Document:

EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED MANAGEMENT AGREEMENT 

This AMENDED AND RESTATED MANAGEMENT AGREEMENT is entered into as of September 24, 2013 (this “Agreement”) by and among
Cherry Hill Mortgage Investment Corporation, a Maryland corporation (the “Company”), each of the Company’s current Subsidiaries (as defined below), and Cherry Hill Mortgage Management, LLC, a Delaware limited liability company
(the “Manager”). 
 WHEREAS, the Company is a Maryland corporation organized to qualify as a real estate investment trust
under the Code and to acquire, invest in and manage a portfolio of Excess MSRs, Agency RMBS, prime jumbo mortgage loans and other residential mortgage assets; and 

WHEREAS, the Company holds its assets and conducts its operations through the Subsidiaries; and 

WHEREAS, the Company has previously engaged the Manager to manage the Company’s assets, operations and affairs pursuant to a Management
Agreement dated as of April 22, 2013 (the “Original Management Agreement”); and 
 WHEREAS, the Company and the
Manager now wish to amend and restate the Original Management Agreement by entering into this Agreement. 
 NOW, THEREFORE, in consideration
of the mutual agreements herein set forth and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

 

	 	1.	Definitions. 

 (a) “Affiliate” means, with respect to any Person,
any Person controlling, controlled by, or under common Control with, such Person. For the avoidance of doubt, for the purpose of this Agreement, Freedom Mortgage is an Affiliate of the Manager and each of the Manager and Freedom Mortgage is an
Affiliate of Stanley C. Middleman. 
 (b) “Agency RMBS” means residential mortgage-backed securities the payment of
principal and interest on which has been guaranteed by a U.S. Government agency or a U.S. Government-sponsored enterprise. 
 (c)
“Agreement” has the meaning assigned in the first paragraph. 
 (d) “Board of Directors” means the Board
of Directors of the Company. 
 (e) “Business Day” means any day except a Saturday, Sunday or day on which banking
institutions in New Jersey or New York are not required to be open. 
 (f) “Business Opportunity” has the meaning assigned
in Section 3(c). 

 (g) “Change of Control” means the occurrence of any of the following: 

(i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Manager, taken
as a whole, to any Person other than Freedom Mortgage or any of its Affiliates; or 
 (ii) the direct or indirect acquisition by any Person
or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule
13d-5(b)(1) under the Exchange Act), other than Freedom Mortgage and any of its Affiliates in a single transaction or in a series of related transactions, by way of merger, consolidation or other business combination or purchase of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the voting capital interests of or pecuniary interests in the Manager. 

(h) “Charter” means the charter of the Company, as amended, restated or supplemented from time to time. 

(i) “Claim” has the meaning assigned in Section 11(d). 

(j) “Code” means the Internal Revenue Code of 1986, as amended. 

(k) “Code of Conduct” has the meaning assigned in Section 7(g). 

(l) “Common Stock” means the shares of common stock, par value $0.01 per share, of the Company. 

(m) “Company” has the meaning assigned in the first paragraph; provided that all references herein to the Company
shall, except as otherwise expressly provided herein, be deemed to include the Subsidiaries. 
 (n) “Company Account” means
any bank account in the name of the Company or any Subsidiary established and maintained by the Manager at the direction of the Board of Directors. 

(o) “Company Indemnified Party” has the meaning assigned in Section 11(c). 

(p) “Confidential Information” means all non-public information, written or oral, obtained by the Manager in connection with
the services rendered hereunder. 
 (q) “Compliance Policies” means the compliance policies and procedures of the Manager,
as in effect from time to time. 
 (r) “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of another Person, whether by contract, voting equity, legal right or otherwise. 
 (s)
“Dedicated Officers” has the meaning assigned in Section 3(b). 
 (t) “Excess MSRs” means
excess mortgage servicing rights. 

  
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 (u) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 (v) “Freedom Mortgage” means Freedom Mortgage Corporation, a New
Jersey corporation. 
 (w) “GAAP” means generally accepted accounting principles in effect in the U.S. from time to time
applied on a consistent basis. 
 (x) “Governing Instruments” means, with respect to any Person, the charter and bylaws in
the case of a corporation, the declaration of trust and bylaws in the case of Maryland real estate investment trust or other business trust, the certificate of limited partnership (if applicable) and partnership agreement in the case of a general or
limited partnership or the articles of organization or certificate of formation, as the case may be, and operating agreement in the case of a limited liability company, in each case, as amended, restated or supplemented from time to time. 

(y) “Identified Person” means any of Freedom Mortgage or its employees, officers, directors or Affiliates. 

(z) “Identified Persons” means collectively, each Identified Person. 

(aa) “Indemnification Obligations” has the meaning assigned in Section 11(b). 

(bb) “Indemnified Party” has the meaning assigned in Section 11(d). 

(cc) “Independent Directors” means the members of the Board of Directors who are not officers or employees of the Company,
the Manager or Freedom Mortgage and who are otherwise determined by the Board of Directors to be “independent” in accordance with the rules of the New York Stock Exchange or such other National Securities Exchange, as applicable, in either
case, as may be in effect from time to time. 
 (dd) “Initial Public Offering” means the registered initial public offering
of the Common Stock and the listing of the Common Stock on the New York Stock Exchange. 
 (ee) “Internalization Event”
means a transaction or series of transactions the result of which is that (i) this Agreement is terminated, (ii) the management of the Company is no longer subject to or reliant upon an external manager or advisor and (iii) the
Company employs a senior management team. 
 (ff) “Investment and Risk Management Committee” has the meaning set forth in
Section 7(d). 
 (gg) “Investments” means the investments of the Company, including, but not limited to,
investments in Excess MSRs, Agency RMBS and prime jumbo mortgage loans. 
 (hh) “Investment Company Act” means the
Investment Company Act of 1940, as amended. 

  
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 (ii) “Investment Guidelines” means the general criteria, parameters and policies
relating to Investments as established by the Board of Directors, as the same may be modified from time-to-time by the Board of Directors. The Company’s initial Investment Guidelines are attached hereto as Exhibit A. 

(jj) “Judicially Determined” has the meaning assigned in Section 11(a). 

(kk) “Management Fee Annual Rate” means 1.50%. 

(ll) “Manager” has the meaning assigned in the first paragraph. 

(mm) “Manager Indemnified Party” has the meaning assigned in Section 11(a). 

(nn) “National Securities Exchange” means a national securities exchange or national quotation system upon which the
Company’s Common Stock is listed or quoted. 
 (oo) “Operating Partnership” means Cherry Hill Operating Partnership,
LP, a Delaware limited partnership. 
 (pp) “Person” means any individual, corporation, partnership, joint venture, limited
liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

(qq) “Post-Termination Transition Assistance” has the meaning assigned in Section 14(b). 

(rr) “Principal Transaction” has the meaning assigned in Section 3(d). 

(ss) “Quarterly Management Fee Amount” means, with respect to any fiscal quarter, the product of: (i) the
Stockholders’ Equity as of the end of such fiscal quarter, and (ii) one-fourth of the Management Fee Annual Rate. The Quarterly Management Fee Amount shall be pro rated for partial quarterly periods based on the number of days in such
partial period compared to a 90 day quarter. 
 (tt) “Records” has the meaning assigned in Section 6(a). 

(uu) “REIT” means a “real estate investment trust” as defined under the Code. 

(vv) “Representatives” means collectively the members, officers, employees, agents, representatives and Affiliates of the
Manager. 
 (ww) “Sarbanes Oxley Act of 2002” means the federal statute known as the Sarbanes-Oxley Act of 2002, and the
rules and regulations promulgated thereunder. 
 (xx) “SEC” means the United States Securities and Exchange Commission.

  
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 (yy) “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 (zz) “Services Agreement” has the meaning assigned in
Section 2(c). 
 (aaa) “Stockholders’ Equity” means, as of the end of any fiscal quarter (a) the sum
of (1) the net proceeds from any issuances of the Company’s Common Stock or other equity securities and the Operating Partnership’s Units or other equity securities (without double counting) since inception, plus (2) the
Company’s and the Operating Partnership’s (without double counting) retained earnings calculated in accordance with GAAP at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation
expense incurred in current or prior periods), less (b) any amount that the Company or the Operating Partnership has paid to repurchase Common Stock, Units or other equity securities since inception. Stockholders’ Equity excludes
(1) any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in
other comprehensive income or loss, or in net income, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above in each case, after discussions between the Manager and the Independent
Directors and approval by a majority of the Independent Directors. 
 (bbb) “Split Price Executions” has the meaning
assigned in Section 3(d). 
 (ccc) “Subsidiaries” means (i) Cherry Hill Operating Partnership, LP, a
Delaware limited partnership, (ii) Cherry Hill QRS I, LLC, a Delaware limited liability company, (iii) Cherry Hill QRS II, LLC, a Delaware limited liability company, (iv) Cherry Hill TRS, LLC, a Delaware limited liability company,
(v) any partnership, the general partner of which is the Company or any Subsidiary of the Company, (vi) any limited liability company, the managing member of which is the Company or any subsidiary of the Company, and (vii) any other
entity, including any direct or indirect subsidiary of the Company, on the date hereof or in the future, of which the Company or any Subsidiary has the power to elect, directly or indirectly, a majority of the board of directors or Directors or
equivalent managing body. 
 (ddd) “Successor Manager” has the meaning assigned in Section 14(b). 

(eee) “Tax Preparer” means the firm designated by the Company to prepare tax returns on behalf of the Company and its
Subsidiaries. 
 (fff) “Termination Fee” means, with respect to any termination or non-renewal of this Agreement with
respect to which payment of the Termination Fee is required under Section 13 of this Agreement, a termination fee equal to three times the average annual Management Fee Amount earned by the Manager during the two four-quarter periods
ending as of the end of the most recently completed fiscal quarter prior to the effective date of the termination or, in the case of non-renewal, the expiration of the term, as applicable. 

(ggg) “Treasury Regulations” means the Procedures and Administration Regulations promulgated by the U.S. Department of
Treasury under the Code, as amended. 

  
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 (hhh) “Units” shall mean units of limited partnership interest in the Operating
Partnership. 
  

	 	2.	Appointment and Duties of the Manager. 

 (a) Appointment. The Company
hereby appoints the Manager to manage, operate and administer the assets, operations and affairs of the Company and the Subsidiaries, subject to the further terms and conditions set forth in this Agreement and to the supervision of, and such further
limitations or parameters as may be imposed from time to time by, the Board of Directors, and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein in accordance with the provisions of
this Agreement. 
 (b) Duties. The Manager shall manage, operate and administer day-to-day operations, business and affairs of
the Company and the Subsidiaries, subject at all times to the supervision and direction of the Board of Directors, and shall have only such functions and authority as the Board of Directors may delegate to it, including, without limitation, the
authority identified and delegated to the Manager herein. Without limiting the foregoing, the Manager shall oversee and use commercially reasonable efforts to conduct the Company’s investment activities in accordance with the Investment
Guidelines, any risk parameters adopted by the Board of Directors and other policies adopted and implemented by the Board of Directors. Subject to the foregoing, the Manager will perform (or cause to be performed) such services and activities
relating to the management, operation and administration of the assets, liabilities and business of the Company and the Subsidiaries as is appropriate, including without limitation: 

(i) serving as the Company’s consultant with respect to the periodic review of the Investment Guidelines and other policies and criteria
for the other borrowings and the operations of the Company for the approval by the Board of Directors; 
 (ii) investigating, analyzing and
selecting possible Investment opportunities and originating, acquiring, structuring, financing, retaining, selling, negotiating for prepayment, restructuring or disposing of Investments consistent with the Investment Guidelines; 

(iii) with respect to any prospective Investment by the Company and any sale, exchange or other disposition of any Investment by the Company
conducting negotiations on the Company’s behalf with sellers and purchasers and their respective agents, representatives and investment bankers, and owners of privately and publicly held real estate companies; 

(iv) with respect to any prospective investment in Excess MSRs, negotiating agreements, including, and not limited to, acknowledgement
agreements, flow acquisition agreements and bulk acquisition agreements; 
 (v) engaging and supervising, on the Company’s behalf and
at the Company’s sole cost and expense, third-party service providers who provide legal, accounting, due diligence, transfer agent, registrar, leasing services, master servicing, special servicing, banking, investment banking, mortgage
brokerage, real estate brokerage, securities brokerage and other financial services and such other services as may be required relating to the Investments or potential Investments and to the Company’s other business and operations; 

  
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 (vi) coordinating and supervising, on behalf of the Company and at the Company’s sole cost
and expense, other third-party service providers to the Company; 
 (vii) serving as the Company’s consultant with respect to arranging
for any issuance of mortgage-backed securities from pools of mortgage loans or mortgage-backed securities owned by the Company; 
 (viii)
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with any joint venture or co-investment partners; 

(ix) providing executive and administrative personnel, office space and office services required in rendering services to the Company; 

(x) administering the Company’s day-to-day operations and performing and supervising the performance of such other administrative
functions necessary to the Company’s management as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the Company’s debts and obligations and
maintenance of appropriate computer services to perform such administrative functions; 
 (xi) engaging and supervising, on the
Company’s behalf and at the Company’s sole cost and expense, third-party consultants and other service providers to assist the Company in complying with the requirements of the Sarbanes Oxley Act of 2002, the Exchange Act, the Dodd-Frank
Wall Street Reform and Consumer Protection Act and other applicable law; 
 (xii) communicating on the Company’s behalf with the
holders of any of the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(xiii) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(xiv) counseling the Company, and when appropriate, evaluating and making recommendations to the Board of Directors regarding hedging,
financing and securitization strategies and engaging in hedging, financing, borrowing and securitization activities on the Company’s behalf, consistent with the Investment Guidelines; 

(xv) counseling the Company regarding the qualification and maintenance of its status as a REIT and monitoring compliance with the various
REIT qualification tests and other rules set out in the Code and the Treasury Regulations; 
 (xvi) counseling the Company regarding the
maintenance of the Company’s exclusion from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exclusion and using commercially reasonable efforts to cause the
Company to maintain such exclusion from status as an investment company under the Investment Company Act; 

  
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 (xvii) assisting the Company in developing criteria for asset purchase commitments that are
specifically tailored to the Company’s investment objectives and making available to the Company its knowledge and experience with respect to Excess MSRs, Agency RMBS, prime jumbo mortgage loans and other target asset classes; 

(xviii) furnishing reports to the Company or the Board of Directors regarding the Company’s activities and services performed for the
Company or any of its Subsidiaries by the Manager as reasonably requested by the Board of Directors from time to time to carry out its duty of oversight; 

(xix) monitoring the operating performance of the Investments and providing such periodic reports with respect thereto as the Board of
Directors shall reasonably determine from time to time to be necessary or appropriate for the Board of Directors to carry out its duty of oversight, including comparative information with respect to such operating performance and budgeted or
projected operating results; 
 (xx) investing or reinvesting any money or securities of the Company (including investing in short-term
investments pending investment in other Investments, payment of fees, costs and expenses, or distributions to the Company’s shareholders), and advising the Company as to the Company’s capital structure and capital raising; 

(xxi) causing the Company to retain, at the sole cost and expense of the Company, qualified independent accountants and legal counsel, as
applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code and the Treasury Regulations applicable
to REITs, and to conduct quarterly compliance reviews with respect thereto; 
 (xxii) causing the Company and each Subsidiary to qualify to
do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 
 (xxiii) assisting the Company in
complying with all regulatory requirements applicable to the Company in respect of the Company’s business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual
undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act or by a National Securities Exchange; 

(xxiv) taking all necessary actions to enable the Company to make required tax filings and reports and compliance with the provisions of the
Code, and Treasury Regulations applicable to the Company, including, without limitation, the provisions applicable to the Company’s qualification as a REIT for U.S. federal income tax purposes; 

(xxv) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or
negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations (other than with the Manager or its Affiliates), subject to such limitations, parameters or directions
as may be imposed from time to time by the Board of Directors; 

  
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 (xxvi) using commercially reasonable efforts to cause expenses incurred by or on behalf of the
Company to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

(xxvii) advising on, and obtaining on behalf of the Company, credit facilities or other financings for the Investments consistent with the
Investment Guidelines; 
 (xxviii) advising the Company with respect to and structuring long-term financing vehicles for the Company’s
portfolio of assets, and offering and selling securities publicly or privately in connection with any such structured financing; 
 (xxix)
performing such other services as may be required from time to time for management and other activities relating to the Company’s assets as the Board of Directors shall reasonably request; 

(xxx) using commercially reasonable efforts to cause the Company to comply with all applicable laws; 

(xxxi) negotiating and entering into and executing, on the Company’s behalf, repurchase agreements, interest rate agreements, swap
agreements, brokerage agreements, resecuritizations, securitization warehouse facilities and other agreements and instruments required for the Company to conduct the Company’s business; 

(xxxii) serving as the Company’s consultant with respect to decisions regarding any of the Company’s financings, hedging activities
or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with
respect to obtaining appropriate financing for the Company’s and any Subsidiaries’ investments; 
 (xxxiii) providing the Company
with portfolio management; 
 (xxxiv) arranging marketing materials, advertising, industry group activities (such as conference
participations and industry organization memberships) and other promotional efforts designed to promote the Company’s business; and 

(xxxv) maintaining the Company’s website. 

(c) Services Agreement. The Manager will maintain the services agreement, dated of even date herewith by and between the Manager and
Freedom Mortgage (the “Services Agreement”) pursuant to which Freedom Mortgage will continue to provide the Manager the personnel, services and resources as needed by the Manager to enable the Manager to carry out its obligations
and responsibilities under this Agreement. The Company shall be a named third-party beneficiary of the Services Agreement. 
 (d) Service
Providers. The Manager may engage Persons who are non-Affiliates, for and on behalf, and at the sole cost and expense, of the Company to provide to the Company acquisition, disposition, valuation and financing of Investments and/or similar
services customarily provided in connection with the management, operation and administration of a 

  
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business similar to the business of the Company, pursuant to agreement(s) that provide for market rates and contain standard market terms; provided, that the terms of any such agreement
that requires the payment by the Company of fees or expenses that would cause the Company to materially exceed the Company’s most recent annual budget approved by the Board of Directors shall require the prior approval of a majority of the
Independent Directors and, provided further, that without the prior approval of the Board of Directors, the Manager shall not be permitted to outsource to a non-Affiliate its responsibility for the ultimate investment acquisition and
disposition decisions of the Company and compliance with the Investment Guidelines, any risk parameters and the other policies applicable to the provision of services to the Company by the Manager adopted by the Board of Directors from time to
time. For the avoidance of doubt, nothing contained in this Section 2(d) shall prohibit or restrict the Manager’s ability to enter into, amend or terminate trading arrangements (including, without limitation, financing
arrangements), and agreements and documents ancillary thereto, on behalf of the Company on such terms and conditions as the Manager shall determine in its sole discretion. 

(e) Reporting Requirements. 

(i) As frequently as the Manager may deem necessary or advisable, or at the reasonable request of the Board of Directors, the Manager shall
prepare, or cause to be prepared, with respect to any Investment (A) reports and other information on the Company’s operations, asset performance and proposed or consummated investments and (B) other information reasonably requested
by the Company or the Board of Directors. 
 (ii) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the
Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any
governmental entity or agency, and shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of
the Company’s books of account by a nationally recognized independent accounting firm. 
 (iii) The Manager shall prepare regular
reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and policies approved
by the Board of Directors. 
 (f) Reliance by Manager. In performing its duties under this Section 2, the Manager
shall be entitled to rely on experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) selected, engaged or retained by the Manager with commercially reasonable care, at the
Company’s sole cost and expense. 
 (g) Use of the Manager’s Funds. The Manager shall not be required to expend money
in connection with any expenses that are required to be paid for or reimbursed by the Company pursuant to Section 9 of this Agreement in excess of that contained in any applicable Company Account or otherwise made available by the
Company to be expended by the Manager hereunder. 

  
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 (h) Payment and Reimbursement of Expenses. The Company shall pay all expenses, and
reimburse the Manager for the Manager’s expenses incurred on its behalf, in connection with any such services to the extent such expenses are payable or reimbursable by the Company to the Manager pursuant to Section 9. 

 

	 	3.	Dedication; Other Activities. 

 (a) Devotion of Time. The Manager,
through Freedom Mortgage and its Affiliates, will provide a management team (which, at the time of the Initial Public Offering shall include, without limitation, a president, a chief investment officer and a chief financial officer, a controller and
a secretary) along with appropriate support personnel, to deliver the management services to the Company hereunder. The members of such management team may serve more than one role for the Company (i.e. the chief financial officer may also serve as
the secretary) and may have other duties and responsibilities for the Manager and its Affiliates, including, but not limited to, with respect to other clients, but such management team members shall devote such of their working time and efforts to
the management of the Company as shall be necessary and appropriate for the proper performance of all of the Manager’s duties hereunder, commensurate with the level of activity of the Company from time to time. The Company shall have the
benefit of the Manager’s reasonable judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not undertake activities which, in its reasonable judgment, will materially adversely affect the performance
of its obligations under this Agreement. 
 (b) The Manager shall have the right, but not the obligation, to provide a dedicated or
partially dedicated chief financial officer (or comparable professional), controller (or comparable professional), internal legal counsel and/or investor relations professional to the Company (such personnel are referred to herein as
“Dedicated Officers”). Each Dedicated Officer shall be an employee of the Manager or one of its Affiliates. 
 (c) Other
Activities. To the fullest extent permitted by law and subject to any other agreements entered into by Freedom Mortgage, and subject to subsection (g) of this Section 3, none of the Identified Persons shall have any duty to
refrain from directly or indirectly (i) engaging in or possessing any interest in other investments or business opportunities, including but not limited to business opportunities in dissimilar or the same or similar investments, business
activities or lines of business of the Company and its Affiliates or in which the Company or any of its Affiliates may, from time to time, be engaged or propose to engage, including by means of providing advice or other assistance to any such
investment, business activity or Person (a “Business Opportunity”), (ii) competing with the Company or its Affiliates, (iii) pursuing any such Business Opportunity, even if competitive with the investments or business
activities of the Company or (iv) buying, selling or trading any securities or commodities for their own accounts (including, without limitation taking positions contrary to those of the Company), and, to the fullest extent permitted by law, no
Identified Person shall be liable to the Company or its securityholders for a conflict of interest or a breach of any fiduciary or other duty in respect of the Company or its securityholders by reason of the fact that such Identified Person engages
in any such activities. To the fullest extent permitted by law, other than as may be provided in any other agreement between the Company and any Identified Person, the Company hereby renounces any interest or expectancy in, or in being offered an

  
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opportunity to participate in, any Business Opportunity presented to an Identified Person. Subject to any other agreements entered into by the Company, the Manager and any Identified Person, in
the event that any Identified Person acquires knowledge of a Business Opportunity, such Identified Person shall have no duty to communicate or offer such Business Opportunity to the Company and, to the fullest extent permitted by law, shall not be
liable to the Company or its stockholders for breach of any duty as an investment adviser, stockholder, director or officer of the Company by reason of the fact that such Identified Person pursues or acquires such Business Opportunity. A Business
Opportunity shall not be deemed to be a potential Business Opportunity for the Company if it is a Business Opportunity that the Company is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not
in the line of the Company’s business or is of no practical advantage to it or that is one in which the Company has no reasonable expectancy. Notwithstanding the foregoing, the Company shall have the benefit of the Manager’s obligations to
it as a client of the Manager pursuant to the Investment Advisers Act of 1940, as amended. 
 (d) Principal Transactions. Principal
transactions are transactions between the Company or one of its Subsidiaries, on the one hand, and the Manager, Freedom Mortgage or any of their Affiliates (or any of the related parties of the foregoing, which includes employees of Freedom Mortgage
and the Manager and their families), on the other hand (each a “Principal Transaction”). The Manager is only authorized to execute Principal Transactions with the prior approval of a majority of the Company’s Independent
Directors and in accordance with applicable law. Such prior approval shall include approval of the pricing methodology to be used, including with respect to assets for which there are no readily available market prices. 

(e) Split Price Executions. The Manager is authorized to combine purchase or sale orders on the Company’s behalf together with
orders for Freedom Mortgage or any of its Affiliates and allocate the securities or other assets so purchased or sold, on an average price basis or other fair and consistent basis, among such accounts (collectively, “Split Price
Executions”). The Company acknowledges that the Manager, as a consequence of its affiliation with Freedom Mortgage, has a potentially conflicting division of loyalties and responsibilities regarding each party to a Split Price Execution.

 (f) Officers, Employees, Etc. Freedom Mortgage’s or the Manager’s members, stockholders, partners, officers,
employees and agents may serve as directors, officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as may be amended from time to time, or by any resolutions
duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or such other Subsidiary, such Persons shall use their respective titles
with respect to the Company or such Subsidiary. 
 (g) The Manager agrees to offer the Company the right to participate in all investment
opportunities that the Manager becomes aware of and determines, in its reasonable and good faith judgment based on the Company’s investment objectives, policies and strategies, and other relevant factors, are appropriate for the Company,
subject to the Company’s Investment Guidelines. 

  
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 (h) The Manager is authorized, for and on behalf, and at the sole cost and expense of the
Company, to employ such securities dealers for the purchase and sale of investment assets of the Company as may, in the good faith judgment of the Manager, be reasonably necessary for the best execution of such transactions taking into account all
relevant factors, including but not limited to such factors as the policies of the Company, price, dealer spread, the size, type and difficulty of the transaction involved, the firm’s general execution and operational facilities and the
firm’s risk in positioning the securities involved. Consistent with this policy, the Manager is authorized to direct the execution of the Company’s portfolio transactions to dealers and brokers furnishing statistical information, research
and other services deemed by the Manager to be useful or valuable to the performance of its investment advisory functions. Such services may be used by the Manager in connection with its advisory services for clients other than the Company, and such
arrangements may be outside the parameters of the “safe harbor” provided by Section 28(e) of the Exchange Act. 
 (i) The
Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or
“posted” commission rate, but will endeavor to be aware of the current level of charges of eligible broker-dealers and to minimize the expense incurred for effecting purchases, sales and other transactions to the extent consistent with the
interests and policies of the Company. Although the Manager will generally seek competitive commission rates, it is not required to pay the lowest commission or commission equivalent, provided that such decision is made in good faith to
promote the best interests of the Company. 
 (j) The Company agrees to take all actions reasonably required to permit and enable the
Manager to carry out its duties under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file in a timely manner any registration statement required to be filed by the Company or to deliver any
financial statements or other reports required to be delivered by the Company. The Company further agrees to use commercially reasonable efforts to make available to the Manager all resources, information and materials reasonably requested by the
Manager to enable the Manager to satisfy its obligations hereunder, including its obligations to deliver financial statements and any other information or reports with respect to the Company. If the Manager is not able to provide a service, or in
the reasonable judgment of the Manager it is not prudent to provide a service, without the approval of the Board of Directors or the Independent Directors, as applicable, then the Manager shall be excused from providing such service (and shall not
be in breach of this Agreement) until the applicable approval has been obtained; provided that the Manager shall use commercially reasonable efforts to promptly advise the Board of Directors in writing a reasonable period of time before any
requisite approval of the Board of Directors is required that the Manager is awaiting such approval. 
  

	 	4.	Agency; Authority. 

 (a) Directors, officers, employees and agents of the Manager
and its Affiliates may serve as directors, officers, agents, nominees or signatories for the Company or any of its Subsidiaries, to the extent permitted by their Governing Instruments and by this Agreement or any resolutions duly adopted by the
Board of Directors. 

  
 13 

 (b) In performing the services set forth in this Agreement, and subject to any limitations set
forth herein and the supervision and direction of the Board of Directors generally, the Manager may act as the agent of the Company in originating, acquiring, structuring, financing and disposing of Investments, disbursing and collecting the
Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company,
the Board of Directors, holders of the Company’s securities or the Company’s representatives or assets. 
 (c) In performing the
services set forth in this Agreement, as an agent of the Company, the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its obligations under this Agreement, including the
following powers, subject in each case to any limitations set forth herein including, without limitation, the Investment Guidelines, and the supervision of the Board of Directors generally: to purchase, exchange or otherwise acquire and to sell,
exchange or otherwise dispose of, any Investment in a public or private sale; to cause the Company and the Subsidiaries to open trading, clearing and brokerage accounts and other accounts and enter into agreements as shall be necessary or advisable
in connection with the Company’s business, operations and investment and trading activities; to execute Principal Transactions; to execute Split Price Executions; to borrow and, for the purpose of securing the repayment thereof, to pledge,
mortgage or otherwise encumber Investments; to purchase, take and hold Investments subject to mortgages, liens or other encumbrances; to extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any
Investment, irrespective of by whom the same were made; to foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity of any Investments, or to accept a deed in lieu of foreclosure; to join in a
voluntary partition of any Investment; to cause to be demolished any structures on any real estate Investment; to cause renovations and capital improvements to be made to any real estate Investment; to abandon any Investment deemed to be worthless;
to enter into joint ventures or otherwise participate in investment vehicles investing in Investments; to cause any real estate Investment to be leased, operated, developed, constructed or exploited; to cause the Company to indemnify third parties
in connection with contractual arrangements between the Company and such third parties; to obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and sound business practices in the
appropriate geographic area; to cause any property to be maintained in good state of repair and upkeep; and to pay the taxes, upkeep, repairs, carrying charges, maintenance and premiums for insurance; to use the personnel and resources of its
Affiliates in performing the services specified in this Agreement; to hire third-party service providers subject to and in accordance with Section 2(d); to designate and engage all third-party professionals and consultants to perform
services (directly or indirectly) on behalf of the Company or its Subsidiaries, including, without limitation, accountants, legal counsel and engineers; and to take any and all other actions as are necessary or appropriate in connection with the
Company’s Investments. 
 (d) The Manager shall be authorized to represent to third parties that it has the power to perform the
actions which it is authorized to perform under this Agreement. 

  
 14 

	 	5.	Bank Accounts. 

 The Manager may establish and maintain one or more Company
Accounts, collect and deposit funds into any such Company Account and disburse funds from any such Company Account, under such terms and conditions as the Board of Directors may approve. The Manager shall from time-to-time render appropriate
accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of Company or any Subsidiary. 
  

	 	6.	Books and Records; Confidentiality. 

 (a) Books and Records. The Manager
shall maintain appropriate books of account, records data and files (including without limitation, computerized material) (collectively, “Records”) relating to the Company and the Investments generated or obtained by the Manager in
performing its obligations under this Agreement, and such Records shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon one Business Day’s advance written notice.
The Manager shall have full responsibility for the maintenance, care and safekeeping of all Records. The Manager agrees that the Records are the property of the Company and the Manager agrees to deliver the Records to the Company upon the written
request of the Company. 
 (b) Confidentiality. The Manager shall keep confidential any and all non-public information, written
or oral, obtained by it in connection with the services rendered hereunder and shall not disclose Confidential Information, in whole or in part, to any Person other than to its Representatives who need to know such Confidential Information for the
purpose of rendering services hereunder, except that the Manager may disclose Confidential Information: (i) to Freedom Mortgage and its Affiliates; (ii) in accordance with the Services Agreement or any advisory agreement contemplated by
Section 2 hereunder; (iii) with the prior written consent of the Board of Directors; (iv) to legal counsel, accountants and other professional advisors; (v) to appraisers, creditors, financing sources, trading
counterparties, other counterparties, third-party service providers to the Company, and others (in each case, both those actually doing business with the Company and those with whom the Company seeks to do business) in the ordinary course of the
Company’s business; (vi) to governmental officials having jurisdiction over the Company; (vii) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors; or
(viii) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager is, in the opinion
of counsel, required to disclose Confidential Information, the Manager may disclose without liability hereunder only that portion of such information that its counsel advises is legally required; provided, that the Manager agrees to exercise
its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions
hereof any Confidential Information that (A) is available to the public from a source other than the Manager not resulting from the Manager’s violation of this Section 6(b), (B) is released in writing by the Company to the
public or to persons who are not under similar obligation of confidentiality to the Company or (C) is obtained by the Manager from a third-party without breach by such third-party of an obligation of confidence with respect to the Confidential
Information disclosed. The Manager agrees to inform each of its 

  
 15 

 
Representatives of the non-public nature of the Confidential Information and to direct such Persons to treat such Confidential Information in accordance with the terms hereof. The provisions of
this Section 6(b) shall survive the expiration or earlier termination of this Agreement for a period of one year. 
  

	 	7.	Obligations of Manager; Restrictions. 

 (a) Internal Control. The Manager
shall (i) establish and maintain a system of internal accounting and financial controls designed to provide reasonable assurance of the reliability of financial reporting, the effectiveness and efficiency of operations and compliance with
applicable laws, (ii) maintain records for each Company Investment on a GAAP basis, (iii) develop accounting entries and reports required by the Company to meet its reporting requirements under applicable laws, (iv) consult with the
Company with respect to proposed or new accounting/reporting rules identified by the Manager or the Company and (v) upon the Company becoming subject to annual and quarterly financial reporting obligations under the Exchange Act or in order to
comply with the information requirements under Rule 144A under the Securities Act, as applicable, prepare quarterly and annual financial statements as soon as practicable after the end of each such period as may be reasonably requested and
general ledger journal entries and other information necessary for the Company’s compliance with applicable laws and in accordance with GAAP and cooperate with the Company’s independent accounting firm in connection with the auditing or
review of such financial statements, the cost of any such audit or review to be paid by the Company. 
 (b) Restrictions. 

(i) The Manager acknowledges that the Company intends to conduct its operations so as not to become regulated as an investment company under
the Investment Company Act, and agrees to use commercially reasonable efforts to cooperate with the Company’s efforts to conduct its operations so as not to become regulated as an investment company under the Investment Company Act. The Manager
shall refrain from any action that, in its reasonable judgment made in good faith, (a) is not in compliance with the Investment Guidelines, (b) would cause the Company to fail to maintain its exclusion from status as an investment company
under the Investment Company Act, (c) would cause the Company to fail to qualify as a REIT or (d) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or that would otherwise not
be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would
adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. 
 (ii) The Manager shall require
each seller or transferor of investment assets to the Company to make such representations and warranties regarding such assets as may, in the reasonable judgment of the Manager, be necessary and appropriate or as may be advised by the Board of
Directors and consistent with standard industry practice. In addition, the Manager shall take such other action as it deems necessary or appropriate or as may be advised by the Board of Directors and consistent with standard industry practice with
regard to the protection of the Investments. 

  
 16 

 (iii) The Company shall not invest in joint ventures with the Manager or any Affiliate thereof,
unless (a) such investment is made in accordance with the Investment Guidelines and (b) such investment is approved in advance by a majority of the Independent Directors. For the avoidance of doubt, allocating or splitting of Investments
among the Company and other funds, accounts or entities managed by Affiliates of the Manager will not be deemed to be joint ventures. 
 (c)
Board of Directors Review and Approval. The Board of Directors will periodically review the Investment Guidelines and the Company’s portfolio of Investments but will not be required to review each proposed Investment;
provided that the Company may not, and the Manager may not cause the Company to, acquire any Investment, sell any Investment, or engage in any co-investment that, pursuant to the terms of this Agreement, the Compliance Policies or the
Company’s conflicts of interest policy, requires the approval of a majority of the Board of Directors or Independent Directors unless such transaction has been so approved. If a majority of the Board of Directors determine that a particular
transaction does not comply with the Investment Guidelines, then a majority of the Board of Directors will consider what corrective action, if any, is appropriate. The Manager shall have the authority to take, or cause the Company to take, any such
corrective action specified by a majority of the Board of Directors. The Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence approval of the Board of Directors with respect to a proposed Investment. 

(d) Investment and Risk Management Committee. The Manager shall maintain an investment and risk management committee (the
“Investment and Risk Management Committee”). The Investment and Risk Management Committee shall advise and consult with the Manager with respect to the Company’s investment policies, investment portfolio holdings, financing and
leveraging strategies and the Investment Guidelines. Members of the Investment and Risk Management Committee may meet from time to time with the Board of Directors to review and discuss the Company’s investment policies, investment portfolio
holdings, hedging positions and strategies, financing and leveraging strategies and any risk parameters. 
 (e) Insurance. The
Manager shall obtain, as soon as reasonably practicable, and shall thereafter maintain “errors and omissions” insurance coverage and such other insurance coverage which is customarily carried by managers performing functions similar to
those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets. 

(f) Tax Filings. The Manager shall (i) assemble, maintain and provide to the Tax Preparer information and data required for the
preparation of federal, state, local and foreign tax returns, any audits, examinations or administrative or legal proceedings related thereto or obligations of the Company and its Subsidiaries, (ii) supervise the preparation and filing
of such tax returns, the conduct of such audits, examinations or proceedings and the prosecution or defense of such rights, (iii) provide factual data reasonably requested by the Tax Preparer or the Company with respect to tax matters,
(iv) assemble, record, organize and report to the Company data and information with respect to the Investments relative to taxes and tax returns in such form as may be reasonably requested by the Company, (v) supervise the Tax Preparer in
connection with the preparation, filing or delivery to appropriate persons, of applicable tax 

  
 17 

 
information reporting forms with respect to the Investments and the Common Stock (including, without limitation, information reporting forms, whether on Form 1099 or otherwise with respect to
sales, interest received, interest paid, dividends paid and other relevant transactions); it being understood that, in the context of the foregoing, the Company shall rely on its own tax advisers in the preparation of its tax returns and the conduct
of any audits, examinations or administrative or legal proceedings related thereto and that, without limiting the Manager’s obligation to provide the information, data, reports and other supervision and assistance provided herein, the Manager
will not be responsible for the preparation of such returns or the conduct of such audits, examinations or other proceedings. 
 (g) The
Manager agrees to be bound by the Company’s business code of conduct and ethics, insider trading policy and other compliance and governance policies and procedures applicable to the Manager and its officers, directors, members and employees
that are adopted from time-to-time by the Board of Directors (if any), including those required under the Exchange Act, the Securities Act or by a National Securities Exchange (collectively, the “Code of Conduct”). The Manager shall
use commercially reasonable efforts to cause any Persons who provide services to the Company (including employees of Freedom Mortgage) or are involved in the business and affairs of the Company, to comply with the provisions of such Code of Conduct
to the extent that the Manager reasonably deems it to be applicable to such person’s activities. 
  

	 	8.	Compensation. 

 (a) Management Fee. With respect to each fiscal quarter
commencing with the fiscal quarter in which the closing of the Initial Public Offering shall occur, the Manager shall receive a management fee equal to the Quarterly Management Fee Amount. Within 45 days following the last day of each fiscal
quarter, the Manager shall make available the quarterly calculation of the management fee to the Company with respect to such fiscal quarter, and the Company shall pay the Manager the management fee for such fiscal quarter in cash within ten
Business Days thereafter; provided, however, that such management fee may be offset by the Company against amounts due to the Company by the Manager. 

(b) Notwithstanding the provisions of Section 8(a), in the event that the Company acquires or invests in an equity interest in a
securitization trust or a participating interest at issuance in the debt securities of an issuer of debt for which the Manager or any of its Affiliates has received a management fee, an origination fee or a structuring fee, then in each such case
the Quarterly Management Fee Amount payable by the Company to the Manager will in the aggregate be reduced by (or the Manager will otherwise rebate to the Company) an amount equal to the portion of any management fees, origination fees or
structuring fees payable to the Manager or its Affiliates that is allocable to the Company’s equity investment or participating interest, as the case may be, in such securitization trust or debt securities for the same periods. 

(c) For the avoidance of doubt, the fee paid by the Manager under the Services Agreement or any other sub-advisory agreement (if any) shall
not constitute an expense reimbursable by the Company under this Agreement or otherwise. 

  
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	 	9.	Expenses. 

 (a) The Company shall bear all of its operating expenses and,
commencing with the calendar month in which the Initial Public Offering shall have been completed, the Company shall reimburse the Manager for expenses of the Manager incurred on behalf of the Company, except those specifically required to be borne
by the Manager under this Agreement or any underwriting agreement or structuring fee agreement entered into by the Company and the Manager in connection with the Initial Public Offering; provided, however, that any such costs and expenses
borne by the Manager in respect of compensation payable to Affiliates of the Manager to be reimbursed by the Company are no greater than those that would be payable to outside professionals or consultants engaged to perform such services pursuant to
agreements negotiated on an arms-length basis. The Manager may only be reimbursed by the Company for expenses incurred by Freedom Mortgage pursuant to the Services Agreement to the extent that such expenses would be reimbursable expenses in
accordance with this Section 9 if incurred by the Manager. The expenses required to be borne by the Company include, but are not limited to: 

(i) issuance and transaction costs incident to the acquisition, ownership, disposition and financing of Investments including but not limited
to brokerage commissions, expenses relating to short sales, clearing and settlement charges, custodial fees, bank service fees, interest expense, withholding and transfer fees, taxes, research related expenses, third-party valuation and pricing
services, professional and consulting fees (including, without limitation, expenses of consultants and experts) relating to Investments and other expenses related to the purchase or sale of the Investments); 

(ii) legal, regulatory, compliance, tax, accounting, consulting, auditing, administrative fees and expenses and fees and expenses for other
similar services rendered to the Company by third-party service providers retained by the Manager; 
 (iii) the compensation and expenses of
the Company’s directors and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (iv) the costs
associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing costs, etc.); 

(v) subject to Section 9(e) below, expenses associated with securities offerings of the Company, including an Initial Public Offering;

 (vi) expenses relating to the payment of distributions; 

(vii) expenses connected with communications to holders of the Company’s securities in maintaining relations with holders of such
securities and in complying with the continuous reporting and other requirements of the Exchange Act, the SEC and other governmental bodies; 

(viii) transfer agent, registrar and exchange listing fees; 

  
 19 

 (ix) the costs of printing and mailing proxies, reports and other materials to the Company’s
stockholders; 
 (x) costs associated with any research, data, data services, computer software or hardware, electronic equipment, or
purchased information technology services from third-party vendors; 
 (xi) reasonable costs and out of pocket expenses incurred on the
Company’s behalf by directors, managers, trustees, officers, employees or other agents of the Manager for travel in connection with the services provided hereunder; 

(xii) the Company’s allocable share of any costs and expenses incurred by the Manager or its Affiliates with respect to market
information systems and publications, research publications and materials; 
 (xiii) settlement, clearing, trade confirmation and
reconciliation, and custodial fees and expenses; 
 (xiv) all taxes and license fees; 

(xv) all insurance costs incurred with respect to insurance policies obtained in connection with the operation of the Company’s business,
including but not limited to insurance covering activities of the Manager and its employees relating to the performance of the Manager’s duties and obligations under this Agreement; 

(xvi) costs and expenses incurred in contracting with third parties for the servicing and special servicing of assets of the Company; 

(xvii) all other actual out of pocket costs and expenses relating to the Company’s business and investment operations, including, without
limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 

(xviii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any
Subsidiary, or against any director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such director or officer by any court or governmental agency, or settlement
of pending or threatened proceedings; 
 (xix) the costs of maintaining compliance with all federal, state and local rules and regulations,
including securities regulations, or any other regulatory agency, all taxes and license fees and all insurance costs incurred on the Company’s behalf relating to the Company’s activities; 

(xx) expenses relating to any office or office facilities, including disaster backup recovery sites and facilities, maintained expressly for
the Company and separate from offices of the Manager and reasonably required for the Company’s operation; 

  
 20 

 (xxi) the costs of the wages, salaries and benefits incurred by the Manager with respect to any
Dedicated Officers that the Manager elects to provide to the Company pursuant to Section 3(b) above; provided that (A) if the Manager elects to provide a partially Dedicated Officer rather than a fully Dedicated Officer, the
Company shall be required to bear only a pro rata portion of the costs of the wages, salaries and benefits incurred by the Manager with respect to such personnel based on the percentage of their working time and efforts spent on matters
related to the Company and (B) the amount of such wages, salaries and benefits paid or reimbursed with respect to the Dedicated Officers or the partially Dedicated Officers shall be subject to the approval of the Compensation Committee of the
Board of Directors; 
 (xxii) costs associated with the Company’s marketing materials, advertising, industry group activities (such as
conference participations and industry organization memberships) and other promotional efforts designed to promote the Company’s business; 

(xxiii) costs of maintaining the Company’s website; and 

(xxiv) all other costs and expenses approved by the Board of Directors. 

(b) Other than as expressly provided above, the Company will not be required to pay any portion of the rent, telephone, utilities, office
furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates. In particular, the Manager is not entitled to be reimbursed for wages, salaries and benefits of its officers and employees, other
than as described in Section 9(a)(xxi) above. 
 (c) To the extent the Manager (or Freedom Mortgage pursuant to the Services
Agreement) incurs any expense in connection with the performance of its duties hereunder (or under the Services Agreement) which (x) benefits the Company and any other funds, entities or accounts that are managed by an Affiliate of the Manager
or Freedom Mortgage and (y) is reimbursable by the Company under this Agreement, such expense shall be allocated among the Company and such other funds, entities or accounts in a manner determined in good faith by the Manager to reflect the
relative benefits to the Company and such funds, entities or accounts resulting from such expense, including, for example, in the case of an expense related to a particular asset, in proportion to the amount of each entity’s investment in such
asset and, in the case of most other expenses, in proportion to the relative net asset values of the entities that are benefited. 
 (d)
Subject to any required Board of Directors approval, the Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of non-Affiliate third-party accountants, legal counsel, appraisers, insurers, brokers,
transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company in accordance with the
authorities granted to the Manager pursuant to this Agreement. The provisions of this Section 9 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are
incurred in connection with such expiration or termination. 

  
 21 

 (e) Notwithstanding any provision of this Agreement to the contrary, the Manager is not entitled
to be reimbursed for amounts payable or paid by the Manager (i) to the underwriters of the Initial Public Offering pursuant to any underwriting agreement or structuring fee agreement related thereto; and (ii) in respect of expenses related
to the Initial Public Offering in excess of the lesser of (A) 1.5% of the gross proceeds of the Initial Public Offering and the concurrent private placement of Common Stock contemplated in connection therewith and (B) $2,250,000. 

 

	 	10.	Expense Reports and Reimbursements. 

 (a) The Manager shall prepare a written
statement of account in reasonable detail documenting the costs and expenses to be reimbursed by the Company, and deliver the same to the Company within ten days following the end of the applicable calendar month. Such expenses incurred by the
Manager on behalf of the Company shall be reimbursed by the Company within 15 days following delivery of the expense statement by the Manager. 

(b) Any costs and expense reimbursements by the Company in accordance with Section 10(a) shall be subject to adjustment at the end
of each calendar year in connection with the annual audit of the Company. In connection therewith, the Manager shall prepare and deliver to the Company within 30 days after the conclusion of each such annual audit, a list of adjustments made as a
result of, or in preparation for, the audit. The Board of Directors shall determine, within 30 days after receipt of such list, whether funds should be refunded by the Manager to the Company or paid by the Company to the Manager, or if any accruals
for the next fiscal year should be adjusted, provided, however, that if the Manager owes a refund to the Company, such amount may be offset by the Company against the next installment of the Quarterly Management Fee Amount due hereunder. 

(c) The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement to the extent such
expenses have previously been incurred or are incurred in connection with such expiration or termination. 
  

	 	11.	Limits of Manager Responsibility; Indemnification. 

 (a) Pursuant to this
Agreement, the Manager will not assume any responsibility other than to render the services called for hereunder in good faith and will not be responsible for any action of the Board of Directors in following or declining to follow the
Manager’s advice or recommendations. The Manager, Freedom Mortgage, each of their respective Affiliates and the officers, directors, managers, members, shareholders, partners, Investment and Risk Management Committee members, employees, agents,
successors and assigns of any of them (each, a “Manager Indemnified Party”) shall not be liable to the Company for any acts or omissions by any such Manager Indemnified Party arising out of or in connection with the Company or
pursuant to the performance of the Manager’s duties and obligations under this Agreement, except by reason of acts or omissions found by a court of competent jurisdiction (“Judicially Determined”) to be due to the bad faith,
gross negligence, willful misconduct, fraud or reckless disregard of duties by the Manager Indemnified Party. Notwithstanding any of the foregoing to the contrary, the provisions of this Section 11(a) shall not be construed so as to
provide for the exculpation of any Manager Indemnified Party for any liability (including 

  
 22 

 
liability under Federal securities laws which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such liability
may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 11(a) to the fullest extent permitted by law. For the avoidance of doubt, none of the Manager
Indemnified Parties will be liable to the Company for: (i) trade errors that may result from ordinary negligence that are otherwise taken in good faith and in accordance with or pursuant to this Agreement, including, but not limited to, errors
in the investment-decision process (e.g., a transaction was effected in violation of the Company’s Investment Guidelines) or in the trade process (e.g., a buy order was entered instead of a sell order or the wrong security was
purchased or sold or the security was purchased or sold at the wrong price); or (ii) acts or omissions of any Manager Indemnified Party made or taken in good faith, in accordance with or pursuant to this Agreement and in reliance on written
advice provided to such Manager Indemnified Party by professional consultants selected, engaged or retained by the Manager with commercially reasonable care, including, without limitation, counsel, accountants, investment bankers, financial advisers
and appraisers, provided that such written advice relates to matters which are not customarily the expertise of an investment manager providing services substantially similar to those to be provided by the Manager to the Company pursuant to
this Agreement, or such written advice relates to matters about which an investment manager would customarily seek such advice in the ordinary course of business. Notwithstanding the foregoing, no provision of this Agreement will constitute a waiver
or limitation of the Company’s rights under federal or state securities laws. 
 (b) To the fullest extent permitted by law, the
Company shall indemnify, defend and hold harmless each Manager Indemnified Party from and against any and all costs, losses, claims, damages, liabilities, expenses (including reasonable legal and other professional fees and disbursements),
judgments, fines and settlements (collectively, “Indemnification Obligations”) suffered or sustained by such Manager Indemnified Party by reason of (i) any acts or omissions or alleged acts or omissions arising out of or in
connection with the Company or performed by a Manager Indemnified Party in good faith and in accordance with or pursuant to the Manager’s duties under this Agreement (including, for the avoidance of doubt, the Post-Termination Transition
Assistance) and (ii) any and all claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative), actual or threatened, in which such Manager Indemnified Party may be involved, as a party or otherwise, arising
out of or in connection with such Manager Indemnified Party’s acts or omissions performed in good faith and in accordance with or pursuant to this Agreement (including, for the avoidance of doubt, the Post-Termination Transition Assistance),
except to the extent such Indemnification Obligations constitute such Manager Indemnified Party’s bad faith, gross negligence, willful misconduct, fraud or reckless disregard of the Manager’s duties under this Agreement. The termination of
a proceeding by settlement or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that such Manager Indemnified Party’s conduct constituted bad faith, gross negligence, willful misconduct, fraud
or reckless disregard of the Manager’s duties hereunder. 
 (c) To the fullest extent permitted by law, the Manager hereby agrees to
indemnify, defend and hold harmless the Company and its Subsidiaries and each of their respective directors, officers, employees, managers and agents (each a “Company Indemnified Party”; a Manager Indemnified Party and a Company
Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) with respect to all Indemnification Obligations suffered or 

  
 23 

 
sustained by such Company Indemnified Party by reason of (i) acts or omissions or alleged acts or omissions of the Manager constituting bad faith, willful misconduct or gross negligence of
the Manager, Freedom Mortgage or their respective officers, employees, managers or agents or the reckless disregard of the Manager’s duties under this Agreement or (ii) claims by Freedom Mortgage’s or the Manager’s employees
relating to the terms and conditions of their employment with Freedom Mortgage or the Manager. 
 (d) In case any claim, suit, action or
proceeding is brought against any Indemnified Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto (such claim, suit, action or proceeding, a “Claim”), the Indemnified Party shall give
prompt written notice thereof to the indemnifying party, which notice shall specifically state that indemnification for such Claim is being sought under this Section; provided, however, that the failure of the Indemnified Party to so notify
the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have hereunder, except to the extent such failure actually and materially prejudices the indemnifying party. Upon receipt of such
notice of Claim, the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party
pursuant to the next succeeding sentence of this Section, also represent the indemnifying party in such investigation, action or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such
Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially prejudicial to the Indemnified Party’s interests, (ii) the indemnifying party refuses to assume the defense (or fails to
give written notice to the Indemnified Party within ten days of receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable
judgment, to defend the Claim in good faith; provided that the Indemnified Party notifies the indemnifying party of its election to conduct the defense of the Claim. The indemnifying party may settle any Claim against such Indemnified Party
without such Indemnified Party’s consent, provided (i) such settlement is without any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever to the Indemnified Party, (ii) the settlement does not
include or require any admission of liability or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for such Indemnified Party from the party to the Claim with whom such
settlement is being made, which release must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such Claim. The
Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof. If such Indemnified
Party is entitled pursuant to this Section to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into by such Indemnified
Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section without the indemnifying party’s prior written consent. 

(e) Reasonable expenses (including attorney’s fees) incurred by an Indemnified Party in defense or settlement of a Claim shall be
advanced by the indemnifying party as such 

  
 24 

 
expenses are incurred prior to the final disposition of such Claim; provided that, such Indemnified Party undertakes to repay such amounts if it shall be Judicially Determined that the
Indemnified Party was not entitled to be indemnified hereunder. 
 (f) The Indemnified Party shall use commercially reasonable efforts to
seek recovery under any insurance policies by which such Indemnified Party is covered and if such Indemnified Party recovers any amounts under any insurance policies, it shall be offset against the amount owed by the indemnifying party;
provided such efforts to seek such recovery shall not be deemed a condition precedent to indemnification hereunder. If the Indemnified Party fails to seek such recovery, the indemnifying party shall be subrogated to the rights of the
Indemnified Party under any applicable insurance policy of the Indemnified Party, and shall be entitled to recover under such policy up to the amount owed or paid by the indemnifying party to the Indemnified Party. 

(g) The provisions of this Section 11 shall survive the expiration or earlier termination of this Agreement. 

 

	 	12.	No Joint Venture. 

 The Company and the Manager are not partners or joint
venturers with each other and nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them. 

 

	 	13.	Term; Termination. 

 (a) Term. This Agreement shall remain in full
force until the third anniversary of the closing of the Initial Public Offering, unless terminated by the Company or Manager as set forth below, and shall be renewed automatically for successive one year periods thereafter, until this Agreement is
terminated in accordance with the terms hereof. 
 (b) Non-Renewal. Either party may elect not to renew this Agreement at the
expiration of the initial term or any renewal term for any or no reason by notice to the other party at least 180 days, but not more than 270 days, prior to the end of the term. Upon a non-renewal of this Agreement by the Company pursuant to this
section, the Company will pay the Manager the Termination Fee. 
 (c) Termination by the Company for Cause. At the option of the
Company and at any time during the term of this Agreement, this Agreement shall be and become terminated upon 30 days’ written notice of termination from the Company to the Manager, without payment of the Termination Fee, if any of the
following events shall occur: 
 (i) the Manager, its Affiliates or Freedom Mortgage shall commit a material breach of any provision of this
Agreement (including the failure of the Manager to use commercially reasonable efforts to comply with the Company’s Investment Guidelines), which such material breach continues uncured for a period of 30 days after written notice of such
breach; 

  
 25 

 (ii) the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against
the Company or any Subsidiary or acts, or fails to act, in a manner constituting willful misconduct, gross negligence or reckless disregard in the performance of its duties under this Agreement; provided, however, that if any such act or
omission is committed by one or more employees of the Manager taken without the complicity of the Manager, Freedom Mortgage, any of their Affiliates or their respective directors or principals, the Company shall not have the right to terminate this
Agreement if (A) such employees have been terminated within 30 days after the Manager’s actual knowledge of such act or omission, and (B) such employees or Freedom Mortgage has, within 30 days after the Manager’s actual knowledge
of such act or omission, made the Company whole for any loss arising from such act or omission and has otherwise cured the damage caused by such act or omission; 

(iii) the Manager, Freedom Mortgage or any Affiliate of Freedom Mortgage involved in providing services to the Company is convicted of, or
pleads nolo contendere to, a felony violation of any U.S. securities laws; 
 (iv) (A) the Manager or Freedom Mortgage shall commence
any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking
appointment of a receiver, director, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Manager or Freedom Mortgage shall make a general assignment for the benefit of its creditors; or
(B) there shall be commenced against the Manager or Freedom Mortgage any case, proceeding or other action of a nature referred to in clause (A) above which (1) results in the entry of an order for relief or any such adjudication or
appointment or (2) remains undismissed, undischarged or unbonded for a period of 90 days; or (C) the Manager or Freedom Mortgage shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of
the acts set forth in clause (A) or (B) above; or (D) the Manager or Freedom Mortgage shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(v) upon a Change of Control of the Manager; or 

(vi) the Manager shall fail to provide or procure adequate or appropriate personnel necessary for the Manager to source investment
opportunities for the Company and to manage and develop the Company’s portfolio; provided, that such default has continued uncured for a period of 60 days after written notice thereof, which notice shall contain a request that the same
be remedied; and provided further, that if the Manager, Freedom Mortgage and their Affiliates collectively employ at least 50 employees, then the Manager will be deemed to have adequate and appropriate personnel. 

(d) Termination by the Company Based on Performance. The Board of Directors will review the Manager’s performance annually at
the Board’s regularly scheduled meeting during the Company’s third fiscal quarter, and, within 30 days after such Board meeting, this Agreement may be terminated, pursuant to the delivery of notice as specified in this

  
 26 

 
Section 13(d) below, upon either the affirmative vote of at least two-thirds of the members of the Board of Directors or the affirmative vote of the holders of at least a majority of
the outstanding Common Stock, based upon unsatisfactory performance by the Manager that is materially detrimental to the Company or a determination by the Independent Directors that the management fees payable to the Manager hereunder are not fair,
subject to the Manager’s right to prevent such a termination by accepting a mutually acceptable reduction of such management fees. The Company must provide at least 60 days’, but not more than 120 days’, prior notice to the Manager of
any termination under this Section 13(d). Upon a termination of this Agreement pursuant to this Section 13(d), the Company will pay the Manager the Termination Fee. 

(e) Termination by Manager. 

(i) The Manager may terminate this Agreement effective upon 60 days prior written notice of termination to the Company in the event that
the Company shall default in the performance or observance of any material term, condition or covenant in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and requesting
that the same be remedied in such 30 day period. The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 13(e)(i). 

(ii) The Manager may terminate this Agreement in the event that the Company becomes regulated as an investment company under the Investment
Company Act, with such termination deemed to occur immediately prior to such event. The Company is not required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 13(e)(ii).

 (f) Termination Related to Internalization Event. The Company and the Manager shall terminate this Agreement without payment of
any Termination Fee pursuant to the consummation of an Internalization Event. 
  

	 	14.	Action Upon Termination or Expiration of Term. 

 (a) From and after the effective
date of termination or assignment of this Agreement pursuant to Sections 13 and 15 herein, the Manager shall not, subject to Section 14(b) below, be entitled to compensation for further services under this Agreement
but shall be paid all compensation and reimbursable expenses accruing to the date of termination, and the Termination Fee, if applicable. For the avoidance of doubt, if the date of termination occurs other than at the end of a fiscal quarter,
compensation to the Manager accruing to the date of termination shall also include: management fees equal to the Quarterly Management Fee Amount for such final fiscal quarter, taking into account only the portion of such final fiscal quarter that
this Agreement was in effect, and with appropriate adjustments to all relevant definitions. Upon such termination or expiration, the Manager shall promptly: 

(i) after deducting any accrued compensation and reimbursement for expenses to which the Manager is then entitled, pay over to the Company all
money collected and held for the account of the Company or any Subsidiary pursuant to this Agreement; 

  
 27 

 (ii) deliver to the Board of Directors a full accounting, including a statement showing all
payments collected and all money held by the Manager, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company and through the termination date; and 

(iii) deliver to the Board of Directors all property and documents of the Company and any Subsidiary then in the Manager’s possession or
custody or under its control; provided, however, that the Manager shall have the right to retain copies of any documents and records solely to the extent necessary to comply with the Manager’s bona fide record retention policy or any
regulations applicable to the Manager. 
 (b) In connection with any termination of this Agreement pursuant to Section 13, the
Manager shall use reasonable efforts to cooperate with the Company or any persons or entity designated by the Board of Directors to succeed the Manager as the manager of the Company (a “Successor Manager”) to accomplish an orderly
transfer of the operation and management of the Company and its investment activities to such Successor Manager. For a period of thirty (30) days after the effective date of any termination of this Agreement pursuant to Section 13,
the Manager shall be available, through its officers, during normal business hours and not to exceed a total of 15 hours during any week within such 30 day period, to answer questions from and consult with the Company or designated representatives
of any Successor Manager with respect to the Company’s business, operations and investment activities during the period prior to the termination (“Post-Termination Transition Assistance”). The Manager shall receive payment of a
cash fee for any time spent providing Post-Termination Transition Assistance in an amount equal to $500 per hour. Notwithstanding anything in this Section 14(b) to the contrary, the definition of Post-Termination Transition Assistance
shall not include any of the Manager’s responsibilities pursuant to Section 14(a), and the Manager shall not be compensated for any time spent by the Manager’s officers to comply with Section 14(a). 

 

	 	15.	Assignment. 

 The Manager may not assign its duties under this Agreement unless
such assignment is consented to in writing by a majority of the Company’s Independent Directors. However, the Manager may assign to one or more of its Affiliates performance of any of its responsibilities hereunder without the approval of the
Company’s Independent Directors so long as the Manager remains liable for any such Affiliate’s performance hereunder and such assignment does not require the Company’s approval under the Investment Advisers Act of 1940. Any permitted
assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as the manager. 

 

	 	16.	Release of Money or other Property Upon Written Request. 

 The Manager agrees that
any money or other property of the Company or any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or any Subsidiary, and the Manager’s records shall be clearly and appropriately
marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company 

  
 28 

 
requesting the Manager to release to the Company any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release such money or
other property to the Company within a reasonable period of time, but in no event later than 30 days following such request. Upon delivery of such money or other property to the Company, the Manager, Freedom Mortgage, and their Affiliates,
directors, officers, managers, members and employees will not be liable to the Company or its stockholders for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with the terms
hereof. The Company shall indemnify the Manager, Freedom Mortgage, and their Affiliates, officers, directors, Investment and Risk Management Committee members, partners, members, employees, agents and successors and assigns against any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever which arise in connection with the Manager’s release of such money or other property to the Company in accordance with the terms of this
Section 16. Indemnification pursuant to this Section 16 shall be in addition to any right of the Manager to indemnification under Section 11 and shall survive the termination of this Agreement. 

 

	 	17.	Notices. 

 (a) Unless expressly provided otherwise in this Agreement, all notices,
requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of personal delivery,
delivery by a reputable overnight courier, delivery by facsimile transmission but only if such transmission is confirmed, or delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(i)	if to the Company and any of the Subsidiaries, to: 

 Cherry Hill Mortgage Investment
Corporation 
 301 Harper Drive, Suite 110 

Moorestown, New Jersey 08057 

Attn: Chief Financial Officer 

Facsimile: (877) 870-7005 

with a copy to: 
 Daniel M.
LeBey 
 Hunton & Williams LLP 

Riverfront Plaza, East Tower 

951 East Byrd Street 
 Richmond,
Virginia 23219-4074 
 Facsimile: (804) 343-4543); 

and 
  

	 	(ii)	if to the Manager, to: 

 Cherry Hill Mortgage Management, LLC 

301 Harper Drive, Suite 110 

Moorestown, New Jersey 08057 

Attn: Stanley C. Middleman 

Facsimile: (877) 870-7005. 

  
 29 

 (b) Any party may change the address to which communications or copies are to be sent by giving
notice of such change of address in conformity with the provisions of this Section 17 for the giving of notice. 
  

	 	18.	Binding Nature of Agreement; Successors and Assigns. 

 This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

 

	 	19.	Entire Agreement; Amendments. 

 This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified,
supplemented or amended other than by an agreement in writing signed by the parties hereto. 
  

	 	20.	Governing Law; Jurisdiction. 

 This Agreement and all questions relating to its
validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York without giving effect to such state’s laws and principles regarding the
conflict of interest laws (other than Section 5-1401 of the general obligations Law of the State of New York). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the borough of Manhattan or the United States District Court located in the Southern District of New York, and the appellate courts to which orders and judgments thereof may be appealed, for the purpose of any action
or judgment relating to or arising out of this Agreement or any of the transactions contemplated hereby and to the laying of venue in such court. 
  

	 	21.	Waiver of Jury Trial. 

 EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH
PARTY 

  
 30 

 
MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. 
  

	 	22.	Indulgences, Not Waivers. 

 Neither the failure nor any delay on the part of a
party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No
waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
  

	 	23.	Titles Not to Affect Interpretation. 

 The titles of sections, paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. 

 

	 	24.	Execution in Counterparts. 

 This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
  

	 	25.	Severability. 

 The provisions of this Agreement are independent of and separable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

 

	 	26.	Principles of Construction. 

 Words used herein regardless of the number and
gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. All references to recitals, sections, paragraphs and schedules are
to the recitals, sections, paragraphs and schedules in or to this Agreement unless otherwise specified. 
 [SIGNATURE PAGE FOLLOWS]

  
 31 

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

			
	THE COMPANY:
	
	CHERRY HILL MORTGAGE INVESTMENT CORPORATION
		
	By:	 	 /s/ Martine J. Levine

	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer
	
	THE SUBSIDIARIES:
	
	CHERRY HILL OPERATING PARTNERSHIP, LP
		
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner
		
	By:	 	 /s/ Martine J. Levine

	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer
	
	CHERRY HILL QRS I, LLC
	CHERRY HILL TRS, LLC
		
	By:	 	Cherry Hill Operating Partnership, LP, its member
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner
		
	By:	 	 /s/ Martine J. Levine

	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer

 [Signature Page to Management Agreement] 

 
			
	CHERRY HILL QRS II, LLC
		
	By:	 	Cherry Hill QRS I, LLC, its member
	By:	 	Cherry Hill Operating Partnership, LP, its member
	By:	 	Cherry Hill Mortgage Investment Corporation, its general partner
		
	By:	 	 /s/ Martine J. Levine

	Name:	 	Martine J. Levine
	Title:	 	Chief Financial Officer
	
	THE MANAGER:
	
	CHERRY HILL MORTGAGE MANAGEMENT LLC
		
	By:	 	 /s/ Stanley C. Middleman

	Name:	 	Stanley C. Middleman
	Title:	 	Chief Executive Officer

 [Signature Page to Management Agreement] 

 Exhibit A 

INVESTMENT GUIDELINES OF 

CHERRY HILL MORTGAGE INVESTMENT CORPORATION 

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in that Amended and Restated Management Agreement,
dated as of September [    ], 2013, as may be amended from time to time (the “Management Agreement”), by and among Cherry Hill Mortgage Investment Corporation (the “Company”), the Company’s
Subsidiaries and Cherry Hill Mortgage Management, LLC (the “Manager”). 
  

	 	(a)	No investment shall be made that would cause the Company to fail to qualify as a REIT under the Internal Revenue Code of 1986, as amended; 

 

	 	(b)	No investment shall be made that would cause the Company or any of the Subsidiaries to be regulated as an investment company under the Investment Company Act; 

 

	 	(c)	The Company shall not enter into Principal Transactions or Split Price Executions with Freedom Mortgage or any of its Affiliates unless (i) such transaction is otherwise in accordance with these guidelines and the
Management Agreement and (ii) the terms of such transaction are at least as favorable to the Company as to Freedom Mortgage or such Affiliate (as applicable); 

 

	 	(d)	Any proposed material investment that is outside those targeted or other asset classes or targeted platforms or opportunities mentioned or otherwise described in or contemplated by any prospectus used in an Initial
Public Offering or other disclosure package used in connection with any securities offering by the Company must be approved by at least a majority of the Independent Directors. 

These investment guidelines may be changed by the Company’s Board of Directors without the approval of its stockholders. 

  
 Exhibit A-1EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of September 16, 2013, is made and entered into
by and among ROI Acquisition Corp. II, a Delaware corporation (the “Company”), GEH Capital, Inc., a Delaware corporation (the “Sponsor”), and the undersigned parties listed under Holder on the
signature page hereto (each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and
collectively the “Holders”). 
 RECITALS 

WHEREAS, the Company and the Sponsor have entered into that certain Securities Purchase Agreement (the “Founder Shares
Purchase Agreement”), dated as of June 28, 2013, pursuant to which the Sponsor purchased an aggregate of 3,593,750 shares (the “Founder Shares”) of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”); and 
 WHEREAS, the Sponsor, Thomas A. Baldwin and Joseph De Perio entered into
that certain Securities Assignment Agreement, dated as of August 22, 2013, pursuant to which the Sponsor transferred an aggregate of 343,750 Founder Shares to Thomas A. Baldwin and Joseph De Perio for an aggregate purchase price of $2,391.30;
and  
 WHEREAS, on June 18, 2013, the Company and the Sponsor entered into that certain Private Placement Warrants
Purchase Agreement, as amended and restated as of August 19, 2013 (the “Private Placement Warrants Purchase Agreement”), pursuant to which the Sponsor agreed to purchase 8,000,000 warrants (or up to 8,750,000
warrants if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (the “Private Placement Warrants”), in a private placement transaction occurring simultaneously with
the closing of the Company’s initial public offering; and 
 WHEREAS, the Company and the Holders desire to enter into this
Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement. 

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

  
 - 1 - 

 ARTICLE I 

DEFINITIONS 

1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the
respective meanings set forth below: 
 “Adverse Disclosure” shall mean any public disclosure of material non-public
information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration
Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any
prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the
Company has a bona fide business purpose for not making such information public. 
 “Agreement” shall have the
meaning given in the Preamble. 
 “Board” shall mean the Board of Directors of the Company. 

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

“Commission” shall mean the Securities and Exchange Commission. 

“Common Stock” shall have the meaning given in the Recitals hereto. 

“Company” shall have the meaning given in the Preamble. 

“Demand Registration” shall have the meaning given in subsection 2.1.1. 

“Demanding Holder” shall have the meaning given in subsection 2.1.1. 

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

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

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

“Founder Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of
(A) one year after the completion of the Company’s initial Business Combination or earlier if, subsequent to the Company’s initial Business Combination, the last sales price of the Common Stock (i) equals or exceeds $12.50 per
share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period after the Company’s initial Business Combination, in which case fifty percent
(50%) of the Founder Shares will be released from the Founder Lock-Up Period and (ii) equals or exceeds $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period after the Company’s initial Business Combination, in which case the remaining fifty 

  
 - 2 - 

 
percent (50%) of the Founder Shares will be released from the Founder Lock-Up Period or (B) the Company’s consummation of a subsequent liquidation, merger, stock exchange or other
similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. 

“Founder Shares” shall have the meaning given in the Recitals hereto. 

“Founder Shares Purchase Agreement” shall have the meaning given in the Recitals hereto. 

“Holders” shall have the meaning given in the Preamble. 

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

“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to
be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading. 

“Permitted Transferees” shall mean a person or entity to whom a Holder of Registrable Securities is permitted to
transfer such Registrable Securities prior to the expiration of the Founder Lock-up Period or Private Placement Lock-up Period, as the case may be, under this Agreement and any letter agreement with the Company. 

“Piggyback Registration” shall have the meaning given in subsection 2.2.1. 

“Private Placement Lock-up Period” shall mean, with respect to Private Placement Warrants that are held by the initial
purchasers of such Private Placement Warrants or their Permitted Transferees, and any of the Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants and that are held by the initial purchasers of the Private
Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination. 

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

“Private Placement Warrants Purchase Agreement” shall have the meaning given in the Recitals hereto. 

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

“Prospectus Date” shall mean the date of the final prospectus filed with the Commission and relating to the
Company’s initial public offering. 

  
 - 3 - 

 “Registrable Security” shall mean (a) the Founder Shares,
(b) the Private Placement Warrants (including any shares of the Common Stock issued or issuable upon the exercise of any such Private Placement Warrants) and (c) any outstanding share of the Common Stock or any other equity security
(including the shares of the Common Stock issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement and (d) any other equity security of the Company issued or issuable
with respect to any such share of the Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that,
as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend
restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; or
(D) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

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

“Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the
following: 
 (A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry
Regulatory Authority) and any securities exchange on which the Common Stock is then listed; 
 (B) fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

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

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

(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and 
 (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the
Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration. 

  
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 “Registration Statement” shall mean any registration statement that
covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and
all exhibits to and all material incorporated by reference in such registration statement. 
 “Requesting Holder”
shall have the meaning given in subsection 2.1.1. 
 “Securities Act” shall mean the Securities Act of
1933, as amended from time to time. 
 “Sponsor” shall have the meaning given in the Recitals hereto. 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities. 
 “Underwritten Registration” or
“Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

ARTICLE II 
 REGISTRATIONS

 2.1 Demand Registration. 

2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and Section
2.4 hereof, at any time and from time to time on or after 180 days after the Prospectus Date, the Holders of at least twenty per cent (20%) of the then outstanding number of Registrable Securities (the “Demanding
Holders”) may make a written demand for Registration of at least fifteen percent (15%) of the then outstanding number of Registrable Securities, which written demand shall describe the amount and type of securities to be included
in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand
Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five
(5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their
Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the
Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant such the Demand Registration. Under no circumstances shall the Company be obligated to effect more than an
aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that a Registration shall not be
counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the
Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement. 

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

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

2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to
a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any)
desire to sell, taken together with all other Common Stock or other equity securities that the Company desires to sell and the Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back
registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall

  
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include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the number of
Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have
requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without
exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other equity securities that the Company
desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Common
Stock or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum
Number of Securities. 
 2.1.5 Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a
Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or
no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with
respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5. 
 2.2 Piggyback
Registration. 
 2.2.1 Piggyback Rights. If, at any time on or after the date the Company consummates a Business
Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities,
for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten
(10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of

  
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distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to
register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “ Piggyback Registration”). The
Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the
Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the
sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to
be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Common Stock that the Company desires to sell,
taken together with (i) the Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder (ii) the
Registrable Securities as to which registration has been requested pursuant Section 2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back
registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then: 
 (a) If the Registration is
undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to
subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of
Securities; 
 (b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their
Registrable Securities pursuant to subsection 2.2.1, 

  
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pro rata based on the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the
Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A) and (B), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities. 

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

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

2.3 Registrations on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request in writing
that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short-form registration
statement that may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days
of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of
Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten
(10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration on Form
S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such
 

  
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request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration
pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to
inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $10,000,000. 

2.4 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the
Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to
the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective;
(B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such
Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a
certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is therefore essential
to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided, however, that the Company shall not defer
its obligation in this manner more than once in any 12-month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration shall be effected or permitted and no Registration Statement shall become effective, with
respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Lock-Up Period or the Private Placement Lock-Up Period, as the case may be. 

ARTICLE III 
 COMPANY
PROCEDURES 
 3.1 General Procedures. If at any time on or after the date the Company consummates a Business Combination the
Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as expeditiously as possible,: 
 3.1.1 prepare and file with the Commission as soon as
practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold; 

  
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 3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the
Registration Statement, and such supplements to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used
by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of
distribution set forth in such Registration Statement or supplement to the Prospectus; 
 3.1.3 prior to filing a Registration Statement or
prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the
disposition of the Registrable Securities owned by such Holders; 
 3.1.4 prior to any public offering of Registrable Securities, use its
best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or
approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed; 
 3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such
Registrable Securities no later than the effective date of such Registration Statement; 
 3.1.7 advise each seller of such Registrable
Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for
such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

  
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 3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus
or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities
or its counsel; 
 3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be
delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth
in Section 3.4 hereof; 
 3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or
accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in
form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 
 3.1.11 obtain a
“cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders; 

3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of
counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions, and reasonably satisfactory to a majority in interest of the participating
Holders; 
 3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in
usual and customary form, with the managing Underwriter of such offering; 
 3.1.14 make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 3.1.15 if the Registration involves the
Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be
reasonably requested by the Underwriter in any Underwritten Offering; and 

  
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 3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as
may reasonably be requested by the Holders, in connection with such Registration. 
 3.2 Registration Expenses. The Registration
Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and
discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders. 

3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and
(ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting
arrangements. 
 3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a
Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it
being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be
resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or
suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights
under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4. 

3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be
reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or
15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such 

  
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Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the
Securities Act, including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements. 

ARTICLE IV 
 INDEMNIFICATION
AND CONTRIBUTION 
 4.1 Indemnification. 

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

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

  
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 4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially
prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so
paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation. 
 4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable
Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for
any reason. 
 4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount
paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of
the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations
set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution 

  
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pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection
4.1.5 from any person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE V 

MISCELLANEOUS 

5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand
delivery, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the
third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the
affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to the addressee at: 601 Lexington Ave., 51st Floor, New York, NY 10022, or by
facsimile at: 212-644-4325. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such
notice as provided in this Section 5.1. 
 5.2 Assignment; No Third Party Beneficiaries. 

5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part. 
 5.2.2 Prior to the expiration of the Founder Lock-up Period or the Private Placement Lock-up Period, as the case may be, no
Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee. 

5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders. 
 5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not
parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof. 
 5.2.5 No assignment by any
party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in
Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or
certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void. 

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

5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE
CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. 
 5.5 Amendments and Modifications. Upon the written consent of the Company
and the Holders of at least sixty-five percent (65%) of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions,
covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of
capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or
remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

5.6 Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any
other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements
and this Agreement, the terms of this Agreement shall prevail. 
 5.7 Term. This Agreement shall terminate upon the earlier of
(i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to
in Section 4(3) of the Securities Act and Rule 174 thereunder) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without
limitation on the amount of securities sold or the manner of sale. The provisions of Section 3.5 and Article IV shall survive any termination. 

  
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 [SIGNATURE PAGES FOLLOW] 

  
 - 18 - 

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

			
	COMPANY:
	
	 ROI ACQUISITION CORP. II,
 a
Delaware corporation

		
	 By:
	 	/s/ Joseph A. De Perio
		 	Name: Joseph A. De Perio
		 	Title: President

  

			
	HOLDERS:
	
	 GEH CAPITAL, INC.
 a Delaware
corporation

		
	 By:
	 	/s/ Francis A. Ruchalski
		 	Name: Francis A. Ruchalski
		 	Title: Authorized Signatory
		
		 	/s/ Thomas J. Baldwin
		 	Thomas J. Baldwin
		
		 	/s/ Joseph A. De Perio
		 	 Joseph A. De Perio

 [Signature Page to Registration Rights Agreement]

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