Document:

Exhibit 10.7

 

Execution Version

 

RENEWABLE
ENERGY LENDING, LLC

 

First
AMENDMENT to 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

 

This FIRST AMENDMENT
TO LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Amendment”) of
Renewable Energy Lending, LLC, a Delaware limited liability company (the “Company”), is made and entered into as of
January 8, 2018, by and between Renewable Developer Holdings, LLC, a Delaware limited liability company, and MMA Energy Capital,
LLC, a Maryland limited Liability company, as well as Hunt Investment Management, LLC, a Delaware limited liability company, solely
for the purposes of this Amendment, Sections 7.1(H), 7.5(B), 7.5(D), 8.1, 8.2, 8.3 and 11.7 of the Agreement and Exhibit B of the
Agreement;

 

Whereas,
the Members are party to that certain Amended and Restated Limited Liability Company Operating Agreement of the Company, dated
as of November 7, 2016 (as heretofore amended, supplemented or otherwise modified, the “Existing Operating Agreement”);

 

Whereas,
the Members desire to amend the Existing Operating Agreement to reflect certain matters with respect Hunt Investment Management,
LLC, a Delaware limited liability company (“Hunt”), becoming the Manager under the Management Agreement;

 

Whereas,
Section 7.1(B)(ix) of the Existing Operating Agreement permits amendment only with the affirmative written consent of the Members;
and

 

Whereas,
capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to such terms in the Existing
Operating Agreement.

 

Now,
Therefore, in consideration of the mutual agreements, covenants and conditions contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

		1.	Amendments to
Existing Operating Agreement.

 

(a)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

““AI”
means Amber Infrastructure Group Holdings Limited, a private limited company registered in England and Wales and each of its controlled
Affiliates.”

 

(b)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

     

     

    

   

““Key
Employee” means any employee of the Manager or any Affiliate thereof, substantially all of whose job responsibilities
relate to managing the business or affairs of MEC, REL, SPL, SCL or SDL, including pursuing Company Opportunities. Each such employee
shall be listed on Schedule 7.1(H), which schedule shall be updated from time to time to reflect the change in employment status
of each Key Employee or the addition of any Key Employee.”

 

(c)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

““Key
Person” has the meaning set forth in Section 7.1(H).”

 

(d)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

“Consent”
has the meaning set forth in Section 3 of the First Amendment.”

 

(e)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

“First Amendment”
means the First Amendment to Limited Liability Company Operating Agreement of REL, dated as of January 8, 2018, by and among RDH,
MEC and Hunt.”

 

(f)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

““HFS” means Hunt Financial
Securities, LLC, a Delaware limited liability company.”

 

(g)       Section
2.1 of the Existing Operating Agreement is hereby amended to add (in the appropriate place alphabetically) the following defined
term thereto (reading in its entirety as follows):

 

““Hunt” means Hunt Investment
Management, LLC, a Delaware limited liability company.”

 

(h)       Section
2.1 of the Existing Operating Agreement is hereby amended to delete the defined term “Deposit Account Control Agreement”
in its entirety.

  

(i)       Section
2.1 of the Existing Operating Agreement is hereby amended to delete the defined term “Manager” in its entirety and
replace such defined term with the following defined term:

 

“Manager”
means Hunt or any successor Manager appointed by RDH.

 

    	 	2	 

     

    

 

(j)       The
last sentence of Section 7.1(A) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“Notwithstanding the foregoing
or anything in this Agreement or the Management Agreement to the contrary, but subject to Section 7.1(B), RDH shall have
full power and authority to directly take any action on behalf of the Company or any subsidiary of the Company that could otherwise
be performed by MEC or Manager under this Agreement (including, without limitation, under Section 5.1(C)) or by the Manager
under the Management Agreement, and the signature of RDH shall be sufficient to bind the Company in every manner to any agreement
or any document in connection therewith, provided, that, such power and authority shall include the ability to delegate
the power and authority to take any such action or category of actions to a third-party service provider, provided, further,
that RDH shall give notice to Manager of any material action that it or a third-party service provider takes on behalf of the Company,
it being the intent of the Members, without in any manner limiting the right of RDH to take or delegate to a third-party service
provider any action reserved to it under this Agreement or the Management Agreement, that actions taken by RDH or the applicable
third-party service provider will be coordinated with the duties delegated to the Manager under this Agreement or the Management
Agreement.”

 

(k)       The
second to last sentence of Section 7.1(D) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“In addition, if RDH delivers
written notice to Manager that Manager is to cease performing any action non-exclusively delegated to Manager under the Management
Agreement, then Manager shall no longer have such authority to perform such action from and after the date of cessation specified
in such notice.”

 

(l)       Section
7.1(E) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

    	 	3	 

     

    

 

“(E)Annual Budget.
An annual operating expense budget for the Manager, which shall include allocations of such budget to the Company, SCL, SPL and
any other subsidiaries, the form of which will be agreed upon by Manager and RDH, will be approved subject to the following terms.
The budget approved by RDH for the balance of Fiscal Year 2016 subsequent to the Effective Date and for Fiscal Year 2017 is attached
hereto as Exhibit E. Each of the annual budgets attached hereto and any annual budgets approved pursuant to this Section
7.1 are referred to as the "Annual Budget". The Annual Budget shall be presented in the form of a budget of
Manager regarding the Company, SPL, SDL and SCL with detailed allocations of certain expenses expected to be incurred directly
by the Company, SPL, SDL and SCL as well as the operating expenses of Manager that are necessary for Manager to perform MEC’s
duties under this Agreement and Manager’s duties under the Management Agreement, the SCL Operating Agreement, the SDL Operating
Agreement and the SPL Operating Agreement, it being acknowledged and agreed that Manager’s operating expenses will be paid
directly by Manager and reimbursed under the Management Agreement and through the Administrative Member Cost Reimbursement Fee
paid by SCL, SDL and SPL pursuant to the allocation set forth in the SCL Operating Agreement, the SDL Operating Agreement, the
SPL Operating Agreement and the Management Agreement. The Manager shall prepare and deliver to RDH, on or before November 15th
of each then current calendar year, a proposed Annual Budget for the upcoming calendar year. RDH shall approve or reject the proposed
Annual Budget within thirty (30) days after its receipt of the proposed Annual Budget and satisfactory responses to all of its
questions in respect thereof. To the extent that the Annual Budget is not approved by RDH prior to the commencement of the calendar
year to which such budget is to relate, unless and until an Annual Budget is approved, the Company shall be operated for that calendar
year based on the Annual Budget for the prior calendar year with an inflation factor of three percent (3%) per line item. The Manager
may propose amendments to the Annual Budget each fiscal quarter to allow the Company to adjust the last-approved Annual Budget
to the current set of Investments and Company expenses. Once approved by RDH, such amended Annual Budget shall supersede the prior
Annual Budget. Furthermore, RDH and MEC agree that, at any time that there are members in SCL or SPL which are not Affiliates of
RDH or MEC (the “Pre-Approval Period”), (i) MEC or Manager, as applicable, will obtain RDH’s approval
of any budget to be submitted to any such third-party member(s) in accordance with the terms of the SCL Operating Agreement and
the SPL Operating Agreement prior to submission of such budget to any such third-party member(s), (ii) RDH will have ultimate authority
to approve or reject any changes to such budgets proposed by any such third-party member(s) and (iii) the Annual Budget will be
reduced proportionally to reflect any lesser amounts agreed with Fundamental in the budgets for SCL and SPL, as opposed to the
corollary amounts set forth in the Annual Budget, provided, that, during the Pre-Approval Period, the Manager shall
first prepare and deliver to RDH a proposed preliminary Annual Budget for the upcoming calendar year no later than October 1st
of each then current calendar year for RDH’s initial review and comment.”

 

    	 	4	 

     

    

  

(m)       Section
7.1(H) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“(H)Key Person Provision.
During the Exclusivity Term hereunder, in the event that (i) Michael L. Falcone, Gary A. Mentesana or Bob Hopper (each, a “Key
Person”), ceases to be employed by, associated with or devote (x) in the case of Bob Hopper, substantially all of his
business time and (y) in the case of Michael L. Falcone and Gary A. Mentesana, his business time consistent with the allocation
within the Annual Budget, in each case, to manage the business and affairs of MEC and the Manager (solely with respect to MEC,
REL, SPL, SCL and SDL), including pursuing Company Opportunities on behalf of REL, SCL and SPL, (ii) any Key Employee, while employed
by or associated with the Manager or any Affiliate thereof ceases to devote substantially all of his or her business time to manage
the business and affairs of MEC and the Manager (solely with respect to MEC, REL, SPL, SCL and SDL), including pursuing Company
Opportunities on behalf of REL, SCL and SPL, or (iii) any Key Person is convicted of, or admits by consent or plea of no contest
to, a felony, MEC shall, promptly upon becoming aware of such event, notify RDH of such event and prepare and submit a written
plan to RDH to replace the applicable Key Person or to otherwise address the situation. Within sixty (60) days of its receipt of
such plan RDH may at its option by Notice to MEC declare a “Key Person Event” and thereby end the Exclusivity
Term hereunder. Each of MEC and Manager covenant and agree to cause Schedule 7.1(H) to be updated as and when applicable
in accordance with the definition of “Key Employee”. ”

 

(n)       Section
7.3(K) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“(K)Other Liabilities.
Notwithstanding anything contained herein to the contrary, in no event shall this Section 7.3 provide any indemnification
right to MEC, MMA or any of their respective Affiliates for any Losses or other liabilities that arise from (i) MEC’s or
the Manager’s breach, as applicable, (A) in its capacity as Manager, of the Management Agreement (including, for the avoidance
of doubt, any breach of the Management Standard) or (B) of the Subscription Agreement or (ii) MMA’s obligations under the
MMA Guaranty.”

 

(o)       Section
7.5 of the Existing Operating Agreement is hereby amended to add a new clause (D) at the end thereof as follows:

 

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“(D)Subject to, and without
limitation of the immediately succeeding sentence and immediately succeeding paragraph in this Section 7.5(D), neither AI
nor HFS shall be considered to constitute an Affiliate of MEC or Manager for purposes of Section 7.5(B) or Exhibit B.
Each of Manager and MEC covenants that it shall not, and shall cause its Affiliates (excluding AI and HFS) not to, except with
the written consent of RDH, (A) cause, direct or in any manner facilitate or otherwise assist AI or HFS to pursue (or in pursuing)
any “Company Opportunity”, as defined in this Agreement, or any “Company Opportunity”, as defined in the
SPL Operating Agreement or SCL Operating Agreement, or (B) without limiting the generality of clause (A), provide to AI or HFS,
or cause, direct or in any manner facilitate the provision to AI or HFS, of any information relating to any “Company Opportunity”,
as defined in this Agreement, or any “Company Opportunity”, as defined in the SPL Operating Agreement or the SCL Operating
Agreement.

 

Manager and MEC each hereby represent
and warrant to RDH (i) that none of Manager, MEC, nor any of their respective Affiliates (excluding AI), directly or indirectly
through one more intermediaries, controls (other than through certain approval rights), or is controlled by, or is under common
control with AI and (ii) Manager, MEC and their respective Affiliates have in place procedures to prevent AI or HFS from receiving
confidential information of RDH or its Affiliates (other than, for the avoidance of doubt, the Manager), MEC (solely with respect
to REL, SPL, SCL and SDL), REL, SPL, SCL, SDL or any other subsidiary of REL. Manager and MEC each hereby covenant to keep in place
and comply and cause their respective Affiliates to keep in place and comply with the procedures referenced in clause (ii) of the
immediately preceding sentence at least until the Company is dissolved, wound up and terminated pursuant to Article X.”

 

(p)           Section
7.7 of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“Section 7.7.Right
to Enforce. Notwithstanding anything to the contrary set forth in this Agreement, RDH shall have the authority to direct
the Company to pursue any and all causes of action against MEC, the Manager and their respective Affiliates, as applicable, under
this Agreement, the Management Agreement, the Subscription Agreement and the MMA Guarantee.”

 

(q)           The
last sentence of Section 8.3 of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“Notwithstanding anything
to the contrary in this Agreement, RDH shall, at its election, at any time and from time to time have complete authority and control
over the Bank Accounts and, following the Manager ceasing for any reason to be the manager under the Management Agreement, including
without limitation termination of the Management Agreement in accordance with its terms, the Manager and its Affiliates shall have
no authority or power to withdraw funds or otherwise deal in any manner with any of the Bank Accounts.”

 

    	 	6	 

     

    

  

(r)            Section
10.1(A)(iv) of the Existing Operating Agreement is hereby amended to read in its entirety as follows:

 

“(iv)Notice to dissolve
the Company is given by RDH if MEC, in its capacity as a Member hereunder or in its capacity as Manager under the Management Agreement,
or the Manager under the Management Agreement, or any of their respective managers, members, officers, representatives, employees
or agents (A) commits a felony or other criminal act involving fraud, misappropriation of funds, dishonesty or acts of a similar
nature relating to the Company or its Investments, (B) misapplies any funds derived from the Investments; or (C) commits fraud,
misrepresentation, gross negligence or willful misconduct with respect to the performance of this Agreement, the Management Agreement
or the Investments; provided, however, that MEC or the Manager, as applicable, shall have thirty (30) days from such
notice to cure any such act described in Clauses (A) through (C) immediately above if such act is committed by any representative,
employee or agent of MEC (for the avoidance of doubt, other than any officer or manager of MEC) or Manager (for the avoidance of
doubt, other than any officer or manager of Manager), as applicable, provided, further, that the adequacy of any
such cure shall be in RDH’s sole discretion.”

 

(s)           Section
11.7 of the Existing Operating Agreement is hereby amended to add a new sentence at the end thereof as follows:

 

“Notwithstanding anything
set forth to the contrary in this Agreement, the Management Agreement or any other agreement among any of RDH, MEC, the Manager
or any of their respective Affiliates, (i) the Manager shall be subject to this Section 11.7 to the same extent as if it was a
Member and (ii) for the purposes of Section 11.7 and Section 4 of the Management Agreement or any other provision regarding the
sharing of confidential information in this Agreement, the Management Agreement or any other agreement among any of RDH, MEC, the
Manager or any of their respective Affiliates, in any instance where information that is subject to any such provision is permitted
to be shared with any Affiliate of MEC or the Manager, the term “Affiliate” shall in all events exclude AI and HFS.”

 

(t)            A
new Section 11.10 to the Operating Agreement is hereby added after the end of Section 11.9 of the Existing Operating Agreement,
as follows:

 

“Section 11.10Legal
Fees. MEC hereby agrees to, promptly upon demand by RDH, pay (or to the extent already paid by RDH and/or any of their
respective Affiliates, reimburse RDH and its Affiliates for) all fees and expenses of counsel now or hereafter incurred by RDH
and/or any of their respective Affiliates in connection with (i) the negotiation of the Specified Documents (as defined in the
Consent), and/or (ii) the effectiveness of any Specified Document (as defined in the Consent) and/or the consummation of the transactions
contemplated hereby or thereby.”

 

(u)          The
Agreement is hereby amended by inserting a new Schedule 7.1(H) immediately after Schedule A in the form attached
to this Amendment as Exhibit A.

 

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		2.	Miscellaneous.

 

(a)Except as
specifically modified or supplemented herein, the Existing Operating Agreement shall remain in full force and effect. If any conflict
exists between the provisions in this Agreement and the Existing Operating Agreement, this Agreement shall control. The Existing
Operating Agreement, as amended and supplemented by this Agreement, constitutes the entire agreement of the parties hereto with
respect to the subject matter of this Agreement, and contains all of the covenants and agreements of the parties hereto with respect
thereto. This Agreement may not be altered, changed or amended except by an instrument in writing signed by all parties hereto.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and
assigns. All section headings of this Agreement are inserted solely as a matter of convenience and for reference, and are not a
substantive part of this Agreement. The recitals hereto are hereby incorporated by reference into and form an integral part of
this Agreement.

 

(b)This Agreement
shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and
to be performed in that State.

 

(c)       This
Agreement may be executed and delivered (including by facsimile or electronic transmission) in one or more counterparts, and by
the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of
which taken together shall constitute one and the same agreement.

 

(d)       By
their execution of this Agreement, the undersigned Members and the Administrative Member hereby confirm that they are duly authorized
to execute this Agreement and any necessary requisite approval has been obtained with respect to this Agreement and all matters
set forth herein.

 

		3.	Effectiveness.

 

This Amendment shall be effective upon
(but only upon) the occurrence, prior to or on (but not after) January 31, 2018, of (i) the “Specified Sections Effective
Date” under and accordance with that certain First Amendment to Limited Liability Company Operating Agreement of Solar Development
Lending, LLC and (ii) the “Consent Effective Date” under and in accordance with that certain Consent to Assignment
of Renewable Energy Lending, LLC Management Agreement, by and between REL and MEC, and acknowledged for limited purposes by RDH
(the “Consent”), each being executed contemporaneously herewith.

 

    	 	8	 

     

    

 

[Signatures
on the Following Page]

 

    	 	9	 

     

    

 

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

 

	 	RENEWABLE DEVELOPER HOLDINGS, LLC
	 	 	 	 
	 	By:	/s/ Joshua Peck	 
	 	 	Name:  Joshua Peck	 
	 	 	Title:  Vice President	 
	 	 	 	 
	 	MMA ENERGY CAPITAL, LLC
	 	 	 	 
	 	By:	/s/ Michael L. Falcone	 
	 	 	Name: Michael L. Falcone	 
	 	 	Title: President	 

 

[Signature Page to First Amendment to REL
Limited Liability Company Operating Agreement]

 

     

     

    

 

Acknowledged and agreed, solely for the
purposes of this Amendment, Sections 7.1(H), 7.5(B), 7.5(D), 8.1, 8.2, 8.3 and 11.7 of the Agreement and Exhibit B of the Agreement.

 

	 	HUNT INVESTMENT MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Kara E. Harchuck
	 	 	Name: Kara E. Harchuck
	 	 	Title: EVP and General Counsel

 

[Signature Page to First Amendment to REL
Limited Liability Company Operating Agreement]Exhibit 10.8

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

(Falcone)

 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
(this “First Amendment”) is made as of the 1st day of January, 2018, but effective only as of the Effective
Date described in Section 3 hereof, by and between MMA CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (“MMAC”)
and MICHAEL L. FALCONE (“Employee”).

 

WHEREAS, MMAC and Employee are parties to
that certain Employment Agreement dated November 19, 2015 (the “Employment Agreement”);

 

WHEREAS, MMAC proposes to consummate a transaction
with Hunt Companies, Inc. and certain of its affiliates (“Hunt”) which transaction includes the assignment of the Employment
Agreement to Hunt (the “Hunt Transaction”); and

 

WHEREAS, MMAC and Employee desire to enter
into certain amendments to the Employment Agreement in order to conform certain provisions to the closing of the Hunt transaction.

 

NOW, THEREFORE, in consideration of the
foregoing, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, MMAC and Employee hereby as follows:

 

1.          Specific
Amendments.

 

(a)          Section
1 of the Employment Agreement is hereby amended and restated to read as follows:

 

1.          Employment
and Duties. Employer agrees to hire Employee, and Employee agrees to be employed by Employer, to serve as Chief Executive Officer
(“CEO”) of MMAC and to perform such other duties and responsibilities, not inconsistent with Employee’s
ability to perform his duties as CEO of MMAC, as Employer may reasonably determine from time-to-time. Employee agrees to devote
Employee’s best efforts and full-time attention and skill in performing the duties and responsibilities to Employer and MMAC
as set forth above. Provided that such activities shall not violate any provision of this Agreement (including the non-competition
provisions of Section 8 below) or materially interfere with the performance of Employee’s duties hereunder, nothing
herein shall prohibit Employee (a) from participating in any other business activities approved in advance by Employer in accordance
with any terms and conditions of such approval, such approval not to be unreasonably withheld or delayed, (b) from engaging in
charitable, civic, fraternal or trade group activities, or (c) from investing in other entities or business ventures which do not
compete with MMAC or Employer.

 

     

     

    

  

(b)          Section
2 of the Employment Agreement is hereby amended and restated to read as follows:

 

(a)          Base
Compensation. Employer shall pay to Employee a salary (“Base Compensation”) at the annual rate of $555,000
for calendar year 2017 and $555,000 for calendar year 2018, payable in accordance with the general policies and procedures of Employer
for payment of salaries to executive personnel in substantially equal installments, subject to withholding for applicable federal,
state and local taxes.

 

(b)          Incentive
Compensation. In addition to Employee’s Base Compensation, Employee shall be eligible to receive additional compensation
as determined by Employer (“Incentive Compensation”). The actual amount of Incentive Compensation paid will
be based on Employee, Employer and MMAC performance.

 

(c)          Section
7 (a)(iii) of the Employment Agreement is hereby amended by adding the following new sentence immediately prior to the last sentence:

 

Employer shall reimburse Employee for the costs of the
personal disability insurance policy maintained by Employee as in effect on November 1, 2017, and the benefits under such policy
and under any additional policy provided under the next sentence of this Section 7 (a) (iii) shall be Employee’s sole benefit
under this Agreement in the event of a termination due to disability.

 

(d)          Section
7(c) of the Employment Agreement is hereby amended by deleting the reference to Sections 7(a)(iii) in the first sentence thereof.

 

(c)          Section
7(a)(iv) of the Employment Agreement is hereby deleted in its entirety.

 

(d)          Section
7(d) of the Employment Agreement is hereby amended by changing the third sentence thereof to read as follows:

 

Employer shall carry as much life insurance on Employee’s
life as Employer may from time-to-time determine, but shall not be obligated to carry any insurance.

 

(e)          Section
8(a) of the Employment Agreement is hereby amended and restated to read as follows:

 

     

     

    

  

(a)          Non-Competition.
From and after the Effective Date and continuing for the longer of (i) twelve (12) months following the expiration or
termination of this Agreement, or (ii) the remainder of the term of this Agreement, Employee shall not without the prior
written consent of the Board of Directors of MMAC and the prior written consent of Employer (w) become employed by, or
undertake to work for, directly or indirectly, whether as an advisor, principal, agent, partner, officer, director, employee,
shareholder, associate or consultant of or to, any person, partnership, corporation or other business entity which is in the
business of providing debt financing to solar and other renewable energy projects and facilities or to multifamily housing
projects (a “Competitive Undertaking”), (x) solicit any employee of Employer to change employment, (y)
solicit for or on behalf of a Competitive Undertaking any client, customer or investor of MMAC, or any of its subsidiaries,
which closed (in any capacity) a transaction with MMAC, or any of its subsidiaries during the thirty-six (36) months
preceding Employee’s termination, or (z) disclose proprietary or confidential information of MMAC, or its subsidiaries,
including without limitation, tax, deal structuring, pricing, customer, client, revenue, expense or similar information.

 

(f)          Section
9 of the Employment Agreement is hereby amended by deleting everything after the first sentence thereof and adding the following
in lieu thereof:

 

Notwithstanding the foregoing, MMAC hereby agrees to
defend, indemnify and hold Employee harmless, to the maximum extent allowed by law, and Employer shall not be responsible for,
any and all liability for acts or omissions of Employee performed in the course of Employee’s duties as CEO of MMAC (or reasonably
believed by Employee to be within the scope of his duties as CEO of MMAC). MMAC shall at all times carry director and officer liability
insurance in commercially reasonable amounts, but in any event not less than $5,000,000.

 

(g)          The
Employment Agreement is hereby amended by adding the following new Section 11 at the end thereof:

 

11.         Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

“MMAC” shall mean MMA
Capital Management, LLC, a Delaware limited liability company.

 

2.          No
Other Changes; Continuing Validity. Subject only to the amendments set forth in this First Amendment, the Employment Agreement
remains in full force and effect in accordance with its terms.

 

     

     

    

  

3.          Effective
Date. This First Amendment shall be effective on the date on which the closing of the Hunt Transaction occurs. If no such closing
occurs, this First Amendment shall be null and void.

 

4.          Consent
and Assignment. Employee consents to the assignment to Hunt of the Employment Agreement as amended by this First Amendment.

 

5.          Employer.
As of the Effective Date of this First Amendment, the term “Employer”, as used in the Employment Agreement, shall mean
the specific Hunt entity to which the Employment Agreement, as amended by this First Amendment, is assigned.

 

6.          Counterparts.
This First Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one and the same instrument.

 

     

     

    

  

IN WITNESS WHEREOF and intending to be legally
bound, the parties have executed this First Amendment as of the date and year written below.

 

	 	MMAC:
	 	 
	 	MMA CAPITAL MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ David Bjarnason
	 	 	David Bjarnason
	 	 	Chief Financial Officer
	 	 	 
	 	Date:	January 3, 2018
	 	 	 
	 	EMPLOYEE:
	 	 
	 	/s/ Michael L Falcone
	 	Michael L. Falcone
	 	 	 
	 	Date:	January 3, 2018

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