forth in Section 10.3(b).

 

“Fiscal
Year” means (i) any twelve (12) month period commencing on January 1 and ending on December 31 or (ii) any portion
of the period described in clause (i) of this sentence for which the Partnership is required to allocate Profits, Losses and other
items of Partnership income, gain, loss or deduction pursuant to Section 4, subject in either case for tax matters, Section 706
of the Code.

 

    I-4

     

    

 

“GAAP”
means U.S. generally accepted accounting principles, in effect as of the date of determination thereof.

 

“GCM
Grosvenor Management” has the meaning set forth in the preamble.

 

“General
Partner” has the meaning set forth in the preamble.

 

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

 

“H&F”
has the meaning set forth in the Recitals.

 

“Holdings”
has the meaning set forth in the preamble.

 

“Holdings
II” has the meaning set forth in the preamble.

 

“Lender”
has the meaning set forth in Section 9.4(a).

 

“Limited
Partner(s)” means, as of any date, any or all of the Persons who have been admitted as, and continue to be, limited
partners of the Partnership as of such date.

 

“Minimum
Controlled Units” means a number of Common Units equal to fifty percent (50%) of the Common Units held by Holdings,
Holdings II and GCM Grosvenor Management that would be subject to the Lock-up under the Stockholders’ Agreement (but, for
the avoidance of doubt, after giving effect to Section 8(c) of the Stockholders’ Agreement) (assuming, for purposes of this
definition, that Section 8 and Section 15 (with respect to the application to Lock-up Shares) of the Stockholders’ Agreement
applied to the Common Units held by Holdings, Holdings II and GCM Grosvenor Management mutatis mutandis).

 

“Minimum
Gain” means “partnership minimum gain” determined pursuant to Treasury Regulation Section 1.704-2(d).

 

“New
Issue Securities” has the meaning set forth in Section 3.5(c).

 

“Option
Agreement” has the meaning set forth in the Recitals.

 

“Optionee”
means a Person to whom a Stock Option is granted under any Stock Option Plan.

 

“Partner(s)”
means as of any particular time any Person who is at such time a General Partner or a Limited Partner. Any reference to a particular
Partner or holder of a Partnership Interest shall include successors and permitted transferees of such Partner.

 

“Partnership”
has the meaning set forth in the preamble.

 

“Partnership
Interest” means the entire ownership interest of a Partner in the Partnership at any particular time, including
the right of such Partner to any and all benefits to which a Partner may be entitled under this Agreement and the Act, together
with the obligations of such Partner to comply with all the terms and provisions of this Agreement with which such Partner is
required to comply. Reference to a Limited Partnership or General Partnership Interest means the Partnership Interest of a Limited
Partner or General Partner, as such.

 

    I-5

     

    

 

“Percentage
Interest” means, with respect to any Partner as of any time, the percentage determined by dividing the number of
Common Units held by the Partner as of such time by the total number of Common Units then outstanding.

 

“Permitted
Holder” means (i) Holdings, GCM Grosvenor Management and Holdings II; (ii) GCM V, LLC or any permitted transferee
of Class C Common Stock under the Corporation’s certificate of incorporation; (iii) the Sponsor (as defined in the Stockholders’
Agreement); (iv) the PIPE Investors (as defined in the Stockholders’ Agreement); (v) any Affiliate of any of the foregoing;
or (vi) any “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) in which the Persons referred
to in the foregoing clauses (i) – (v) beneficially own (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act)
in the aggregate, directly or indirectly, a majority of the voting power of the shares of Class A Common Stock, Class C Common
Stock beneficially owned by such “group.”

 

“Permitted
Transfer” has the meaning set forth in Section 9.2(b).

 

“Permitted
Transferee” has the meaning set forth in Section 9.2(b).

 

“Person”
means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability
company, or other legal entity or organization, and any government or subdivision thereof or any governmental or regulatory agency.

 

“Preemptive
Notice” has the meaning set forth in Section 3.5(c)(i).

 

“Preemptive
Rights Partners” has the meaning set forth in Section 3.5(c).

 

“Previous
Agreement” has the meaning set forth in the Recitals.

 

“Previous
Interests” has the meaning set forth in the Recitals.

 

“Profits”
and “Losses” means, for each Fiscal Year or other applicable period, an amount equal to the Partnership’s
taxable income or loss for such Fiscal Year or other applicable period, determined in accordance with section 703(a) of the Code
(but including in taxable income or loss for this purpose all items of income, gain, loss or deduction required to be stated separately
pursuant to section 703(a)(1) of the Code), with the following adjustments:

 

(i) any
income of the Partnership exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant
to this definition will be added to such taxable income or loss;

 

(ii) any
expenditures of the Partnership described in section 705(a)(2)(B) of the Code (or treated as expenditures described in section
705(a)(2)(B) of the Code pursuant to Treasury Regulation § 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account
in computing Profits or Losses pursuant to this definition will be subtracted from such taxable income or loss;

 

(iii) depreciation,
amortization, and gain or loss with respect to any property shall be computed with regard to the Book Value of the property;

 

(iv) if
the Book Value of any Partnership property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the
amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

 

    I-6

     

    

 

(v) items
of income, gain, loss or deduction attributable to the disposition of Partnership property having a Book Value that differs from
its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property;

 

(vi) to
the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Sections 732(d), 734(b) or 743(b) is required,
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount
of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset)
or loss (if the adjustment decreases such basis); and

 

(vii) such
other adjustments shall be made as are reasonably required in the good faith discretion of the General Partner in order for the
allocations under Section 4 to comply with section 704(b) of the Code and the Treasury Regulations promulgated thereunder.

 

Items
of Partnership income, gain, loss, deduction, and expense that are to be specially allocated under any provision hereof shall
be computed in a manner consistent with the computation of “Profits and Losses.”

 

“Pubco
Offer” has the meaning set forth in Section 9.5(b).

 

“Redeemed
Units Equivalent” means the product of (a) the applicable number of Redeemed Units, multiplied by (b) the
Common Unit Redemption Price.

 

“Redeeming
Limited Partner” has the meaning set forth in Section 10.1(a).

 

“Redemption”
has the meaning set forth in Section 10.1(a).

 

“Redemption
Date” has the meaning set forth in Section 10.1(a).

 

“Redemption
Notice” has the meaning set forth in Section 10.1(a).

 

“Redemption
Right” has the meaning set forth in Section 10.1(a).

 

“Register”
has the meaning set forth in Section 6.1(a).

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated the Effective Date, by and among the Corporation,
Holdings, GCM Grosvenor Management, Holdings II and the other parties thereto from time to time.

 

“Regulatory
Allocations” has the meaning set forth in Section 4.2(f).

 

“Retraction
Notice” has the meaning set forth in Section 10.1(c).

 

“Section
6225 Liabilities” has the meaning set forth in Section 7.1(c).

 

“Securities”
means any “security” as that term is defined in Section 2(1) of the Securities Act.

 

“Securities
Act” means the U.S. Securities Act of 1933 and the rules promulgated thereunder, each as amended from time to time.

 

“Share
Settlement” means a number of shares of Class A Common Stock (together with any Corresponding Rights) equal to the
number of Redeemed Units.

 

    I-7

     

    

 

“State”
means any state or commonwealth of the United States of America; the District of Columbia; the Commonwealth of Puerto Rico; and
any other dependency, possession or territory of the United States of America.

 

“Stock
Exchange” means Nasdaq Global Select Market.

 

“Stock
Option” has the meaning set forth in Section 3.12(a).

 

“Stock
Option Plan” means any stock option plan now or hereafter adopted by the Corporation.

 

“Stockholders’
Agreement” means the Stockholders’ Agreement, dated as of the date hereof, by and among Holdings, GCM Grosvenor
Management, Holdings II, the Corporation and the other parties thereto from time to time.

 

“Subsidiary”
means, for any Person, any other Person of which the initial Person directly or indirectly owns more than fifty percent (50%)
of the outstanding voting securities or that is required to be consolidated with the initial Person under GAAP. Unless the context
otherwise specifically requires, the term “Subsidiary” shall be a reference to a Subsidiary of the Partnership. No
existing or hereafter organized Grosvenor Fund shall be deemed a Subsidiary for any purpose.

 

“Tax
Advance Date” means the date that is two (2) days prior to the date on which estimated federal income tax payments
are required to be made by corporate taxpayers and the due date for federal income tax returns for corporate taxpayers (without
regard to extensions), which dates shall be adjusted by the General Partner (acting in good faith) upon any change in law relating
to tax payment due dates to the extent required to permit the Partners to timely discharge their U.S. federal, state and local
and non-U.S. tax liabilities.

 

“Tax
Advances” has the meaning set forth in Section 5.3(a)(ii).

 

“Tax
Amounts” has the meaning set forth in Section 5.4.

 

“Tax
Matters Partner” has the meaning set forth in Section 7.1(a).

 

“Tax
Receivable Agreement” means the Tax Receivable Agreement, dated as of the Effective Date, by and among the Partnership,
the Corporation, CF Intermediate, Holdings, GCM Grosvenor Management and Holdings II.

 

“Transaction
Agreement” has the meaning set forth in the Recitals.

 

“Transfer”
means any sale, exchange, transfer, or assignment (including a pledge or other grant of a security interest), whether voluntary
or involuntary.

 

“Transferee”
has the meaning set forth in Section 9.3.

 

“Treasury
Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

 

“Upstairs
Warrants” has the meaning set forth in Section 3.9.

 

“Vesting
Date” has the meaning set forth in Section 3.12(b)(ii).

 

“Warrant
Agreements” has the meaning set forth in Section 3.9.

 

“Warrants”
has the meaning set forth in Section 3.9.

 

 

I-8

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