Document:

Exhibit 10.3

 

EXCHANGE AGREEMENT

 

This EXCHANGE AGREEMENT
(this “Agreement”), dated as of March 17, 2015, is entered into by and among ZAIS Group Holdings, Inc. a Delaware
corporation (the “Corporation”), ZAIS Group Parent, LLC, a Delaware limited liability company (the “Company”),
the Company Unitholders (as defined herein) and Christian M. Zugel, as trustee (solely in his capacity as the trustee, the “Trustee”)
of the ZGH Class B Voting Trust (the “Control Shares Trust”) that is established solely to hold the Control
Shares (as defined below).

 

WHEREAS, the parties hereto
desire to provide for the exchange of Company Units (as defined herein) for, at the Corporation’s option, shares of Class
A Common Stock (as defined herein), cash or a combination of both, on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I 

DEFINITIONS

 

Section 1.1         Definitions.
The following capitalized terms shall have the meanings specified in this Section 1.1. Other terms are defined in the text
of this Agreement, and those terms shall have the meanings respectively ascribed to them therein.

 

“Affiliate”
has the meaning set forth in the LLC Agreement.

 

“Board”
means the board of directors of the Corporation.

 

“Business Day”
means any day, other than a Saturday, Sunday or any other day on which commercial banks located in the State of New York are authorized
or obligated by law or executive order to close.

 

“Capital Stock”
has the meaning set forth in the LLC Agreement.

 

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

 

		(i)	there is consummated, in accordance with the Corporation’s certificate of incorporation and
applicable law, the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the Corporation’s
assets (determined on a consolidated basis), including a sale of all Class A Units held by the Corporation, to any Person or “group”
(as such term is used in Section 13(d)(3) of the Exchange Act, or any successor provisions thereto), excluding a group of Persons
which includes Christian M. Zugel or his Affiliates or the Control Shares Trust;

  

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		(ii)	any Person or any group of Persons acting together which would constitute a “group”
for purposes of Section 13(d)(3) of the Exchange Act, or any successor provisions thereto, is or becomes the beneficial owner,
directly or indirectly, of securities of the Corporation representing more than fifty percent (50%) of the combined voting power
of the Corporation’s then outstanding Voting Securities, excluding a group of Persons which includes Christian M. Zugel or
his Affiliates or the Control Shares Trust;

 

		(iii)	there is consummated a merger or consolidation of the Corporation with any other corporation or
other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to
the merger or consolidation does not constitute at least a majority of the board of directors of the Person surviving the merger
or, if the surviving Person is a Subsidiary, the ultimate parent thereof, or (y) the Voting Securities immediately prior to such
merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of then
outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving Person is a Subsidiary,
the ultimate parent thereof; or

 

		(iv)	the stockholders of the Corporation and the Board approve a plan of complete liquidation or dissolution
of the Corporation.

 

Notwithstanding the foregoing,
except with respect to clause (iii)(x) above, a “Change of Control” shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated transactions immediately following which (A) the record holders
of the shares of Capital Stock of the Corporation immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all
or substantially all of the assets of the Corporation immediately following such transaction or series of transactions or (B) the
Corporation is the surviving entity and its shares of Class A Common Stock continue to be registered under Section 12(b) or 12(g)
of the Exchange Act and continue to be publicly traded.

 

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

 

“Class A Unit”
has the meaning set forth in the LLC Agreement.

 

“Class B Common
Stock” means Class B Common Stock, par value $0.000001 per share, of the Corporation

 

“Class B Member
Tax Obligation” means the sum of (i) an amount equal to the product of the amount of compensation income includible in
the income of a Class B Member arising as a result of the issuance or vesting of Class B Units,
multiplied by the highest effective marginal federal, state and local (and non-U.S., if any) income tax rates applicable
to such Class B Member, for the applicable taxable year, taking into account the deductibility of state and local (and non U.S.,
if any) income taxes as applicable for federal income tax purposes and any limitations thereon, plus (ii) applicable employment
taxes attributable to the issuance or vesting of such Class B Units borne by such Class B Member.

 

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“Class B Member” has the
meaning set for in the LLC Agreement.

 

“Class B Unit”
has the meaning set forth in the LLC Agreement.

 

“Closing Price” has the meaning
set forth in the LLC Agreement.

 

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

 

“Company Unit” means (i) each
Class A Unit issued as of the date hereof, (ii) each Class A Unit, Vested Class B Unit or other vested interest in the Company
issued or released by the Company in the future or for which any such interest has been converted or exchanged; or (iii) any other
Unit (as defined in the LLC Agreement) as shall otherwise be specified by the Managing Member.

 

“Company Unitholder”
means each holder of one or more Company Units that is a party hereto as of the date hereof or which becomes a party to this Agreement
pursuant to Section 4.1 other than, in any such case, the Corporation.

 

“Control Shares”
means the 20 million shares of Class B Common Stock having no economic value but entitled to ten (10) votes per share.

 

“Control Shares
Trust” has the meaning set forth in the Preamble.

 

“Exception Units”
means, with respect to a Company Unitholder, the number of Company Units exchanged by such Company Unitholder pursuant to Section
2.1(a)(iii).

 

“Exchange”
means a Quarterly Exchange or Change of Control Exchange, as the case may be.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Exchange Rate”
means the number of shares of Class A Common Stock for which 1 Company Unit is entitled to be Exchanged. On the date of this Agreement,
the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2.

 

“Fair Market Value”
means the average of the Closing Price of one (1) share of Class A Common Stock during the
period of ten (10) consecutive Business Days ending on the measurement date; provided, that if the Class A Common
Stock is listed on any domestic securities exchange, the term “Business Day” as used in this sentence means
Business Days on which such exchange is open for trading.

 

“Founder Member
Five Percent Ownership Threshold” means the Founder Member Ownership Percentage is at least five (5%).

 

“Founder
Member Ownership Percentage” means, as of any time, the percentage ownership of the Founder Members of Capital Stock
in the Corporation (excluding the Class B Common Stock), whether directly through ownership of Capital Stock in the Corporation
(excluding the Class B Common Stock) or indirectly through ownership of Units exchangeable or convertible into Capital Stock of
the Corporation (excluding the Class B Common Stock).

 

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“Founder Member
Representative” has the meaning set forth in the LLC Agreement.

 

“Founder Member
Twenty Percent Ownership Threshold” means the Founder Member Ownership Percentage is at least twenty percent (20%).

 

“Founder Members”
has the meaning set forth in the LLC Agreement.

 

“Investment Agreement”
means the Investment Agreement, dated September 16, 2014, by and among the Company, the Corporation and the Founder Members, as
amended.

 

“LLC Agreement”
means the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of the date hereof, as the same
may be further amended or restated from time to time.

 

“Member”
has the meaning set forth in the LLC Agreement.

 

“Person”
means and includes any individual and any legal entity, including a corporation, partnership, association, limited liability company,
trust, joint stock company or estate.

 

“Quarter”
means, unless the context requires otherwise, a fiscal quarter of the Corporation.

 

“Quarterly Exchange
Date” means the date that is the first Business Day of any Quarter.

 

“Subsidiary”
has the meaning given to such term in the LLC Agreement.

 

“Tax Receivable
Agreement” means that certain Tax Receivable Agreement, dated on or about the date hereof, among the Corporation, the
Company and the Non-Holdings Members (as defined therein).

 

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

 

“Vested Class
B Unit” has the meaning set forth in the LLC Agreement.

 

“Voting Securities”
shall mean any securities of the Corporation which are entitled to vote generally in matters submitted for a vote of the Corporation’s
stockholders or generally in the election of the Corporation’s board of directors.

 

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ARTICLE
II

exchanges

 

Section 2.1         Exchange of Company Units
for Class A Common Stock.

 

(a)         Quarterly Elective Exchanges.

 

(i)         Beginning with the
first Quarter following the date that is two years after the date of this Agreement, and subject to adjustment as provided in this
Agreement, each Company Unitholder shall be entitled on any Quarterly Exchange Date to surrender all or a portion of the Company
Units held by such Company Unitholder to the Company (or, at the option of the Corporation, directly to the Corporation) in exchange
for either (at the option of the Corporation) (A) the delivery by the Corporation to the exchanging Company Unitholder of a number
of shares of Class A Common Stock that is equal to the product of the number of Company Units surrendered multiplied by
the Exchange Rate (the “Class A Exchange Shares”); (B) cash in an amount equal to the Fair Market Value of the
Class A Exchange Shares; or (C) a combination of (x) Class A Common Stock not to exceed the Class A Exchange Shares and (y) cash
in an amount equal to the Fair Market Value of a number of shares of Class A Common Stock equal to the Class A Exchange Shares
minus the number of shares the Corporation elects to provide pursuant to clause (x) (any such exchange, a “Quarterly Exchange”).
Notwithstanding the foregoing, subject to Sections 2.1(a)(ii) and 2.1(a)(iii), during any twelve (12) month period commencing
on or following the second anniversary of the date of this Agreement:

 

(1)         a Founder Member may only exchange
a number of Class A Units in an amount not to exceed twenty-five percent (25%) of the aggregate number of Class A Units held by
such Founder Member as of the first day of such twelve (12) month period in which the applicable Quarterly Exchange occurs, which
twenty-five percent (25%) annual limit shall expire immediately after the first Quarterly Exchange Date at which time a Founder
Member’s current holdings of Class A Units no longer exceeds ten percent (10%) of the maximum number of Class A Units previously
held by such Founder Member; and

 

(2)         a Class B Member may only exchange
a number of Vested Class B Units in an amount not to exceed an amount equal to (u) twenty-five percent (25%) multiplied by (v)
an amount equal to (A) the aggregate number of Vested Class B Units held by such Class B Member as of the first day of such twelve
(12) month period in which the applicable Quarterly Exchange occurs minus (B) the cumulative number of Exception Units exchanged
by such Class B Member; such twenty-five percent (25%) annual limit shall expire immediately after the first Quarterly Exchange
Date at which time a Class B Member’s current holdings of Class B Units no longer exceeds (w) ten percent (10%) multiplied
by (x) an amount equal to (C) the maximum number of Class B Units previously held by such Class B Member minus (D) the cumulative
number of Exception Units previously exchanged by such Class M Member.

 

(ii)         Notwithstanding
Section 2.1(a)(i), commencing on the two-year anniversary of the date of this Agreement, the Chairman of the Board or the
Compensation Committee of the Board may permit any Company Unitholder to exchange Company Units in an amount exceeding that described
in Section 2.1(a)(i), which permission may be withheld, delayed, or granted on such terms and conditions as the Chairman
of the Board or the Compensation Committee of the Board may determine in his or its sole discretion; provided that with respect
to any exchanges in an amount exceeding that described in Section 2.1(a)(i)(1), such exchanges may be approved only by the Compensation
Committee of the Board.

 

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(iii)         Notwithstanding
Section 2.1(a)(i), commencing on the date hereof, upon the vesting of any Class B Units or upon the issuance of any Class B Units
which are immediately vested upon issuance (the “Subject Class B Units”) granted to such Class B Member, within
twelve (12) months of such vesting date, in the event that the Class B Member Tax Obligation
of such Class B Member exceeds the net proceeds such Class B Member could receive upon a sale of the shares of Class A Common
Stock issuable to such Class B Member in exchange for Vested Class B Units to the extent permitted pursuant to Section 2.1(a)(i)(2),
the limitation set forth in Section 2.1(a)(i)(2) shall not apply and such Class B Member shall instead be entitled to immediately
Exchange a number of Vested Class B Units such that the net proceeds from the sale of such Class A Common Stock into which
such Vested Class B Units are exchangeable would be sufficient to enable such Class B Member to satisfy the Class B Member Tax
Obligation with respect to such Subject Class B Units.

 

(iv)         A Company Unitholder
shall exercise its right to exchange Company Units pursuant to this Section 2.1(a) by delivering to the Company, with a
contemporaneous copy delivered to the Corporation, in each case during normal business hours at the principal executive offices
of the Company and the Corporation, respectively, (A) a written election of exchange in respect of the Company Units to be exchanged
substantially in the form of Exhibit A hereto (an “Exchange Notice”), at least thirty (30) days
prior to the Quarterly Exchange Date for the applicable Quarter or within such shorter period of time as may be agreed upon by
the Corporation and the exchanging Company Unitholder, duly executed by such holder, (B) any certificates representing such Company
Units on the Quarterly Exchange Date, together with a written assignment and acceptance agreement with respect to such Company
Units, in a form reasonably acceptable to the Corporation, and (C) if the Corporation or the Company requires the delivery of the
certification contemplated by Section 2.4(b), such certification or written notice from such Company Unitholder that it
is unable to provide such certification on the Quarterly Exchange Date. At least five (5) Business
Days prior to the Quarterly Exchange Date, the Corporation shall give written notice (the “Option Notice”) to
the exchanging Company Unitholder of its intended settlement method; provided that, if the Corporation does not timely deliver
an Option Notice, the Corporation shall be deemed to have elected to pay the consideration entirely in Class A Common Stock.

 

(v)         Upon a Company Unitholder
exercising its right to a Quarterly Exchange, the Corporation and the Company shall take such actions as may be required to ensure
that such Company Unitholder receives the shares of Class A Common Stock and/or cash that such exchanging Company Unitholder is
entitled to receive in connection with such Quarterly Exchange pursuant to this Section 2.1(a). Unless the Corporation elects
to directly acquire the Company Units such Company Unitholder is requesting to be exchanged in connection with a Quarterly Exchange,
(i) the Corporation shall be deemed to have transferred the Class A Common Stock and/or cash to be delivered to the exchanging
Company Unitholder to the Company and the Company shall issue to the Corporation a number of Company Units in the Company equal
to the number of Company Units exchanged by the Company Unitholder and (ii) the Company shall be deemed to have transferred such
Class A Common Stock and/or cash received from the Corporation to the exchanging Company Unitholder in exchange for the Company
Units surrendered by such Company Unitholder in the Quarterly Exchange. If an exchanging Company Unitholder receives the shares
of Class A Common Stock and/or cash that it is entitled to receive in connection with a Quarterly Exchange pursuant to this Section
2.1(a) directly from the Corporation, the Company Unitholder shall have no further right to receive shares of Class A Common
Stock and/or cash from the Company in connection with that Quarterly Exchange, and the Corporation and the Company shall be deemed
to have satisfied their obligations under the first sentence of this Section 2.1(a)(v). On the Quarterly Exchange Date,
all rights of the exchanging Company Unitholder as a holder of the Company Units that are subject to the Quarterly Exchange shall
cease, and such Company Unitholder shall be treated for all purposes as having become the record holder of any shares of Class
A Common Stock to be received by the exchanging Company Unitholder in respect of such Quarterly Exchange.

 

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(vi)      The
parties hereto acknowledge and agree that the Corporation’s determination under this Agreement of the settlement method (i.e.,
stock, cash or a combination thereof) and whether to elect to acquire the Company Units directly from a Company Unitholder for
any Quarterly Exchange shall be made by the Audit Committee of the Corporation (or
another committee of the Corporation consisting solely of independent directors).

 

(b)         Exchanges upon a Change of Control.

 

(i)         Notwithstanding
anything in Section 2.1(a) to the contrary, immediately prior to the occurrence of any Change of Control, each Company Unitholder
shall be entitled to surrender all or a portion of the Company Units held by it to the Company (or, at the option of the Corporation,
directly to the Corporation) in exchange for the delivery by the Corporation to the exchanging Company Unitholder of a number of
shares of Class A Common Stock that is equal to the product of the number of Company Units surrendered multiplied by the
Exchange Rate (any such exchange, a “Change of Control Exchange”).

 

(ii)         To the extent practicable,
the Corporation shall deliver to each Company Unitholder at least fifteen (15) Business Days’ prior written notice of any
event resulting in a Change of Control, and the expected date on which such Change of Control shall be deemed to occur (the “Change
of Control Exchange Date”). A Company Unitholder shall exercise its right to exchange Company Units pursuant to this
Section 2.1(b) by delivering to the Company, with a contemporaneous copy delivered to the Corporation, in each case during
normal business hours at the principal executive offices of the Company and the Corporation, respectively, (A) an Exchange Notice
at least five (5) Business Days prior to the Change of Control Exchange Date duly executed by such holder, (B) any certificates
representing such Company Units on the Change of Control Exchange Date, together with a written assignment and acceptance agreement
with respect to such Company Units, in a form reasonably acceptable to the Corporation, and (C) if the Corporation or the Company
requires the delivery of the certification contemplated by Section 2.4(b), such certification or written notice from such
Company Unitholder that it is unable to provide such certification on the Change of Control Exchange Date.

 

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(iii)         Upon a Company
Unitholder exercising its right to a Change of Control Exchange, the Corporation and the Company shall take such actions as may
be required to ensure that such Company Unitholder receives the shares of Class A Common Stock that such exchanging Company Unitholder
is entitled to receive in connection with such Change of Control Exchange pursuant to this Section 2.1(b). Unless the Corporation
elects to directly acquire the Company Units such Company Unitholder is requesting to be exchanged in connection with a Change
of Control Exchange, (i) the Corporation shall be deemed to have transferred the Class A Common Stock to be delivered to the exchanging
Company Unitholder to the Company and the Company shall issue to the Corporation a number of Company Units in the Company equal
to the number of Company Units exchanged by the Company Unitholder and (ii) the Company shall be deemed to have transferred such
Class A Common Stock received from the Corporation to the exchanging Company Unitholder in exchange for the Company Units surrendered
by such Company Unitholder in the Change of Control Exchange. If an exchanging Company Unitholder receives the shares of Class
A Common Stock that it is entitled to receive in connection with a Change of Control Exchange pursuant to this Section 2.1(b)
from the Corporation, the Company Unitholder shall have no further right to receive shares of Class A Common Stock from the Company
in connection with that Change of Control Exchange, and the Corporation and the Company shall be deemed to have satisfied their
obligations under the first sentence of this Section 2.1(b)(iii). Immediately prior to the occurrence of the Change of Control,
all rights of the exchanging Company Unitholder as a holder of the Company Units that are subject to the Change of Control Exchange
shall cease, and such Company Unitholder shall be treated for all purposes as having become the record holder of any shares of
Class A Common Stock to be received by the exchanging Company Unitholder in respect of such Change of Control Exchange.

 

(c)         Issuance of Class
A Common Stock. As promptly as practicable following satisfaction of such Company Unitholder’s obligations under Section
2.1(a)(iv) or Section 2.1(b)(ii), as applicable, and in any event no later than three (3) Business Days after such obligations
are satisfied, the Corporation or the Company, as applicable, shall deliver or cause to be delivered to such Company Unitholder,
at the address set forth on such Unitholder’s signature page to the LLC Agreement (or at such other address as such party
may designate to the Corporation), the number of shares of Class A Common Stock deliverable to such Company Unitholder upon such
Exchange, if any, registered in the name of the relevant exchanging Company Unitholder, subject to the Company Unitholder’s
execution of any letter of transmittal or other document required to be executed by the holders of Class A Common Stock. To the
extent the Class A Common Stock is settled through the facilities of The Depository Trust Company, the Corporation or the Company,
as applicable, will upon the written instruction of an exchanging Company Unitholder, deliver the shares of Class A Common Stock
deliverable to such exchanging Company Unitholder, through the facilities of The Depository Trust Company, to the account of the
participant of The Depository Trust Company designated by such exchanging Company Unitholder in the Exchange Notice. Notwithstanding
anything to the contrary in this Agreement, no fractional shares of Class A Common Stock shall be issued as a result of any Exchange.
In lieu of any fractional share of Class A Common Stock to which a Company Unitholder would otherwise be entitled in any Exchange,
the Company or the Corporation, as applicable, shall pay to such Company Unitholder cash equal to such fraction multiplied by the
Fair Market Value.

 

(d)         Expenses. The
Corporation, the Company, and each exchanging Company Unitholder shall bear its own expenses in connection with the consummation
of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Company shall bear any transfer taxes,
stamp taxes or duties, or other similar taxes as well as any other expenses incurred by the Corporation in connection with, or
arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered
in a name other than that of the Company Unitholder that requested the Exchange, then such Company Unitholder or the Person in
whose name such shares are to be delivered shall pay to the Company the amount of any transfer taxes, stamp taxes or duties, or
other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction
of the Company that such tax has been paid or is not payable.

 

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(e)         Publicly Traded
Partnership. Each of the Corporation and the Company covenants and agrees that neither shall take or cause or permit to be
taken any action that would cause interests in the Company to not meet the requirements of Treasury Regulation Section 1.7704-1(h).
Notwithstanding anything to the contrary herein, if the Board or the board of managers of the Company, as applicable, after consultation
with its outside legal counsel and tax advisor, shall determine in good faith that, despite adherence by the Corporation and the
Company to the foregoing, additional restrictions must be imposed on Exchanges in order for the Company not to be treated as a
“publicly traded partnership” under Section 7704 of the Code, the Corporation or the Company, as applicable, may
impose such restrictions on Exchanges, as the Corporation or the Company, as applicable, may reasonably determine to be necessary
or advisable.

 

(f)         Other Prohibitions
on Exchange. For the avoidance of doubt, and notwithstanding anything to the contrary herein, a Company Unitholder shall not
be entitled to exchange Company Units to the extent that the Corporation or the Company reasonably determines in good faith that
the Exchange (i) would be prohibited by law or regulation or would violate any injunction, order or decree of any nature or
(ii) would not be permitted under any other agreement with the Corporation, its subsidiaries, the Company or the Subsidiaries
to which such Company Unitholder is then subject (including the LLC Agreement). For the avoidance of doubt, no Exchange shall be
deemed to be prohibited by any law or regulation pertaining to the registration of securities if such securities have been so registered
or if any exemption from such registration requirements is reasonably available, and the parties hereto believe that there is currently
no law, regulation, injunction, order or decree of any nature and acknowledge that there is no agreement of the type referred to
in clause (ii) of the preceding sentence, that would, in either case, restrict the ability of a Company Unitholder to exchange
Company Units.

 

(g)         Surrender of Control
Shares. If the Founder Member Twenty
Percent Ownership Threshold is no longer satisfied, then the Control Shares shall, immediately after the date the Founder Member
Twenty Percent Ownership Threshold is no longer satisfied and at any time thereafter that a Founder Member ceases to own Class
A Common Stock or Class A Units previously owned by such Founder Member or the Corporation provides notice to the Trustee that
the Founder Member Ownership Percentage has been reduced, be deemed released from the Control Shares Trust and surrendered
to the Corporation in an amount equal to (x) (i) twenty percent (20%) minus the Founder Member Ownership Percentage (where the
first time the Founder Member Twenty Percent Ownership Threshold is no longer satisfied) or (ii) for each subsequent transfer or
reduction in ownership, the reduction in the Founder Member Ownership Percentage due to such transfer or reduction in ownership
divided by (y) twenty percent (20%) multiplied by (z) the number of Control Shares held by the Control Shares Trust as of the date
of this Agreement. If the Founder Member Five Percent Ownership Threshold is
no longer satisfied or Section 6.08 of the Investment Agreement is breached, all of the Control
Shares then held by the Control Shares Trust shall, immediately after the date the Founder Member Five Percent Ownership
Threshold is no longer satisfied or Section 6.08 of the Investment Agreement is breached, as applicable, be deemed released from
the Control Shares Trust and surrendered to the Corporation. To effect such surrenders, the
Trustee shall instruct the Corporation on the applicable Control Shares surrender date to cancel the Control Shares and to update
the Corporation’s Class B Stock ledger to reflect such cancellation. Once so surrendered, such Control Shares shall
automatically be deemed cancelled without any action on the part of any Person. Any such cancelled Control Shares shall no longer
be outstanding, and all rights with respect to such shares shall automatically cease and terminate.

 

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Section 2.2       Adjustments.

 

(a)      The Exchange Rate
shall be adjusted accordingly if there is: (a) any subdivision (by any unit split, unit distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise)
of the Company Units that is not accompanied by an identical subdivision or combination of the Class A Common Stock; or (b) any
subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise)
or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common
Stock that is not accompanied by an identical subdivision or combination of the Company Units. For example, if there is a 2 for
1 stock split of Class A Common Stock and no corresponding split with respect to the Company Units, the Exchange Rate would be
adjusted to be 2. To the extent not reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class A Common Stock are converted or changed into another security,
securities or other property, then upon any subsequent Exchange, an exchanging Company Unitholder shall be entitled to receive
the amount of such security, securities or other property that such exchanging Company Unitholder would have received if such Exchange
had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar
transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise)
of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or
other similar transaction in which the Class A Common Stock are converted or changed into another security, securities or other
property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other
property.

 

(b)      Each time that the
Corporation (i) acquires Company Units other than in connection with a corresponding issuance by the Corporation of the same number
of shares of Class A Common Stock (whether as a result of an Exchange or otherwise) or a concurrent recapitalization of the Company
that causes the number of Company Units held by the Corporation to equal the number of shares of Class A Common Stock outstanding
immediately following such purchase of Company Units (subject, in any such case, to prior applications of this Section 2.2(b)),
or (ii) repurchases shares of Class A Common Stock without a corresponding redemption by the Company of Class A Units held by the
Corporation pursuant to Section 4.4 of the LLC Agreement, the Exchange Rate shall be adjusted immediately following such transaction,
without any further action by the Corporation or any Company Unitholder, as follows: the Exchange Rate shall first be set at a
ratio, the numerator of which shall be the number of shares of Class A Common Stock of the Corporation then-outstanding and the
denominator of which shall be the number of Company Units then-owned by the Corporation, in each case after giving effect to the
transaction that gave rise to such Exchange Rate adjustment and prior to giving effect to any event that has occurred which would
give rise to an adjustment to the Exchange Rate pursuant to Section 2.2(a), and then that ratio shall be adjusted as set
forth in Section 2.2(a) for each event (if any) giving rise to such Section 2.2(a) adjustment assuming that such
event had occurred after the transaction that gave rise to the Exchange Ratio adjustment being made hereby.

 

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(c)      The Corporation shall
not pay a dividend or otherwise make a distribution of cash or other property in respect of shares of Class A Common Stock if such
cash or other property was not received by the Corporation as a distribution from the Company.

 

Section 2.3       Class
A Common Stock to be Issued.

 

(a)      In the case of any
Exchange, to the extent settled in the form of Class A Common Stock, the Corporation and the Company, as applicable, covenant and
agree to deliver shares of Class A Common Stock that have been registered under the Securities Act with respect to any Exchange
to the extent that a registration statement is effective and available for such shares. In the event that any Exchange in accordance
with this Agreement is to be effected at a time when any such registration has not become effective or otherwise is unavailable,
the Corporation shall use its commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available
exemption from such registration requirements. When and if the Class A Common Stock is registered under the Securities Act
of 1933, as amended (the “Securities Act”), the Corporation shall use its commercially reasonable efforts to
list the Class A Common Stock required to be delivered upon Exchange prior to such delivery on each national securities exchange
or inter-dealer quotation system on which the outstanding Class A Common Stock may be listed or traded at the time of such
delivery. Nothing contained herein shall be construed to preclude the Corporation or the Company from satisfying their obligations
in respect of the exchange of the Company Units by delivery of Class A Common Stock which are unregistered under the Securities
Act or held in the treasury of the Corporation or the Company or any of their subsidiaries. Nothing herein shall be construed as
a requirement for the Corporation or the Company to settle the exchange for cash. The Corporation shall not be required to comply
with this Section 2.3(a) in an Exchange in connection with a Change of Control.

 

(b)      The
Corporation reserves the right to cause certificates evidencing such Class A Common Stock to be imprinted with legends as
to restrictions on transfer that it may deem necessary or appropriate, including legends as to applicable U.S. federal or state
securities laws or other legal or contractual restrictions, and may require any Company Unitholder to which Class A Common
Stock are to be issued to agree in writing (A) that such shares of Class A Common Stock will not be transferred except
in compliance with such restrictions and (B) to such other matters as the Corporation may deem reasonably necessary or appropriate
in light of applicable law and existing agreements.

 

    	-11 -

    	 

    

 

(c)      The Corporation shall
at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance
upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon any such Exchange; provided
that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any
such Exchange by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of the Corporation
or any subsidiary thereof).

 

(d)      Prior to the date
of this Agreement, the Corporation has taken all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d)
or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions
or dispositions of equity securities of the Corporation (including derivative securities with respect thereto) and any securities
which may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the
transactions contemplated by this Agreement, by each director or officer of the Corporation who may reasonably be expected to be
subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Corporation upon the registration
of any class of equity security of the Corporation pursuant to Section 12 of the Exchange Act (with the authorizing resolutions
specifying the name of each such officer or director whose acquisition or disposition of securities is to be exempted and the number
of securities that may be acquired and disposed of by each such Person pursuant to this Agreement).

 

(e)      The Corporation covenants
that all Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable and
not subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or other right in favor
of any Person.

 

Section 2.4      Withholding;
Certification of Non-Foreign Status.

 

(a)      If the Corporation
or the Company shall be required to withhold any amounts by reason of any federal, state, local or foreign tax rules or regulations
in respect of any Exchange, the Corporation or the Company, as the case may be, shall be entitled to take such action as it deems
appropriate in order to ensure compliance with such withholding requirements, including at its option withholding shares of Class
A Common Stock with a fair market value equal to the minimum amount of any taxes which the Corporation or the Company, as the case
may be, may be required to withhold with respect to such Exchange, or requiring as a condition of any Exchange that the exchanging
Unit holder tender to the Company an amount equal to the minimum amount of any taxes which the Corporation or the Company, as the
case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld
by the Company or Corporation and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated
for all purposes of this Agreement as having been paid (or delivered) to the applicable Company Unitholder. The parties anticipate
that, on the basis of current law, no federal income tax withholding would be required with respect to an Exchange by any Company
Unitholder who is a “United States person” within the meaning of Section 7701(a)(30) of the Code and who, if required,
has properly certified that such holder is not subject to federal backup withholding.

 

    	-12 -

    	 

    

 

(b)      Notwithstanding
anything to the contrary herein, each of the Corporation and the Company may, in the reasonable exercise of its discretion, require
as a condition to the effectiveness of an Exchange that an exchanging Company Unitholder deliver to the Corporation or the Company,
as the case may be, a certification of non-foreign status in accordance with Treasury Regulation Section 1.1445-2(b). In the event
the Corporation or the Company has required delivery of such certification but an exchanging Company Unitholder is unable to comply,
the Corporation or the Company, as the case may be, shall nevertheless deliver or cause to be delivered to the exchanging Company
Unitholder the Class A Common Stock in accordance with Section 2.1, but subject to withholding as provided in Section
2.4(a).

 

ARTICLE
III

REPRESENTATIONS and WARRANTIES

 

Section 3.1      Representations
and Warranties of the Company Unitholders. Each Company Unitholder, severally and not jointly, represents and warrants that,
as of the date hereof and as of each Quarterly Exchange Date or Change of Control Exchange
Date, as the case may be, upon which a Member is issued Class A Common Stock, (i) if it is not a natural person,
that it is duly incorporated or formed and, the extent such concept exists in its jurisdiction of organization, is in good standing
under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this
Agreement and to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery
of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity
action on the part of such Company Unitholder, (iv) this Agreement constitutes a legal, valid and binding obligation of such
Company Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles
or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally,
(v) the execution, delivery and performance of this Agreement by such Company Unitholder and the consummation by such Company
Unitholder of the transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the
certificate of incorporation, bylaws, trust agreement or other organizational documents of such Company Unitholder or (B) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such
Company Unitholder is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable
such Company Unitholder, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations
or violations, that would not in any material respect result in the unenforceability against such Company Unitholder of this Agreement,
(vi) it is acquiring the Class A Common Stock issued in accordance with this Agreement for its own account with the present
intention of holding such Class A Common Stock for purposes of investment, and that it has no intention of selling Class A
Common Stock in a public distribution in violation of any federal or state securities laws, (vii) it is a sophisticated party
for purposes of applicable federal and state securities laws and regulations, (viii) such Company Unitholder has knowledge
and experience in financial and business matters such that such Company Unitholder is capable of evaluating the merits and risks
of an investment in the Corporation, (ix) it is able to bear the economic risks of an investment in the Class A Common
Stock and could afford a complete loss of such investment and (x) if the Company Unitholder is a partnership, “S corporation”,
“grantor trust” or other flow-through entity, the interest of such Company Unitholder in the Company does not represent
“substantially all” of the value of its assets, and it was not a “principal purpose” of such Company Unitholder
to avoid the “100 partner” limitation applicable under section 7704 of the Code.

 

    	-13 -

    	 

    

 

Section 3.2      Representations
and Warranties of the Corporation and the Company. Each of the Corporation and the Company, severally and not jointly, represents
and warrants that, as of the date hereof (i) it is duly incorporated or formed and, the extent such concept exists in its
jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity
and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution
and delivery of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate
or other entity action on the part of such party, (iv) this Agreement constitutes a legal, valid and binding obligation of
such party enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or
by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally,
(v) the execution, delivery and performance of this Agreement by such party and the consummation by such party of the transactions
contemplated hereby will not (A) result in a violation of the certificate of incorporation, bylaws, trust agreement or other
organizational documents of such party or (B) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such party is a party, or (C) result in a violation of any law, rule,
regulation, order, judgment or decree applicable to such party, except with respect to clauses (B) or (C) for any conflicts, defaults,
accelerations, terminations, cancellations or violations, that would not in any material respect result in the unenforceability
against such party of this Agreement.

 

Section 3.3      Representations and Warranties
of Christian M. Zugel, as Trustee. Christian M. Zugel, solely in his capacity as Trustee, represents and warrants that (i) this
Agreement constitutes a legal, valid and binding obligation of the Trustee enforceable against it in accordance with its terms,
except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally, (ii) the execution, delivery and performance of this Agreement
by the Trustee and the consummation by the Trustee of the transactions contemplated hereby will not (A) result in a violation
voting trust agreement to which it is a party or (B) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Trustee is a party, or (C) result in a violation of any
law, rule, regulation, order, judgment or decree applicable to the Trustee, except with respect to clauses (B) or (C) for any conflicts,
defaults, accelerations, terminations, cancellations or violations, that would not in any material respect result in the unenforceability
against such party of this Agreement.

 

    	-14 -

    	 

    

 

ARTICLE
IV

miscellaneous provisions

 

Section 4.1      Additional
Company Unitholders. To the extent a Company Unitholder validly transfers any or all of such holder’s Company Units to
another Person in a transaction in accordance with, and not in contravention of, the LLC Agreement, then such transferee (each,
a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement in a form
provided by the Corporation, whereupon such Permitted Transferee shall become a Company Unitholder hereunder. If the Company issues
any Class B Units following the date hereof, in accordance with, and not in contravention of, the LLC Agreement, then any holder
of Class B Units (each, a “Class B Holder”) shall have the right to execute and deliver a joinder to this Agreement
in a form provided by the Corporation, whereupon such Class B Holder shall become a Company Unitholder hereunder, but solely with
respect to such Class B Holder’s Class B Units which constitute Company Units hereunder, if any. If the Company issues any
other Units (as defined in the LLC Agreement) in the future, then the Corporation shall have the right to permit the holder of
such Units to execute and deliver a joinder to this Agreement in a form provided by the Corporation, whereupon such holder shall
become a Company Unitholder hereunder, but solely with respect to such holder’s Units which constitute Company Units hereunder,
if any. Except as set forth in this Section 4.1, a Company Unitholder may not assign or transfer any of its rights or obligations
under this Agreement.

 

Section 4.2      Notifications.
Any notice, demand, consent, election, offer, approval, request, or other communication (collectively, a “notice”)
required or permitted under this Agreement must be in writing and either delivered personally, sent by certified or registered
mail, postage prepaid, return receipt requested or sent by recognized overnight delivery service, electronic mail (e-mail) or by
facsimile transmittal. Any notice sent by confirmed e-mail or facsimile must be sent simultaneously by another method described
in the prior sentence. A notice must be addressed:

 

(a)    If to the Corporation, the
Company or the Trustee at:

 

ZAIS Group Parent, LLC

2 Bridge Avenue

Red Bank, NJ 07701

Fax: (732) 747-7619

E-mail: Christian.Zugel@zaisgroup.com

Attention: Christian Zugel

 

with copies to:

 

ZAIS Group Parent, LLC

2 Bridge Avenue

Red Bank, NJ 07701

Fax: (732) 747-7619

E-mail: Howard.Steinberg@zaisgroup.com

Attention: Howard Steinberg, Esq.

 

    	-15 -

    	 

    

 

and

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, NY 10173

Fax: (646) 390-3386 

E-mail: tgiegerich@mwe.com

Attention: Thomas Giegerich

 

and

 

McDermott Will & Emery LLP

500 North Capitol Street, N.W. 

Washington, DC 20001

Fax: (212) 756-8087

E-mail: tconaghan@mwe.com

Attention: Thomas Conaghan

 

(b)    If to any Company
Unitholder, to the address and other contact information set forth in the records of the Company from time to time.

 

A notice delivered personally will be deemed
given only when accepted or refused by the Person to whom it is delivered. A notice that is sent by mail will be deemed given:
(i) three (3) Business Days after such notice is mailed to an address within the United States of America or (ii) seven
(7) Business Days after such notice is mailed to an address outside of the United States of America. A notice sent by recognized
overnight delivery service will be deemed given when received or refused. A notice sent by e-mail or facsimile shall be deemed
given upon receipt of a confirmation of such transmission, unless such receipt occurs after normal business hours, in which case
such notice shall be deemed given as of the next Business Day. Any party may designate, by written notice to all of the others,
substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses or addressees.

 

Section 4.3     Complete
Agreement. This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject
matter hereof and thereof, and supersedes all prior agreements or arrangements (written and oral), including any prior representation,
statement, condition or warranty between the parties relating to the subject matter hereof and thereof.

 

Section 4.4     Applicable
Law; Venue; Waiver of Jury Trial.

 

(a)     The parties hereto
hereby agree that all questions concerning the construction, validity and interpretation of this Agreement and the performance
of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Delaware without giving effect
to any choice of law or conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum jurisdiction
might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise.

 

    	-16 -

    	 

    

 

(b)     Each of the parties
hereto submits to the exclusive jurisdiction of the Court of Chancery in the State of Delaware in any action or proceeding arising
out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may be heard and determined
in any such court. Each party hereto also agrees not to bring any action or proceeding arising out of or relating to this Agreement
in any other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding
so brought and waives any bond, surety, or other security that might be required of any other party hereto with respect thereto.
The parties hereto each agree that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive
and binding on it and may be enforced in any court to the jurisdiction of which it is subject by a suit upon such judgment.

 

(c)     EACH PARTY HERETO
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE AGREEMENTS
DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
4.4.

 

Section 4.5     References
to this Agreement; Headings. Unless otherwise indicated, “Articles,” “Sections,” “Subsections”,
“Clauses”, “Exhibits” and “Schedules” mean and refer to designated Articles, Sections, Subsections,
Clauses, Exhibits and Schedules of this Agreement. Words such as “herein,” “hereby,” “hereinafter,”
“hereof,” “hereto,” and “hereunder” refer to this Agreement as a whole, unless the context
indicates otherwise. All headings in this Agreement are for convenience of reference only and are not intended to define or limit
the scope or intent of this Agreement. All exhibits and schedules referred to herein, and as the same may be amended from time
to time, are by this reference made a part hereof as though fully set forth herein.

 

Section 4.6     Binding
Provisions. This Agreement is binding upon, and inures to the benefit of, the parties hereto and their respective personal
and legal representatives, heirs, executors, successors and permitted assigns.

 

    	-17 -

    	 

    

 

Section 4.7     Construction.
Common nouns and pronouns and any variations thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural,
as the identity of the Person, Persons or other reference in the context requires. Every covenant, term and provision of this Agreement
shall be construed simply according to its fair meaning and not strictly for or against any party hereto. Any reference to any
statute, law, or regulation, form or schedule shall include any amendments, modifications, or replacements thereof. Any reference
to any agreement, contract or schedule, unless otherwise stated, shall include any amendments, modifications, or replacements thereof.
Whenever used herein, “or” shall include both the conjunctive and disjunctive unless the context requires otherwise,
“any” shall mean “one or more,” and “including” shall mean “including without limitation.”

 

Section 4.8     Severability.
It is expressly understood and agreed that if any provision of this Agreement or the application of any such provision to any party
or circumstance shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder
of this Agreement, or the application of such provision to any party or circumstance other than those to which it is so determined
to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent
permitted by law so long as the economic or legal substance of the matters contemplated by this Agreement is not affected in any
manner materially adverse to any party. If the final judgment of a court of competent jurisdiction declares or finds that any term
or provision hereof is invalid or unenforceable, the parties hereto agree that the court making the determination of invalidity
or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, or to delete specific
words or phrases, and to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall
be enforceable as so modified. If such court of competent jurisdiction does not so replace an invalid or unenforceable term or
provision, the parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that the matters contemplated hereby are fulfilled to the fullest
extent possible.

 

Section 4.9     Counterparts.
This Agreement and any amendments may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf,
each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The
signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.

 

Section 4.10     No
Third Party Beneficiaries. This Agreement is not intended to, and does not, provide or create any rights or benefits of any
Person other than the parties hereto and their successors and permitted assigns.

 

Section 4.11     Mutual
Drafting. The parties hereto are sophisticated and have been represented by attorneys throughout the transactions contemplated
hereby who have carefully negotiated the provisions hereof. As a consequence, the parties do not intend that the presumptions of
laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be applied to this
Agreement or any agreement or instrument executed in connection herewith, and therefore waive their effects.

 

    	-18 -

    	 

    

 

Section 4.12     Rights
and Remedies Cumulative. The rights and remedies provided by this Agreement are cumulative and the use of any one right or
remedy by any party shall not preclude or waive the right to use any or all other remedies. Such rights and remedies are given
in addition to any other rights the parties may have by law, statute, ordinance or otherwise. No failure by any party to insist
upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

 

Section 4.13     Amendment.
The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of (i) the Corporation
(as approved by, in the case of any material amendment, the Required Independent Directors (as defined in the LLC Agreement)),
(ii) the Company and (iii) as long as the Company Unitholders collectively hold any Class A Units, the Founder Member Representative; provided
that, without the consent of any Person, a Person who becomes a Company Unitholder after the date hereof pursuant to Section
4.1 shall execute and deliver a joinder to this Agreement to become a party to this Agreement.

 

Section 4.14     Tax
Treatment. This Agreement shall be treated as part of the partnership agreement of Company as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Notwithstanding
anything to the contrary in this Agreement, for federal, state and local tax purposes, the Corporation, the Company and the Company
Unitholders shall report each Exchange consummated pursuant to this Agreement, whether directly to the Corporation or to the Company,
as a taxable transfer of an interest in the Company to the Corporation eligible to give rise to a Basis Adjustment (as such term
is defined in the Tax Receivable Agreement) and none of the Corporation, the Company or any Company Unitholder shall take a contrary
position on any tax return or otherwise unless otherwise required pursuant to a determination within the meaning of Section 1313
of the Code.

 

Section 4.15     Further
Action. Each party shall execute, deliver, acknowledge and file such other documents
and take such further actions as may be reasonably requested from time to time by the other party hereto to give effect to and
carry out the transactions contemplated herein.

 

Section 4.16     Specific
Performance. The parties recognize that irreparable injury will result from a breach of any provision of this Agreement and
that money damages will be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of
one or more of the provisions of this Agreement, any party which may be injured (in addition to any other remedies which may be
available to that party) shall be entitled (without the need to post any bond, surety, or other security) to one or more preliminary
or permanent orders (a) restraining and enjoining any act which would constitute a breach or (b) compelling the performance
of any obligation which, if not performed, would constitute a breach. Each party further
agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of
specific performance, it will not assert the defense that a remedy at law would be adequate.

 

    	-19 -

    	 

    

 

Section 4.17     Independent
Nature of Company Unitholders’ Rights and Obligations. The obligations of each Company Unitholder hereunder are several
and not joint with the obligations of any other Company Unitholder, and no Company Unitholder shall be responsible in any way for
the performance of the obligations of any other Company Unitholder under hereunder. The decision of each Company Unitholder to
enter into to this Agreement has been made by such Company Unitholder independently of any other Company Unitholder. Nothing contained
herein, and no action taken by any Company Unitholder pursuant hereto, shall be deemed to constitute the Company Unitholders as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Company Unitholders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the
Corporation acknowledges that the Company Unitholders are not acting in concert or as a group, and the Corporation will not assert
any such claim, with respect to such obligations or the transactions contemplated hereby.

 

[Signature pages follow]

 

    	-20 -

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	ZAIS GROUP HOLDINGS, INC.
	 	 
	 	By:	/s/ R. Bradley Forth
	 	 	Name: R. Bradley Forth
	 	 	Title:   Chief Financial Officer
	 	 	 
	 	ZAIS GROUP PARENT, LLC
	 	 	 
	 	By:	/s/ Christian Zugel
	 	 	Name:  Christian Zugel
	 	 	Title:    Managing Member
	 	 	 
	 	COMPANY UNITHOLDERS:
	 	 	 
	 	/s/ Christian Zugel
	 	Christian Zugel
	 	 
	 	/s/ Sonia Zugel
	 	Sonia Zugel
	 	 
	 	/s/ Laureen Lim
	 	Laureen Lim
	 	 
	 	FAMILY TRUST U/A CHRISTIAN M. ZUGEL

2005 GRAT

 

	 	By: Fiduciary Trust International of Delaware, as

Trustee
	 	 	 
	 	By:	/s/ Dorothy K. Scarlett
	 	 	Name:  Dorothy K. Scarlett
	 	 	Title:    President & CEO
	 	 	 
	 	 	/s/ Mark Mahoney, Trustee
	 	 	Mark Mahoney, as Trustee

 

    	-21 -

    	 

    

 

	 	ZUGEL FAMILY TRUST
	 	 
	 	By: Fiduciary Trust International of Delaware, as

Trustee
	 	 	 
	 	By:  	/s/ Dorothy K. Scarlett
	 	 	Name:  Dorothy K. Scarlett
	 	 	Title:    President & CEO
	 	 	 
	 	 	/s/ Mark Mahoney, Trustee
	 	 	Mark Mahoney, as Trustee
	 	 	 
	 	ZGH Class B Voting Trust
	 	 	 
	 	By: Christian M. Zugel, as Trustee
	 	 
	 	/s/ Christian M. Zugel

 

    	-22 -

    	 

    

 

Exhibit A

FORM OF ELECTION OF EXCHANGE

 

ZAIS Group Holdings, Inc.

2 Bridge Avenue

Red Bank, NJ 07701

Attention: General Counsel

 

Reference is hereby made
to the Exchange Agreement, dated as of March 17, 2015 (the “Exchange Agreement”), among ZAIS Group Holdings,
Inc., a Delaware corporation, ZAIS Group Parent, LLC, a Delaware limited liability company, and the holders of Company Units (as
defined herein) from time to time party thereto.  Capitalized terms used but not defined herein shall have the meanings given
to them in the Exchange Agreement.

 

The undersigned Company
Unitholder hereby transfers to the Corporation or the Company, as applicable, the number of Company Units set forth below in Exchange
for shares of Class A Common Stock to be issued in its name as set forth below and/or cash, as set forth in the Exchange Agreement.

 

	Legal Name of Company Unitholder:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	Number of Company Units to be Exchanged:	 	 

 

The undersigned hereby
represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election of Exchange
and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered
by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with
the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally and the availability of equitable remedies; (iii) the Company Units subject to this Election of Exchange
are being transferred to the Company free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and
(iv) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental
agency or body having jurisdiction over the undersigned or the Company Units subject to this Election of Exchange is required to
be obtained by the undersigned for the transfer of such Company Units to the Company.

 

The undersigned hereby
irrevocably constitutes and appoints any officer of the Corporation as the attorney of the undersigned, with full power of substitution
and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer
to the Corporation or the Company, as applicable, the Company Units subject to this Election of Exchange and to deliver to the
undersigned the shares of Class A Common Stock to be delivered in Exchange therefor.

    	 

    	 

    

 

IN WITNESS WHEREOF the
undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the undersigned or by
its duly authorized attorney.

 

	 	 
	 	Name:
	 	 
	 	 
	 	Dated:Exhibit
10.4

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 17, 2015, is entered into by and among
ZAIS Group Holdings, Inc., a Delaware corporation (the “Corporation”), and the Holders (as defined herein).

 

WHEREAS,
the Holders are holders of Company Units (as defined herein), which are exchangeable pursuant to terms and conditions of the Exchange
Agreement, dated as of the date hereof, among the Corporation, the Company (as defined herein) and the Holders that are a party
thereto (the “Exchange Agreement”), for shares of Class A Common Stock, par value $0.0001 per share, of the
Corporation (the “Class A Common Stock”); and

 

WHEREAS,
the Corporation desires to provide the Holders with registration rights with respect to the shares of Class A Common Stock that
are issued upon such exchange of Company Units pursuant to the Exchange Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained, the parties
hereto agree as follows:

 

ARTICLE I

DEFINITIONS AND OTHER MATTERS

 

Section 1.1           Definitions.
The following capitalized terms shall have the meanings specified or otherwise referenced in this Section 1.1.

 

“Adverse
Effect” has the meaning set forth in Section 2.1(e).

 

“Affiliate”
means with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person. For purposes of this definition, “control,” when used
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of equity interests, by contract or otherwise; and the terms
“controlling” and “controlled” have correlative meanings to the foregoing. For purposes of the definition
of “control,” a general partner or managing member of a Person shall always be considered to control such Person.
Notwithstanding the foregoing, for purposes of this Agreement, none of the Holders or their Affiliates, solely by virtue of being
members of the Company, shall be considered Affiliates of any other member of the Company, the Company or the Corporation; provided
that the Corporation shall be deemed to be an Affiliate of the Company and vice versa.

 

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

 

“Board”
means the board of directors of the Corporation.

 

“Business
Day” means any day, other than a Saturday, Sunday or any other day on which commercial banks located in the State of
New York are authorized or obligated by law or executive order to close.

 

    	 

    	 

    

 

“Capital
Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation, any and all ownership interests in a limited liability company, partnership or other Person (other than a corporation),
and any and all securities, warrants, options or other rights to purchase or acquire or that are convertible into any of the foregoing.

 

“Class
A Common Stock” has the meaning set forth in the Recitals.

 

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

 

“Company”
means ZAIS Group Parent, LLC, a Delaware limited liability company.

 

“Company
Unit” has the meaning given to such term in the Exchange Agreement.

 

“Corporation
Indemnified Persons” has the meaning set forth in Section 2.6(b).

 

“Corporation
Registrable Securities” has the meaning set forth in Section 2.1(c).

 

“Covered
Company Units” means, with respect to a Holder, such Holder’s Company Units.

 

“Custody
Agreement and Power of Attorney” has the meaning set forth in Section 2.2(g).

 

“Demanding
Holders” has the meaning set forth in Section 2.1(c).

 

“Demand
Registrable Securities” has the meaning set forth in Section 2.1(c).

 

“Demand
Registration” has the meaning set forth in Section 2.1(a).

 

“Demand
Registration Notice” has the meaning set forth in Section 2.1(a).

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Governmental
Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational (including
European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department,
board, bureau, entity or authority of competent jurisdiction.

 

“Holder”
means each holder of one or more Company Units that is a party hereto as of the date hereof or which becomes a party to this Agreement
pursuant to Section 3.1(b).

 

“indemnified
party” has the meaning set forth in Section 2.7(c)(i).

 

“indemnifying
party” has the meaning set forth in Section 2.7(c)(i).

 

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“Initiating
Holder” has the meaning set forth in Section 2.1(a).

 

“Law”
means all laws, statutes, ordinances, rules and regulations of the United States, any foreign country and each state, commonwealth,
city, county, municipality, regulatory body, agency or other political subdivision thereof.

 

“LLC
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Company, dated as of the date
hereof, as the same may be further amended or restated from time to time.

 

“Losses”
has the meaning set forth in Section 2.7(a).

 

“Member
Registrable Securities” has the meaning set forth in Section 2.1(c).

 

“notice”
has the meaning set forth in Section 3.2.

 

“Other
Holders” has the meaning set forth in Section 2.1(c).

 

“Other
Holder Registrable Securities” has the meaning set forth in Section 2.1(c).

 

“Partner
Distribution” has the meaning set forth in Section 2.1(j).

 

“Permitted
Transferee” means any transferee of a Company Unit, the transfer of which was permitted by the LLC Agreement, or share
of Class A Common Stock after the date hereof.

 

“Person”
means and includes any individual, corporation, partnership, association, limited liability company, trust, estate or other entity.

 

“Piggyback
Notice” has the meaning set forth in Section 2.2(a).

 

“Piggyback
Registration” has the meaning set forth in Section 2.2(b).

 

“Prospectus”
mean the prospectus included in any Registration Statement (including a prospectus that discloses information previously omitted
from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities
Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the
Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.

 

“Public
Offering” means an underwritten public offering pursuant to an effective registration statement under the Securities
Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

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“Registrable
Securities” means shares of Class A Common Stock that may be delivered in exchange for Company Units pursuant to the
Exchange Agreement or any securities issued or issuable with respect to such shares because of stock splits, stock dividends,
reclassifications, recapitalizations, mergers, consolidations, or similar events. As to any particular Registrable Securities,
once issued such securities shall cease to be Registrable Securities when (i) they are sold pursuant to an effective Registration
Statement under the Securities Act, (ii) they are sold pursuant to Rule 144 (or any similar provision then in force under the
Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144, (iii)
they cease to be outstanding, (iv) they have been sold in a private transaction in which the transferor’s rights hereunder
are not assigned to the transferee of the securities in accordance with the terms herein or (v) with respect to any Holder, they
first become eligible for resale pursuant to Rule 144 (or any similar rule then in effect under the Securities Act) without regard
to volume or manner of sale limitations or current public information requirement set forth therein or are otherwise saleable
under an effective registration statement. No Registrable Securities may be registered under more than one Registration Statement
at any one time.

 

“Registration
Notice” has the meaning set forth in Section 2.1(c).

 

“Registration
Statement” means any registration statement of the Corporation under the Securities Act which permits the public offering
of any of the Registrable Securities pursuant to the provisions herein, including the Prospectus, amendments and supplements to
such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed
to be incorporated by reference in such registration statement.

 

“Rule
144” means Rule 144 promulgated under the Securities Act.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shelf
Registration” has the meaning set forth in Section 2.1(b).

 

“Stockholder
Indemnified Persons” has the meaning set forth in Section 2.7(a).

 

“Third
Party Holder” has the meaning set forth in Section 2.2(a).

 

“Underwritten
Offering” means a registered, public offering in which securities of the Corporation are sold to one or more underwriters
on a firm-commitment basis for reoffering to the public.

 

“WKSI”
shall mean a well-known seasoned issuer, as defined in Rule 405 under the Securities Act.

 

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ARTICLE II

REGISTRATION RIGHTS

 

Section 2.1           Demand
Registrations.

 

(a)          Subject
to the provisions and limitations of this Section 2.1, if the Corporation shall receive a written request (a “Demand
Registration Notice”) from any Holder (an “Initiating Holder”) that the Corporation effect a Registration
Statement under the Securities Act of the Registrable Securities held by such Initiating Holder on the date thereof (a “Demand
Registration”), then the Corporation shall, subject to the limitations of this Section 2.1, use its commercially
reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that such Initiating Holder
requests to be registered.

 

(b)          A
Demand Registration Notice shall specify (i) the number of Registrable Securities requested to be registered, (ii) the anticipated
per share price range for such offering (which range may be revised from time to time by the Initiating Holder by written notice
to the Corporation to that effect), (iii) the intended methods of disposition and the name of the lead underwriter, if available,
and (iv) subject to Section 2.1(f), whether such registration shall be a “shelf” registration pursuant to Rule
415 under the Securities Act (a “Shelf Registration”).

 

(c)          Within
10 days after receipt of a Demand Registration Notice, the Corporation shall give written notice (a “Registration Notice”)
of the requested registration to all other Holders that are holders of Registrable Securities (the “Other Holders”
and, together with the Initiating Holder, the “Demanding Holders”) and shall include in such registration all
Registrable Securities with respect to which the Corporation has received written requests from Other Holders (each of which requests
shall specify the Other Holder, the number of Registrable Securities that such Other Holder elects to include in such registration
and the intended method of disposition of such Registrable Securities) within 10 days after the receipt of the Registration Notice.
The Corporation shall, as promptly as practicable, and in any event within 90 days after the date of the Demand Registration Notice,
file a Registration Statement under the Securities Act covering (i) all Registrable Securities that the Initiating Holder requested
to be registered (the “Demand Registrable Securities”), (ii) any additional Registrable Securities requested
to be included in such registration by any Other Holders, as specified by notice given timely by each such Other Holders to the
Corporation (the “Member Registrable Securities”), (iii) any newly issued or treasury securities of the Corporation
which the Corporation seeks to have included in such registration (the “Corporation Registrable Securities”),
and (iv) any securities of the Corporation proposed to be included in such registration by holders of registration rights granted
other than pursuant to this Agreement (the “Other Holder Registrable Securities”).

 

(d)          A
Demand Registration Notice (other than a Demand Registration Notice with respect to a Demand Registration that constitutes a Shelf
Registration on Form S-3) shall only be binding on the Corporation if the sale of all Registrable Securities requested to be registered
(pursuant to such Demand Registration Notice and in response to the Demand Registration Notice) is reasonably expected to result
in aggregate gross proceeds in excess of $20,000,000.

 

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(e)          If
registration pursuant to this Section 2.1 involves an Underwritten Offering and the managing underwriter or underwriters
advise the Corporation, in writing, that in its or their opinion the number of Registrable Securities and, if permitted hereunder,
other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities,
if any, which can be sold therein without adversely affecting the Corporation or the marketability of the offering (an “Adverse
Effect”), the Corporation shall include in such registration (i) first, subject to the following paragraph, all
Demand Registrable Securities, (ii) second, subject to the following paragraph, all Member Registrable Securities, (iii)
third, subject to the following paragraph, all Company Registrable Securities, and (iv) fourth, subject to the following
paragraph, all Other Holder Registrable Securities. If such managing underwriter or underwriters advise the Corporation that only
a portion of the Registrable Securities or shares of Class A Common Stock in any of clauses (a) through (d) above
may be included in such registration without such Adverse Effect, the Corporation shall include the Registrable Securities and
shares of Class A Common Stock from the holders of Registrable Securities in such clause on a pro rata basis based on the relative
number of Registrable Securities requested to be so included in a registration (provided that any such amount thereby
allocated to any such holder that exceeds such holder’s request shall be reallocated among the remaining requesting holders
in a like manner). Any Person (other than Holders of Registrable Securities) that participates in Demand Registrations which are
not at the Corporation’s expense must pay their share of any Registration Expenses.

 

Notwithstanding
anything herein to the contrary, if the managing underwriter or managing underwriters (if any) determine that the inclusion of
the number of Registrable Securities proposed to be included in any such offering would have an Adverse Effect, the Corporation
may exclude such number of Registrable Securities as necessary or desirable to negate such Adverse Effect.

 

(f)          Notwithstanding
any other provisions of this Section 2.1, in no event shall any Holder be permitted to (i) request more than one (1) Demand
Registration in any twelve (12)-month period; provided that in no event shall the Corporation be obligated to file a Registration
Statement relating to any registration request under this Section 2.1 within a period of 180 days after the effective date
of any other Registration Statement relating to any registration request under this Section 2.1 or to any registration
effected under Section 2.2; or (ii) request a Demand Registration if, at the time such request is made, a Shelf Registration
is effective and both includes all of the Registrable Securities of such Holder and permits an Underwritten Offering of such Registrable
Securities.

 

(g)          The
Corporation shall be entitled to postpone (but not more than once in any twelve-month period), for a reasonable period of time
not in excess of 75 days, the filing of a Registration Statement (including a Shelf Registration) if the Corporation delivers
to the Holders requesting registration a resolution of the Board that, in the good faith judgment of the Board, such registration
and offering would reasonably be expected to materially adversely affect any bona fide material financing of the Corporation or
any material transaction under consideration by the Corporation or would require disclosure of information that has not been disclosed
to the public and is not otherwise required to be disclosed at that time that would reasonably be expected to materially adversely
affect the Corporation. Such Board resolution shall contain a statement of the reasons for such postponement and an approximation
of the anticipated delay. The Holders receiving such resolution shall keep the information contained in such resolution confidential.
If the Corporation shall so postpone the filing of a Registration Statement, the Initiating Holder shall have the right to withdraw
the request for registration by giving written notice to the Corporation within 20 days of the anticipated termination date of
the postponement period, as provided in such resolution delivered to the Holders, and in the event of such withdrawal, such request
shall not be counted for purposes of the number of Demand Registrations to which such Holder is entitled pursuant to the terms
herein. In addition, a Holder of Registrable Securities may not use a Shelf Registration Statement to effect the sale of any such
securities unless such Holder has given the Corporation at least two (2) Business Days advance written notice of the date or dates
of a proposed sale of such securities by such Holder pursuant to such Registration Statement (which notice may be given as often
as such Holder desires), and upon receipt of such a notice, the Corporation agrees to provide prompt written notice to such Holder
if such Shelf Registration Statement is not then usable (whether for reasons described above or otherwise).

 

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(h)          If
the Corporation has filed a Shelf Registration Statement and has included Registrable Securities therein, the Corporation shall
be entitled to suspend (but not more than an aggregate of 90 days in any twelve-month period), for a reasonable period of time
not in excess of 90 days, the offer or sale of Registrable Securities pursuant to such Registration Statement by any Holder of
Registrable Securities if (i) a “road show” is not then in progress with respect to a proposed offering of Registrable
Securities by such Holder pursuant to such Registration Statement and such Holder has not executed an underwriting agreement with
respect to a pending sale of Registrable Securities pursuant to such Registration Statement and (ii) the Corporation delivers
to the Holders included in such Registration Statement a resolution of the Board that, in the good faith judgment of the Board,
such offer or sale would reasonably be expected to materially adversely affect any bona fide material financing of the Corporation
or any material transaction under consideration by the Corporation or would require disclosure of information that has not been
disclosed to the public and is not otherwise required to be disclosed at that time that would reasonably be expected to materially
adversely affect the Corporation. Such Board resolution shall contain a statement of the reasons for such postponement and an
approximation of the anticipated delay. The Holders receiving such resolution shall keep the information contained in such certificate
confidential.

 

(i)          The
Corporation shall be required to maintain the effectiveness of a Registration Statement (except in the case of a Shelf Registration)
with respect to any Demand Registration for a period of at least 180 days after the effective date thereof or such shorter period
in which all Registrable Securities included in such Registration Statement have actually been sold; provided, however,
that such period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from
selling any securities included in such registration at the request of (x) an underwriter or (y) the Corporation pursuant to the
provisions herein. The Corporation shall be required to maintain the effectiveness of a Registration Statement that is a Shelf
Registration with respect to any Demand Registration at all times after the effective date thereof until all Registrable Securities
included in such Registration Statement have actually been sold; provided, however, that any Holder of Registrable
Securities whose shares have been included in such Shelf Registration may request that such Registrable Securities be removed
from such Registration Statement, in which event the Corporation shall promptly either withdraw such Registration Statement if
the shares of Class A Common Stock of such Holder are the only shares of Class A Common Stock still covered by such Registration
Statement or file a post-effective amendment to such Registration Statement removing such Registrable Securities.

 

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(j)          Notwithstanding
anything contained herein to the contrary, the Corporation hereby agrees that (i) each Demand Registration that is a Shelf Registration
shall contain all language (including on the Prospectus cover sheet, the principal stockholders’ table and the plan of distribution)
as may be reasonably requested by a Holder of Registrable Securities to allow for a distribution to, and resale by, the direct
and indirect partners, members or stockholders of a Holder of Registrable Securities (a “Partner Distribution”)
and (ii) the Corporation shall, at the reasonable request of any Holder of Registrable Securities seeking to effect a Partner
Distribution, file any prospectus supplement or post-effective amendments and otherwise take any action reasonably necessary to
include such language, if such language was not included in the initial Registration Statement, or revise such language if deemed
reasonably necessary by such Holder to effect such Partner Distribution.

 

(k)          At
the election of the Initiating Holder, a requested registration pursuant to this Section 2.1 may involve an Underwritten Offering
and, in such case, the Initiating Holder, in consultation with the Other Holders, shall have the right to select the investment
banker and manager to administer the offering relating to such Demand Registration, subject to the approval of the Board, which
shall not be unreasonably withheld, delayed or conditioned.

 

(l)          For
purposes of this Section 2.1, a registration shall not be counted as “effected” and shall not be considered
a Demand Registration:

 

		(i)	unless
                                         a Registration Statement with respect thereto has become effective and remained effective
                                         in compliance with the provisions of the Securities Act until the earlier of (x) such
                                         time as all of such Registrable Securities have been disposed of in accordance with the
                                         intended methods of disposition thereof set forth in such Registration Statement or (y) 120 days
                                         after the effective date of such Registration Statement; provided, however,
                                         that if the failure of any such Registration Statement to become or remain effective
                                         in compliance with this Section 2.1(l) is due solely to acts or omissions
                                         of the applicable Initiating Holder, such registration requested pursuant to this Section 2.1 will
                                         be deemed to have been effected;

 

		(ii)	if,
                                         after it has become effective, the Registration Statement is subject to any stop order,
                                         injunction or other order or requirement of the SEC or other governmental agency or authority
                                         prohibiting the sale of Demand Registrable Securities pursuant to such Registration Statement,
                                         other than by reason of an act or omission on the part of the Initiating Holder; or

 

		(iii)	if,
                                         as a result of an exercise of any cutback, a majority of the total number of Registrable
                                         Securities that the Initiating Holder has requested to be included in such Registration
                                         Statement are not included.

 

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Section 2.2           Piggyback
Registration.

 

(a)          If
the Corporation proposes to file a registration statement under the Securities Act (i) with respect to an offering of shares of
Capital Stock by and for the account of the Corporation (other than a registration statement filed on Form S-4, Form S-8 or any
successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment
plan or filed pursuant to Section 2.1 hereof), or (ii) pursuant to registration rights of another stockholder of the Corporation
(a “Third Party Holder”), then, each such time, the Corporation shall give prompt written notice of such proposed
filing at least 15 Business Days before the anticipated filing date (the “Piggyback Notice”) to all of the
Holders holding Registrable Securities.

 

(b)          The
Piggyback Notice shall offer such Holders the opportunity to include in such registration statement the number of Registrable
Securities as each such Holder may request (a “Piggyback Registration”). Subject to Section 2.2(d),
the Corporation shall include in each such Piggyback Registration all Registrable Securities with respect to which the Corporation
has received written requests for inclusion therein within ten (10) days after notice has been given to the applicable Holder.
The Holders exercising their rights under Section 2.2(b) shall be permitted to withdraw all or part of the Registrable
Securities from a Piggyback Registration at any time prior to the effective date of such Piggyback Registration. The Corporation
shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier
to occur of (i) 180 days after the effective date therefore and (ii) the date on which all Registrable Securities included in
such Registration Statement have actually been sold; provided, however, that any Holder of Registrable Securities
that has been included in such Shelf Registration may request that such Registrable Securities be removed from such Registration
Statement, in which event the Corporation shall promptly either withdraw such Registration Statement if the shares of Class A
Common Stock of such Holder are the only shares of Class A Common Stock still covered by such Registration Statement or file a
post-effective amendment to such Registration Statement removing such Registrable Securities.

 

(c)          The
Corporation shall use its reasonable best efforts to cause the managing underwriter of a proposed Underwritten Offering to permit
Holders of Registrable Securities requested to be included in the Piggyback Registration to include all such Registrable Securities
on the same terms and conditions as any other shares of Capital Stock, if any, of the Corporation included therein.

 

(d)          Notwithstanding
Sections 2.2(b) and (c), if registration pursuant to this Section 2.2 involves an Underwritten Offering and if the
managing underwriter or underwriters of such Underwritten Offering have informed the Corporation, in writing, that in its or their
view the total number or dollar amount of shares of Capital Stock that the Holders, the Corporation and any other Persons having
rights to participate in such registration, intend to include in such offering is such as to have an Adverse Effect on such offering,
then the number of shares of Capital Stock that in the opinion of such managing underwriter or underwriters can be sold without
adversely affecting such offering shall be included in the following order:

 

		(i)	first,
                                         shares of Capital Stock for the account of the Corporation if the Corporation initiated
                                         the filing of the Registration Statement with respect to an offering for its own account
                                         as referenced under Section 2.2(a)(i) or a Third Party Holder;

 

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		(ii)	second,
                                         Registrable Securities requested hereunder by the Holders to be included in such Piggyback
                                         Registration, in each case pro rata based on the amount of all such shares of Registrable
                                         Securities requested to be included by such Holders;

 

		(iii)	third,
                                         shares of Capital Stock for the account of the Corporation if the Corporation did not
                                         initiate the filing of the Registration Statement as referenced under Section 2.2(a)(i);
                                         and

 

		(iv)	fourth,
                                         shares of Capital Stock for the account of any other Persons, pro rata based on the number
                                         of shares of Capital Stock requested to be included by the holders thereof;

 

provided,
however, that with respect to any Piggyback Registration pursuant to the registration rights of a stockholder of the Corporation
that is not a Holder, such order shall be determined in accordance with the terms of the registration rights agreement between
such stockholder and the Corporation; and provided, further, that for so long as a Holder holds at least five percent
(5%) of the Class A Units (as defined in the LLC Agreement) outstanding immediately following the closing of the Investment Transaction
(as defined in the LLC Agreement) or shares of Class A Common Stock into which such Class A Units have been exchanged pursuant
to the Exchange Agreement, the Corporation shall not grant registration rights to another stockholder of the Corporation on terms
more favorable than this Agreement (and any such registration rights shall not conflict with this Agreement) without the consent
of such Holder.

 

(e)          Notwithstanding
anything contained herein to the contrary, if the Corporation has previously filed a Registration Statement with respect to Registrable
Securities pursuant to Section 2.1 or pursuant to this Section 2.2, and if such previous registration has not been
withdrawn or abandoned, the Corporation shall not be obligated to file or cause to be effected any other registration of any of
its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities
Act (except on Form S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such securities,
until a period of at least 90 days has elapsed from the date such previous registration became effective.

 

(f)          Notwithstanding
anything contained herein to the contrary, the Corporation hereby agrees that (i) any Piggyback Registration that is a Shelf Registration
shall contain all language (including on the Prospectus cover sheet, the principal stockholders’ table and the plan of distribution)
as may be reasonably requested by a Holder of Registrable Securities to allow for a Partner Distribution and (ii) the Corporation
shall, at the reasonable request of any Holder of Registrable Securities seeking to effect a Partner Distribution, file any prospectus
supplement or post-effective amendments and otherwise take any action reasonably necessary to include such language, if such language
was not included in the initial Registration Statement, or revise such language if deemed reasonably necessary by such Holder
to effect such Partner Distribution. Notwithstanding anything herein to the contrary, if the managing underwriter or managing
underwriters (if any) determine that the inclusion of the number of Registrable Securities proposed to be included in any such
offering would have an Adverse Effect, the Corporation may exclude such number of Registrable Securities as necessary or desirable
to negate such Adverse Effect.

 

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(g)          Upon
delivering a request under this Section 2.2, a Holder will, if requested by the Corporation, execute and deliver a custody
agreement and power of attorney in form and substance reasonably satisfactory to the Corporation with respect to such Holder’s
Registrable Securities to be registered pursuant to this Section 2.2 (a “Custody Agreement and Power of Attorney”).
The Custody Agreement and Power of Attorney will provide, among other things, that the Holder will deliver to and deposit in custody
with the custodian and attorney-in-fact named therein a certificate or certificates representing such Registrable Securities (duly
endorsed in blank by the registered owner or owners thereof or accompanied by duly executed stock powers in blank) and irrevocably
appoint said custodian and attorney-in-fact with full power and authority to act under the Custody Agreement and Power of Attorney
on such Holder’s behalf with respect to the matters specified therein. Such Holder also agrees to execute such other agreements
as the Corporation may reasonably request to further evidence the provisions of this Section 2.2.

 

(h)          The
Corporation shall have the right to terminate or withdraw any registration initiated by it as referenced under Section 2.2(a)(i).

 

Section
2.3           Form S-3 Registration.

 

(a)          Notwithstanding
the provisions of Sections 2.1 and 2.2, at such time as the Corporation shall have qualified for the use of Form
S-3 promulgated under the Securities Act or any successor form thereto, in case the Corporation shall receive from any Holder
a written request or requests that the Corporation effect a registration on Form S-3 with respect to all or a part of the Registrable
Securities held by such Holder, which request shall (a) specify the number of Registrable Securities intended to be sold or disposed
of and the holders thereof and (b) the intended method of distribution, including the name of the lead underwriter, if available,
the Corporation will use its commercially reasonable efforts to effect such registration as may be so requested and as would permit
or facilitate the sale and distribution of all or such portion of the Registrable Securities as are specified in such request;
provided, however, that the Corporation shall not be obligated to effect any such registration, qualification or
compliance pursuant to this Section 2.3:

 

		(i)	if
                                         the requesting Holder proposes to sell Registrable Securities and such other securities
                                         (if any) that would result in aggregate gross proceeds of less than $10,000,000;

 

		(ii)	if
                                         within 30 days of receipt of a written request from the Holder pursuant to this Section
                                         2.3, the Corporation gives notice to such Holder of the Corporation’s intention
                                         to make a public offering within 90 days, other than pursuant to a Registration Statement
                                         relating to any employee benefit plan or with respect to any reorganization or other
                                         transaction under Rule 145 of the Securities Act (or successor rule thereto);

 

    	- 11 -

    	 

    

  

		(iii)	if
                                         a Shelf Registration is then effective and includes all of the Registrable Securities
                                         of such Holder and permits an Underwritten Offering of such Registrable Securities;

 

		(iv)	if
                                         the Corporation has already effected 3 registrations on Form S-3 for the requesting Holders
                                         in the immediately preceding 12-month period; or

 

		(v)	in
                                         any particular jurisdiction in which the Corporation would be required to qualify to
                                         do business or to execute a general consent to service of process in effecting such registration,
                                         qualification or compliance.

 

(b)          To
the extent the Corporation is a WKSI at the time that the Shelf Registration Statement is to be filed, the Corporation shall file
an automatic Shelf Registration Statement which covers such Registrable Securities.

 

(c)          Registrations
effected pursuant to this Section 2.3 shall not be counted as demands for registrations effected pursuant to Section
2.1.

 

Section
2.4           Holdback Agreements; Notice Requirements. Each Holder
agrees that if requested in writing in connection with an Underwritten Offering made pursuant to a Registration Statement for
which such Holder has registration rights pursuant to this Article II by the managing underwriter or underwriters of such
Underwritten Offering, such Holder will not effect any public sale or distribution, including any sale pursuant to Rule 144, of
any of the securities being registered or any securities convertible or exchangeable or exercisable for such securities (except
as part of such Underwritten Offering) or give any Demand Notice during the period beginning 30 days prior to, and ending 90 days
after, the effective date of any such underwritten registration, except as part of any such underwritten registration (or for
such shorter period as to which the managing underwriter or underwriters may agree, provided that such shorter period or longer
period as required by applicable Law applies equally to all Holders).

 

Section
2.5           Registration Procedures. If and whenever the Corporation
is required to effect the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the
Corporation shall use its reasonable best efforts to effect such registration to permit the sale of such Registrable Securities
in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Corporation shall cooperate
in the sale of the securities and shall, as expeditiously as possible:

 

(a)          Prepare
and file with the SEC a Registration Statement on any form which shall be available for the sale of the Registrable Securities
by the Holders thereof or the Corporation in accordance with the intended method or methods of distribution thereof (including
a Partner Distribution), and use its commercially reasonable efforts to cause such Registration Statement to become effective
and to remain effective as provided herein; provided that no later than 10 days before filing a Registration Statement
or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated
therein by reference), the Corporation shall furnish or otherwise make available to the Holders of the Registrable Securities
covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed
to be filed, which documents shall be subject to the review and comments of such Holders, counsel and managing underwriters. With
respect to a Demand Registration that covers the Registrable Securities of a Holder, such Holder and its counsel shall have the
opportunity to object to any information pertaining to such Holder that is contained in such Registration Statement or Prospectus
or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated
by reference therein) before it is filed with the SEC, and the Corporation will make the corrections reasonably requested by such
Holder prior to such filing with the SEC.

 

    	- 12 -

    	 

    

  

(b)          Prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep
such Registration Statement continuously effective during the period provided herein and comply in all material respects with
the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;
and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented
to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; provided that any
Holder of Registrable Securities that has been included on a Shelf Registration may request that such Holder’s Registrable
Securities be removed from such Registration Statement, in which event the Corporation shall promptly either withdraw such Registration
Statement or file a post-effective amendment to such Registration Statement removing such Registrable Securities.

 

(c)          Notify
each selling Holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly, and (if requested
by any such Person) confirm such notice in writing:

 

		(i)	when
                                         a Prospectus or any Prospectus supplement or post-effective amendment has been filed,
                                         and, with respect to a Registration Statement or any post-effective amendment, when the
                                         same has become effective;

 

		(ii)	of
                                         any notice from the SEC that there will be a review of a Registration Statement and,
                                         to the extent requested by a Holder, promptly provide such Holders, their counsel and
                                         the managing underwriters, if any, with a copy of any SEC comments received by the Corporation
                                         in connection therewith;

 

		(iii)	of
                                         any request by the SEC or any other federal or state governmental authority for amendments
                                         or supplements to a Registration Statement or related Prospectus or for additional information;

 

    	- 13 -

    	 

    

  

		(iv)	of
                                         the issuance by the SEC of any stop order suspending the effectiveness of a Registration
                                         Statement or the initiation of any proceedings for that purpose;

 

		(v)	if
                                         at any time the representations and warranties of the Corporation contained in any agreement
                                         (including any underwriting agreement) contemplated by Section 2.5(o) cease to
                                         be true and correct;

 

		(vi)	of
                                         the receipt by the Corporation of any notification with respect to the suspension of
                                         the qualification or exemption from qualification of any of the Registrable Securities
                                         for sale in any jurisdiction, or the initiation or threatening of any proceeding for
                                         such purpose; and

 

		(vii)	of
                                         the happening of any event that makes any statement made in such Registration Statement
                                         or related Prospectus or any document incorporated or deemed to be incorporated therein
                                         by reference untrue in any material respect or that requires the making of any changes
                                         in such Registration Statement, Prospectus or documents so that, in the case of the Registration
                                         Statement, it will not contain any untrue statement of a material fact or omit to state
                                         any 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, and that in
                                         the case of the Prospectus, it will not contain 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)          Use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement,
or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction.

 

(e)          If
requested by the managing underwriters, if any, or any Holder of Registrable Securities being sold in connection with an Underwritten
Offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters,
if any, and such Holders may reasonably request in order to permit the intended method of distribution of such securities and
make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Corporation
has received such request.

 

(f)          Furnish
or make available to each selling Holder of Registrable Securities, its counsel and each managing underwriter, if any, without
charge, at least five conformed copies of the Registration Statement, the Prospectus and Prospectus supplements, if applicable,
and each post-effective amendment thereto, including financial statements (but excluding schedules, all documents incorporated
or deemed to be incorporated therein by reference and all exhibits, unless requested by such Holder, counsel or underwriter).

 

    	- 14 -

    	 

    

  

(g)          Deliver
to each selling Holder of Registrable Securities, its counsel and the underwriters, if any, without charge, as many copies of
the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may
reasonably request in connection with the distribution of the Registrable Securities; and the Corporation, subject to the last
paragraph of this Section 2.5, hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of
the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto.

 

(h)          Prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with
the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer
and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or underwriter
reasonably requests and to keep each such registration or qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable
such Holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided
that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction where it is not then
so qualified or (ii) take any action that would subject it to general service of process in any such jurisdiction where it is
not then so subject.

 

(i)          Unless
the Registrable Securities to be sold are uncertificated, cooperate with the selling Holders of Registrable Securities and the
managing underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing
Registrable Securities to be sold after receiving written representations from each Holder of such Registrable Securities that
the Registrable Securities represented by the certificates so delivered by such Holder will be transferred in accordance with
the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as
the managing underwriters, if any, or Holders may request at least two Business Days prior to any sale of Registrable Securities
in a firm commitment public offering, but in any other such sale, within ten Business Days prior to having to issue the securities.

 

(j)          Use
its commercially reasonable efforts to cause the Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental agencies or authorities within the United States, except as may be required solely
as a consequence of the nature of such selling Holder’s business, in which case the Corporation will cooperate in all reasonable
respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the
seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities.

 

(k)          Upon
the occurrence of any event contemplated by Section 2.5(c)(vii), prepare a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein
by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder, such Prospectus will not contain 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 light of the circumstances under which they were
made, not misleading.

 

    	- 15 -

    	 

    

  

(l)          Prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable
Securities.

 

(m)          Provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
from and after a date not later than the effective date of such Registration Statement.

 

(n)          Use
its commercially reasonable efforts to cause all shares of Registrable Securities covered by such Registration Statement to be
authorized to be listed on a national securities exchange if shares of that particular class of Registrable Securities are at
that time listed on such exchange.

 

(o)          In
connection with an Underwritten Offering, enter into such customary agreements (including an underwriting agreement in form, scope
and substance as is customary in Underwritten Offerings) and take all such other actions reasonably requested by the Holders of
a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing
underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection:

 

		(i)	make
                                         such representations and warranties to the Holders of such Registrable Securities and
                                         the underwriters, if any, in form, substance and scope as are customarily made by issuers
                                         to underwriters in Underwritten Offerings, and, if true, confirm the same if and when
                                         requested;

 

		(ii)	use
                                         its commercially reasonable efforts to furnish to the selling Holders of such Registrable
                                         Securities opinions of counsel and a negative assurance letter from counsel to the Corporation
                                         and updates thereof (which counsel, opinions and letter (in form, scope and substance,
                                         in the case of such opinions and such letter) shall be reasonably satisfactory to the
                                         selling Holders of such Registrable Securities, the managing underwriters, if any, and
                                         counsels to the selling Holders of the Registrable Securities), addressed to each selling
                                         Holder of Registrable Securities and each of the underwriters, if any, covering the matters
                                         customarily covered in opinions and negative assurance letters requested in Underwritten
                                         Offerings and such other matters as may be reasonably requested by such Holders, counsel
                                         and underwriters;

 

    	- 16 -

    	 

    

  

		(iii)	use
                                         commercially reasonable efforts to obtain “cold comfort” letters and updates
                                         thereof from the independent certified public accountants of the Corporation (and, if
                                         necessary, any other independent certified public accountants of any subsidiary of the
                                         Corporation or of any business acquired by the Corporation for which financial statements
                                         and financial data are, or are required to be, included in the Registration Statement)
                                         who have certified the financial statements included in such Registration Statement,
                                         addressed to each selling Holder of Registrable Securities (unless such accountants shall
                                         be prohibited from so addressing such letters by applicable standards of the accounting
                                         profession) and each of the underwriters, if any, such letters to be in customary form
                                         and covering matters of the type customarily covered in “cold comfort” letters
                                         in connection with Underwritten Offerings, which form and substance shall be acceptable
                                         to the selling Holders of the Registrable Securities;

 

		(iv)	if
                                         an underwriting agreement is entered into, the same shall contain indemnification provisions
                                         and procedures substantially to the effect set forth in Section 2.7 with respect
                                         to all parties to be indemnified pursuant to Section 2.7; and

 

		(v)	deliver
                                         such documents and certificates as may be reasonably requested by any Holder of Registrable
                                         Securities being sold, such Holder’s counsel and the managing underwriters, if
                                         any, to evidence the continued validity of the representations and warranties made pursuant
                                         to Section 2.5(o)(i) and to evidence compliance with the conditions contained
                                         in the underwriting agreement or other agreement entered into by the Corporation. The
                                         above shall be done at each closing under such underwriting or similar agreement, or
                                         as and to the extent required thereunder.

 

(p)          To
the extent not prohibited by applicable Law, make available for inspection by the selling Holders of Registrable Securities, any
underwriter participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained
by such selling Holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and
other records, pertinent corporate documents and properties of the Corporation and its subsidiaries, and cause the officers, directors
and employees of the Corporation and its subsidiaries to supply all information in each case reasonably requested by any such
Holder, underwriter, attorney or accountant in connection with such Registration Statement; provided that if (1) the Corporation
believes after consultation with counsel for the Corporation, that to do so would cause the Corporation to forfeit an attorney-client
privilege that was applicable to such information or (2) either (x) the Corporation has requested and been granted from the SEC
confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise
or (y) the Corporation reasonably determines in good faith that such records are confidential and so notifies the Persons requesting
the records in writing, the Corporation shall not be required to provide such information unless prior to furnishing any such
information with respect to (1) or (2) such Person requesting the records in writing agrees to enter into a confidentiality agreement
in customary form and subject to customary exceptions; and provided, further, that any information that is not publicly
available at the time of delivery of such information shall be kept confidential by such Persons (other than disclosure by such
Persons to such Persons’ respective affiliates) unless:

 

    	- 17 -

    	 

    

  

		(i)	disclosure
                                         of such records is necessary to avoid or correct a misstatement or omission in the Registration
                                         Statement;

 

		(ii)	disclosure
                                         of such information is required by court or administrative order or other legal process;

 

		(iii)	disclosure
                                         of such information is required by Law; or

 

		(iv)	such
                                         information becomes generally available to the public other than as a result of a disclosure
                                         or failure to safeguard by such Person.

 

In the case
of a proposed disclosure pursuant to (ii) or (iii) above, such Person shall be required to give the Corporation written notice
of the proposed disclosure prior to such disclosure and, if requested by the Corporation, assist the Corporation in seeking to
prevent or limit the proposed disclosure.

 

(q)          Comply
with all applicable rules and regulations of the SEC and make available to its security holders earning statements satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, or any similar rule promulgated under the Securities
Act, no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period
is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in
a firm commitment or best efforts Underwritten Offering and (ii) if not sold to underwriters in such an offering, commencing on
the first day of the first fiscal quarter of the Corporation after the effective date of a Registration Statement, which statements
shall cover one of said 12-month periods.

 

(r)          Cause
its officers to be reasonably available to provide customary due diligence sessions in connection with any offering and to participate
in customary “road show” presentations in connection with any Underwritten Offerings.

 

Notwithstanding
anything contained herein to the contrary, the Corporation hereby agrees that any Demand Registration that is a Shelf Registration
shall contain all language (including on the Prospectus cover sheet, the principal stockholders’ table and the plan of distribution)
as may be reasonably requested by a Holder of Registrable Securities.

 

Each
Holder of Registrable Securities agrees if such Holder has Registrable Securities covered by such Registration Statement that,
upon receipt of any notice from the Corporation of the happening of any event of the kind described in Sections 2.5(c)(iii),
2.5(c)(iv), 2.5(c)(v), 2.4(c)(vi) or 2.5(c)(vii), such Holder will forthwith discontinue disposition
of such Registrable Securities covered by such Registration Statement or Prospectus until such Holder is advised in writing by
the Corporation that the disposition may be resumed and, if applicable, has received copies of the supplemented or amended Prospectus
contemplated by Section 2.5(k), together with any additional or supplemental filings that are incorporated or deemed to
be incorporated by reference in such Prospectus; provided that the Corporation shall extend the time periods under Section
2.1 with respect to the length of time that the effectiveness of a Registration Statement must be maintained by the amount
of time the Holder is required to discontinue disposition of such securities.

 

    	- 18 -

    	 

    

  

Section 2.6           Registration
Expenses.

 

(a)          All
reasonable fees and expenses incident to the performance of or compliance with the provisions of this Agreement by the Corporation,
including:

 

		(i)	all
                                         registration and filing fees (including fees and expenses (A) with respect to filings
                                         required to be made with the Financial Industry Regulatory Authority and the SEC, (B)
                                         of compliance with securities or “blue sky” laws, including any fees and
                                         disbursements of counsel for the underwriters in connection with “blue sky”
                                         qualifications of the Registrable Securities pursuant to Section 2.5(h) and (C)
                                         of listing and registration with a national securities exchange or national market interdealer
                                         quotation system);

 

		(ii)	printing
                                         expenses (including expenses of printing certificates for Registrable Securities in a
                                         form eligible for deposit with The Depository Trust Corporation and of printing Prospectuses
                                         if the printing of Prospectuses is requested by the managing underwriters, if any, or
                                         by the Holders of a majority of the Registrable Securities included in any Registration
                                         Statement);

 

		(iii)	messenger,
                                         telephone and delivery expenses of the Corporation;

 

		(iv)	fees
                                         and disbursements of counsel for the Corporation;

 

		(v)	expenses
                                         of the Corporation incurred in connection with any road show;

 

		(vi)	reasonable
                                         fees and disbursements of all independent certified public accountants referred to in
                                         Section 2.5(o)(iii) (including the expenses of any “cold comfort”
                                         letters required herein) and any other Persons, including special experts retained by
                                         the Corporation;

 

		(vii)	rating
                                         agency fees; and

 

		(viii)	reasonable
                                         fees and disbursements of one counsel for the Holders of Registrable Securities whose
                                         shares are included in a Registration Statement (which counsel shall be selected by the
                                         Holders of a majority of the Registrable Securities included in such Registration Statement);

 

    	- 19 -

    	 

    

 

shall be borne
by the Corporation whether or not any Registration Statement is filed or becomes effective. In addition, the Corporation shall
pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered
on any securities exchange on which similar securities issued by the Corporation are then listed and rating agency fees and the
fees and expenses of any Person, including special experts, retained by the Corporation.

 

(b)          The
Corporation shall not be required to pay (i) fees and disbursements of any counsel retained by any Holder of Registrable Securities
or by any underwriter (except as set forth in Sections 2.7(a)(i)(B) and 2.7(a)(viii)), (ii) any underwriter’s
fees (including discounts, commissions or fees of underwriters, selling brokers, dealer managers or similar securities industry
professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold
by the Corporation) or (iii) any other expenses of the Holders of Registrable Securities not specifically required to be paid
by the Corporation pursuant to Section 2.7(a). Notwithstanding anything in this Agreement to the contrary, all costs, expenses
and indemnification obligations of the Corporation under this Agreement shall be reimbursed by (or borne by) ZAIS Group Parent,
LLC.

 

Section
2.7           Indemnification.

 

(a)          Indemnification
by the Corporation. The Corporation shall, without limitation as to time, indemnify and hold harmless, to the fullest extent
permitted by Law, each Holder whose Registrable Securities are covered by a Registration Statement or Prospectus, the affiliates,
officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each of them,
each Person who controls each such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and the officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each
such controlling person (collectively, the “Stockholder Indemnified Persons”), from and against any and all
losses, claims, damages, liabilities, costs (including reasonable out-of-pocket costs of preparation and reasonable attorneys’
fees and any legal or other reasonable out-of-pocket fees or expenses incurred by such party in connection with any investigation
or proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”),
as incurred, arising out of or based upon:

 

		(i)	any
                                         untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus,
                                         offering circular or other document (including any related Registration Statement, “issuer
                                         free writing Prospectus” (as defined in Rule 433 under the Securities Act), “issuer
                                         information” filed or required to be filed pursuant to Rule 433(d) under the Securities
                                         Act, notification or the like) incident to any such registration, qualification, or compliance;

 

    	- 20 -

    	 

    

  

		(ii)	any
                                         omission (or alleged omission) to state therein a material fact required to be stated
                                         therein or necessary to make the statements therein not misleading or, with respect to
                                         any Prospectus, necessary to make the statements therein, in light of the circumstances
                                         under which they were made, not misleading; or

 

		(iii)	any
                                         violation by the Corporation of the Securities Act or state securities or “blue
                                         sky” laws or, in each case, any rule or regulation thereunder applicable to the
                                         Corporation and relating to action or inaction required of the Corporation in connection
                                         with any such registration, qualification, or compliance, and will reimburse each such
                                         Stockholder Indemnified Person for any legal and any other expenses reasonably incurred
                                         in connection with investigating and defending or settling any such claim, loss, damage,
                                         liability, or action;

 

provided
that the Corporation will not be liable in any such case to the extent that any such Loss arises out of or is based on any
untrue statement (or alleged untrue statement) or omission (or alleged omission) by such Holder or underwriter, but only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration
Statement, Prospectus, offering circular or other document (including any related Registration Statement, “issuer free writing
Prospectus” (as defined in Rule 433 under the Securities Act), “issuer information” filed or required to be
filed pursuant to Rule 433(d) under the Securities Act, notification or the like) in reliance upon and in conformity with written
information furnished to the Corporation by such Holder or underwriter specifically for use in connection with the preparation
of such Registration Statement, Prospectus, offering circular, or other document (including any related Registration Statement,
“issuer free writing Prospectus” (as defined in Rule 433 under the Securities Act), “issuer information”
filed or required to be filed pursuant to Rule 433(d) under the Securities Act, notification or the like).

 

It
is agreed that the indemnity agreement contained in this Section 2.7(a) shall not apply to amounts paid in settlement of
any such Loss if such settlement is effected without the consent of the Corporation (which consent shall not be unreasonably withheld).
The Corporation also agrees to indemnify any underwriter of Registrable Securities and each Person who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, on substantially the same basis as that
provided to the Stockholder Indemnified Persons in this Section 2.7(a).

 

    	- 21 -

    	 

    

  

(b)          Indemnification
by Holders of Registrable Securities. In connection with any Registration Statement in which a Holder of Registrable Securities
is participating, such Holder shall furnish to the Corporation in writing such information as the Corporation reasonably requests
for use in connection with any Registration Statement or Prospectus and agrees to indemnify, to the fullest extent permitted by
Law, severally and not jointly, the Corporation, its directors, officers, managers, accountants, attorneys, agents and employees,
each Person who controls the Corporation (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, partners, members, managers, stockholders, accountants, attorneys, agents or employees of such
controlling persons (collectively, the “Corporation Indemnified Persons”), from and against all Losses arising
out of or based upon: (i) any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, offering
circular or other document (including any related Registration Statement, “issuer free writing Prospectus” (as defined
in Rule 433 under the Securities Act), “issuer information” filed or required to be filed pursuant to Rule 433(d)
under the Securities Act, notification or the like) incident to any such registration, qualification, or compliance; or (ii) any
omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading or, with respect to any Prospectus, necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and will reimburse each such Corporation Indemnified Person for any legal and any
other expenses reasonably incurred in connection with investigating or defending any such Loss, in each case to the extent, but
only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering circular
or other document in reliance upon and in conformity with written information furnished to the Corporation by such Holder specifically
for use in connection with the preparation of such Registration Statement, Prospectus, offering circular or other document (including
any related Registration Statement, “issuer free writing Prospectus” (as defined in Rule 433 under the Securities
Act), “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, notification
or the like); provided that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any
such Losses (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall
not be unreasonably withheld); and provided, further, that the liability of each selling Holder of Registrable Securities
hereunder shall be limited to the net proceeds received by such selling Holder from the sale of Registrable Securities covered
by such Registration Statement. Each such Holder also agrees to indemnify any underwriter of Registrable Securities and each Person
who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriter, on
substantially the same basis as that provided to the Corporation Indemnified Persons in this Section 2.7(b).

 

(c)          Conduct
of Indemnification Proceedings.

 

		(i)	If
                                         any Person shall be entitled to indemnity under this Section 2.7 (an “indemnified
                                         party”), such indemnified party shall give prompt notice to the party from
                                         which such indemnity is sought (the “indemnifying party”) of any claim
                                         or of the commencement of any proceeding with respect to which such indemnified party
                                         seeks indemnification or contribution pursuant hereto; provided that the delay
                                         or failure to so notify the indemnifying party shall not relieve the indemnifying party
                                         from any obligation or liability except to the extent that the indemnifying party has
                                         been prejudiced by such delay or failure.

 

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		(ii)	The
                                         indemnifying party shall have the right, exercisable by giving written notice to an indemnified
                                         party promptly after the receipt of written notice from such indemnified party of such
                                         claim or proceeding, to, unless in the indemnified party’s reasonable judgment
                                         a conflict of interest between such indemnified and indemnifying parties may exist in
                                         respect of such claim, assume, at the indemnifying party’s expense, the defense
                                         of any such claim or proceeding, with counsel reasonably satisfactory to such indemnified
                                         party; provided that an indemnified party shall have the right to employ separate
                                         counsel in any such claim or proceeding and to participate in the defense thereof, but
                                         the fees and expenses of such counsel shall be at the expense of such indemnified party
                                         unless:

 

		(A)	the indemnifying
                                         party agrees to pay such fees and expenses;

 

		(B)	the indemnifying
                                         party fails promptly to assume, or in the event of a conflict of interest cannot assume,
                                         the defense of such claim or proceeding or fails to employ counsel reasonably satisfactory
                                         to such indemnified party (in which case the indemnified party shall have the right to
                                         employ counsel and to assume the defense of such claim or proceeding);

 

		(C)	the indemnified
                                         party shall have reasonably concluded that there may be one or more legal or equitable
                                         defenses available to such indemnified party which are additional to or conflict with
                                         those available to the indemnifying party; or

 

		(D)	the named
                                         parties to any such claim or proceeding (including any impleaded parties) include both
                                         the indemnified party and the indemnifying party and representation of both parties by
                                         the same counsel would be inappropriate due to actual or potential differing interests
                                         between them (which may include that the indemnified party shall have reasonably concluded
                                         that there may be one or more legal or equitable defense available to such indemnified
                                         party which conflict with those available to the indemnifying party); provided,
                                         further, that the indemnifying party shall not, in connection with any one such
                                         claim or proceeding or separate but substantially similar or related claims or proceedings
                                         in the same jurisdiction, arising out of the same general allegations or circumstances,
                                         be liable for the fees and expenses of more than one firm of attorneys (together with
                                         appropriate local counsel) at any time for all of the indemnified parties, or for fees
                                         and expenses that are not reasonable.

 

    	- 23 -

    	 

    

  

		(iii)	Whether
                                         or not such defense is assumed by the indemnifying party, such indemnified party will
                                         not be subject to any liability for any settlement made without its consent (but such
                                         consent will not be unreasonably withheld). The indemnifying party shall not consent
                                         to entry of any judgment or enter into any settlement that does not include as an unconditional
                                         term thereof the giving by the claimant or plaintiff to such indemnified party of a release,
                                         in form and substance reasonably satisfactory to the indemnified party, from all liability
                                         in respect of such claim or litigation for which such indemnified party would be entitled
                                         to indemnification hereunder.

 

(d)          Contribution.

 

		(i)	If
                                         the indemnification provided for in this Section 2.7 is unavailable to an indemnified
                                         party in respect of any Losses (other than in accordance with its terms), then each applicable
                                         indemnifying party, in lieu of indemnifying such indemnified party, shall contribute
                                         to the amount paid or payable by such indemnified party as a result of such Losses, in
                                         such proportion as is appropriate to reflect the relative fault of the indemnifying party,
                                         on the one hand, and such indemnified party, on the other hand, in connection with the
                                         actions, statements or omissions that resulted in such Losses as well as any other relevant
                                         equitable considerations. The relative fault of such indemnifying party, on the one hand,
                                         and indemnified party, on the other hand, shall be determined by reference to, among
                                         other things, whether any action in question, including any untrue or alleged untrue
                                         statement of a material fact or omission or alleged omission to state a material fact,
                                         has been taken by, or relates to information supplied by, such indemnifying party or
                                         indemnified party, and the parties’ relative intent, knowledge, access to information
                                         and opportunity to correct or prevent any such action, statement or omission.

 

		(ii)	The
                                         parties hereto agree that it would not be just and equitable if contribution pursuant
                                         to this Section 2.7(d) were determined by pro rata allocation or by any other
                                         method of allocation that does not take account of the equitable considerations referred
                                         to in the immediately preceding paragraph.

 

		(iii)	Notwithstanding
                                         the provisions of this Section 2.7(d), an indemnifying party that is a selling
                                         Holder of Registrable Securities shall not be required to contribute any amount in excess
                                         of the amount by which the net proceeds from the sale of the Registrable Securities sold
                                         by such indemnifying party exceeds the amount of any damages that such indemnifying party
                                         has otherwise been required to pay by reason of such untrue or alleged untrue statement
                                         or omission or alleged omission.

 

    	- 24 -

    	 

    

  

		(iv)	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.

 

		(v)	The
                                         obligation of each selling Holder of Registrable Securities to contribute pursuant to
                                         this Section 2.7(d) is several, and not joint, in proportion to the net proceeds
                                         of the offering received by such selling Holder in relation to the total net proceeds
                                         of the offering received by all of the selling Holders.

 

(e)          Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in any underwriting agreement entered
into in connection with any underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

 

Section
2.8           Participation in Public Offering. No Holder may participate
in any Public Offering hereunder unless such Holder (a) agrees to sell such Holder’s securities on the basis provided in
any underwriting arrangements approved by the Holders entitled hereunder to approve such arrangements and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

 

Section
2.9           Other Indemnification. Indemnification similar to
that specified herein (with appropriate modifications) shall be given by the Corporation and the registering Holder participating
therein with respect to any required registration or other qualification of securities under any federal or state law or regulation
or Governmental Authority other than the Securities Act.

 

Section
2.10         Rule 144. At all times after the Corporation has filed a Registration
Statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Corporation will timely
file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, and will take such further action as any Holder of Registrable Securities may reasonably request, all to
the extent required from time to time, to enable such Holder to sell, without registration, Registrable Securities pursuant to
Rule 144 or any similar rule or regulation hereafter adopted by the SEC, including furnishing to any Holder of Registrable Securities,
so long as such Holder owns any Registrable Securities, forthwith upon request:

 

(a)          a
written statement by the Corporation that it has complied with the reporting requirements of Rule 144, the Securities Act, and
the Exchange Act (at any time after the Corporation has become subject to such reporting requirements), or that it qualifies as
a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Corporation so qualifies);

 

    	- 25 -

    	 

    

  

(b)          a
copy of the most recent annual or quarterly report of the Corporation and such other reports and documents so filed by the Corporation;
and

 

(c)          such
other information as may be reasonably requested in availing any such Holder of any rule or regulation of the SEC that permits
the selling of any such securities without registration (at any time after the Corporation has become subject to the reporting
requirements under the Exchange Act) or pursuant to such Form S-3 (at any time after the Corporation so qualifies to use such
form).

 

Section
2.11         Parties in Interest. Each Holder shall be entitled to receive
the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of such Holder’s
election to participate in a registration under this Article II. To the extent Company Units are effectively transferred
in accordance with the terms of the LLC Agreement, the Permitted Transferee of such Company Units shall be entitled to receive
the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement upon becoming bound hereby pursuant
to Section 3.1(b).

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1           Term
of this Agreement; Termination of Certain Provisions.

 

(a)          The
term of this Agreement shall continue until such time as no Holder holds any Covered Company Units or Registrable Securities.
This Agreement may be amended only with the consent of the Corporation and the Holders of all Covered Company Units.

 

(b)          Any
Permitted Transferee of a Holder or any holder of one or more Class B Units (as defined in the Exchange Agreement) following the
date hereof (an “Additional Holder” ) shall be entitled to become a party to this Agreement as a Holder; provided
that such Permitted Transferee or Additional Holder, as applicable, shall first sign an agreement in the form reasonably approved
by the Corporation acknowledging that such Permitted Transferee or Additional Holder is bound by the terms and provisions of this
Agreement. Except as set forth in this Section 3.1(b), a Holder may not assign or transfer any of its rights or obligations under
this Agreement.

 

Section
3.2           Notifications. Any notice, demand, consent, election,
offer, approval, request, or other communication (collectively, a “notice”) required or permitted under this
Agreement must be in writing and either delivered personally, sent by certified or registered mail, postage prepaid, return receipt
requested or sent by recognized overnight delivery service, electronic mail (e-mail) or by facsimile transmittal. Any notice sent
by confirmed e-mail or facsimile must be sent simultaneously by another method described in the prior sentence. A notice must
be addressed:

 

		(a)	If
                                         to the Corporation at:

 

ZAIS Group Parent, LLC

2 Bridge Avenue

 

    	- 26 -

    	 

    

  

Red Bank, NJ 07701

Fax: (732) 747-7619

E-mail: Christian.Zugel@zaisgroup.com

Attention: Christian Zugel

 

with copies to:

 

ZAIS Group Parent, LLC

2 Bridge Avenue

Red Bank, NJ 07701

Fax: (732) 747-7619

E-mail: Howard.Steinberg@zaisgroup.com

Attention: Howard Steinberg,
Esq.

 

and

 

McDermott Will & Emery
LLP

340 Madison Avenue

New York, NY 10173

Fax: (646) 390-3386

E-mail: tgiegerich@mwe.com

Attention: Thomas Giegerich

 

and

 

McDermott Will & Emery
LLP

500 North Capitol Street,
N.W.

Washington, DC 20001

Fax: (202) 756-8087

E-mail: tconaghan@mwe.com

Attention: Thomas Conaghan

 

and

 

Morgan, Lewis & Bockius
LLP

355 S. Grand Ave., Suite
4400

Los Angeles, CA 90071-3106

Fax: (213) 680-6499

E-mail: Janice.liu@morganlewis.com

Attention: Janice Liu

 

and

 

Morgan, Lewis & Bockius
LLP

399 Park Avenue

New York, NY 10022

 

    	- 27 -

    	 

    

  

Fax: (212) 702-3625

E-mail: Floyd.wittlin@morganlewis.com

Attention: Floyd Wittlin

 

(b)          If
to any Holder, to the address and other contact information set forth in the records of the Corporation from time to time.

 

A
notice delivered personally will be deemed given only when accepted or refused by the Person to whom it is delivered. A notice
that is sent by mail will be deemed given: (i) three (3) Business Days after such notice is mailed to an address within the
United States of America or (ii) seven (7) Business Days after such notice is mailed to an address outside of the United
States of America. A notice sent by recognized overnight delivery service will be deemed given when received or refused. A notice
sent by e-mail or facsimile shall be deemed given upon receipt of a confirmation of such transmission, unless such receipt occurs
after normal business hours, in which case such notice shall be deemed given as of the next Business Day. Any party may designate,
by notice to all of the others, substitute addresses or addressees for notices; thereafter, notices are to be directed to those
substitute addresses or addressees.

 

Section 3.3           Complete
Agreement. This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject
matter hereof and thereof, and supersedes all prior agreements or arrangements (written and oral), including any prior representation,
statement, condition or warranty between the parties relating to the subject matter hereof and thereof. Notwithstanding anything
in this Agreement to the contrary, the Holders shall be subject to limitations on exchange of Company Units for Class A Common
Stock pursuant to the Exchange Agreement.

 

Section
3.4           Applicable Law; Venue; Waiver of Jury Trial.

 

(a)          The
parties hereto hereby agree that all questions concerning the construction, validity and interpretation of this Agreement and
the performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Delaware without
giving effect to any choice of law or conflict of law provision or rule, notwithstanding that public policy in Delaware or any
other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts
with such state or otherwise.

 

(b)          Each
of the parties hereto submits to the exclusive jurisdiction of the Court of Chancery in the State of Delaware in any action or
proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may
be heard and determined in any such court. Each party hereto also agrees not to bring any action or proceeding arising out of
or relating to this Agreement in any other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party
hereto with respect thereto. The parties hereto each agree that final judgment in any such suit, action or proceeding brought
in such a court shall be conclusive and binding on it and may be enforced in any court to the jurisdiction of which it is subject
by a suit upon such judgment.

 

    	- 28 -

    	 

    

  

(c)          EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH,
TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH
SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 3.4.

 

Section
3.5           References to this Agreement; Headings. Unless otherwise
indicated, “Articles,” “Sections,” “Subsections”, “Clauses”, “Exhibits”
and “Schedules” mean and refer to designated Articles, Sections, Subsections, Clauses, Exhibits and Schedules
of this Agreement. Words such as “herein,” “hereby,” “hereinafter,” “hereof,”
“hereto,” and “hereunder” refer to this Agreement as a whole, unless the context indicates otherwise.
All headings in this Agreement are for convenience of reference only and are not intended to define or limit the scope or intent
of this Agreement. All exhibits and schedules referred to herein, and as the same may be amended from time to time, are by this
reference made a part hereof as though fully set forth herein.

 

Section
3.6           Binding Provisions. This Agreement is binding upon,
and inures to the benefit of, the parties hereto and their respective personal and legal representatives, heirs, executors, successors
and permitted assigns.

 

Section
3.7           Construction. Common nouns and pronouns and any variations
thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person, Persons
or other reference in the context requires. Every covenant, term and provision of this Agreement shall be construed simply according
to its fair meaning and not strictly for or against any party hereto. Any reference to any statute, law, or regulation, form or
schedule shall include any amendments, modifications, or replacements thereof. Any reference to any agreement, contract or schedule,
unless otherwise stated, shall include any amendments, modifications, or replacements thereof. Whenever used herein, “or”
shall include both the conjunctive and disjunctive unless the context requires otherwise, “any” shall mean “one
or more,” and “including” shall mean “including without limitation.”

 

    	- 29 -

    	 

    

  

Section
3.8           Severability. It is expressly understood and agreed
that if any provision of this Agreement or the application of any such provision to any party or circumstance shall be determined
by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application
of such provision to any party or circumstance other than those to which it is so determined to be invalid or unenforceable, shall
not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law so long as the economic
or legal substance of the matters contemplated by this Agreement is not affected in any manner materially adverse to any party.
If the final judgment of a court of competent jurisdiction declares or finds that any term or provision hereof is invalid or unenforceable,
the parties hereto agree that the court making the determination of invalidity or unenforceability shall have the power to reduce
the scope, duration or area of the term or provision, or to delete specific words or phrases, and to replace any invalid or unenforceable
term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of
the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. If such court of competent
jurisdiction does not so replace an invalid or unenforceable term or provision, the parties hereto will negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to
the end that the matters contemplated hereby are fulfilled to the fullest extent possible.

 

Section
3.9           Counterparts. This Agreement and any amendments may
be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf, each of which shall be deemed an original
and all of which, when taken together, shall constitute one and the same document. The signature of any party to any counterpart
shall be deemed a signature to, and may be appended to, any other counterpart.

 

Section
3.10         No Third Party Beneficiaries. Except as provided in Section
2.6, this Agreement is not intended to, and does not, provide or create any rights or benefits of any Person other than the
parties hereto and their successors and permitted assigns.

 

Section
3.11         Mutual Drafting. The parties hereto are sophisticated and have
been represented by attorneys throughout the transactions contemplated hereby who have carefully negotiated the provisions hereof.
As a consequence, the parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts
against the drafter of any particular clause should be applied to this Agreement or any agreement or instrument executed in connection
herewith, and therefore waive their effects.

 

Section
3.12         Rights and Remedies Cumulative. The rights and remedies provided
by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive the right to
use any or all other remedies. Such rights and remedies are given in addition to any other rights the parties may have by law,
statute, ordinance or otherwise. No failure by any party to insist upon the strict performance of any covenant, duty, agreement
or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of
any such breach or any other covenant, duty, agreement or condition.

 

Section
3.13         Amendments. The provisions of this Agreement may be amended only
by the affirmative vote or written consent of each of (i) the Corporation and (ii) Holders collectively holding more than
fifty percent (50%) of all issued and outstanding (A) Registrable Securities and (B) other securities which are exchangeable into
Registrable Securities, including, without limitation, the Class A Units, in each case taken together on an as-exchanged basis.

 

    	- 30 -

    	 

    

  

IN WITNESS WHEREOF,
the parties hereto have duly executed or caused to be duly executed this Agreement as of the date indicated.

 

	 	ZAIS Group Holdings, Inc.
	 	 
	 	By:	/s/ R. Bradley Forth
	 	 	Name:  R. Bradley Forth
	 	 	Title: Chief Financial Officer

 

	 	HOLDERS:
	 	 
	 	/s/ Christian Zugel
	 	Christian Zugel
	 	 
	 	/s/ Sonia Zugel
	 	Sonia Zugel
	 	 
	 	/s/ Laureen Lim
	 	Laureen Lim
	 	 
	 	FAMILY TRUST U/A CHRISTIAN M. ZUGEL 2005 GRAT
	 	 
	 	By: Fiduciary Trust International of Delaware, as Trustee
	 	 
	 	By:  	/s/ Dorothy K. Scarlett
	 	Name:  	Dorothy K. Scarlett
	 	Title:	President & CEO
	 	 
	 	/s/ Mark Mahoney, Trustee
	 	Mark Mahoney, as Trustee
	 	 
	 	ZUGEL FAMILY TRUST
	 	 
	 	By: Fiduciary Trust International of
	 	Delaware, as Trustee
	 	 
	 	By:  	/s/ Dorothy K. Scarlett
	 	Name:  	Dorothy K. Scarlett
	 	Title:	President & CEO
	 	 
	 	/s/ Mark Mahoney, Trustee
	 	Mark Mahoney, as Trustee

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