Document:

Exhibit 10.8

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of July 8, 2014, by and among (i) Great Ajax Corp.,
a Maryland corporation (together with any successor entity thereto, the “Company”), (ii) FBR Capital Markets
& Co., a Delaware corporation, as the initial purchaser/placement agent (“FBR”) for the benefit of FBR,
the purchasers of the Company’s common stock, $0.01 par value per share (the “Common Stock”), as participants
(“Participants”) in the private offering by the Company of shares of its Common Stock, and the direct and indirect
transferees of FBR and each of the Participants, (iii) the Management Holders (as defined below), and (iv) the other
holders of the Registrable Shares named herein.

 

This Agreement is made
pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of June 30, 2014,
between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 8,666,667 shares of Common
Stock (plus up to an additional 1,300,000 shares of Common Stock to cover additional allotments, if any). In order to induce
FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this
Agreement to FBR, the Participants, and their respective direct and indirect transferees. The execution of this Agreement is a
condition to the closing of the transactions contemplated by the Purchase/Placement Agreement.

 

The parties hereby agree
as follows:

 

1.            Definitions

 

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

 

Accredited Investor
Shares:   Shares initially sold by the Company to “accredited investors” (within the meaning of Rule 501(a)
promulgated under the Securities Act) as Participants.

 

Affiliate:   As
to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent
or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person, (iii) any
Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive
officer, director, trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive
officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse,
children, parents, siblings or mother, father, sister- or brother-in-law is or has been associated with a Person.

 

Agreement:  As
defined in the preamble.

 

Board of Directors:
 As defined in Section 6(a) hereof.

 

    	 

    	 

    

 

Business Day:  With
respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable
law, regulation or executive order to close.

 

Closing Date:  July
8, 2014, which is the date of the initial closing of the private offering of shares of Common Stock pursuant to the Purchase/Placement
Agreement.

 

Commission:  The
Securities and Exchange Commission.

 

Common Stock:  As
defined in the preamble.

 

Company:  As
defined in the preamble.

 

Controlling Person:
 As defined in Section 7(a) hereof.

 

End of Suspension Notice:
 As defined in Section 6(b) hereof.1

 

Exchange Act:  The
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission pursuant thereto.

 

FBR:  As defined
in the preamble.

 

FINRA:  The
Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, Inc.

 

Holder:  Each
record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any such Affiliate
holds any Registrable Shares.

 

Indemnified Party:
 As defined in Section 7(c) hereof.

 

Indemnifying Party:
 As defined in Section 7(c) hereof.

 

IPO Registration Statement:
 As defined in Section 2(b) hereof.

 

JOBS Act:  The Jumpstart Our Business
Startups Act, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

Issuer Free Writing
Prospectus:  As defined in Section 2(c) hereof.

 

Liabilities:  As
defined in Section 7(a) hereof.

 

Management Agreement:  The Management
Agreement, dated as of July 8, 2014, among Thetis Asset Management LLC, the Company and Great Ajax Operating Partnership L.P.

 

    	2

    	 

    

 

Management Holders:   Thetis Asset
Management LLC, Gregory Funding LLC, Aspen Yo LLC, Lawrence Mendelsohn, Russell Schaub, Glen Ohl, Steven L. Begleiter, Daniel Hoffman,
J. Kirk Ogren, and Jonathan Bradford Handley, Jr.

 

Manager:  Thetis Asset Management
LLC, a Delaware limited liability company.

 

No Objections Letter:
 As defined in Section 5(t) hereof.

 

Nominee:  As
defined in Section 3(c) hereof.

 

Participants:  As
defined in the preamble.

 

Person:   An
individual, partnership, corporation, limited liability company, trust, unincorporated organization, government or agency or political
subdivision thereof, or any other legal entity.

 

Proceeding:   An
action (including a class action), claim, suit or proceeding (including without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened.

 

Prospectus:   The
prospectus included in any Registration Statement, including any preliminary prospectus at the “time of sale” within
the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such
prospectus.

 

Purchase/Placement Agreement:
 As defined in the preamble.

 

Purchaser Indemnitee:
 As defined in Section 7(a) hereof.

 

Registrable Shares:
  The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, upon original issuance thereof,
and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any
shares or other securities issued in respect of such Registrable Shares by reason of or in connection with any stock dividend,
stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such
Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued
pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such Rule 144A Share,
Accredited Investor Share, Regulation S Share, the earliest to occur of (i) the date on which the resale of such share
has been registered pursuant to the Securities Act and it has been disposed of in accordance with the Registration Statement relating
to it, (ii) in the event the Company is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act,
the date on which it has been transferred pursuant to Rule 144 (or any similar provision then in effect) or (iii) the
date on which it is sold to the Company.

 

Registration Default:
 As defined in Section 2(f) hereof.

 

    	3

    	 

    

 

Registration Expenses:
 Any and all fees and expenses incident to the Company’s and FBR’s performance of or compliance with this Agreement,
including, without limitation: (i) all Commission, FINRA or other registration and filing fees; (ii) all fees and expenses
incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation,
any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification of any
of the Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of FINRA); (iii) all
expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration
Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates
and any other documents relating to the performance under and compliance with this Agreement; (iv) all fees and expenses incurred
in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n)
of this Agreement; (v) the fees and disbursements of counsel for the Company and of the independent registered public accounting
firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required
by or incident to the performance of this Agreement); (vi) reasonable fees and disbursements of one nationally-recognized
securities law counsel, reasonably acceptable to the Company and FBR, for the Holders not to exceed $35,000 (such counsel, “Selling
Holders’ Counsel”); provided, however, that Holders holding a majority of the Registrable Shares (or, in the case
of an Underwritten Offering in which Holders elect to sell Registrable Shares, Holders holding a majority of the Registrable Shares
held by the Holders who have elected to sell Registrable Shares in such Underwritten Offering) may object to the appointment of
such nationally-recognized securities law counsel as Selling Holders’ Counsel and appoint a new Selling Holders’ Counsel;
provided, however, that if Holders electing to sell Registrable Shares in an Underwritten Offering object to the appointment
of such nationally-recognized securities law counsel as Selling Holders’ Counsel and appoint a new Selling Holders’
Counsel, such objection and appointment shall only be applicable to such Underwritten Offering; and (vii) any fees and disbursements
customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection
with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’
discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder.

 

Registration Statement:
 Any registration statement of the Company that covers the resale of Registrable Shares pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference,
if any, in such registration statement.

 

Regulation S:
 Regulation S (Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially
the same effect as such regulation.

 

    	4

    	 

    

 

Regulation S Shares:
 Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “non-U.S. persons” (in accordance
with Regulation S) in an “offshore transaction” (in accordance with Regulation S).

 

Rule 144:  Rule 144
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 144A:
 Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

Rule 144A Shares:
 Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “qualified institutional buyers”
(as such term is defined in Rule 144A).

 

Rule 158:  Rule 158
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 159:  Rule
159 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 405:  Rule
405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 415:  Rule 415
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 424:  Rule 424
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 429:  Rule 429
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Rule 433:  Rule
433 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 

Securities Act:
 The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

    	5

    	 

    

 

Selling Holders’
Counsel:  As defined in clause (vi) of the definition for Registration Expenses.

 

Shares:  The shares
of Common Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement.

 

Shelf Filing Deadline:
 As defined in Section 2(a) hereof.

 

Shelf Registration Statement:
 As defined in Section 2(a) hereof.

 

Special Election Meeting:
 As defined in Section 3(a) hereof.

 

Suspension Event:
 As defined in Section 6(b) hereof.

 

Suspension Notice:
 As defined in Section 6(b) hereof.

 

Trigger Date:  As
defined in Section 3(a) hereof.

 

Underwritten Offering:
A sale of securities of the Company to an underwriter or underwriters for re-offering to the public.

 

2.            Registration
Rights

 

(a)          Mandatory
Shelf Registration.   As set forth in Section 5 hereof, the Company agrees to file with the Commission as soon as
reasonably practicable following the date of this Agreement (but in no event later than September 30, 2014 (the “Shelf
Filing Deadline”)) a shelf Registration Statement on Form S-11 or such other form under the Securities Act then available
to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a
“Shelf Registration Statement”). The Company shall use its commercially reasonable efforts to cause such Shelf
Registration Statement to be declared effective by the Commission as soon as practicable after the initial filing thereof (but
in no event later than the date that is 180 days immediately following the initial filing thereof). Any Shelf Registration Statement
shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including,
without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include
sales over the internet) by the Holders of any and all Registrable Shares.

 

(b)          IPO
Registration.   If the Company proposes to file a registration statement on Form S-11 or such other form under the
Securities Act providing for the initial public offering of shares of Common Stock (the “IPO Registration Statement”),
the Company will notify in writing each Holder of the filing before (but no earlier than ten Business Days before) or within five
Business Days after the initial filing and afford each Holder an opportunity to include in the IPO Registration Statement all or
any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement
all or part of the Registrable Shares held by such Holder shall, within 20 days after receipt of the above-described notice
from the Company, so notify the Company in writing, and in such notice shall inform the Company of the

 

    	6

    	 

    

 

number of Registrable Shares such Holder wishes
to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration
Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares
have been sold under the IPO Registration Statement.

 

(i)          Right
to Terminate IPO Registration.   The Company shall have the right to terminate or withdraw the IPO Registration Statement
initiated by it and referred to in this Section 2(b) prior to the effectiveness of such registration whether or not any Holder
has elected to include Registrable Shares in such registration; provided, however, the Company must provide each Holder
that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination or
withdrawal. Furthermore, in the event the IPO Registration Statement is not declared effective within 120 days following the initial
filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement
is actually in progress at such time, the Company shall promptly provide a new written notice to all Holders giving them another
opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder receiving such notice
shall have the same election rights afforded such Holder as described in clause (b) above.

 

(ii)         Shelf
Registration not Impacted by IPO Registration Statement.   The Company’s obligation to file the Shelf Registration
Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement.
In addition, the Company’s obligation to file and use its commercially reasonable efforts to cause to become and keep effective
the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of an IPO
Registration Statement; provided, however, if the Company files an IPO Registration Statement before the effective date
of the Shelf Registration Statement and the Company has used and is using commercially reasonable efforts to pursue the completion
of such initial public offering, the Company shall have the right to defer causing the Commission to declare such Shelf Registration
Statement effective until up to 60 days after the closing date of its initial public offering pursuant to the IPO Registration
Statement; provided, further, that if such initial public offering is not completed within one (1) year following
the Closing Date, the Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective as soon as practicable thereafter, but in no event later than sixty (60) days following the one (1) year anniversary
of the Closing Date. Notwithstanding any other provision in this Agreement to the contrary, if the Company files an IPO Registration
Statement before the effective date of the Shelf Registration Statement and the deadline for causing such Shelf Registration Statement
to go effective is after the 60 day period beginning on the closing date of the Company’s initial public offering pursuant
to the IPO Registration Statement, the Company shall cause the Shelf Registration Statement to be declared effective no later than
60 days after the closing date of the Company’s initial public offering pursuant to the IPO Registration Statement. Notwithstanding
any other provision in this Agreement to the contrary, nothing in this Section 2(b)(iii) shall affect the Company’s
obligation to hold a Special Election Meeting as provided in Section 3 hereof.

 

    	7

    	 

    

 

(c)          Issuer
Free Writing Prospectus.   The Company represents and agrees that, unless it obtains the prior consent of Holders of a
majority of the Registrable Shares that are registered under a Registration Statement at such time or the consent of the managing
underwriter in connection with any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless
it obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to the Shares that would
constitute an “issuer free writing prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”),
or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with
the Commission. The Company represents that any Issuer Free Writing Prospectus will not include any information that conflicts
with the information contained in any Registration Statement or the related Prospectus, and any Issuer Free Writing Prospectus,
when taken together with the information in such Registration Statement and the related Prospectus, will not include any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.

 

(d)          Underwriting.
  The Company shall advise all Holders of the lead managing underwriter for the Underwritten Offering proposed under the IPO
Registration Statement. The right of any such Holder’s Registrable Shares to be included in the IPO Registration Statement
pursuant to Section 2(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute
their Registrable Shares through such underwriting shall enter into an underwriting agreement in customary form with the managing
underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, custody
agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms
of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion
in the Registration Statement; provided, however, that no Holder shall be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding
such Holder and such Holder’s intended method of distribution and any other representation required by law or reasonably
requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s)
in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriter(s)
may exclude shares (including Registrable Shares) from the IPO Registration Statement and Underwritten Offering, and any shares
included in such IPO Registration Statement and Underwritten Offering shall be allocated first, to the Company, and second,
to each of the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a pro rata
basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided,
however, that the number of Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless
all other securities of the Company held by (i) officers, directors, other employees of the Company and consultants and (ii) other
holders of the Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the
registration rights of the Holders set forth herein, are first entirely excluded from the underwriting and registration; provided,
further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising
at least 25% of the total securities included in the Underwritten Offering proposed under the IPO Registration Statement.

 

    	8

    	 

    

 

By electing to include the
Registrable Shares in the IPO Registration Statement, the Holder of such Registrable Shares shall be deemed to have agreed not
to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities
included in the IPO Registration Statement or any securities convertible into or exchangeable or exercisable for such securities,
including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested
(but in no event for a period longer than 30 days prior to and 180 days following the effective date of the IPO Registration
Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in any other registration.

 

If any Holder disapproves
of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing
underwriter(s), delivered by the later of (i) two Business Days after the IPO price range is communicated by the Company to such
Holder and (ii) ten Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Shares excluded
or withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

(e)          Expenses.
  The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to
this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate
share (based on the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters
or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement.

 

(f)           Penalty
Provisions.   If the Company does not file a Registration Statement registering the resale of the Registrable Shares on
or prior to the Shelf Filing Deadline, other than as a result of the Commission being unable to accept such filings (a “Registration
Default”), then the Manager shall forfeit fifty percent (50%) of the base management fee that would otherwise be payable
to it pursuant to the Management Agreement for such period a Registration Default continues from the Shelf Filing Deadline until
the Shelf Registration Statement is filed. The Company acknowledges and agrees that that no fees, compensation, bonuses, or other
amounts shall be payable in lieu of, or to make the Manager whole for, any such forfeited amount of the base management fee.

 

(g)          JOBS
ACT Submissions.   For purposes of this Agreement, if the Company elects to confidentially submit a draft of the Shelf
Registration Statement with the Commission pursuant to the JOBS Act, the initial confidential submission of the draft Shelf Registration
Statement with the Commission shall be deemed to be a filing with the Commission for purposes of this Section 2 and the date on
which the Company makes such confidential submission will be deemed to be the date of the initial filing of such Shelf Registration
Statement.

 

3.            Special
Election Meeting.

 

(a)          Trigger
Date for Special Election Meeting.   Subject to Section 3(b), if a Registration Statement registering the resale
of the Registrable Shares has not been declared

 

    	9

    	 

    

 

effective by the Commission, and the Registrable
Shares have not been listed for trading on a national securities exchange, on or before (i) the date that is 180 days immediately
following the initial filing of such Registration Statement, (ii) if the Company undertakes an initial public offering pursuant
to the IPO Registration Statement and completes such initial public offering, the date that is 60 days after the closing date of
such initial public offering, or (iii) if the Company undertakes an initial public offering and is using commercially reasonable
efforts to complete the initial public offering, but the initial public offering is not completed within one (1) year following
the Closing Date, the date that is sixty (60) days following the one (1) year anniversary of the Closing Date (each, the “Trigger
Date”), a special meeting of the stockholders of the Company (the “Special Election Meeting”) shall
be called in accordance with the Bylaws of the Company. The Special Election Meeting shall occur as soon as possible following
the Trigger Date but in no event more than 45 days following the Trigger Date.

 

(b)          Purposes
of Meeting.   The Special Election Meeting shall be called solely for the purposes of: (i) considering and voting upon
proposals to remove each then-serving director of the Company; and (ii) electing such number of directors as there are then vacancies
on the Board of Directors of the Company (including any vacancies created by the removal of any director pursuant to this Section 3(c).
The removal of any director pursuant to Section 3(c)(i) hereof shall be effective immediately upon the receipt of the final
report of the Inspector of Elections for the Special Election Meeting of the result of the vote on the proposal to remove such
director.

 

(c)          Nominations.
  Nominations of individuals for election to the Board of Directors of the Company at the Special Election Meeting may only
be made (i) by or at the direction of the Board of Directors or (ii) upon receipt by the Company of written notice of Holders entitled
to cast, or direct the casting of, not less than 20% of all the votes entitled to be cast at the Special Election Meeting (excluding
Management Holders) and containing the information specified by Section 3(e) hereof. Each individual whose nomination is made in
accordance with this Section 3(d) is hereinafter referred to as a “Nominee.” Nominees may include directors whose removal
from the Board of Directors is being sought pursuant to Section 3(c) hereof.

 

(d)          Procedure
for Stockholder Nominations.   For nominations of individuals for election to the Board of Directors to be properly brought
before the Special Election Meeting by Holders pursuant to Section 3(d) hereof, the Holders must have given notice thereof in writing
to the Secretary of the Company not later than 5:00 p.m., Eastern Time, on the 10th day after the Trigger Date. Such
notice shall include each such proposed Nominee’s written consent to serve as a director, if elected, and shall specify:

 

(i)          as
to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all other information
relating to such proposed Nominee that would be required, pursuant to Regulation 14A promulgated under the Exchange Act (or any
successor provision), to be disclosed in a contested solicitation of proxies with respect to the election of such individual as
a director; and

 

(ii)         as
to each Holder giving the notice, the class, series and number of all shares of beneficial interest of the Company that are owned
by such Holder, beneficially or of record.

 

    	10

    	 

    

 

(e)          Notice.
  Not less than 15 days nor more than 25 days before the Special Election Meeting, the Secretary of the Company shall give
to each stockholder entitled to vote at, or to receive notice of, such meeting at such stockholder’s address as it appears
in the share transfer records of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting,
(ii) the purposes for which the Special Election Meeting has been called and (iii) the name of each Nominee.

 

(f)          Vote
of Management Shares.   The Management Holders shall not be entitled to vote any shares of Common Stock beneficially owned
by them in the removal or election of directors at the Special Election Meeting. So long as any director who was elected to the
Board of Directors at the Special Election Meeting continues to serve in such capacity as a director of the Company, the shares
of Common Stock beneficially owned by the Management Holders shall not vote in favor of the removal of any such director, the expansion
of the size of the Board of the Directors to create new vacancies, or any other proposal, the effect of which is to undermine the
intent and purpose of this Section 3, unless otherwise expressly consented to or requested by FBR. The Management Holders
shall not grant a proxy to vote any of the shares of Common Stock beneficially owned by the Management Holders to any other party
(other than a designee of FBR) to vote on such matters.

 

(g)          No
Conflicts.   The Company represents and warrants that the Charter and Bylaws of the Company reflect, and the Charter, Bylaws
and applicable law (including the Maryland General Corporation Law) do not conflict with, the rights of Holders and the procedures
for a Special Election Meeting set forth in this Section 3, and, so long as any Holder owns any Registrable Shares,
agrees not to amend or modify the Charter or Bylaws of the Company or take (or allow to be taken) any action that could cause the
Charter or Bylaws of the Company to be inconsistent or conflict with any rights of Holders and/or the procedures for a Special
Election Meeting set forth in this Section 3.

 

4.           Rules 144
and 144A Reporting

 

With a view to making available
the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Shares
to the public without registration, the Company agrees to:

 

(a)          make
and keep current public information available, as those terms are understood and defined in Rule 144 under the Securities
Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for
an offering of its securities to the general public;

 

(b)          to
file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities
Act and the Exchange Act (at any time after it has become subject to such reporting requirements);

 

(c)          so
long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities
Act and the Exchange Act, it will make

 

    	11

    	 

    

 

available other information as required by,
and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall
make available (either by mailing a copy thereof, by posting on the Company’s website, or by press release) to each Holder
a copy of:

 

(i)          the
Company’s annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements
of stockholders’ equity and statements of cash flows) prepared in accordance with U.S. generally accepted accounting principles
in the United States, accompanied by an audit report of the Company’s independent accountants, no later than 90 days
after the end of each fiscal year of the Company; and

 

(ii)         the
Company’s unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss, statements
of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s
annual financial statements, no later than 45 days after the end of each of the first three fiscal quarters of the Company;

 

(d)          hold,
a reasonable time after the availability of such financial statements and upon reasonable notice to the Holders and FBR (either
by mail, by posting on the Company’s website, or by press release), a quarterly investor conference call to discuss such
financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to
such financial statements, and will also cooperate with, and make management reasonably available to, FBR personnel in connection
with making Company information available to investors; and

 

(e)          so
long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 (at any time after 90 days after the effective
date of the first registration statement filed by the Company for an offering of its securities to the general public), and of
the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange
Act), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents
of the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation
of the Commission allowing a Holder to sell any such Registrable Shares without registration.

 

5.           Registration
Procedures

 

In connection with the
obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially
reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to permit
the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method
or methods of distribution, and the Company shall:

 

(a)          notify
FBR and Selling Holders’ Counsel, in writing, at least ten Business Days prior to filing a Registration Statement, of its
intention to file a Registration Statement with the

 

    	12

    	 

    

 

Commission and, at least five Business Days
prior to filing, provide a copy of the Registration Statement to FBR, its counsel and Selling Holders’ Counsel for review
and comment; prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration
Statement(s) shall (x) comply as to form in all material respects with the requirements of the applicable form and include
all financial statements required by the Commission to be filed therewith and (y) be reasonably acceptable to FBR, its counsel
and Selling Holders’ Counsel; notify FBR and Selling Holders’ Counsel in writing, at least five Business Days prior
to filing of any amendment or supplement to such Registration Statement and, at least three Business Days prior to filing, provide
a copy of such amendment or supplement to FBR, its counsel and Selling Holders’ Counsel for review and comment; promptly
following receipt from the Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made
by the staff of the Commission relating to such Registration Statement and of the Company’s responses thereto for review
and comment; and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable
after filing and to remain effective, subject to Section 6 hereof, until the earlier of (i) such time as all Registrable
Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (ii) the date
on which all Registrable Shares covered thereby have either been transferred pursuant to Rule 144 or are eligible for resale, without
any volume or manner-of-sale restrictions or compliance by the Company with any current public information requirements, pursuant
to Rule 144 (subject to the condition that the Registrable Shares have been transferred to an unrestricted CUSIP, are listed or
included on the New York Stock Exchange or the Nasdaq Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative
trading system with the Registrable Shares qualified under the applicable state securities or “blue sky” laws of all
50 states), or (iii) the date on which all Registrable Shares covered thereby have been sold to the Company or cease to be outstanding;
provided, however, that the Company shall not be required to cause the IPO Registration Statement to remain effective for
any period longer than 90 days following the effective date of the IPO Registration Statement (subject to extension as provided
in Section 6(c) hereof) provided, further, that if the Company has an effective Shelf Registration Statement
on Form S-11(or other form then available to the Company) under the Securities Act and becomes eligible to use Form S-3
or such other short-form registration statement form under the Securities Act, the Company may, upon 30 Business Days prior
written notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration
Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective,
de-register such shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement
(such transfer pursuant to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement
notifies the Company within 15 Business Days of receipt of the Company notice that such a registration under a new Registration
Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable
Shares already in progress, in which case, the Company shall delay the effectiveness of the short-form Registration Statement and
termination of the then-effective initial Registration Statement or any short-form Registration Statement for a period of not less
than 30 days from the date that the Company receives the notice from such Holders requesting a delay;

 

(b)          subject
to Section 5(i) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to each
such Registration Statement as may be

 

    	13

    	 

    

 

necessary to keep such Registration Statement
effective for the period described in Section 5(a) hereof; (ii) cause each Prospectus contained therein to be supplemented
by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may
be adopted under the Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or
methods of distribution by the selling Holders thereof;

 

(c)         furnish
to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other
disposition of the Registrable Shares; the Company consents, subject to Section 6 hereof, to the use of such Prospectus, including
each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered
by any such Prospectus;

 

(d)          use
its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable
Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities
or “blue sky” laws of such jurisdictions as FBR or any Holder of Registrable Shares covered by a Registration Statement
shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such
Registration Statement is required to be kept effective pursuant to Section 5(a) and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of
such Registrable Shares owned by such Holder; provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise
be required to qualify but for this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself
to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction;

 

(e)          use
its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and
approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the
disposition of such Registrable Shares;

 

(f)           notify
FBR and each Holder promptly and, if requested by FBR or any Holder, confirm such advice in writing (1) when a Registration
Statement has become effective and when any post-effective amendments and supplements thereto become effective, (2) of the
issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any Proceeding for that purpose, (3) of any request by the Commission or any other federal, state or
foreign governmental authority for (A) amendments or supplements to a Registration Statement or related Prospectus or (B) additional
information and (4) of the happening of any event during the period a Registration Statement is effective as a result of which
such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading (which

 

    	14

    	 

    

 

information shall be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made) and (5) at the request of any such Holder,
promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be
necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

(g)          use
its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or
suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from qualification
of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable;

 

(h)          upon
request, furnish to each requesting Holder of Registrable Shares covered by a Registration Statement, without charge, one conformed
copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein
by reference or exhibits thereto, unless requested);

 

(i)           except
as provided in Section 6 hereof, upon the occurrence of any event contemplated by Section 5(f)(4) hereof, use its commercially
reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus
or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading;

 

(j)           if
requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with
such offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative
of the underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make
all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the
Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(k)           in
the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to each Holder of Registrable Shares covered
by such Registration Statement and the underwriters a signed counterpart, addressed to each such Holder and the underwriters, of:
(i) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory
to such Holder and the underwriters; and (ii) a “comfort” letter, dated the effective date of such Registration
Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have
certified the Company’s financial statements included in such Registration Statement, covering substantially the same matters
with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the
date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten
public offerings of

 

    	15

    	 

    

 

securities and such other financial matters
as such Holder and the underwriters may reasonably request;

 

(l)           enter
into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and reasonably
satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the
distribution of the Registrable Shares included in such Registration Statement and, in the case of an Underwritten Offering, make
representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope
as are customarily made by issuers to underwriters in underwritten offerings and confirm the same to the extent customary if and
when requested;

 

(m)          make
available for inspection by representatives of the Holders and the representative of any underwriters participating in any offering
pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial
and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and
employees of the Company to supply all information reasonably requested by any such representatives, the representative of the
underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records,
documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative
of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by such representatives, representative
of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is
necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such
records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such
records, documents or information have been generally made available to the public; provided, further, that the representatives
of the Holders and any underwriters will use commercially reasonable efforts, to the extent practicable, to coordinate the foregoing
inspection and information gathering and not materially disrupt the Company’s business operations;

 

(n)           use
its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market
in the Company’s listing or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange
or the Nasdaq Global Market;

 

(o)           prepare
and file in a timely manner all documents and reports required by the Exchange Act and, to the extent the Company’s obligation
to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period
of the Registration Statement as required by Section 5(a) hereof, the Company shall register the Registrable Shares under
the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof;

 

(p)           provide
a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement;

 

    	16

    	 

    

 

(q)           (i) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (ii) make generally
available to its stockholders, as soon as reasonably practicable, earnings statements covering at least 12 months beginning
after the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder, but in no event later than 45 days after the end of each fiscal year of the Company and (iii) not
file any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which
any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such
Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements
of the Securities Act, such Holder having been furnished with a copy thereof at least two Business Days prior to the filing thereof;

 

(r)           provide
and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from
and after a date not later than the effective date of such Registration Statement;

 

(s)           in
connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will
result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative
of the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the Registrable Shares
to be sold, which certificates shall not bear any restrictive transfer legends (other than as required by the Company’s charter,
as amended) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative
of the underwriters, if any, or the Holders may request at least three Business Days prior to any sale of the Registrable Shares;

 

(t)           in
connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to
Section 2(a) hereof, cooperate with FBR in connection with the filing with FINRA of all forms and information required or
requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness
of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation,
a “No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement,
including, without limitation, information provided to FINRA through its Public Offering System, and pay all costs, fees and expenses
incident to FINRA’s review of the Shelf Registration Statement and the related underwriting terms and arrangements, including,
without limitation, all filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees and
other disbursements of FBR and any other FINRA member that is the Holder of, or is affiliated or associated with an owner of, Registrable
Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing);

 

(u)           in
connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to
Section 2(a) hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including, without
limitation, an inquiry of the Company’s financial and other records, and make available members of its management for questions
regarding information which FBR may request in order to fulfill any due diligence obligation on its part and, concurrent with the
initial filing of a Shelf Registration Statement with

 

    	17

    	 

    

 

the Commission pursuant to Section 2(a)
hereof, pay the sum of $75,000 to FBCM, by wire transfer of immediately available funds, to cover FBCM’s costs and expenses
associated with its due diligence review of the Shelf Registration Statement and the information contained therein;

 

(v)          upon
effectiveness of the first Registration Statement filed under this Agreement, take such actions and make such filings as are necessary
to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness
of the Registration Statement; and

 

(w)          in
the case of an Underwritten Offering, use its commercially reasonable efforts to cooperate and assist in any filings required to
be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any
“qualified independent underwriter,” if applicable) that is required to be retained in accordance with the rules and
regulations of FINRA.

 

The Company may require the
Holders to furnish (and each Holder shall furnish) to the Company such information regarding the proposed distribution by such
Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to
effect the registration of the Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any
Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide
such information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling
security holder pursuant to an Underwritten Offering shall be required to be named as a selling stockholder in the related prospectus
and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information
required from time to time to make the information previously furnished by such Holder not misleading.

 

Each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the kind described in Section 5(f)(3) or 5(f)(4)
hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such
Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will
deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice.

 

6.            Black-Out
Period

 

(a)           Subject
to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the board of
directors of the Company (the “Board of Directors”) that it is in the best interests of the Company to suspend
the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any international,
federal or state securities commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend
sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is
necessary and advisable (but in no event for more than an aggregate of 90 days in any rolling 12 month period

 

    	18

    	 

    

 

commencing on the Closing Date or more than
60 days in any rolling 90 day period), if any of the following events shall occur: (i) the representative of the underwriters
of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares pursuant
to the Registration Statement would have a material adverse effect on the Company’s primary Underwritten Offering; (ii) the
majority of the independent members of the Board of Directors of the Company shall have determined in good faith that (A) the
offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale
of securities, acquisition, corporate reorganization or other significant transaction involving the Company, (B) after the
advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public
material information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona
fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse
effect on the Company or the Company’s ability to consummate such transaction, or (z) the proposed transaction renders
the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable
to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement
on a post-effective basis, as applicable; or (iii) the majority of the independent members of the Board of Directors of the
Company shall have determined in good faith, after the advice of counsel, that it is required by law, rule or regulation or that
it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration
Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration
Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus included
in the Registration Statement any facts or events arising after the effective date of the Registration Statement (or of the most
recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set
forth therein; or (3) including in the Prospectus included in the Registration Statement any material information with respect
to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence
of any such suspension, the Company shall use its best efforts to cause the Registration Statement to become effective or to promptly
amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed
use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders
to resume sales of the Registrable Shares as soon as possible.

 

(b)           In
the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension Event”),
the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the
Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only
for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable
steps to terminate suspension of the use of the Registration Statement as promptly as possible. The Holders shall not effect any
sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company,
each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such
Holder’s possession of the

 

    	19

    	 

    

 

Prospectus covering the Registrable Shares
at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant
to the Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”)
from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above
promptly following the conclusion of any Suspension Event and its effect.

 

(c)           Notwithstanding
any provision herein to the contrary, if the Company shall give a Suspension Notice pursuant to this Section 6, the Company
agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice
to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended
Prospectus necessary to resume sales.

 

7.            Indemnification
and Contribution

 

(a)           The
Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in
the Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the meaning
of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i)
(any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”),
and (iii) the respective officers, directors, partners, members, employees, representatives and agents of any such Person
or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter be referred to as a “Purchaser
Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions,
out-of-pocket expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred,
reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation
or Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel
to such Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection
with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment
thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or supplement
thereto), or any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser
Indemnitee furnished to the Company, or any underwriter in writing by such Purchaser Indemnitee expressly for use therein. The
Company shall notify the Holders promptly of the institution, threat or assertion of any claim, Proceeding (including any governmental
investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement which
involves the Company or a Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless
of any investigation made by or on behalf of any Purchaser Indemnitee.

 

    	20

    	 

    

 

(b)           In
connection with any Registration Statement in which a Holder of Registrable Shares is participating, and as a condition to such
participation, such Holder agrees, severally and not jointly, to indemnify and hold harmless the Company and each Person who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective
officers, directors, partners, members, employees, representatives and agents of such Person or Controlling Person to the same
extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or
omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating to
such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any amendment
thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto)
or any preliminary Prospectus. The liability of any Holder pursuant to this paragraph shall in no event exceed the net proceeds
received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus
(or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary
Prospectus.

 

(c)           If
any suit, action, Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified
Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”)
in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability
which it may have under this Section 7, except to the extent the Indemnifying Party is materially prejudiced by the failure
to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such
Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding
the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party
shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice
of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the
Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties
to any such action (including any impleaded parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate
of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there
may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying
Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying
Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor
direct the defense of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party
shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm
of attorneys (in addition to any local counsel) for all such Indemnified Parties, which

 

    	21

    	 

    

 

firm shall be designated in writing by those
Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm
for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company).
The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent
shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying
Party agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or
threatened Proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding and (ii) does not include a statement as to or an admission
of, fault, culpability or a failure to act by or on behalf of the Indemnified Party.

 

(d)           If
the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be unavailable
to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein)
or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu
of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as
a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified
Party on the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted
in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.

 

(e)           The
parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation
that does not take account of the equitable considerations referred to in Section 7(d) above. The amount paid or payable by an
Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations
set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee
be required to contribute any amount in excess of the amount by which the net proceeds received by such Purchaser Indemnitee from
sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 7, each
Person, if any, who controls (within the meaning of Section 15 of

 

    	22

    	 

    

 

the Securities Act or Section 20(a) of
the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or such Holder, as the
case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a)
of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or manager of the Company
shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice
of commencement of any action, suit or Proceeding against such party in respect of which a claim for contribution may be made against
another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such
party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may
have under this Section 7 or otherwise, except to the extent that any party is materially prejudiced by the failure to give
notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

(f)           The
indemnity and contribution agreements contained in this Section 7 will be in addition to any liability which the Indemnifying
Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute
pursuant to this Section 7 are several in proportion to the respective number of Registrable Shares sold by each of the Purchaser
Indemnitees hereunder and not joint.

 

8.           Market
Stand-off Agreement

 

Each Holder hereby agrees
that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly
sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable
Shares or other shares of Common Stock of the Company or any securities convertible into or exchangeable or exercisable for shares
of Common Stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly
bound) (i) in the case of the Company and each of its officers, directors, managers and employees, in each case to the extent such
person or entity holds shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common
Stock, for a period beginning 30 days prior to, and continuing for 180 days following, the effective date of, the IPO Registration
Statement to the Company; (ii) in the case of all other Holders who include Registrable Shares in the IPO Registration Statement,
beginning 30 days prior to, and continuing for 180 days following, the effective date of the IPO Registration Statement of the
Company, and (iii) in the case of all other Holders who do not include Registrable Shares in the IPO Registration Statement, for
a period beginning 30 days prior to, and continuing for 60 days following, the effective date of an IPO Registration Statement
of the Company filed under the Securities Act; provided, however, that:

 

(a)           the
restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement or any other shares of
Common Stock purchased after the initial public offering of shares of Common Stock of the Company;

 

    	23

    	 

    

 

(b)           all
executive officers and directors of the Company then holding shares of Common Stock of the Company or securities convertible into
or exchangeable or exercisable for shares of Common Stock of the Company enter into agreements that are no less restrictive;

 

(c)           the
Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into agreements
that are no less restrictive (with such proportion being determined by dividing the number of shares being released with respect
to such officer or director by the total number of issued and outstanding shares held by such officer or director); provided,
that nothing in this Section 8(c) shall be construed as a right to proportionate release for the executive officers and directors
of the Company upon the expiration of the 60 day period applicable to all Holders other than the executive officers and directors
of the Company; and

 

(d)           this
Section 8 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been
declared effective prior to the filing of an IPO Registration Statement.

 

In order to enforce the foregoing
covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject
to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities
of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period.

 

9.           Termination
of the Company’s Obligation

 

The Company shall have
no obligation pursuant to this Agreement with respect to any Registrable Shares proposed to be sold by a Holder in a registration
pursuant to this Agreement if, in the opinion of counsel to the Company, (i) all such Registrable Shares proposed to be sold by
a Holder may be sold in a single transaction without registration under the Securities Act pursuant to Rule 144, (ii) the
Company has become subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act for a period of at least 90
days and is current in the filing of all such required reports, and (iii) the Registrable Shares have been listed for trading on
a national securities exchange.

 

10.         Limitations
on Subsequent Registration Rights

 

From and after the date
of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority
of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 10, Registrable Shares
that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding), enter into any agreement
with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to
include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such agreement,
such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of
its securities will not reduce the amount of Registrable Shares of the Holders that is included, or (b) to have its securities
registered on a registration statement that could be

 

    	24

    	 

    

 

declared effective prior to, or within 180 days
of, the effective date of any registration statement filed pursuant to this Agreement.

 

11.         Miscellaneous

 

(a)          Remedies.
 In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being
entitled to exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law,
including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to specific performance of its rights
under this Agreement. Subject to Section 7, the Company agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the
event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be
adequate.

 

(b)          Amendments
and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified
or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent
of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable Shares; provided,
however, that for purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by any Management
Holder or any Affiliate thereof or any Affiliate of the Company shall not be deemed to be outstanding and, any waiver of the obligation
of the Company to call and hold a Special Election Meeting in accordance with the requirements of Section 2(b)(iii) hereof shall
require the written consent of the holders of at least 75% of the Registrable Shares (excluding the Management Holders other than
(i) Flexpoint Great Ajax Holdings, LLC and any other funds or accounts managed by Flexpoint Ford or its affiliates and (ii) any
funds or accounts managed by Wellington Management Company or its affiliates); provided, further, however, that any amendments,
modifications or supplements to, or any waivers or consents to departures from, the provisions of Section 8 hereof that would have
the effect of extending the 60 or 180 day periods referenced therein shall be approved by, and shall only be applicable to, those
Holders who provide written consent to such extension to the Company . No amendment shall be deemed effective unless it applies
uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect
to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement
and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder;
provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the
provisions of the first and second sentences of this paragraph.

 

(c)          Notices.
 All notices and other communications, provided for or permitted hereunder, shall be made in writing and delivered by facsimile
(with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram:

 

(i)          if
to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company; and

 

    	25

    	 

    

 

(ii)         if
to the Company, at the offices of the Company at 9400 SW Beaverton-Hillsdale Hwy, Suite 131, Beaverton, OR 97005, Attention: Chief
Financial Officer; and

 

(iii)        if
to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: Gavin Beske, Esq., (facsimile:
703-469-1012).

 

(d)          Successors
and Assigns.   This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders.
The Company and FBR agree that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company,
and the Holders shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights hereunder.

 

(e)          Counterparts.
  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(f)           Headings.
  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof.

 

(g)          Governing
Law.   THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK
OR ANY FEDERAL COURT SITTING IN NEW YORK COUNTY IN NEW YORK STATE IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT.

 

(h)          Severability.
  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction.

 

    	26

    	 

    

 

It is hereby stipulated and declared to be
the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(i)           Entire
Agreement.   This Agreement, together with the Purchase/Placement Agreement, is intended by the parties hereto as a final expression
of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and therein.

 

(j)           Registrable
Shares Held by the Company or its Affiliates.   Whenever the consent or approval of Holders of a specified percentage of Registrable
Shares is required hereunder, Registrable Shares held by the Management Holders or their Affiliates or any Affiliate of the Company
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 

(k)          Adjustment
for Stock Splits, etc.   Wherever in this Agreement there is a reference to a specific number of shares, then upon the occurrence
of any subdivision, combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement
shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock
by such subdivision, combination, or stock dividend.

 

(l)           Survival.
  This Agreement is intended to survive the consummation of the transactions contemplated by the Purchase/Placement Agreement. The
indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the Company’s
obligations under Section 2 of this Agreement.

 

(m)          Attorneys’
Fees.   In any action or Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly
asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’
fees in addition to any other available remedy.

 

[Signature pages follow]

 

    	27

    	 

    

 

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

 

	GREAT AJAX CORP.	 
	 	 	 
	By:	/s/ Lawrence Mendelsohn	 

	Name: Lawrence Mendelsohn	 
	Title: Chief Executive Officer	 

 

	FBR CAPITAL MARKETS & CO.	 
	 	 	 
	By:  	/s/ Paul Dellisola	 

	Name: 	Paul Dellisola	 
	Title:	Senior Managing Director	 

 

	THETIS ASSET MANAGEMENT LLC	 
	 	 	 
	By:	Aspen Yo LLC	 
	By:	Mars Development LLC, Manager	 
	 	 	 
	By: 	/s/ Lawrence Mendelsohn	 
	 	 	 
	 	Lawrence Mendelsohn, Authorized Agent	 

 

	GREGORY FUNDING LLC	 
	 	 	 
	By:	/s/ Steve Rosenberg	 
	 	 	 
	 	Steve Rosenberg, Manager and President	 

 

	ASPEN YO LLC	 
	By:	Mars Development LLC, Manager	 
	By:	Flanders Street Capital Management LLC, Co-Manager	 

 

	By:	/s/ Lawrence Mendelsohn	 
	Larry Mendelsohn	 
	Managing Member	 

 

[Signature Page to Registration Rights Agreement]

 

    	28

    	 

    

 

	/s/Lawrence Mendelsohn	 
	 	 
	Lawrence Mendelsohn	 

 

	/s/ Russell Schaub	 
	 	 
	Russell Schaub	 

 

	/s/ Glen Ohl	 
	 	 
	Glen Ohl	 

 

	/s/ Steven L. Begleiter	 
	 	 
	Steven L. Begleiter	 
	 	 
	/s/ Daniel Hoffman	 
	 	 
	Daniel Hoffman	 
	 	 
	/s/ J. Kirk Ogren	 
	 	 
	J. Kirk Ogren	 

 

	/s/ Jonathan Bradford Handley, Jr.	 
	 	 
	Jonathan Bradford Handley, Jr.	 

 

[Signature Page to Registration Rights Agreement]

 

    	29Exhibit 10.9

 

THETIS ASSET MANAGEMENT
LLC

 

This TRADEMARK LICENSE AGREEMENT
(this “Agreement”), is entered into as of July 8, 2014 (“Effective Date”), by and between
ASPEN YO LLC, an Oregon limited liability company (“Aspen Yo”), and THETIS ASSET MANAGEMENT LLC, a Delaware
limited liability company, (“Thetis”) (each, a “Party,” and collectively, the “Parties”).

 

WHEREAS, Aspen Yo has adopted, is using
and is the owner of the Licensed Mark (as defined below) worldwide;

 

WHEREAS, Thetis is a direct subsidiary of
Aspen Yo and is the manager of GREAT AJAX CORP. (“Great Ajax”), pursuant to the Management Agreement dated as of July
8, 2014 (the “Management Agreement”);

 

WHEREAS, Thetis desires to use the Licensed
Mark as part of the trade name “Thetis Asset Management LLC” and in connection with the Licensed Activities (as defined
below); and

 

WHEREAS, Aspen Yo desires to license the
Licensed Mark to Thetis to be used as part of the trade name “Thetis Asset Management LLC” and in connection with the
Licensed Activities subject to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
sum of $1.00, the mutual agreements contained herein, and other good and valuable consideration the receipt of which is acknowledged,
the Parties agree as follows:

 

ARTICLE
1

DEFINITIONS

 

“Control” means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person
or entity, whether through the ownership of voting securities, by contract or otherwise.

 

“Great Ajax Mark”
means, individually and collectively, the word mark GREAT AJAX, the logo design associated with such mark, as set forth below,
and including but not limited to the marks set forth in U.S. Application Serial Nos. 86202747 and 86202748, and the trade
name “Great Ajax Corp.”:

 

 

 

“Licensed Mark”
means, individually and collectively, the word mark THETIS and any variations thereto, including but not limited to the mark set
forth in U.S. Application Serial Nos. 86202747.

 

“Licensed Trade Name”
means the corporate name “Thetis Asset Management LLC” and any variation thereof including the term THETIS that is
used by Thetis with the prior approval of Aspen Yo.

 

“Licensed Activities”
means the management of real estate investment trusts (REIT); the management of acquisitions, sale and financing of real estate
related securities; the management of the acquisition, sale and financing of real estate loans and properties; real estate loan
management services; and the operation of Thetis’ real estate-related business in the ordinary course.

 

“Licensed User”
means Thetis.

 

    	 

    	 

    

 

“Subsidiary” means
any corporation, company or other legal entity: (i) more than 50% of whose shares or outstanding securities (representing
the right to vote for the election of directors or other managing authority) are, now or hereafter, Controlled, directly or indirectly
by a Party hereto, but such entity shall be deemed to be a Subsidiary for the purposes of this Agreement only so long as such Control
exists; or (ii) that does not have outstanding shares or securities, as may be the case in a partnership, joint venture, limited
liability company or unincorporated association, but more than 50% of whose ownership interests representing the right to
make decisions for such entity is now or hereafter, Controlled, directly or indirectly by a Party hereto, but such entity shall
be deemed to be a Subsidiary for the purposes of this Agreement only so long as such Control exists.

 

ARTICLE
2

LICENSE GRANT AND CONDITIONS OF LICENSED USE

 

Section 2.1           Aspen
Yo hereby grants Thetis a nonexclusive, nontransferable, nonsublicensable, royalty-free license to use and display the Licensed
Trade Name and the Licensed Mark worldwide (subject to conditions set forth below) solely in connection with the Licensed Activities,
subject to Aspen Yo’s review and approval.

 

Section 2.2           All
use of the Licensed Mark and Licensed Trade Name by Licensed User, and all goodwill associated with such use, shall inure to the
benefit of Aspen Yo.

 

Section 2.3           Licensed
Users shall conduct the Licensed Activities in a manner that accords with professional and respected business practices and that
is consistent with the reputation of Aspen Yo and the Licensed Mark. Licensed Users shall use the Licensed Mark in a form which
is in accordance with sound trademark practice so as not to weaken the value of the Licensed Mark. Licensed Users shall use the
Licensed Mark in a manner that does not derogate, based on an objective business standard, Aspen Yo’s rights in the Licensed
Mark or the value of the Licensed Mark, and shall take no action that would, based on an objective standard, interfere with, diminish
or tarnish those rights or value.

 

Section 2.4           Aspen
Yo hereby grants Thetis the right to publicly identify itself as the manager of Great Ajax, and to use the Great Ajax Marks as
reasonably necessary in connection with such factually accurate statements and its role as Manager pursuant to the Management Agreement.

 

Section 2.5           The
Licensed Mark shall remain the exclusive property of Aspen Yo and nothing in this Agreement shall give Licensed User any right
or interest in the Licensed Mark except the licenses expressly granted in this Agreement.

 

Section 2.6           All
of Aspen Yo’s rights in and to the Licensed Mark, including, but not limited to, the right to use and to grant others the
right to use the Licensed Mark, are reserved by Aspen Yo.

 

Section 2.7           No
license, right, or immunity is granted by either Party to the other, either expressly or by implication, or by estoppel, or otherwise
with respect to any trademarks, copyrights, or trade dress, or other property right, other than with respect to the Licensed Trade
Name and the Licensed Mark in accordance with Section 2.1.

 

Section 2.8           Licensed
User acknowledges that Aspen Yo is the sole owner of all right, title and interest in and to the Licensed Mark, and that Licensed
User has not acquired, and shall not acquire, any right, title or interest in or to the Licensed Mark except the right to use the
Licensed Mark in accordance with the terms of this Agreement.

 

Section 2.9           At
least 60 days prior to any Licensed User commencing use of the Licensed Mark or Licensed Trade Name outside of the United States,
Thetis shall submit a written request to Aspen Yo for approval of such use. Such approval is within Aspen Yo’s sole and complete
discretion. In the event that such approval is not granted, the Licensed User shall not commence its proposed use in the foreign
jurisdiction.

 

    	2

    	 

    

 

Section 2.10         Licensed
User shall not register or attempt to register the Licensed Mark or any mark confusingly similar thereto in any jurisdiction, and
Aspen Yo shall retain the exclusive right to apply for and obtain registrations for the Licensed Mark throughout the world.

 

Section 2.11         Licensed
User shall not challenge the validity of the Licensed Mark, nor shall Licensed User challenge Aspen Yo’s ownership of the
Licensed Mark or the enforceability of Aspen Yo’s rights therein.

 

Section 2.12         Licensed
User shall designate the first or a prominent use of the Licensed Mark in all promotional materials, documents, brochures, and/or
manuals with the symbol “SM” or ® as directed by Aspen Yo.

 

Section 2.13         Licensed
User agrees to cooperate with Aspen Yo’s preparation and filing of any applications, renewals or other documentation necessary
or useful to protect and/or enforce Aspen Yo’s intellectual property rights in the Licensed Mark.

 

(a)          Licensed
User shall notify Aspen Yo promptly of any actual or threatened infringements, imitations or unauthorized uses of the Licensed
Mark of which Licensed User becomes aware.

 

(b)          Aspen
Yo shall have the sole right, though it is under no obligation, to bring any action for any past, present and future infringements
of its intellectual property rights in the Licensed Mark.

 

(c)          Licensed
User shall cooperate with Aspen Yo, at Aspen Yo’s expense for any out-of-pocket costs incurred by Licensed User, in any efforts
by Aspen Yo to enforce its rights in the Licensed Mark or to prosecute third party infringers of the Licensed Mark.

 

(d)          Aspen
Yo shall be entitled to retain any and all damages and other monies awarded or otherwise paid in connection with any such action.

 

Section 2.14         Quality
Control. In order to promote and preserve the goodwill symbolized by the Licensed Mark, Licensed User will insure that the
Licensed Activities shall be of the same high quality as the services marketed or otherwise provided by Aspen Yo.

 

(a)          Licensed
User shall use the Licensed Mark and Licensed Trade Name only in connection with services that meet or exceed generally accepted
industry standards of quality and performance.

 

(b)          Aspen
Yo shall have the right to monitor the quality of the services provided and promotional materials used by Licensed User, and Licensed
User shall use reasonable efforts to assist Aspen Yo in monitoring the quality of the services provided and promotional materials
used by Licensed User.

 

(c)          From
time to time and upon Aspen Yo’s request, Licensed User shall submit to Aspen Yo samples of all materials bearing the Licensed
Mark, including, without limitation, any advertising, packaging and other publicly disseminated materials.

 

(d)          If
Aspen Yo discovers any deficiencies in the quality of the Licensed User’s services or any improper use of the Licensed Mark
on any such submission and delivers a writing describing in detail the improper use to Licensed Users, Licensed User shall remedy
the deficiencies and/ or improper use immediately.

 

ARTICLE
3

TERM AND TERMINATION

 

Section 3.1           This
Agreement and all rights and licenses granted under this Agreement shall terminate as soon as practicable, but no longer than 30 days,
after the expiration or earlier termination of the Management Agreement.

 

    	3

    	 

    

 

Section 3.2           In
the event that Great Ajax loses Control of a Subsidiary, all rights and licenses granted to the former Subsidiary under this Agreement
shall immediately terminate.

 

Section 3.3           Upon
termination of this agreement, Licensed Users shall immediately cease use of the Licensed Trade Name and Licensed Mark as soon
as practicable, but no longer than 30 days, after termination.

 

ARTICLE
4

GENERAL PROVISIONS

 

Section 4.1           Indemnification.

 

(a)          Licensed
User, at Licensed User’s own expense, shall indemnify, hold harmless and defend Aspen Yo, its affiliates, successors and
assigns, and its and their directors, officers, employees and agents, against any claim, demand, cause of action, debt, expense
or liability (including attorneys’ fees and costs), to the extent that the foregoing (a) is based on a claim resulting
solely from any service provided or offered by Licensed User, (b) results from a material breach, or is based on a claim that,
if true, would be a material breach, of this Agreement by Licensed User, or (c) is based upon Licensed User’s unauthorized
or improper use of the Licensed Mark.

 

(b)          Aspen
Yo shall indemnify, hold harmless and defend Licensed User and its directors, officers, employees and agents, against any claim,
demand, cause of action, debt, expense or liability (including attorneys’ fees and costs), to the extent that the foregoing
is based on a third party claim of trademark infringement, to the extent arising from the use by Licensed User of the Licensed
Mark in the United States in accordance with this Agreement.

 

Section 4.2           Limitation
of warranty and liability. Except as set forth specifically herein, Aspen Yo does not make warranties of any kind, whether
express, implied, related to or arising out of the Licensed Mark or this Agreement.

 

(a)          Licensed
User acknowledges that Aspen Yo has not yet registered the Licensed Mark in the United States or other countries.

 

(b)          Aspen
Yo specifically disclaims any implied warranties of merchantability, fitness for a particular purpose, non-infringement, and/or
title, and all other warranties that may otherwise arise from course of dealing, usage of trade or custom.

 

(c)          In
no event shall Aspen Yo or any of its directors, officers, employees, licensors, suppliers or other representatives be liable for
any indirect, special or consequential damages, or damages for loss of profits, business interruption, loss of goodwill, computer
failure or malfunction or otherwise, arising from or relating to this agreement or the licensed mark, even if Aspen Yo is expressly
advised of the possibility of such damages. The foregoing limitation of liability and exclusion of certain damages shall apply
regardless of the failure of essential purpose of any remedies available to either party.

 

Section 4.3           Non-Transferable
Agreement. Licensed User may not assign this Agreement and/or any rights and/or obligations hereunder without the prior written
consent of Aspen Yo and any such attempted assignment shall be void.

 

Section 4.4           Remedies.
Licensed User acknowledges that a material breach of Licensed User’s obligations under this Agreement would cause Aspen Yo
irreparable damage. Accordingly, Licensed User agrees that in the event of such breach or threatened breach, in addition to remedies
at law, Aspen Yo shall have the right to enjoin Licensed User from the unlawful and/or unauthorized use of the Licensed Trade Name
and/or the Licensed Mark and other equitable relief to protect Aspen Yo’s rights in the Licensed Mark.

 

Section 4.5           Integration.
This Agreement contains the entire agreement of the Parties. No promise, inducement, representation or agreement, other than
as expressly set forth herein, has been made to or by the Parties

 

    	4

    	 

    

  

hereto. All prior agreements and understandings
related to the subject matter hereof, whether written or oral, are expressly superseded hereby and are of no further force or effect.

 

Section 4.6           Binding
Agreement. This Agreement shall be binding upon the Parties’ permitted assigns and successors and references to each
Party shall include such assigns and successors.

 

Section 4.7           Amendment.
This Agreement cannot be altered, amended or modified in any respect, except by a writing duly signed by both Parties.

 

Section 4.8           No
Strict Construction. The normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting Party shall not be employed in the interpretation of this Agreement. Headings are for reference and shall not affect the
meaning of any of the provisions of this Agreement.

 

Section 4.9           Waiver.
At no time shall any failure or delay by either party in enforcing any provisions, exercising any option, or requiring performance
of any provisions, be construed to be a waiver of same.

 

Section 4.10         Governing
Law and Jurisdiction. This Agreement shall be construed in accordance with the laws of the state of New York without regard
to any conflicts of law provisions (except for Section 5-1401 of the New York General Obligations Law) and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with the laws of the state of New York, except to the extent
preempted by federal law. The parties agree that the appropriate courts in the city and county of New York, New York shall have
exclusive jurisdiction for any litigation relating to this Agreement or the rights and obligations of the parties hereunder.

 

Section 4.11         Attorney’s
Fees. In the event any suit or other legal proceeding is brought for the enforcement of any of the provisions of this Agreement,
the Parties hereto agree that the prevailing party shall be entitled to recover from the other party upon final judgment on the
merits reasonable attorneys’ fees (and sales taxes thereon, if any), including attorneys’ fees for any appeal, and
costs incurred in bringing such suit or proceeding.

 

Section 4.12         Relationship
of the Parties. Nothing in this Agreement will be construed as creating a joint venture, partnership, or employment relationship
between Aspen Yo and Licensed User. Neither Party will have the right, power or implied authority to create any obligation or duty
on behalf of the other Party.

 

Section 4.13         Notices.
Unless otherwise specified in this Agreement, all notices shall be in writing and delivered personally, mailed, first class mail,
postage prepaid, or delivered by confirmed electronic or digital means, to the addresses set forth at the beginning of this Agreement
and to the attention of the undersigned. Either Party may change the addresses or addressees for notice by giving notice to the
other. All notices shall be deemed given on the date personally delivered, when placed in the mail as specified or when electronic
or digital confirmation is received.

 

Section 4.14         Counterparts.
This Agreement may be executed in counterparts, by manual or facsimile signature, each of which will be deemed an original and
all of which together will constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed as of the date first written above by their duly authorized representatives.

 

	 	THETIS ASSET MANAGEMENT LLC.
	 	 	 
	 	By:	/s/ Larry Mendelsohn
	 	Name:	Larry Mendelsohn
	 	Title:	Manager

 

	 	ASPEN YO LLC
	 	 	 
	 	By:	MARS DEVELOPMENT LLC, its Manager
	 	 	 
	 	By:	/s/ Steve Rosenberg
	 	 	Steve Rosenberg, its Authorized Agent

 

[SIGNATURE PAGE TO TRADEMARK LICENSE AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]