Document:

Exhibit 10.1

  

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of April 3, 2020, among Great Ajax Corp., a Maryland corporation (the
 “Company”), Great Ajax Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”),
Thetis Asset Management LLC, a Delaware limited liability company (the “Manager”), and the purchasers set forth
in Schedule A hereto (the “Purchasers”).

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company, the Operating Partnership, the Manager and the Purchasers hereby agree
as follows:

 

ARTICLE
I.

PURCHASE AND SALE

 

1.1             
Closing.

 

(a)              
On the Closing Date (as defined below), upon the terms and subject to the conditions set forth herein, the Company agrees
to sell or issue, as applicable, and the Purchasers agrees to purchase or accept, as applicable: (a) 820,000 shares (the “Series
A Shares”) of the Company’s 7.25% Series A Fixed-to-Floating Rate Preferred Stock, liquidation preference $25.00
per share (the “Series A Preferred Stock”); (b) 2,380,000 shares (the “Series B Shares,”
and together with the Series A Shares, the “Shares”) of the Company’s 5.00% Series B Fixed-to-Floating
Rate Preferred Stock, liquidation preference $25.00 per share (the “Series B Preferred Stock,” and together
with the Series A Preferred Stock, the “Preferred Stock”) for an aggregate purchase price for the Shares of
$80,000,000 (the “Aggregate Purchase Price”); (c) two series of warrants (the “Series A Warrant”
and the “Series B Warrant,” and together the “Warrants”) issued in connection with the
Closing under this Agreement to purchase 4,000,000 shares of common stock, par value $0.01 per share (“Common Stock”).
The Warrants, the Shares and the Option Securities (as defined below), if purchased, are hereinafter collectively called the “Securities.”

 

(b)              
On the Closing Date, the Company shall issue 1,025,000 Series A Warrants in substantially the form attached hereto as Exhibit
A and 2,975,000 Series B Warrants in substantially the form attached hereto as Exhibit B. The Warrants shall have an
exercise price equal to $10.00 per share of Common Stock, issuable upon exercise of the Warrants (“Warrant Shares”)
(subject to adjustment as provided in such Warrants).

 

(c)              
In addition, the Company hereby grants to the Purchasers an option (the “Option”) to purchase up to an
additional 800,000 shares of Preferred Stock (collectively, the “Option Shares”) at the liquidation preference
of $25.00 per share for an aggregate purchase price of up to $20,000,000 (the “Aggregate Option Purchase Price”),
and be issued new warrants (the “Option Warrants”) corresponding to the number of Option Shares of each series
of Preferred Stock listed in the Option Exercise Notice (as defined below) (i.e. Series A Warrants correspond to Series A Shares,
and Series B Warrants correspond to Series B Shares). The Option Warrants shall be in substantially the forms of warrant attached
hereto as Exhibit A and Exhibit B and shall have an exercise period that ends on the same date on which the Series
A Warrants and Series B Warrants exercise period ends. The Option Warrants will allow the Purchasers to purchase up to an additional
aggregate of 1,000,000 shares of Common Stock (the “Option Warrant Shares,” and together with the Option Shares,
the “Option Securities”). The number of Option Warrant Shares underlying the Option Warrants shall be determined
based on the same warrant coverage ratio. The Option is exercisable as provided in Section 1.2(b) below. Depending on their
issue dates, the Option Warrants may bear different CUSIP numbers and may not be fungible with the Warrants. The Company shall
determine in its reasonable discretion whether the Option Warrants should be treated as the same “issue” with or as
part of a “qualified reopening” of the Warrants (in each case, as determined for U.S. federal income tax purposes)
or whether the Option Warrants should bear different CUSIP numbers and not be fungible with the Warrants. The Company shall cooperate
with the Purchasers to grant a waiver with respect to the Aggregate Stock Ownership Limit (as defined in Section 6.1 of the Articles
of Amendment and Restatement of the Company) with respect to the Option Securities, if necessary.

 

     

     

    

 

1.2             
Deliveries.

 

(a)              
The completion of the purchase and sale of the Shares and the Warrants being purchased hereunder (the “Closing”)
shall occur remotely via the exchange of documents and signatures on or prior to April 6, 2020, promptly following the satisfaction
of all conditions for Closing set forth below (the “Closing Conditions”), or on such later date or at such different
location as the parties shall agree to in writing, but not prior to or later than the second business day after the date that the
Closing Conditions have been satisfied or waived by the appropriate party (the “Closing Date”).

 

At the Closing, the
Purchasers shall deliver to an account designated by the Company, via wire transfer of immediately available funds, the Aggregate
Purchase Price as set forth in Section 1.1 above, and the Company shall deliver to each Purchaser (or its designated
custodian per its delivery instructions), (i) the Shares issuable to each Purchaser pursuant to this Agreement in electronic, book-entry
form, registered in the name of such Purchaser, or confirmation of instruction given by the Company to American Stock Transfer
 & Trust Company, LLC, in its capacity as the Company’s transfer agent for the Preferred Stock (as defined herein) (the
 “Transfer Agent”), to register the Shares in electronic, book-entry form with respect to, the number of Shares
set forth in Section 1.1 above and bearing an appropriate legend referring to the fact that the Shares were sold in reliance
upon the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), provided
by Section 4(a)(2) thereof; and (ii) the Series A Warrant and Series B Warrant, each registered in the name of the applicable Purchaser
in substantially the forms attached hereto as Exhibit A and Exhibit B, respectively, representing the number of shares
of Common Stock set forth in Section 1.1 above and bearing an appropriate legend referring to the fact that the Warrants
were sold in reliance upon the exemption from registration under the Securities Act provided by Section 4(a)(2) thereof.

 

(b)              
The Option granted in Section 1.1(c) will expire sixty (60) days after the date of this Agreement and may be exercised
in whole or from time to time in part (but not to exceed a maximum of three exercises) by written notice being given to the Company
by the Purchasers (“Option Exercise Notice”). The Option Exercise Notice shall set forth the aggregate number
of Option Shares and Option Warrant Shares as to which the Option is being exercised, the name of each Purchaser purchasing the
Option Shares and the Option Warrant and the number of Option Shares and Option Warrant Shares being purchased by such Purchaser,
the applicable portion of the Aggregate Option Purchase Price payable by the Company on the Option Closing Date (as defined below),
the names in which the Option Shares and the Option Warrant are to be registered, the denominations in which the Option Shares
are to be issued and the date and time when the Option Shares and Option Warrant are to be delivered; provided, that such
date shall not be earlier than the Closing Date nor earlier than the second business day after the date on which the Option shall
have been exercised. Each date and time the Option Shares and the Option Warrant are delivered is sometimes referred to as a “Option
Closing Date.” The completion of the purchase and sale of all, or any portion of, the Option Shares and the Option Warrant
shall be referred to herein as an “Option Closing.”

 

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(c)              
At each Option Closing, if any, the applicable Purchasers shall deliver to the account or accounts designated by the Company
in the Option Exercise Notice, via wire transfer of immediately available funds, the applicable portion of the Aggregate Option
Purchase Price set forth in the Option Exercise Notice, and the Company shall either deliver to each Purchaser (or its designated
custodian named in the Option Exercise Notice) the number of Option Shares specified in the applicable Option Exercise Notice in
electronic, book-entry form, registered in the name(s) designated in the Option Exercise Notice, or provide confirmation of instruction
given by the Company to the Transfer Agent, to register the Option Shares in electronic, book-entry form with respect to, the number
of Option Shares set forth in the Option Exercise Notice and bearing an appropriate legend referring to the fact that the Option
Shares were sold in reliance upon the exemption from registration under the Securities Act provided by Section 4(a)(2) thereof.

 

1.3             
Closing Conditions.

 

(a)              
The obligations of the Company hereunder in connection with the Closing (or any Option Closing, as applicable) are subject
to the following conditions being met:

 

(i)                
the accuracy in all material respects on the Closing Date (or any Option Closing Date, as applicable) of the representations
and warranties made by the Purchasers (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)             
the fulfillment in all material respects of those undertakings of the Purchasers to be fulfilled prior to the Closing (or
any Option Closing, as applicable);

 

(iii)           
receipt by the Company of the Registration Rights Agreement, dated as of the Closing Date, between the Company and the Purchasers,
a form of which is attached hereto as Exhibit C (the “Registration Rights Agreement”), which shall have
been duly executed by the Purchasers;

 

(iv)            
receipt by the Company of a wire transfer to the account designated by the Company of same-day funds in the full amount
of the Aggregate Purchase Price for the Shares and the Warrants being purchased hereunder (or, with respect to any Option Closing,
as applicable, the Aggregate Option Purchase Price for the Option Shares); and

 

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(v)              
receipt by the Company of an applicable IRS Form W-8 or W-9 from each of the Purchasers.

 

(b)              
The obligations of the Purchasers hereunder in connection with the Closing (or any Option Closing, as applicable) are subject
to the following conditions being met:

 

(i)                
the accuracy in all material respects when made and on the Closing Date (or any Option Closing Date, as applicable) of the
representations and warranties of the Company and the Operating Partnership contained herein (unless as of a specific date therein,
in which case they shall be accurate as of such date);

 

(ii)             
the fulfillment in all material respects of those undertakings of the Company to be fulfilled prior to the Closing (or any
Option Closing, as applicable), including filing the Articles Supplementary (as defined below) with the State Department of Assessments
and Taxation of Maryland (the “SDAT”);

 

(iii)           
receipt by the Purchasers of a legal opinion from Mayer Brown LLP, counsel to the Company, the Operating Partnership and
the Manager addressed to the Purchasers and dated the Closing Date and each Option Closing Date, if any, substantially in the form
of Exhibit D hereto, including an opinion as to the status of the Company as a real estate investment trust (a “REIT”);

 

(iv)            
receipt by the Purchasers of the Registration Rights Agreement, which shall have been duly executed by the Company;

 

(v)              
receipt by the Purchasers of a cross-receipt executed by the Company and delivered to the Purchasers certifying that it
has received from the Purchasers an amount in cash equal to the Aggregate Purchase Price; and

 

(vi)            
receipt by the Purchasers of a waiver from the stock ownership limits covering the Securities, Option Securities and Warrant
Shares (including the Common Stock issuable upon exercise of the Warrants or Option Warrants, as applicable).

 

ARTICLE
II.

REPRESENTATIONS AND WARRANTIES

 

2.1             
Representations, Warranties and Covenants of the Company and the Operating Partnership. The Company and the Operating
Partnership, jointly and severally, hereby represent and warrant to, and covenant with, the Purchasers as of the date of this Agreement
and the Closing Date (or any Option Closing Date, as applicable), unless otherwise specified:

 

(a)              
The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by the Company
under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein
as the “SEC Reports”), since January 1, 2018. The SEC Reports (i) as of the time they were filed (or if subsequently
amended, when amended, and as of the date hereof), complied, and comply, in all material respects with the requirements of the
Securities Act and the Exchange Act, as the case may be, and (ii) did not, at the time they were filed (or if subsequently amended
or superseded by an amendment or other filing, then, on the date of such subsequent filing), contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not misleading.

 

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(b)              
Each of the Company and each of the subsidiaries of the Company identified on Schedule I hereto (each, a “Subsidiary”
and collectively, the “Subsidiaries”) has been duly incorporated, formed or organized and is validly existing
as a corporation, general or limited partnership or limited liability company in good standing under the laws of its respective
jurisdiction of incorporation, formation or organization with full power and authority to own its respective properties and to
conduct its respective businesses as described the SEC Reports, and, in the case of the Company and the Operating Partnership,
to execute and deliver this Agreement and the Warrants (the “Transaction Documents”), as applicable, and to
consummate the transactions contemplated herein and therein and to perform its obligations under the Second Amended and Restated
Management Agreement, dated as of March 5, 2019, by and among the Company, the Operating Partnership and the Manager (the “Management
Agreement”).

 

(c)              
The Company and each of the Subsidiaries is duly qualified or licensed and in good standing in each jurisdiction in which
it conducts its businesses or in which it owns or leases real property or otherwise maintains an office and in which the failure,
individually or in the aggregate, to be so qualified or licensed would have a material adverse effect on the assets, business,
operations, earnings, prospects, properties or condition (financial or otherwise) of the Company and the Subsidiaries taken as
a whole, (any such effect or change, where the context so requires, is hereinafter called a “Material Adverse Effect”
or “Material Adverse Change”); except as disclosed in the SEC Reports, no Subsidiary is prohibited or restricted,
directly or indirectly, from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary’s
capital stock or from repaying to the Company or any other Subsidiary any amounts which may from time to time become due under
any loans or advances to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary’s
property or assets to the Company or to any other Subsidiary; other than as disclosed in the SEC Reports, the Company and the Operating
Partnership do not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership
interest in any partnership, joint venture or other association.

 

(d)              
The Company and the Subsidiaries are in compliance in all material respects with all applicable laws, rules, regulations,
orders, decrees and judgments, including those relating to transactions with affiliates.

 

(e)              
Neither the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice,
lapse of time, or both would constitute a breach of, or default under), (i) its respective charter, bylaws, agreement of limited
partnership, operating agreement or other similar organizational documents (the “Organizational Documents”),
(ii) the performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage,
deed of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by
which any of them or their respective properties is bound, or (iii) any federal, state, local or foreign law, regulation or rule
or any decree, judgment, permit or order (each, a “Law”) applicable to the Company or any Subsidiary, except,
in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

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(f)               
The issuance and sale of the Securities and the Option Shares, as applicable, the execution, delivery and performance of
the Transaction Documents, the execution and filing of the Articles Supplementary, and the consummation of the transactions contemplated
herein and thereunder (including the issuance of the Warrant Shares or Option Warrant Shares upon any exercise of the Warrants
or Option Warrants, as applicable) will not (A) conflict with, or result in any breach of, or constitute a default under (nor constitute
any event which with notice, lapse of time or both would constitute a breach of, or default under), (i) any provision of the Organizational
Documents of the Company or any Subsidiary, (ii) any provision of any license, indenture, mortgage, deed of trust, loan or credit
agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective
properties may be bound or affected, or under any Law applicable to the Company or any Subsidiary, except in the case of this clause
(ii) for such breaches or defaults which would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; or (B) result in the creation or imposition of any lien, charge, claim or encumbrance upon any property or asset
of the Company or any Subsidiary. The Company has reserved from its duly authorized capital stock the maximum number of shares
of Common Stock issuable pursuant to the Warrants.

 

(g)              
The consolidated financial statements, including the notes thereto, included in the SEC Reports present fairly the consolidated
financial position of the Company and the Subsidiaries as of the dates indicated and their consolidated results of operations and
changes in financial position and cash flows for the periods specified; such financial statements have been prepared in conformity
with generally accepted accounting principles as applied in the United States (“GAAP”) and on a consistent basis
during the periods involved and in accordance with Regulation S-X promulgated by the United States Securities and Exchange Commission
(the “Commission”); all disclosures contained in the SEC Reports, or incorporated by reference therein, regarding
 “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply with
Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable.

 

(h)              
All of the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully
paid and nonassessable. All of the outstanding shares of capital stock, partnership interests and membership interests, as the
case may be, of the Subsidiaries have been duly authorized and are validly issued, fully paid and nonassessable securities thereof
and, except as disclosed in the SEC Reports, all of the outstanding shares of capital stock, partnership interest or membership
interests, as the case may be, of the Subsidiaries are directly or indirectly owned of record and beneficially by the Company;
except as disclosed in the SEC Reports, there are no outstanding (i) securities or obligations of the Company or any of the
Subsidiaries convertible into or exchangeable for any capital stock of the Company or any such Subsidiary, (ii) warrants,
rights or options to subscribe for or purchase from the Company or any such Subsidiary any such capital stock or any such convertible
or exchangeable securities or obligations or (iii) obligations of the Company or any such Subsidiary to issue any shares of
capital stock, any such convertible or exchangeable securities or obligation, or any such warrants, rights or options; all issued
and outstanding units of partnership interest in the Operating Partnership (“Units”) owned by the Company are
owned free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances.

 

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(i)                
The Shares have been duly and validly authorized for issuance and sale by the Company, and, when issued and delivered to
the Purchasers against payment therefor pursuant to this Agreement, will be duly and validly issued, fully paid and non-assessable
and will not be subject to any statutory and contractual preemptive rights, first refusal rights or similar rights; the Shares,
when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer
thereof pursuant to the Company’s charter or bylaws or any agreement or other instrument to which the Company is a party
other than the restrictions on ownership and transfer set forth in the Company’s charter.

 

(j)                
The Option Shares have been duly and validly authorized and reserved for issuance and sale by the Company, and, when issued
and delivered against payment therefor pursuant to this Agreement, will be duly and validly issued, fully paid and non-assessable
and will not be subject to any statutory and contractual preemptive rights, first refusal rights or similar rights; the Option
Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting
or transfer thereof pursuant to the Company’s charter or bylaws or any agreement or other instrument to which the Company
is a party other than the restrictions on ownership and transfer set forth in the Company’s charter.

 

(k)              
The Warrant Shares and Option Warrant Shares have been duly and validly authorized and reserved for issuance by the Company,
and, when issued upon exercise of the Warrants or Option Warrants, as applicable, in accordance with the terms of the Warrants
or Option Warrants, as applicable, will be fully paid and nonassessable, and the issuance of the Warrant Shares and Option Warrant
Shares, if any, will not be subject to any statutory or contractual preemptive right, right of first refusal or other similar rights;
the Warrant Shares and Option Warrant Shares, when issued and delivered against payment therefor as provided in the Warrants or
Option Warrants, as applicable, will be free of any restriction upon the voting or transfer thereof pursuant to the Company’s
charter or bylaws or any agreement or other instrument to which the Company is a party other than the restrictions on ownership
and transfer set forth in the Company’s charter.

 

(l)                
The Company’s Articles Supplementary set forth the preferences, conversion or other rights, restrictions, limitations
as to dividends and other distributions, qualifications and terms and conditions of redemption of the Preferred Stock and classify
(i) 1,500,000 shares of authorized but unissued Preferred Stock as Series A Preferred Stock and (ii) 2,500,000 shares of authorized
but unissued Preferred Stock as Series B Preferred Stock (the “Articles Supplementary”). The Articles Supplementary
will have been filed with the SDAT, will have become effective under the Maryland General Corporation Law (the “MGCL”)
and will comply with all applicable requirements under the MGCL on or prior to the Closing Date (or the Option Closing Date, as
applicable).

 

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(m)            
No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency is required in connection with the execution, delivery and performance of the Transaction
Documents by the Company or the Operating Partnership, as applicable, their consummation of the transactions contemplated herein
or thereunder (including the Company’s sale and delivery of the Shares, the Option Shares and the Company’s issuance
of the Warrant Shares or Option Warrant Shares upon exercise of the Warrants or Option Warrants, as applicable), other than such
as have been obtained, or will have been obtained at the Closing Date (or, with respect to the Option Shares, the Option Closing
Date, as applicable). No stockholder approvals are required in connection with the issuance and sale of the Securities, the Option
Shares, the Warrant Shares upon exercise of the Warrants, or the Option Warrants Shares upon exercise of the Option Warrants, under
the rules of the New York Stock Exchange (“NYSE”).

 

(n)              
Each of the Transaction Documents and the Management Agreement has been duly authorized, executed and delivered by the Company
and the Operating Partnership, as applicable, and each is a legal, valid and binding agreement of the Company and the Operating
Partnership enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors’ rights generally, and by general equitable principles, and except to the extent that
the indemnification and contribution provisions, as applicable, contained in Section 3.1 hereof and in the Registration
Rights Agreement may be limited by federal or state securities laws and public policy considerations in respect thereof.

 

(o)              
There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or the
Operating Partnership, threatened against the Company or any Subsidiary or any of their respective officers and directors or to
which the properties, assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local
or foreign governmental or regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment,
decree, award or order that could reasonably be expected to have a Material Adverse Effect.

 

(p)              
Moss Adams LLP, whose reports on the consolidated financial statements of the Company and its subsidiaries are filed with
the Commission as part of the SEC Reports, is, and was during the periods covered by its reports, an independent registered public
accounting firm as required by the Securities Act and the Exchange Act and is registered with the Public Company Accounting Oversight
Board.

 

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(q)              
Each of the Company and the Subsidiaries has timely filed all tax returns required to be filed (except in any case in which
the failure to so file would not reasonably be expected to result in a Material Adverse Effect) and has paid all taxes required
to be paid and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing would otherwise
be delinquent, except, in all cases, for any such tax, assessment, fine or penalty that is being contested in good faith and except
in any case in which the failure to so pay would not reasonably be expected to result in a Material Adverse Effect.

 

(r)               
The descriptions in the SEC Reports of the legal or governmental proceedings, contracts, leases and other legal documents
therein described present fairly the information required to be shown, and there are no legal or governmental proceedings, contracts,
leases, or other documents of a character required to be described in the SEC Reports or to be filed as exhibits to the SEC Reports
which are not described or filed as required; all agreements between the Company or any of the Subsidiaries and third parties expressly
referenced in the SEC Reports are legal, valid and binding obligations of the Company or one or more of the Subsidiaries, enforceable
in accordance with their respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and by general equitable principles.

 

(s)               
Each of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility)
of the types and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage
maintained by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property
owned or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily
insured against, all of which insurance is in full force and effect.

 

(t)                
Each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made
all necessary filings required under any Law and in connection with the issuance and sale of the Securities, the Option Securities,
the Warrant Shares to be issued upon exercise of the Warrants or the Option Warrant Shares to be issued upon exercise of the Option
Warrants, or the consummation by the Company and the Operating Partnership of the transactions contemplated hereby, other than
the registration of the Shares, the Option Shares, the Warrant Shares upon exercise of the Warrants, or the Option Warrant Shares
upon exercise of the Option Warrants under the Securities Act and filing the Articles Supplementary with the SDAT, which has been
or will be effected. Each of the Company and the Subsidiaries has obtained all necessary licenses, authorizations, consents and
approvals from other persons required in order to conduct their respective businesses as described in the SEC Reports, except to
the extent that any failure to have any such licenses, authorizations, consents or approvals, to make any such filings or to obtain
any such authorizations, consents or approvals would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; neither the Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification
from any governmental agency or authority in order to provide the products and services which it currently provides or which it
proposes to provide as set forth in the SEC Reports; neither the Company, nor any of the Subsidiaries is in violation of, in default
under, or has received any notice regarding a possible violation, default or revocation of any such license, authorization, consent
or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the
Company or any of the Subsidiaries the effect of which could reasonably be expected to result in a Material Adverse Change; and
no such license, authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed
in the SEC Reports.

 

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(u)              
Each of the Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and
good title to all personal property owned by them, in each case free and clear of all liens, security interests, pledges, charges,
encumbrances, mortgages and defects, except such as are disclosed in the SEC Reports or such as do not materially and adversely
affect the value of such property and do not interfere with the use made or proposed to be made of such property by the Company
and the Subsidiaries; and any real property and buildings held under lease by the Company or any Subsidiary are held under valid,
existing and enforceable leases, with such exceptions as are disclosed in the SEC Reports or are not material and do not interfere
with the use made or proposed to be made of such property and buildings by the Company or such Subsidiary.

 

(v)              
The Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under
Rules 13a-15 and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences; and (v) the interactive data in eXtensible Business Reporting Language incorporated by reference in the SEC
Reports fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s
rules and guidelines applicable thereto; and since the date of the last audited financial statements of the Company included in
the SEC Reports, the Company is not aware of (a) any significant deficiency or material weakness in the design or operation
of its internal controls over financial reporting which are reasonably likely to adversely affect the Company’s ability to
record, process, summarize and report financial information to management and the Board of Directors, or (b) any fraud, whether
or not material, that involves management or other employees who have a significant role in the Company’s internal control
over financial reporting.

 

(w)            
The Company and each of the Subsidiaries have established and maintains disclosure controls and procedures (as such term
is defined in Rule 13a-15(e) under the Exchange Act), which (i) are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company’s principal executive officer and its principal
financial officer by others within those entities, particularly during the periods in which the periodic reports required under
the Exchange Act are being prepared, and (ii) are effective in all material respects to perform the functions for which they were
established.

 

    	 	10	 

     

    

 

(x)              
There is and has been no failure on the part of the Company and the Subsidiaries and any of the officers and directors of
the Company and the Subsidiaries, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder and with which the Company is required to comply, including Section 402
related to loans and Sections 302 and 906 related to certifications.

 

(y)              
Commencing with its taxable year ended December 31, 2014, the Company has been organized and operated in conformity with
the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended, including the regulations
and published interpretations thereunder (“Code”); the present and contemplated method of operation of the Company
and the Subsidiaries does and will enable the Company to continue to meet the requirements for qualification and taxation as a
REIT under the Code for its taxable year ending December 31, 2020, and thereafter and all statements regarding the Company’s
qualification and taxation as a REIT and descriptions of the Company’s organization and method of operation (inasmuch as
they relate to the Company’s qualification and taxation as a REIT) set forth in the SEC Reports are accurate and fair summaries
of the legal or tax matters described therein in all material respects. The Operating Partnership is treated as a disregarded entity,
and not as an association taxable as a corporation, for U.S. federal income tax purposes. The Company has not been, is not and
will use commercially reasonable efforts not to be during any time that the Shares, Option Shares, Warrant Shares or Option Warrant
Shares are outstanding a “United States real property holding corporation” within the meaning of Section 897(c) of
the Code

 

(z)              
The Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service
marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property
rights and know-how (collectively “Intangibles”) necessary to entitle the Company and each Subsidiary to conduct
its business as described in the SEC Reports, and neither the Company nor any Subsidiary has received notice of infringement of
or conflict with (and neither the Company nor any Subsidiary knows of any such infringement of or conflict with) asserted rights
of others with respect to any Intangibles which would reasonably be expected to have a Material Adverse Effect.

 

(aa)           
No brokerage or finder’s fees or commissions are or will be payable by the Company or any of its subsidiaries to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions
contemplated herein.

 

(bb)          
Neither the Company nor any of its Subsidiaries is, and after giving effect to the offering and sale of the Securities,
the Option Securities, the issuance of any Warrant Shares following exercise of the Warrants, or the issuance of any Option Warrant
Shares following exercise of the Option Warrants will be, an “investment company” or an entity “controlled”
by an “investment company”, as such terms are defined in the Investment Company Act of 1940, as amended.

 

    	 	11	 

     

    

 

(cc)           
The Securities conform in all material respects to the descriptions thereof contained in the SEC Reports, this Agreement,
the Warrants and the Articles Supplementary.

 

(dd)          
Except as disclosed in the SEC Reports, there are no persons with registration or other similar rights to have any equity
or debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant
to any registration statement or otherwise registered by the Company or the Operating Partnership under the Securities Act, all
of which registration or similar rights are fairly summarized in the SEC Reports.

 

(ee)           
Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) neither
the Company nor the Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and
regulations relating to the release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, “Hazardous Materials”) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
 “Environmental Laws”), (ii) each of the Company and the Subsidiaries has all permits, authorizations and approvals
required under any applicable Environmental Laws and are each in compliance with their requirements, (iii) there are no pending
or, to the knowledge of the Company or the Operating Partnership, threatened administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating to any Environmental
Law against the Company or the Subsidiaries, and (iv) to the knowledge of the Company or the Operating Partnership, there are no
events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or the Subsidiaries relating
to Hazardous Materials or any Environmental Laws.

 

(ff)             
Neither the Company nor any Subsidiary is in violation of or has received notice of any violation with respect to any federal
or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages
and hours law, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation
of any of which would reasonably be expected to have a Material Adverse Effect.

 

(gg)          
The Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions
of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension
plan” (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each
of the Subsidiaries have not incurred and do not expect to incur liability under (i) Title IV of ERISA with respect to termination
of, or withdrawal from, any “pension plan” or (ii) Section 412 or 4971 of the Code; and each “pension plan”
for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under Section 401(a)
of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, which would
cause the loss of such qualification.

 

    	 	12	 

     

    

 

(hh)          
Except as otherwise disclosed in the SEC Reports, there are no outstanding loans, extensions of credit or advances or guarantees
of indebtedness by the Company or any of the Subsidiaries to or for the benefit of any of the officers or directors of the Company
or any of the Subsidiaries or any of the members of the families of any of them.

 

(ii)             
All securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any Subsidiary,
have been or will be issued and sold in compliance with (i) all applicable federal and state securities laws, and (ii) the laws
of the applicable jurisdiction of incorporation of the issuing entity and, (iii) to the extent applicable to the issuing entity,
the requirements of the NYSE.

 

(jj)             
No relationship, direct or indirect, exists between or among the Company or any of the Subsidiaries on the one hand, and
the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which
is required by the Securities Act to be described in the SEC Reports, which is not so described.

 

(kk)          
There are no existing or, to the knowledge of the Company or the Operating Partnership, threatened labor disputes with the
employees of the Company or any of the Subsidiaries which would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; no labor dispute exists between any officers of the Company or the Operating Partnership (each, a “Company-Focused
Professional”), on the one hand, and the employer of each such individual on the other hand.

 

(ll)             
Neither the Company nor the Operating Partnership nor, to the best of the Company’s or the Operating Partnership’s
knowledge, any employer of any Company-Focused Professional has been notified that any such Company-Focused Professional plans
to terminate his or her employment with his or her employer; neither the Company nor the Operating Partnership nor, to the best
of the Company’s knowledge, any Company-Focused Professional is subject to any noncompete, nondisclosure, confidentiality,
employment, consulting or similar agreement that would be violated by the present or proposed business activities of the Company,
the Operating Partnership or the Manager as described in the SEC Reports.

 

    	 	13	 

     

    

 

(mm)     
Neither the Company nor any of the Subsidiaries or any officer or director purporting to act on behalf of the Company or
any of the Subsidiaries, nor the Manager or its affiliates acting on behalf of the Company or any of the Subsidiaries, has at any
time (i) made any unlawful contributions to any candidate for political office, or failed to disclose fully any such contributions,
in violation of law, (ii) made any payment to any state, federal or foreign governmental officer or official, or other person charged
with similar public or quasi-public duties, other than payments required or allowed by applicable law, (iii) made any payment outside
the ordinary course of business to any investment officer or loan broker or person charged with similar duties of any entity to
which the Company or any of the Subsidiaries sells or from which the Company or any of the Subsidiaries buys loans or servicing
arrangements for the purpose of influencing such agent, officer, broker or person to buy loans or servicing arrangements from or
sell loans to the Company or any of the Subsidiaries, or (iv) engaged in any transactions, maintained any bank account or used
any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained
books and records of the Company and the Subsidiaries; neither the Company nor any of the Subsidiaries or, to the knowledge of
the Company or the Operating Partnership, any director, officer, agent, employee or affiliate of such entities is aware of or has
taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act
of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making
use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of
anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and the Subsidiaries
and, to the knowledge of the Company and the Operating Partnership, their affiliates have conducted their businesses in compliance
with the FCPA.

 

(nn)          
Neither the Company nor the Subsidiaries, nor, to the Company’s or the Operating Partnership’s knowledge, any
employee or agent of the Company or the Subsidiaries, has made any payment of funds of the Company or the Subsidiaries or received
or retained any funds in violation of any law, rule or regulation, including without limitation the “know your customer”
and anti-money laundering laws of any jurisdiction (collectively, the “Money Laundering Laws”) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
the Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership,
threatened.

 

(oo)          
Neither the Company nor the Subsidiaries, nor, to the knowledge of the Company or the Operating Partnership, any director,
officer, agent, employee or affiliate of the Company or the Subsidiaries, nor the Manager or its affiliates acting on behalf of
the Company or the Operating Partnership, is currently subject to any U.S. sanctions administered by the United States Government,
including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury the United Nations Security
Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”);
and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject of Sanctions or in any other manner that will result in a violation by
any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.
For the past five years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any
dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of
Sanctions or with any country subject to Sanctions.

 

    	 	14	 

     

    

 

(pp)          
Subsequent to the respective dates as of which information is given in the SEC Reports, and except as may be otherwise stated
in such documents, there has not been (A) any Material Adverse Change or any development that could reasonably be expected
to result in a Material Adverse Change, whether or not arising in the ordinary course of business, (B) any transaction that
is material to the Company and the Subsidiaries taken as a whole, contemplated or entered into by the Company or any of the Subsidiaries,
(C) any obligation, contingent or otherwise, directly or indirectly incurred by the Company or any Subsidiary that is material
to the Company and the Subsidiaries taken as a whole, or (D) any dividend or distribution of any kind declared, paid or made
by the Company on any class of its capital stock or by the Operating Partnership on its Units.

 

(qq)          
The Company intends to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “AJX Q1
10-Q”) no later than 4:30p.m. (New York City time) on May 11, 2020 (the “Q1 Filing Date”). If the
Company does not file the AJX Q1 10-Q by the Q1 Filing Date, then the Company covenants and agrees with the Purchasers that it
will file with or furnish to the Commission a Current Report on Form 8-K or widely disseminate a press release disclosing in full
any material non-public information about the Company provided to each Purchaser no later than 4:30p.m. (New York City time) on
May 12, 2020 (the “Cleansing Date”).

 

2.2             
Representations and Warranties of the Manager. The Manager hereby makes the following representations and warranties
to the Purchasers as of the date hereof and the date of any Closing (or Option Closing, as applicable), unless otherwise specified:

 

(a)              
As of the date of this Agreement, the Manager has no plan or intention to materially alter its investment policy, investment
allocation policy or exclusivity policy with respect to the Company as described in the SEC Reports.

 

(b)              
The Manager has been duly incorporated, formed or organized and is validly existing as a corporation, general or limited
partnership or limited liability company in good standing under the laws of its respective jurisdiction of incorporation, formation
or organization with full power and authority to own its respective properties and to conduct its respective businesses as described
in the SEC Reports, and to execute and deliver the Transaction Documents and to consummate the transactions contemplated herein
and therein.

 

(c)              
The Manager is duly qualified or licensed and in good standing in each jurisdiction in which it conducts its businesses
or in which it owns or leases real property or otherwise maintains an office and in which the failure, individually or in the aggregate,
to be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings, prospects, properties
or condition (financial or otherwise) of the Manager (any such effect or change, where the context so requires, is hereinafter
called a “Manager Material Adverse Effect” or “Manager Material Adverse Change”).

 

    	 	15	 

     

    

 

(d)              
The Manager is in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees and
judgments, including those relating to transactions with affiliates.

 

(e)              
The Manager is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both
would constitute a breach of, or default under), (i) its operating agreement, bylaws or other similar organizational documents
(the “Manager Organizational Documents”), (ii) the performance or observance of any obligation, agreement, covenant
or condition contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument
to which the Manager is a party or by which any of it or its respective properties is bound (together with the Manager Organizational
Documents, the “Manager Agreements”), or (iii) any Law applicable to the Manager, except, in the case of clauses
(ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, reasonably be expected to
have a Manager Material Adverse Effect.

 

(f)               
The execution, delivery and performance of the Transaction Documents, and consummation of the transactions contemplated
herein and therein, and compliance by the Manager with its obligations hereunder and the Management Agreement will not (A) conflict
with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or
both would constitute a breach of, or default under), (i) any provision of the Manager Organizational Documents, or (ii) any provision
of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which the Manager
is a party or by which any of it or its respective properties may be bound or affected, or under any Law applicable to the Manager,
except in the case of this clause (ii) for such breaches or defaults which would not, individually or in the aggregate, reasonably
be expected to have a Manager Material Adverse Effect; or (B) result in the creation or imposition of any lien, charge, claim or
encumbrance upon any property or asset of the Manager.

 

(g)              
Each of the Transaction Documents and the Management Agreement has been duly authorized, executed and delivered by the Manager
and each is a legal, valid and binding agreement of the Manager enforceable in accordance with its terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and by general
equitable principles, and except to the extent that the indemnification and contribution provisions, as applicable, contained in
Section 3.1 hereof and in the Registration Rights Agreement may be limited by federal or state securities laws and public
policy considerations in respect thereof.

 

(h)              
The Manager has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required
under any Law, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct
its business as described in the SEC Reports, except to the extent that any failure to have any such licenses, authorizations,
consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals would not, individually
or in the aggregate, reasonably be expected to have a Manager Material Adverse Effect; the Manager is not required by any applicable
law to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services
which it currently provides or which it proposes to provide as set forth in the SEC Reports; the Manager is not in violation of,
in default under, or has received any notice regarding a possible violation, default or revocation of any such license, authorization,
consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable
to the Manager the effect of which could reasonably be expected to result in a Manager Material Adverse Change; and no such license,
authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed in the SEC Reports.

 

    	 	16	 

     

    

 

(i)                
None of the Manager or any of its respective directors, officers, representatives or affiliates has taken, nor will take,
directly or indirectly, any action which is designed to or which has constituted or which might reasonably be expected to cause
or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the
Securities, the Option Securities, the Warrant Shares to be issued upon exercise of the Warrants, or the Option Warrant Shares
to be issued upon exercise of the Option Warrants, or to result in a violation at Regulation M under the Exchange Act.

 

(j)                
The Manager maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) the transactions
that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will be executed
in accordance with management’s general or specific authorization and (ii) access to the Company’s assets is permitted
only in accordance with its management’s general or specific authorization.

 

(k)              
There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Manager, threatened
against the Manager or any of its respective officers and directors or to which the properties, assets or rights of any such entity
are subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board,
body, authority, arbitral panel or agency which could result in a judgment, decree, award or order reasonably likely to result
in a Manager Material Adverse Effect.

 

(l)                
The Manager is not required to register as an investment adviser with the Commission under the Investment Advisers Act of
1940, as amended (the “Advisers Act”), and is not prohibited by the Advisers Act, or the rules and regulations
thereunder, from performing its obligations under the Management Agreement as described in the SEC Reports and the Management Agreement.

 

2.3             
Representations, Warranties and Covenants of the Purchasers. Each of the Purchasers, severally but not jointly, represent
and warrant to, and covenant with, the Company and the Operating Partnership, as of the date of this Agreement and the Closing
Date (or any Option Closing Date, as applicable), that:

 

 

    	 	17	 

     

    

 

(a)              
Experience. (i) Such Purchaser is knowledgeable, sophisticated and experienced in financial and business matters,
in making, and is qualified to make, decisions with respect to investments in shares representing an investment decision like that
involved in the purchase of the Securities, including investments in securities issued by the Company and comparable entities,
has the ability to bear the economic risks of an investment in the Securities; (ii) such Purchaser is acquiring the Securities
in the ordinary course of its business and for its own account for investment only and with no present intention of distributing
any Securities or any arrangement or understanding with any other persons regarding the distribution of any Securities (this representation
and warranty does not limit such Purchaser’s right to sell in compliance with the Securities Act and the rules and regulations
promulgated under the Exchange Act and the Securities Act (together, the “Rules and Regulations”); (iii) such
Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy,
purchase or otherwise acquire or take a pledge of) any Securities, nor will such Purchaser engage in any Short Sale (as defined
below) that results in a disposition of any Securities by such Purchaser, except in compliance with the Securities Act and the
Rules and Regulations and any applicable state securities laws; (iv) at the Closing Date, such Purchaser has completed or caused
to be completed the Resale Registration Statement Questionnaire attached hereto as part of Appendix I, for use in preparation
of the registration statement to be filed pursuant to the Registration Rights Agreement (the “Resale Registration Statement”),
and the answers thereto are true and correct in all material respects as of the Closing Date and such Purchaser will notify the
Company immediately of any material change in any such information provided in the Resale Registration Statement Questionnaire
until such time as such Purchaser has sold all of its Warrant Shares and Option Warrant Shares, if any, or until the Company is
no longer required to keep the Resale Registration Statement effective; provided, that such Purchaser shall not be required
to update the number of securities held by such Purchaser; (v) any other written information furnished to the Company by or on
behalf of such Purchaser expressly for inclusion in the Resale Registration Statement will be true and correct in all material
respects as of the date such other written information is provided and such Purchaser will notify the Company immediately of any
material change in any such other written information until such time as such Purchaser has sold all of its Warrant Shares an Option
Warrant Shares, if any, or until the Company is no longer required to keep the Resale Registration Statement effective; and (vi)
such Purchaser has had an opportunity to discuss this investment with representatives of the Company and ask questions of them.

 

(b)              
Institutional Accredited Investor. Such Purchaser is an institutional accredited investor (as defined in Rule 501(a)
of Regulation D under the Securities Act).

 

(c)              
Reliance on Exemptions. Such Purchaser understands that the Securities are being offered and sold to it in reliance
upon specific exemptions from the registration requirements of the Securities Act, the Rules and Regulations and state securities
laws and that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the availability
of such exemptions and the eligibility of such Purchaser to acquire the Securities.

 

 

    	 	18	 

     

    

 

(d)              
No Reliance. In making a decision to purchase the Securities, such Purchaser: (i) is capable of evaluating investment
risks independently, both in general and with regard to all transactions and investment strategies involving securities; (ii) will
exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons; and (iii) confirms
that it has undertaken an independent analysis of the merits and risks of an investment in the Company, based on such Purchaser’s
own financial circumstances.

 

(e)              
Confidentiality. Such Purchaser understands that this private placement is strictly confidential and proprietary
to the Company. Such Purchaser acknowledges that it is prohibited from reproducing or distributing the Transaction Documents, in
whole or in part, or divulging or discussing any of their contents, except to its financial, investment or legal advisors in connection
with its proposed investment in the Securities, and agrees to keep such information confidential. Further, such Purchaser understands
that the existence and nature of all conversations regarding the Company and this offering must be kept strictly confidential.
Such Purchaser understands that the federal securities laws impose restrictions on trading based on information relating to this
offering. In addition to the above, such Purchaser shall maintain in confidence the receipt and content of any notice of a Suspension
(as defined in Section 2.3(j) below).

 

(f)               
Investment Decision. Such Purchaser understands that nothing in this Agreement or any other materials presented to
such Purchaser in connection with the purchase and sale of the Securities constitutes legal, tax or investment advice. Such Purchaser
has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of the Securities.

 

(g)              
Risk of Loss. Such Purchaser understands that its investment in the Securities involves a significant degree of risk,
including a risk of total loss of such Purchaser’s investment, and such Purchaser has full cognizance of and understands
all of the risk factors related to such Purchaser’s purchase of the Securities, including the risk factors set forth in the
SEC Reports.

 

(h)              
Legend. Such Purchaser understands that, until such time as the Securities, the Option Securities and any Warrant
Shares or Option Warrant Shares may be sold pursuant to Rule 144 under the Securities Act without any restriction as to the number
of securities as of a particular date that can then be immediately sold and except if and to the extent otherwise provided below
in this Section 2.3, the Securities and any Warrant Shares or Option Warrant Shares will bear a restrictive legend
in substantially the following form:

 

“THE SHARES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION. THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN
THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

    	 	19	 

     

    

 

The Shares,
Option Shares, Warrant Shares and Option Warrant Shares shall not be required to contain any legend (including the legend set forth
above in this Section 2.3 hereof) while a registration statement (including the Resale Registration Statement) covering
the resale of such Shares, Option Shares, Warrant Shares and Option Warrant Shares is effective under the Securities Act. The Company
shall cause its counsel to issue a legal opinion to the Transfer Agent if required by the Transfer Agent to effect the removal
of the legend hereunder, provided that such legend is not required pursuant to the foregoing provisions of this paragraph.

 

(i)                
Stop Transfer. When issued, the Securities and Option Securities purchased hereunder and any Warrant Shares and Option
Warrant Shares will be subject to a stop transfer order with the Transfer Agent that restricts the transfer of such shares except
upon receipt by the Transfer Agent, in accordance with the provisions of Section 2.3(j) below, of a written confirmation
from such Purchaser to the effect that such Purchaser has satisfied its prospectus delivery requirements or upon receipt by the
Transfer Agent of written instructions from the Company authorizing such transfer.

 

(j)                
Public Sale or Distribution. Such Purchaser hereby covenants with the Company not to make any sale of the Shares,
Option Shares, Warrant Shares or Option Warrant Shares under the Resale Registration Statement without complying with the provisions
of this Agreement and without effectively causing the prospectus delivery requirement under the Securities Act to be satisfied
(whether physically or through compliance with Rule 172 under the Securities Act or any similar rule). Such Purchaser acknowledges
that there may occasionally be times when the Company must suspend the use of the prospectus (the “Prospectus”)
forming a part of the Resale Registration Statement (a “Suspension”) until such time as an amendment to the
Resale Registration Statement has been filed by the Company and declared effective by the Commission, or until such time as the
Company has filed an appropriate report with the Commission pursuant to the Exchange Act. Without the Company’s prior written
consent, such Purchaser shall not use any written materials to offer the Shares, Option Shares, Warrant Shares or Option Warrant
Shares for resale other than the Prospectus, including any “free writing prospectus” as defined in Rule 405 under the
Securities Act. Such Purchaser covenants that it will not sell any Shares, Option Shares, Warrant Shares or Option Warrant Shares
pursuant to said Prospectus during the period commencing at the time when the Company gives such Purchaser written notice of the
Suspension of the use of said Prospectus and ending at the time when the Company gives such Purchaser written notice that such
Purchaser may thereafter effect sales pursuant to said Prospectus. Notwithstanding the foregoing, the Company agrees that no Suspension
shall be for a period of longer than 90 consecutive days, and no Suspension shall be for a period longer than 120 days in the aggregate
in any 360-day period. Such Purchaser further covenants to notify the Company promptly of the sale of all of its Shares, Option
Shares, Warrant Shares or Option Warrant Shares. At any time that such Purchaser is an affiliate of the Company, any resale of
the Shares, Option Shares, Warrant Shares or Option Warrant Shares that purports to be effected under Rule 144 shall comply with
all of the requirements of such rule, including the “manner of sale” requirements set forth in Rule 144(f).

 

    	 	20	 

     

    

 

(k)              
Authority; Validity; Enforcement. Such Purchaser further represents and warrants to, and covenants with, the Company
that (i) such Purchaser has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions
contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement,
(ii) the making and performance of this Agreement by such Purchaser and the consummation of the transactions herein contemplated
will not violate any applicable provision of the organizational documents of such Purchaser or conflict with, result in the breach
or violation of, or constitute, either by itself or upon notice or the passage of time or both, a default under any material agreement,
mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which such Purchaser is a party or,
any statute or any authorization, judgment, decree, order, rule or regulation of any court or any regulatory body, administrative
agency or other governmental agency or body applicable to such Purchaser, (iii) no consent, approval, authorization or other order
of any court, regulatory body, administrative agency or other governmental agency or body is required on the part of such Purchaser
for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, (iv) upon
the execution and delivery of this Agreement, this Agreement shall constitute a legal, valid and binding obligation of such Purchaser,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application relating to or the enforcement of creditor’s rights and the application of
equitable principles relating to the availability of remedies, and except as rights to indemnity or contribution, including, but
not limited to, the indemnification and contribution provisions, as applicable, contained in Section 3.1 hereof and within
the Registration Rights Agreement may be limited by federal or state securities laws or the public policy underlying such laws
and (v) there is not in effect any order enjoining or restraining such Purchaser from entering into or engaging in any of the transactions
contemplated by this Agreement.

 

(l)                
Certain Transactions. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor
has any Person (as defined below) acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly
executed any purchases or sales, including all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange
Act (“Short Sales”), of the securities of the Company during the period commencing as of December 31, 2019
and ending immediately prior to the execution hereof.

 

(m)            
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto), the SEC Reports and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

    	 	21	 

     

    

 

(n)              
Securities Law Restriction. Each Purchaser hereby acknowledges that it has received and, subject to Section 2.1(qq),
will remain in possession of material non-public information about the Company until the Cleansing Date. Each Purchaser further
acknowledges that it and its representatives are aware that the U.S. securities laws prohibit any person who has material non-public
information about an issuer from purchasing or selling, directly or indirectly, securities of such issuer (including entering into
hedge transactions involving such securities), or from communicating such information to any other person under circumstances in
which it is reasonably foreseeable that such person is likely to purchase or sell such securities. Each Purchaser hereby agrees
that it will not use or knowingly permit any controlled Purchaser/Affiliate (as defined below) to use any of the material non-public
information about the Company in contravention of the U.S. securities laws, and each Purchaser will not purchase or sell the Company’s
securities or any securities convertible into or exchangeable for any of the Company’s securities prior to the Cleansing
Date.

 

(o)              
Tax Matters. Taking into account ownership of the Warrant Shares (including any Option Warrant Shares issuable upon
any Option Warrants) and any common stock of the Company owned by such Holder of the Warrants, none of the Purchasers would be
a “10-percent shareholder” of the Company within the meaning of Section 871(h)(3)(B) of the Code. The parties
agree that ownership of Shares or Option Shares shall not be taken into account in making this determination

 

ARTICLE
III.

INDEMNIFICATION

 

3.1             
Indemnification.

 

(a)              
For the purpose of this Section 3.1 and Section 4.6: the term “Purchaser/Affiliate” shall mean
any affiliate of any Purchaser, including a transferee who is an affiliate of any Purchaser, and any person who controls any Purchaser
or any affiliate of any Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

 

    	 	22	 

     

    

 

(b)              
The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless each Purchaser and
each Purchaser/Affiliate, against any losses, claims, actions, damages, liabilities or expenses (including the reasonable cost
of investigation and any legal, attorneys or other fees or expenses reasonably incurred by such party in connection with investigating
or defending any action or claim) (collectively, “Losses”), joint or several, to which any Purchaser or Purchaser/Affiliates
may become subject or incur, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation,
or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent
of the Company, which consent shall not be unreasonably withheld or delayed), insofar as any such Losses (or actions in respect
thereof as contemplated below) (i) arise out of or are based in whole or in part on any breach in the representations, warranties
and covenants of the Company, the Operating Partnership or the Manager contained in this Agreement, or any failure of the Company
to perform its obligations hereunder or under law; and (ii) arise out of or are based in whole or in part on any application or
other document, or any amendment or supplement thereto, executed by the Company, the Operating Partnership or the Manager or based
upon written information furnished by or on behalf of the Company filed in any jurisdiction (domestic or foreign) in order to qualify
the Securities, the Option Securities, the Warrant Shares issuable upon exercise of the Warrants, or the Option Warrant Shares
issuable upon exercise of the Option Warrants under the securities or blue sky laws thereof or filed with the Commission or any
securities association or securities exchange, and will promptly reimburse each Purchaser and each Purchaser/Affiliate for any
legal and other expenses as such expenses are reasonably incurred by such Purchaser or such Purchaser/Affiliate in connection with
investigating, defending or preparing to defend, settling, compromising or paying any such Losses; provided, however,
that neither the Company nor the Operating Partnership will be liable for amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the written consent of the Company, which consent shall not be unreasonably
withheld or delayed, and neither the Company nor the Operating Partnership will be liable in any such case to the extent that any
such Losses arise out of or are based upon (A) the failure of any Purchaser to comply with the covenants and agreements contained
in Section 2.2 hereof; or (B) the breach in the representations or warranties made by any Purchaser herein. The indemnity
agreement set forth in this Section 3.1(b) shall be in addition to any liability to which the Company, the Operating Partnership
or the Manager may otherwise have.

 

(c)              
The Purchasers, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and
the Operating Partnership against any Losses to which the Company, each of its directors, each controlling person or the Operating
Partnership may become subject or incur, under the Securities Act, the Exchange Act, or any other federal or state statutory law
or regulation, or at common law or otherwise (including in settlement of any litigation) insofar as such Losses (or actions in
respect thereof as contemplated below) arise out of or are based upon (i) the failure of any Purchaser to comply with the
covenants and agreements contained in Section 2.2 hereof; or (ii) any breach in the representations or warranties made
by any Purchaser herein; and will reimburse the Company, each of its directors, each controlling person or the Operating Partnership
for any legal and other expense reasonably incurred by the Company, each of its directors, controlling person or Operating Partnership
in connection with investigating, defending, settling, compromising or paying any such Losses.

 

    	 	23	 

     

    

 

(d)              
Promptly after receipt by an indemnified party under this Section 3.1 of notice of the threat or commencement of
any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section
3.1 promptly notify each such indemnifying party in writing thereof, but the failure or delay to notify such indemnifying parties
will not relieve such indemnifying parties from any liability that they may have to any indemnified party under the indemnity agreement
contained in this Section 3.1, except to the extent that its ability to defend is actually impaired by such failure or delay.
In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity
from any indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly
with all other indemnifying parties similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such
indemnified party; provided, however, if the defendants in any such action include both the indemnified party, and
the indemnifying party and the indemnified party shall have reasonably concluded, based on the advice of counsel reasonably satisfactory
to the indemnifying party, that there may be a conflict of interest between the positions of the indemnifying party and the indemnified
party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified
parties that are different from or additional to those available to the indemnifying party (in which case the Company shall not
have the right to direct the defense of such action on behalf of the indemnified party or parties or the named parties in any such
proceeding (including any impleaded parties included by the Company and the indemnified person)), the indemnified party or parties
shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such
action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party
of its election to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will
not be liable to such indemnified party under this Section 3.1 for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed such counsel
in connection with the assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, reasonably satisfactory
to such indemnifying party, representing all of the indemnified parties who are parties to any one action or series of related
actions in the same jurisdiction (other than local counsel in any such jurisdiction)) or (ii) the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of commencement of action, in each of which cases the reasonable fees and expenses of counsel shall be at the expense
of the indemnifying party. In no event shall any indemnifying party be liable for any settlement or in respect of any amounts paid
in settlement of any claim, action or proceeding unless the indemnifying party shall have approved in writing the terms of such
settlement; provided, however, that such consent shall not be unreasonably withheld or delayed. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened claim, action
or proceeding in respect of which any indemnified party is or could have been a party and indemnification could have been sought
hereunder by such indemnified party from all Losses that are the subject matter of such claim, action or proceeding, unless such
settlement (x) includes an unconditional release of such indemnified party, in form and substance reasonably satisfactory to such
indemnified party, from all liability on claims that are the subject matter of the subject claim, action or proceeding and (y)
does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified
party.

 

    	 	24	 

     

    

 

ARTICLE
IV.

MISCELLANEOUS

 

4.1             
Fees and Expenses. Except as set forth in this Agreement, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of the Securities or the Option
Securities and any Warrant Shares upon the exercise of the Warrants to the Purchasers or any Option Warrant Shares upon the exercise
of the Option Warrants to the Purchasers.

 

4.2             
Entire Agreement. This Agreement, together with the exhibits and schedules hereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

4.3             
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via electronic mail at or prior to 5:30 p.m. (New York City time) on a day on which the NYSE is open
for trading (“Trading Day”), (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via electronic mail on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

4.4             
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a
written instrument signed by the Company, the Operating Partnership and the Purchasers. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of
any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

4.5             
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof.

 

    	 	25	 

     

    

 

4.6             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. No party to this Agreement may assign this Agreement or any rights or obligations hereunder without the
prior written consent of each other party to this Agreement (other than by merger). Notwithstanding the foregoing, no prior written
consent shall be required for any Purchaser to assign this Agreement or any rights or obligations hereunder to a Purchaser/Affiliate.

 

4.7             
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of this Agreement),
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
provisions of this Agreement, then the prevailing party in such action, suit or proceeding shall be reimbursed by the other party
for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding.

 

4.8             
Survival of Agreements and Representations and Warranties. Notwithstanding any investigation made by any party to
this Agreement, all covenants and agreements made by the Company, the Operating Partnership and the Purchasers herein shall survive
the execution of this Agreement, the delivery to the Purchasers of the Securities and the payment therefor. All representations
and warranties, made by the Company, the Operating Partnership and the Purchasers herein shall survive the execution of this Agreement,
the delivery to the Purchasers of the Securities and the payment therefor.

 

4.9             
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

    	 	26	 

     

    

 

4.10         
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

4.11         
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery
of damages, the Purchasers and the Company will be entitled to specific performance under this Agreement. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in this
Agreement and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense
that a remedy at law would be adequate.

 

4.12         
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise this Agreement and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto.

 

4.13         
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY
OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    	 	27	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	GREAT AJAX CORP.	 	Address for Notice:
	 	 	 
	 	 	9400 SW Beaverton-Hillsdale Hwy,
	 	 	Suite 131
	 	 	Beaverton, Oregon 97005
	 	 	Attn: Lawrence Mendelsohn
	 	 	Email: larry@aspencapital.com
	By:	      	 	
	Name:	 	  
	Title:	 	 

 

	GREAT AJAX OPERATING 	 	 
	PARTNERSHIP L.P.	 	Address for Notice:
	 	 	 
	 	 	9400 SW Beaverton-Hillsdale Hwy
	 	 	Suite 131
	 	 	Beaverton, Oregon 97005
	 	 	Attn: Lawrence Mendelsohn
	 	 	Email: larry@aspencapital.com
	 By:	               	 	
	Name: 	 	Name:  
	Title:	 	 

 

	THETIS ASSET MANAGEMENT LLC 	 	Address for Notice:
	 	 	 
	 	 	9400 SW Beaverton-Hillsdale Hwy
	 	 	Suite 131
	 	 	Beaverton, Oregon 97005
	 	 	Attn: Lawrence Mendelsohn
	 	 	Email: larry@aspencapital.com
	By:	                  	 	
	Name:	 	
	Title:	 	    

 

With a copy to (which shall not constitute notice):

 

Anna T. Pinedo

Mayer Brown LLP

1221 Avenue of the Americas

New York, NY 10020

Tel: (212) 506-2275

Fax: (212) 849-5767

Email: apinedo@mayerbrown.com

 

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR CONSTELLATION FUND V LTD

 

By:  MAGNETAR FINANCIAL LLC, its investment manager

 

 

By:                                                                                

Name: Karl Wachter                                                  

Title: General Counsel                                               

Email: fisecuritynotices@magnetar.com                

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar Constellation Fund V Ltd

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

 

EIN: 98-1223751

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR CONSTELLATION FUND V LLC

 

By:   MAGNETAR FINANCIAL LLC, its manager

 

 

By:                                                                          

Name: Karl Wachter                                            

Title: General Counsel                                         

Email: fisecuritynotices@magnetar.com

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar Constellation Fund V LLC

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

 

EIN: 47-2215628

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR LONGHORN FUND LP

 

By:  MAGNETAR FINANCIAL LLC, its investment manager

  

By:                                                                               

Name: Karl Wachter                                                 

Title: General Counsel                                              

Email: fisecuritynotices@magnetar.com

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar Longhorn Fund LP

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

 

EIN: 83-2065960

 

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR SC FUND LTD

 

By:  MAGNETAR FINANCIAL LLC, its investment manager

  

By:                                                                                

Name: Karl Wachter                                                  

Title: General Counsel                                               

Email: fisecuritynotices@magnetar.com

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar SC Fund Ltd

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

 

EIN: 98-0668533

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR STRUCTURED CREDIT FUND, LP

 

By:  MAGNETAR FINANCIAL LLC, its general partner

  

By:                                                                             

Name: Karl Wachter                                               

Title: General Counsel                                            

Email: fisecuritynotices@magnetar.com

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar Structured Credit Fund, LP

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

 

EIN: 32-0236706

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

MAGNETAR XING HE MASTER FUND LTD

 

By:  MAGNETAR FINANCIAL LLC, its investment manager

  

By:                                                                               

Name: Karl Wachter                                                 

Title: General Counsel                                              

Email: fisecuritynotices@magnetar.com

Facsimile: (847) 269-2064

 

Jurisdiction of Purchaser’s Executive Offices:
Illinois

 

Address for Notice to Purchaser:

 

Magnetar Xing He Master Fund Ltd

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, Illinois 60201

Telephone: (847) 905-4400

Facsimile: (847) 269-2064

Email: fisecurity@magnetar.com

  

EIN: 98-0643840

 

Signature Page to Securities Purchase
Agreement

 

     

     

    

 

SCHEDULE I

 

Subsidiaries

 

Great Ajax Operating LLC

 

Great Ajax Operating Partnership L.P.

 

GA-TRS LLC

 

Great Ajax Funding LLC

 

AJX Mortgage Trust I

 

AJX Mortgage Trust II

 

GAJX Real Estate LLC

 

Great Ajax II Operating Partnership LP

 

Great Ajax II REIT Inc.

 

Great Ajax II Depositor LLC

 

Schedule I

 

     

     

    

 

SCHEDULE II

 

Purchasers

 

	Purchaser	 	Number of
 Series A 
Share	 	 	Number of
 Series B 
Shares	 	 	Number of  
Series A
 Warrants	 	 	Number of 
Series B

                                                                                Warrants
	 	 	Purchase 
Price	 
	Magentar Structured Credit Fund, LP	 	 	520,000	 	 	 	 	 	 	 	650,000	 	 	 	 	 	 	$	13,000,000	 
	Magnetar Xing He Master Fund Ltd	 	 	 	 	 	 	1,200,000	 	 	 	 	 	 	 	1,500,000	 	 	$	30,000,000	 
	Magnetar SC Fund Ltd	 	 	 	 	 	 	1,040,000	 	 	 	 	 	 	 	1,300,000	 	 	$	26,000,000	 
	Magnetar Longhorn Fund LP	 	 	240,000	 	 	 	 	 	 	 	300,000	 	 	 	 	 	 	$	6,000,000	 
	Magnetar Constellation Fund V LLC	 	 	60,000	 	 	 	 	 	 	 	75,000	 	 	 	 	 	 	$	1,500,000	 
	Magnetar Constellation Fund V Ltd	 	 	  	 	 	 	140,000	 	 	 	 	 	 	 	175,000	 	 	$	3,500,000	 
	Total	 	 	820,000	 	 	 	2,380,000	 	 	 	1,025,00	 	 	 	2,975,000	 	 	$	80,000,000	 

 

Schedule II

 

     

     

    

 

EXHIBIT A

 

FORM OF SERIES A WARRANT

 

 

 

     

     

    

 

EXHIBIT B

 

FORM OF SERIES B WARRANT

 

 

 

     

     

    

 

EXHIBIT C

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

 

 

     

     

    

 

EXHIBIT D

 

FORM OF OPINION OF MAYER BROWN LLP

 

 

1.                 
The Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland
and is in good standing with the State Department of Assessments and Taxation of Maryland. The Company has all corporate power
and authority to execute, deliver and perform each of the Transaction Agreements to which it is a party.

 

2.                 
The Manager is duly organized and validly existing as a limited liability company and in good standing under the laws of
the State of Delaware. The Manager has all limited liability company power and authority to execute, deliver and perform each of
the Transaction Agreements to which it is a party.

 

3.                 
Each Significant Subsidiary is duly organized and validly existing as a limited partnership or limited liability company
and in good standing, under the laws of its jurisdiction of organization. The Operating Partnership has all limited partnership
power and authority to execute, deliver and perform each of the Transaction Agreements to which it is a party.

 

4.                 
The execution, delivery and performance by each of the Ajax Parties, as the case may be, of each of the Transaction Agreements
to which such entity is a party have each been duly authorized by all necessary corporate or limited partnership action, as applicable,
of such entity, and each of the Transaction Agreements to which each such entity is a party has been duly executed and delivered
on behalf of the Company and the Operating Partnership, as applicable.

 

5.                 
Assuming due authorization, execution and delivery by the other parties thereto, each of the Transaction Agreements to which
any of the Ajax Parties is a party constitutes a valid and binding obligation of such Ajax Party, as applicable, enforceable against
it, as applicable, in accordance with the terms of such Transaction Agreement.

 

6.                 
The shares of Preferred Stock have been duly authorized by all necessary corporate action of the Company and, when issued
in accordance with the provisions of the Securities Purchase Agreement, will be validly issued, fully paid and non-assessable,
free and clear of any pledge, lien, encumbrance, security interest or other claim.

 

7.                 
The Warrants have been duly authorized by all necessary corporate action of the Company and, when issued in accordance with
the provisions of the Securities Purchase Agreement, constitute valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.

 

8.                 
The Warrant Shares have been duly authorized by all necessary corporate action of the Company and reserved for issuance
upon exercise of the Warrants and, when issued and delivered against payment therefor pursuant to the Warrants, will be validly
issued, fully-paid and non-assessable.

 

Exhibit D-1

 

     

     

    

 

9.                 
The execution, delivery and performance by each of the Ajax Parties of each of the Transaction Agreements to which it is
a party, the issuance, sale and delivery of the Shares and the Warrants, by the Company, the consummation by the Ajax Parties of
the transactions contemplated by the Transaction Agreements, and compliance by the Ajax Parties with the terms and provisions of
the Transaction Agreements do not (a) require any consent, approval, license, authorization or validation of, or filing, recording
or registration with, any executive, legislative, judicial, administrative or regulatory body, other than as have been obtained
or made and are in full force and effect or (b) conflict with, or result in any breach of or constitute a default under (nor constitute
any event which with notice, lapse of time, or both would constitute a breach of, or default under), (i) any provision of its organizational
documents, (ii) any provision of any license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement
or instrument to which any of the Ajax Parties is a party or by which it or its respective properties may be bound or affected,
or (iii) any U.S. federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or order applicable
to any of the Ajax Parties or its properties, except in the case of clauses (a) or (b)(ii) or (b)(iii) for such conflicts, breaches
or defaults which have been validly waived or would not reasonably be expected to have a Material Adverse Effect or result in the
creation or imposition of any material lien, charge, claim or encumbrance upon any property or asset of the Company.

 

10.             
The filing of the Articles Supplementary relating to each of the Series A Preferred Stock and the Series B Preferred Stock
has been duly authorized by all necessary corporation action on the part of the Company.

 

11.             
Assuming the accuracy of the representations and warranties of the Purchasers contained in the Securities Purchase Agreement,
the offer and sale of the Preferred Stock and the Warrants by the Company to the Purchasers and the issuance of the Warrant Shares
upon exercise of the Warrants are exempt from the registration requirements of the Securities Act of 1933, as amended.

 

12.             
Each of the Company and the Operating Partnership and the Significant Subsidiaries is not, and immediately after giving
effect to the issuance and sale of the Preferred Stock and the Warrants occurring today and the application of proceeds therefrom
as described in the Purchase Agreement, will not be, an “investment company” within the meaning of said term as used
in the Investment Company Act of 1940, as amended.

 

Exhibit D-2

 

     

     

    

 

APPENDIX I

 

RESALE REGISTRATION STATEMENT QUESTIONNAIRE

 

In connection with the preparation of the
Registration Statement, please provide us with the following information:

 

SECTION 1.Pursuant
to the “Selling Stockholder” section of the Registration Statement, please state [your] / [your organization’s]
name exactly as it should appear in the Registration Statement:

 

SECTION 2.Please
provide the number of shares that [you] / [your organization] will own immediately after Closing, including those [Shares] / [Warrant
Shares] purchased by [you] / [your organization] pursuant to this Securities Purchase Agreement and those shares purchased by [you]
/ [your organization] through other transactions and provide the number of shares that [you] / [your organization] has the right
to acquire within 60 days of Closing:

 

SECTION 3.[Have
you] / [Has your organization] had any position, office or other material relationship within the past three years with the Company
or its affiliates?

 

 ̈ Yes        ̈ No

  

If “yes,” please indicate the nature of any such
relationships below:

 

SECTION 4.(a) Are
you (i) a FINRA Member (see definition), (ii) a Controlling (see definition) shareholder of a FINRA Member, (iii) a Person Associated
with a Member of the FINRA (see definition), or (iv) an Underwriter or a Related Person (see definition below) with respect to
the proposed offering; (b) do you own any shares or other securities of any FINRA Member not purchased in the open market; or (c)
have you made any outstanding subordinated loans to any FINRA Member?

 

Answer:  ̈ Yes        ̈
No If “yes,” please describe below

 

 

FINRA Member.
The term “FINRA Member” means either any broker or dealer admitted to membership in the Financial Industry Regulatory
Authority (“FINRA”). (FINRA Manual, By-laws of FINRA Regulation, Inc. Article I, Definitions)

 

Control. The
term “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means the possession, direct or indirect, of the power, either individually or with others, to direct or cause
the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.
(Rule 405 under the Securities Act of 1933, as amended)

 

     

     

    

 

Person Associated
with a member of the FINRA. The term “person associated with a member of the FINRA” means every sole proprietor,
partner, officer, director, branch manager or executive representative of any FINRA Member, or any natural person occupying a similar
status or performing similar functions, or any natural person engaged in the investment banking or securities business who is directly
or indirectly controlling or controlled by a FINRA Member, whether or not such person is registered or exempt from registration
with the FINRA pursuant to its bylaws. (FINRA Manual, By-laws of FINRA Regulation, Inc. Article I, Definitions)

 

Underwriter or a
Related Person. The term “underwriter or a related person” means, with respect to a proposed offering, underwriters,
underwriters’ counsel, financial consultants and advisors, finders, members of the selling or distribution group, and any
and all other persons associated with or related to any of such persons. (FINRA Interpretation).Exhibit 10.2

  

REGISTRATION RIGHTS AGREEMENT

 

BY AND AMONG

 

GREAT AJAX CORP.

 

AND

 

THE PURCHASERS NAMED HEREIN

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of April 6, 2020, by and among Great Ajax Corp., a
Maryland corporation (the “Company”), and the purchasers set forth in Schedule A hereto (individually,
a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, this
Agreement is entered into in connection with the closing of the issuance and sale of the Preferred Stock (as defined below),
the Warrants (as defined below), the Option (as defined below), and the Option Warrants (as defined below), pursuant to the
Securities Purchase Agreement, dated as of April 3, 2020 (the “Securities Purchase Agreement”), by and
among the Company, Great Ajax Operating Partnership LP, Thetis Asset Management LLC and the Purchasers;

 

WHEREAS, the Company
has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant
to the Securities Purchase Agreement; and

 

WHEREAS, it is a condition
to the obligations of the Purchasers and the Company under the Securities Purchase Agreement that this Agreement be executed and
delivered;

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01 Definitions.
Capitalized terms used herein without definition shall have the meanings given to them in the Securities Purchase Agreement. The
terms set forth below are used herein as so defined:

 

“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, the Person in question. As used herein, the term “control” means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise. For avoidance of doubt, for purposes of this Agreement, (i) the
Company, on the one hand, and the Purchasers, on the other hand, shall not be considered Affiliates and (ii) any fund, entity
or account managed, advised or sub-advised, directly or indirectly, by a Purchaser or any of its Affiliates, shall be considered
an Affiliate of such Purchaser. For purposes of this Agreement, any fund, entity or account managed, advised or sub-advised, directly
or indirectly, by any Purchaser or any of its Affiliates or the direct or indirect equity owners, including limited partners, of
such Purchaser or Affiliate, shall be considered an Affiliate of such Purchaser.

 

“Agreement”
has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Business
Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in the
State of New York are authorized or required by law or other governmental action to close.

 

“Closing Date”
means April 6, 2020.

 

     

     

    

 

“Common Stock”
means the Company’s common stock, par value $0.01 per share.

 

“Common Stock
Price” means $4.49.

 

“Common
Stock Registrable Securities” means the Common Stock issued or issuable upon the exercise of the Warrants and the Option Warrants, as applicable, and
includes any type of ownership interest issued to the Holders as a result of Section 3.04 of this Agreement.

 

“Company”
has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Delay Liquidated
Damages” has the meaning specified therefor in Section 2.03 of this Agreement.

 

“Effective
Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf Registration
Statement.

 

“Effectiveness
Deadline” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 

“Effectiveness
Period” means the period beginning on the Effective Date for the Registration Statement and ending at the time all Registrable
Securities covered by such Registration Statement have ceased to be Registrable Securities.

 

“Electing
Holders” has the meaning specified therefor in Section 2.04 of this Agreement.

 

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

 

“Governmental
Authority” means any federal, state, local or foreign government, or other governmental, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Holder”
means the record holder of any Registrable Securities. In accordance with Section 3.05 of this Agreement, for purposes of
determining the availability of any rights and applicability of any obligations under this Agreement, including, calculating the
amount of Registrable Securities held by a Holder, a Holder’s Registrable Securities shall be aggregated together with all
Registrable Securities held by other Holders who are Affiliates of such Holder.

 

“Included
Registrable Securities” has the meaning specified therefor in Section 2.02(a) of this Agreement.

 

“Launch”
has the meaning specified therefor in Section 2.04 of this Agreement.

 

“Law”
means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other requirement
of law, or any judicial or administrative interpretation thereof, of any Governmental Authority.

 

“LD Period”
has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

“LD Termination
Date” has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

“Liquidated
Damages” has the meaning specified therefor in Section 2.01(b) of this Agreement.

 

    	 	2	 

     

    

 

“Liquidated
Damages Multiplier” means the sum of (a) the product of the Common Stock Price times the number of Common Stock Registrable
Securities held by the applicable Holder plus (b) the product of the Preferred Stock Price times the number of Preferred
Stock Registrable Securities held by the applicable Holder.

 

“Losses”
has the meaning specified therefor in Section 2.09(a) of this Agreement.

 

“Managing
Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering.

 

“NYSE”
means The New York Stock Exchange, Inc.

 

“Opt-Out Notice”
has the meaning specified therefor in Section 2.02(a) of this Agreement.

 

“Option” means the Option granted, pursuant
to the Securities Purchase Agreement, to the Purchasers to purchase up to an additional 800,000 shares of Preferred Stock and be
issued the Option Warrants.

 

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity.

 

“Piggyback
Threshold Amount” means $[5.0] million.

 

“Post-Launch
Withdrawing Selling Holders” has the meaning specified therefor in Section 2.04 of this Agreement.

 

“Preferred
Stock Price” means $25.00.

 

“Preferred
Stock” means both the (a) the Series A Preferred Stock and (b) the Series B Preferred Stock issued and sold pursuant
to the Securities Purchase Agreement.

 

“Preferred
Stock Registrable Securities” means the Preferred Stock, all of which are subject to the rights of Preferred Stock Registrable
Securities provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02.

 

“Purchaser”
and “Purchasers” have the meanings specified therefor in the introductory paragraph of this Agreement.

 

“Registrable
Securities” means the Common Stock Registrable Securities and the Preferred Stock Registrable Securities.

 

“Registrable
Securities Amount” means the calculation based on the product of the Common Stock Price times the number of Registrable
Securities.

 

“Registration
Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement.

 

“Registration
Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

    	 	3	 

     

    

 

“Securities
Purchase Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Selling Expenses”
has the meaning specified therefor in Section 2.08(b) of this Agreement.

 

“Selling Holder”
means a Holder who is selling Registrable Securities under a Registration Statement pursuant to the terms of this Agreement.

 

“Selling Holder
Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of this Agreement.

 

“Series A
Preferred Stock” means the Company’s 7.25% Series A Fixed-to-Floating Rate Preferred Stock, liquidation preference
$25.00 per share.

 

“Series B
Preferred Stock” means the Company’s 5.00% Series B Fixed-to-Floating Rate Preferred Stock, liquidation preference
$25.00 per share.

 

“Shelf Registration
Statement” means a registration statement under the Securities Act to permit the public resale of the Registrable Securities
from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then
in effect).

 

“Underwritten
Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which Registrable Securities
are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought
deal” with one or more investment banks.

 

“Underwritten
Offering Notice” has the meaning specified therefor in Section 2.04 of this Agreement.

 

“VWAP Price”
means, for each such period of measurement, the volume weighted average closing price of a share of Common Stock on the national
securities exchange on which the Common Stock is then listed (or admitted to trading).

 

“Warrants”
means the Series A Warrants and the Series B Warrants, issued pursuant to the Securities Purchase Agreement, to purchase 4,000,000
shares of Common Stock.

 

“Option Warrants” means the Series A Warrants
and the Series B Warrants, issued pursuant to the Option to purchase 1,000,000 shares of Common Stock.

 

Section 1.02 Registrable
Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a) when a
registration statement covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable
Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has
been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the Securities
Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances in which all of the applicable
conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by the Company or one of its direct
or indirect subsidiaries; or (d) when such Registrable Security has been sold or disposed of in a private transaction in which
the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section
2.11 hereof.

 

    	 	4	 

     

    

 

Article
II

REGISTRATION RIGHTS

 

Section 2.01 Shelf
Registration.

 

(a) Shelf Registration.
Within 90 calendar days of the Closing Date, the Company shall use commercially reasonable efforts to prepare and file a Shelf
Registration Statement with the SEC to permit the public resale of all Registrable Securities on the terms and conditions specified
in this Section 2.01 (a “Registration Statement”). The Registration Statement filed with the SEC pursuant
to this Section 2.01(a) shall be on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or such other
form of registration statement as is then available to effect a registration for resale of the Registrable Securities, covering
the Registrable Securities, and shall contain a prospectus in such form as to permit any Selling Holder covered by such Registration
Statement to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision
adopted by the SEC then in effect) at any time beginning on the Effective Date for such Registration Statement; provided, however,
such Registration Statement shall not be filed on a shelf registration statement that automatically becomes effective upon
filing. The Company shall use commercially reasonable efforts to cause a Registration Statement filed pursuant to this Section
2.01(a) to be declared effective within 180 calendar days after the Closing Date (the “Effectiveness Deadline”).
A Registration Statement shall provide for the resale pursuant to any method or combination of methods legally available to, and
requested by, the Selling Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to
Section 2.04 of this Agreement. During the Effectiveness Period, the Company shall use commercially reasonable efforts to
cause a Registration Statement filed pursuant to this Section 2.01(a) to remain effective, and to be supplemented and amended
to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration
statement is available for the resale of the Registrable Securities until the date on which all Registrable Securities have ceased
to be Registrable Securities. In the event that the minimum listing standards of the NYSE are satisfied, the Company shall prepare
and file a supplemental listing application with the NYSE (or such other national securities exchange on which the Common Stock
Registrable Securities are then listed and traded) to list the Common Stock Registrable Securities covered by a Registration Statement
and shall use commercially reasonable efforts to have such Common Stock Registrable Securities approved for listing on the NYSE
(or such other national securities exchange on which the Registrable Securities are then listed and traded) by the Effective Date
of such Registration Statement, subject only to official notice of issuance. Within two Business Days of the Effective Date of
a Registration Statement, the Company shall notify the Selling Holders of the effectiveness of such Registration Statement.

 

When effective, a Registration
Statement (including the documents incorporated therein by reference) will comply as to form in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and 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 not misleading (in the
case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made).
If the Managing Underwriter of any proposed Underwritten Offering of Registrable Securities (other than an Underwritten Offering
of Included Registrable Securities pursuant to Section 2.02) advises the Company that the inclusion of all of the Selling
Holders’ Registrable Securities that the Selling Holders intend to include in such offering exceeds the number that can be
sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the Registrable Securities
offered or the market for the Registrable Securities, then the Registrable Securities to be included in such Underwritten Offering
shall include the number of Registrable Securities that such Managing Underwriter advises the Company can be sold without having
such adverse effect, with such number to be allocated (i) first, to the Selling Holders, allocated among such Selling Holders pro
rata on the basis of the number of Registrable Securities held by each such Selling Holder or in such other manner as such Selling
Holders may agree, and (ii) second, to any other holder of securities of the Company having rights of registration that are neither
expressly senior nor subordinated to the Holders in respect of the Registrable Securities.

 

    	 	5	 

     

    

 

(b) Failure to Go
Effective. If a Registration Statement required to be filed by Section 2.01(a) is not declared effective on or prior
to the Effectiveness Deadline, then each Holder shall be entitled to a payment in cash (with respect to each Registrable Security
held by the Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period,
which shall accrue daily, for the first 60 calendar days immediately following the Effectiveness Deadline, increasing by an additional
0.25% of the Liquidated Damages Multiplier per 30-calendar-day period, which shall accrue daily, for each subsequent 30-calendar-day
period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00% thereafter), up to a maximum of 1.00%
of the Liquidated Damages Multiplier per 30-calendar-day period, until such time as such Registration Statement is declared effective
or when the Registrable Securities covered by such Registration Statement cease to be Registrable Securities (the “Liquidated
Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall be payable within 10 Business
Days after the end of each such 30-calendar-day period. Any Liquidated Damages shall be paid to each Holder in immediately available
funds. The accrual of Liquidated Damages to a Holder shall cease (an “LD Termination Date,” and, each such period
beginning on an Effectiveness Deadline and ending on an LD Termination Date being, an “LD Period”) at the earlier
of (1) the Registration Statement being declared effective and (2) when the Holder’s Registrable Securities covered
by such Registration Statement cease to be Registrable Securities. Any amount of Liquidated Damages shall be prorated for any period
of less than 30 calendar days accruing during an LD Period. If the Company is unable to cause a Registration Statement to be declared
effective on or prior to the Effectiveness Deadline as a result of an acquisition, merger, reorganization, disposition or other
similar transaction, then the Company may request a waiver of the Liquidated Damages, and each Holder may individually grant or
withhold its consent to such request in its discretion. Nothing in this Section 2.01(b) shall relieve the Company from its
obligations under Section 2.01(a).

 

Section 2.02 Piggyback
Rights.

 

(a) Participation.
So long as a Holder has Common Stock Registrable Securities, if the Company proposes to file (i) a shelf registration statement
other than a Registration Statement contemplated by Section 2.01(a), (ii) a prospectus supplement to an effective shelf
registration statement relating to the sale of equity securities of the Company for its own account or that of another Person,
or both, other than a Registration Statement contemplated by Section 2.01(a) and Holders may be included without the filing
of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration statement, in each
case, for the sale of shares of Common Stock in an Underwritten Offering for its own account or that of another Person, or both,
then promptly following the selection of the Managing Underwriter for such Underwritten Offering, the Company shall give notice
of such Underwritten Offering to each Holder (together with its Affiliates) holding at least the Piggyback Threshold Amount of
the then-outstanding Common Stock Registrable Securities (calculated based on the Common Stock Price) and such notice shall offer
such Holders the opportunity to include in such Underwritten Offering such number of Common Stock Registrable Securities (the “Included
Registrable Securities”) as each such Holder may request in writing; provided, however, that (A) the Company
shall not be required to provide such opportunity to any such Holder that does not offer a minimum of the Piggyback Threshold Amount
of Common Stock Registrable Securities (based on the Common Stock Price), or such lesser amount if it constitutes the remaining
holdings of such Holder, and (B) if the Company has been advised by the Managing Underwriter that the inclusion of Common
Stock Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution
of the shares of Common Stock in the Underwritten Offering, then (x) if no Common Stock Registrable Securities can be included
in the Underwritten Offering in the opinion of the Managing Underwriter, the Company shall not be required to offer such opportunity
to the Holders, or (y) if any Common Stock Registrable Securities can be included in the Underwritten Offering in the opinion
of the Managing Underwriter, then the amount of Common Stock Registrable Securities to be offered for the accounts of Holders shall
be determined based on the provisions of Section 2.02(b). Any notice required to be provided in this Section 2.02(a)
to Holders shall be provided on a Business Day and receipt of such notice shall be confirmed by the Holder. Each such Holder shall
then have five Business Days (or three Business Days in connection with any overnight or bought Underwritten Offering) after notice
has been delivered to request in writing the inclusion of Common Stock Registrable Securities in the Underwritten Offering. If
no written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right
to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or
to delay such Underwritten Offering, the Company may, at its election, give written notice of such determination to the Selling
Holders and, (1) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation
to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case
of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities
as part of such Underwritten Offering for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have
the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Common Stock Registrable
Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at or prior to the time of
pricing of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Company
requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering; provided, however,
that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless
subsequently revoked), the Company shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a)
and such Holder shall no longer be entitled to participate in Underwritten Offerings by the Company pursuant to this Section 2.02(a).

 

    	 	6	 

     

    

 

(b) Priority.
If the Managing Underwriter of any proposed Underwritten Offering of shares of Common Stock included in an Underwritten Offering
involving Included Registrable Securities pursuant to this Section 2.02 advises the Company that the total number of shares
of Common Stock that the Selling Holders and any other Persons intend to include in such offering exceeds the number of shares
of Common Stock that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution
of shares of the Common Stock offered or the market for the shares of Common Stock, then the shares of Common Stock to be included
in such Underwritten Offering shall include the number of Common Stock Registrable Securities that such Managing Underwriter advises
the Company can be sold without having such adverse effect, with such number to be allocated (i) first, to the Company or other
party or parties requesting or initiating such registration or to any other holder of securities of the Company having rights of
registration pursuant to an existing registration rights agreement and (ii) second, by the Selling Holders who have requested
participation in such Underwritten Offering and by the other holders of shares of Common Stock (other than holders of Common Stock
Registrable Securities) with registration rights entitling them to participate in such Underwritten Offering, allocated among such
Selling Holders and other holders pro rata on the basis of the number of Common Stock Registrable Securities or shares of Common
Stock proposed to be sold by each applicable Selling Holder or other holder in such Underwritten Offering (based, for each such
participant, on the percentage derived by dividing (x) the number of shares of Common Stock proposed to be sold by such participant
in such Underwritten Offering by (y) the aggregate number of shares of Common Stock proposed to be sold by all participants in
such Underwritten Offering) or in such manner as they may agree. The allocation of shares of Common Stock to be included in any
Underwritten Offering other than an Underwritten Offering involving Included Registrable Securities pursuant to this Section
2.02 shall be governed by Section 2.01(a).

 

    	 	7	 

     

    

 

(c) Termination
of Piggyback Registration Rights. Each Holder’s rights under this Section 2.02 shall terminate upon such Holder
ceasing to hold at least the Piggyback Threshold Amount of Common Stock Registrable Securities (calculated based on the Common
Stock Price).

 

Section 2.03 Delay
Rights.

 

Notwithstanding anything
to the contrary contained herein, the Company may, upon written notice to (i) all Holders, delay the filing of a Registration Statement
required under Section 2.01(a), or (ii) any Selling Holder whose Registrable Securities are included in a Registration Statement
or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus that
is a part of such Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales
of the Registrable Securities pursuant to such Registration Statement or other registration statement contemplated by this Agreement
but may settle any previously made sales of Registrable Securities) if the Company (x) is pursuing an acquisition, merger, reorganization,
disposition or other similar transaction and the Company determines in good faith that the Company’s ability to pursue or
consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in such Registration
Statement or other registration statement or (y) has experienced some other material non-public event the disclosure of which at
such time, in the good faith judgment of the Company, would materially adversely affect the Company; provided, however,
in no event shall (A) filing of such Registration Statement be delayed under clauses (x) or (y) of this Section 2.03 for
a period that exceeds 120 calendar days or (B) such Selling Holders be suspended under clauses (x) or (y) of this Section 2.03
from selling Registrable Securities pursuant to such Registration Statement or other registration statement for a period that exceeds
an aggregate of 60 calendar days in any 180 calendar-day period or 120 calendar days in any 365 calendar-day period, in each case,
exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon
disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice, but
in any event within one Business Day of such disclosure or termination, to the Selling Holders whose Registrable Securities are
included in such Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take
such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.

 

If (i) the Selling
Holders shall be prohibited or prevented from selling their Registrable Securities under a Registration Statement or other registration
statement contemplated by this Agreement as a result of a delay or suspension pursuant to the immediately preceding paragraph in
excess of the periods permitted therein or (ii) a Registration Statement or other registration statement contemplated by this Agreement
is filed and is declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or fail to be usable
for its intended purpose without being succeeded within 90 calendar days by a post-effective amendment thereto, a supplement to
the prospectus or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the
suspension is lifted or the Registration Statement required under Section 2.01(a), a post-effective amendment, supplement
or report is filed with the SEC, but not including any day on which a suspension is lifted or such Registration Statement, amendment,
supplement or report is filed with the SEC, if applicable, each Selling Holder shall be entitled to a payment (with respect to
each Registrable Security) from the Company, as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier
per 30-calendar-day period, which shall accrue daily, for the first 60 calendar days immediately following the earlier of (x) the
date on which the suspension or delay period exceeded the permitted period and (y) the 31st calendar day after such Shelf Registration
Statement ceased to be effective or failed to be usable for its intended purposes, with such payment amount increasing by an additional
0.25% of the Liquidated Damages Multiplier per 30-day period, which shall accrue daily, for each subsequent 30-calendar-day period
(i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120 calendar days and 1.00% thereafter), up to a maximum of 1.00% of the
Liquidated Damages Multiplier per 30-day period (the “Delay Liquidated Damages”). For purposes of this paragraph,
a suspension or delay shall be deemed lifted with respect to a Selling Holder on the date that (A) notice that the suspension has
been terminated is delivered to such Selling Holder, (B) the Registration Statement required under Section 2.01(a) is filed
with the SEC, or (C) a post-effective amendment or supplement to the prospectus or report is filed with the SEC pursuant to Section
13(a), 13(c), 14 or 15(d) of the Exchange Act. Any Delay Liquidated Damages shall cease to accrue pursuant to this paragraph upon
the earlier of (1) a suspension or delay being deemed lifted and (2) when such Selling Holder no longer holds Registrable Securities
included in such Registration Statement, and shall be payable within 10 Business Days after the end of each such 30-day period.
Any amount of Delay Liquidated Damages shall be prorated for any period of less than 30 calendar days in which the payment of Delay
Liquidated Damages ceases. Any Delay Liquidated Damages shall be paid to each Selling Holder in immediately available funds.

 

    	 	8	 

     

    

 

Section 2.04 Underwritten
Offerings.

 

In the event that any
Holder or Holders that are Affiliates of each other (the “Electing Holders”) elect to include, other than pursuant
to Section 2.02 of this Agreement, at least the lesser of (i) $25.0 million of Common Stock Registrable Securities
in the aggregate (calculated based on the expected gross proceeds of the Underwritten Offering of such Common Stock Registrable
Securities) and (ii) 100% of the then outstanding Common Stock Registrable Securities held by such Electing Holders under
a Registration Statement pursuant to an Underwritten Offering, the Company shall, upon request by the Electing Holders (such request,
an “Underwritten Offering Notice”), retain underwriters to permit the Electing Holders to effect such sale through
an Underwritten Offering; provided, however, that each Holder, together with its Affiliates, shall have the option and right
to require the Company to effect not more than four Underwritten Offerings in the aggregate, subject to a maximum of one Underwritten
Offering during any 90-day period. Upon delivery of such Underwritten Offering Notice to the Company, the Company shall as soon
as practicable (but in no event later than one Business Day following the date of delivery of the Underwritten Offering Notice
to the Company) deliver notice of such Underwritten Offering Notice to all other Holders, who shall then have two Business Days
from the date that such notice is given to them to notify the Company in writing of the number of Common Stock Registrable Securities
held by such Holder that they want to be included in such Underwritten Offering. Any Holders notified about an Underwritten Offering
by the Company after the Company has received the corresponding Underwritten Offering Notice may participate in such Underwritten
Offering, but shall not count toward the $25.0 million of Common Stock Registrable Securities required under clause (i) of this
Section 2.04 to request an Underwritten Offering pursuant to an Underwritten Offering Notice. In connection with any Underwritten
Offering under this Agreement, the Holders of a majority of the Common Stock Registrable Securities being sold in such Underwritten
Offering shall be entitled to select the Managing Underwriter or Underwriters, but only with the consent of the Company, which
shall not be unreasonably withheld, delayed or conditioned. In connection with an Underwritten Offering contemplated by this Agreement
in which a Selling Holder participates, each Selling Holder and the Company shall be obligated to enter into an underwriting agreement
that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements
for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling
Holder agrees to sell its Common Stock Registrable Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such
underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by,
and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for such Selling
Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting
agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling
Holder, its authority to enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and
resale will be registered, on its behalf, its intended method of distribution and any other representation required by Law. If
any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to
the Company, the Electing Holders and the Managing Underwriter; provided, however, that any such withdrawal must be made
no later than the time of pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering
prior to the pricing of such Underwritten Offering, the events will not be considered an Underwritten Offering and will not decrease
the number of available Underwritten Offerings the Holders have the right and option to request under this Section 2.04.
No such withdrawal or abandonment shall affect the Company’s obligation to pay Registration Expenses pursuant to Section
2.08; provided, however, that if (A) certain Selling Holders withdraw from an Underwritten Offering after the public
announcement at launch (the “Launch”) of such Underwritten Offering (such Selling Holders, the “Post-Launch
Withdrawing Selling Holders”), and (B) all Selling Holders withdraw from such Underwritten Offering prior to pricing,
other than in either clause (A) or (B) as a result of the occurrence of any event that would reasonably be expected to permit the
Company to exercise its rights to suspend the use of a Registration Statement or other registration statement pursuant to Section
2.03, then the Post-Launch Withdrawing Selling Holders shall pay for all reasonable Registration Expenses incurred by the Company
during the period from the Launch of such Underwritten Offering until the time all Selling Holders withdraw from such Underwritten
Offering.

 

    	 	9	 

     

    

 

Section 2.05 Sale
Procedures.

 

In connection with
its obligations under this Article II, the Company shall, as expeditiously as possible:

 

(a) use its reasonable
best efforts to prepare and file with the SEC such amendments and supplements to a Registration Statement and the prospectus used
in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may
be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement;

 

(b) if a prospectus
supplement will be used in connection with the marketing of an Underwritten Offering from a Registration Statement and the Managing
Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion
of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering
of such Registrable Securities, the Company shall use its reasonable best efforts to include such information in such prospectus
supplement;

 

(c) furnish to each
Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any other registration
statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts
of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent
then required by the rules and regulations of the SEC), and provide each such Selling Holder the opportunity to object to any information
pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested
by such Selling Holder with respect to such information prior to filing a Registration Statement or such other registration statement
or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration statement
and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in
order to facilitate the sale or other disposition of the Registrable Securities covered by such Registration Statement or other
registration statement;

 

(d) if applicable,
use its reasonable best efforts to register or qualify the Registrable Securities covered by a Registration Statement or any other
registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling
Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however,
that the Company shall not be required to qualify generally to transact business in any jurisdiction where it is not then required
to so qualify or to take any action that would subject it to general service of process in any such jurisdiction where it is not
then so subject;

 

    	 	10	 

     

    

 

(e) promptly notify
each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities
Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus
or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such
Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective;
and (ii) the receipt of any written comments from the SEC with respect to any filing referred to in clause (i) and any written
request by the SEC for amendments or supplements to such Registration Statement or any other registration statement or any prospectus
or prospectus supplement thereto;

 

(f) immediately notify
each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by such Selling Holder under the
Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration
Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made);
(ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose;
or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable
Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice,
the Company agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate
action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat
thereof or proceedings related thereto;

 

(g) upon request and
subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or
other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including
any domestic or foreign securities exchange) relating to such offering of Registrable Securities;

 

(h) in the case of
an Underwritten Offering, furnish, or use its reasonable best efforts to cause to be furnished, to the underwriters upon request,
(i) an opinion of counsel for the Company dated the date of the closing under the underwriting agreement and (ii) a “comfort”
letter, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the
underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial
statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort”
letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and
the prospectus and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel
and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Company and such
other matters as such underwriters and Selling Holders may reasonably request;

 

    	 	11	 

     

    

 

(i) otherwise use its
reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders,
as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after
the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 promulgated thereunder;

 

(j) make available
to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and the Company personnel
as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided,
that the Company need not disclose any non-public information to any such representative unless and until such representative has
entered into a confidentiality agreement with the Company;

 

(k) if the minimum
listing standards of the NYSE are satisfied, use its reasonable best efforts to cause all Common Stock Registrable Securities registered
pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which the Common
Stock are then listed or quoted; provided, however, that the Company shall have no obligation to cause any Preferred Stock
Registrable Securities registered pursuant to this Agreement to be listed on any securities exchange or nationally recognized quotation
system;

 

(l) use its reasonable
best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition
of such Registrable Securities;

 

(m) provide a transfer
agent and registrar for all Registrable Securities covered by such registration statement not later than the Effective Date of
such registration statement;

 

(n) enter into customary
agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order
to expedite or facilitate the disposition of Common Stock Registrable Securities (including, making appropriate officers of the
Company available to participate in any “road show” presentations before analysts, and other customary marketing activities
(including one-on-one meetings with prospective purchasers of the Common Stock Registrable Securities)), provided, however,
that in the event the Company, using reasonable best efforts, is unable to make such appropriate officers of the Company available
to participate in connection with any “road show” presentations and other customary marketing activities (whether in
person or otherwise), the Company shall make such appropriate officers available to participate via conference call or other means
of communication in connection with no more than one “road show” presentation per Underwritten Offering;

 

(o) if requested by
a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder
reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities to be sold in such offering, and (ii) make all required filings of such prospectus
supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment;

 

    	 	12	 

     

    

 

(p) if reasonably required
by the Company’s transfer agent, the Company shall promptly deliver any authorizations, certificates, opinions or directions
required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities without legend
upon sale by the Holder of such Registrable Securities under a Registration Statement; and

 

Notwithstanding anything
to the contrary in this Section 2.05, the Company shall not name a Holder as an underwriter as defined in Section 2(a)(11)
of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the SEC requires the Company
to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto,
then such Holder’s Registrable Securities shall not be included on such Registration Statement, such Holder shall no longer
be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s Registrable Securities and the
Company shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless such Holder
has not had an opportunity to conduct customary underwriter’s due diligence with respect to the Company at the time such
Holder’s consent is sought.

 

Each Selling Holder,
upon receipt of notice from the Company of the happening of any event of the kind described in Section 2.05(f), shall forthwith
discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.05(f) or until
it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional
or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder shall,
or shall request the Managing Underwriter, if any, to deliver to the Company (at the Company’s expense) all copies in their
possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering
such Registrable Securities current at the time of receipt of such notice.

 

Section 2.06 Cooperation
by Holders.

 

The Company shall have
no obligation to include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant
to Section 2.02(a) who has failed to timely furnish after receipt of a written request from the Company such information that the
Company determines, after consultation with its counsel, is reasonably required in order for the registration statement or prospectus
supplement, as applicable, to comply with the Securities Act, and any such Holder shall not be entitled to Liquidated Damages or
Delay Liquidated Damages in connection with the applicable Registration Statement or other registration statement contemplated
by this Agreement.

 

Section 2.07 Restrictions
on Public Sale by Holders of Registrable Securities.

 

Each Holder of Common
Stock Registrable Securities that participates in an Underwritten Offering will enter into a customary letter agreement with underwriters
providing such Holder will not effect any public sale or distribution of Common Stock Registrable Securities during the 60 calendar-day
period beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten
Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest
restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company
on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.07 shall not apply to any Common
Stock Registrable Securities that are included in such Underwritten Offering by such Holder. In addition, this Section 2.07
shall not apply to any Holder that is not entitled to participate in such Underwritten Offering, whether because such Holder delivered
an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because such Holder (together with its Affiliates)
holds less than the Piggyback Threshold Amount of the then outstanding Common Stock Registrable Securities (calculated based on
the Common Stock Registrable Securities Amount) or because the Common Stock Registrable Securities held by such Holder may be disposed
of without restriction pursuant to any section of Rule 144 under the Securities Act (or any successor or similar provision adopted
by the SEC then in effect).

 

    	 	13	 

     

    

 

Section 2.08 Expenses.

 

(a) Expenses.
The Company shall pay all reasonable Registration Expenses as determined in good faith by the Company, including, in the case of
an Underwritten Offering, the reasonable Registration Expenses of an Underwritten Offering, regardless of whether any sale is made
pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection
with any sale of its Registrable Securities hereunder. Each Selling Holder’s pro rata allocation of Selling Expenses
shall be the percentage derived by dividing (i) the number of Registrable Securities sold by such Selling Holder in connection
with such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such sale.
In addition, except as otherwise provided in Sections 2.08 and 2.09 hereof, the Company shall not be responsible
for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.

 

(b) Certain Definitions.
 “Registration Expenses” means all expenses incident to the Company’s performance under or compliance with
this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01(a)
or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable Securities, including, without
limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other
fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, Inc., fees
of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, and the fees and
disbursements of counsel and independent public accountants for the Company, including the expenses of any special audits or “comfort”
letters required by or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel for
the Selling Holders participating in such Registration Statement or Underwritten Offering to effect the disposition of such Registrable
Securities, selected by the Holders of a majority of the Registrable Securities initially being registered under such Registration
Statement or other registration statement as contemplated by this Agreement, subject to the reasonable consent of the Company.
 “Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements
allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the Selling Holders, except for the
reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Company pursuant to Sections 2.08
and 2.09.

 

Section 2.09 Indemnification.

 

(a) By the Company.
In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company shall
indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and
each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and its directors,
officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified Persons”),
against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively,
 “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any
prospectus, in light of the circumstances under which such statement is made) contained in (which includes documents incorporated
by reference in) such Registration Statement or any other registration statement contemplated by this Agreement, any preliminary
prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing
prospectus relating thereto or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances
under which they were made) not misleading, and shall reimburse each such Selling Holder Indemnified Person for any legal or other
expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings;
provided, however, that the Company shall not be liable in any such case if and to the extent that any such Loss arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with
information furnished by such Selling Holder Indemnified Person in writing specifically for use in such Registration Statement
or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer
of such securities by such Selling Holder.

 

    	 	14	 

     

    

 

(b) By Each Selling
Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Company, its directors, officers,
employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange
Act, and its directors, officers, employees and agents, to the same extent as the foregoing indemnity from the Company to the Selling
Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling
Holder expressly for inclusion in such Registration Statement or any other registration statement contemplated by this Agreement,
any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof,
or any free writing prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not
be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from
the sale of the Registrable Securities giving rise to such indemnification.

 

(c) Notice.
Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall,
if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing
thereof, but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified
party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify the indemnifying
party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish,
to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from
the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying
party shall not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with
counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party
and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available
to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified
party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense
of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation
to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying
party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to
indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation
on, and includes a complete and unconditional release from all liability of, and does not contain any admission of wrongdoing by,
the indemnified party.

 

    	 	15	 

     

    

 

(d) Contribution.
If the indemnification provided for in this Section 2.09 is held by a court or government agency of competent jurisdiction
to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such 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 Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and of such indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses,
as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be
required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such
Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying
party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made
by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of
the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this
paragraph. 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 is not guilty of such fraudulent misrepresentation.

 

(e) Other Indemnification.
The provisions of this Section 2.09 shall be in addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or otherwise.

 

Section 2.10 Rule
144 Reporting.

 

With a view to making
available the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the
public without registration, the Company agrees to use its reasonable best efforts to:

 

(a) make and keep public
information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act (or
any successor or similar provision adopted by the SEC then in effect), at all times from and after the date hereof;

 

(b) file with the SEC
in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all
times from and after the date hereof; and

 

(c) so long as a Holder
owns any Registrable Securities, furnish, unless otherwise available electronically at no additional charge via the SEC’s
EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such
other reports and documents as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing
such Holder to sell any such securities without registration.

 

Section 2.11 Transfer
or Assignment of Registration Rights.

 

The rights to cause
the Company to register Registrable Securities granted to the Purchasers by the Company under this Article II may be transferred
or assigned by any Purchaser to one or more transferees or assignees of Registrable Securities, subject to the transfer restrictions
provided in the Securities Purchase Agreement, provided, however, that (a) the Company is given written notice prior to
any said transfer or assignment, stating the name and address of each of the transferee or assignee and identifying the Registrable
Securities with respect to which such registration rights are being transferred or assigned and (b) each such transferee or assignee
assumes in writing responsibility for its portion of the obligations of such Purchaser under this Agreement.

 

    	 	16	 

     

    

 

Section 2.12 Limitation
on Subsequent Registration Rights.

 

From and after the
date hereof, the Company shall not, without the prior written consent of (a) the Holders of a majority of the then outstanding
Common Stock Registrable Securities and (b) the Holders of a majority of the then outstanding Preferred Stock Registrable Securities,
enter into any agreement with any current or future holder of any equity securities of the Company that would allow such current
or future holder to require the Company to include equity securities in any registration statement filed by the Company on a basis
that is superior in any respect to the rights granted to the Holders pursuant to this Agreement.

 

Section 2.13 Limitation
on Obligations for Preferred Stock Registrable Securities.

 

Notwithstanding anything
to the contrary in this Agreement, nothing contained herein shall be construed to require the Company to (a) conduct an underwritten
offering for the public sale, resale or any other disposition of Preferred Stock Registrable Securities, (b) except as expressly
provided in this Agreement, otherwise assist in the public resale of any Preferred Stock Registrable Securities, (c) provide any
Holder of Preferred Stock Registrable Securities any rights to include any Preferred Stock Registrable Securities in any underwritten
offering relating to the sale by the Company or any other Person of any securities of the Company or (d) cause any Preferred Stock
Registrable Securities to be listed on any securities exchange or nationally recognized quotation system.

 

Article
III

MISCELLANEOUS

 

Section 3.01 Communications.

 

All notices and other
communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier service or personal
delivery:

 

(a) if to a Purchaser:

 

To the respective address listed
on Schedule A hereof with copies to (which shall not constitute notice):

 

Hunton Andrews Kurth LLP

600 Travis Street, Suite 4200

Houston, TX 77002

Attention: Jordan Hirsch

Telephone: (713) 220-4349

Email: jordanhirsch@HuntonAK.com

 

(b) if to a transferee
of a Purchaser, to such Holder at the address provided pursuant to Section 2.11 above; and

 

(c) if to the Company:

 

Great Ajax Corp.

9400 SW Beaverton-Hillsdale Hwy

Suite 131

Beaverton, Oregon 97005

Attention: Lawrence Mendelsohn

Email: larry@aspencapital.com

 

    	 	17	 

     

    

 

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

 

Mayer Brown LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: Anna Pinedo

Telephone: (212) 506-2275

Facsimile: (212) 849-5767

Email: apinedo@mayerbrown.com

 

All such notices and
communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged,
if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other
means.

 

Section 3.02 Successor
and Assigns.

 

This Agreement shall
inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent Holders
of Registrable Securities to the extent permitted herein.

 

Section 3.03 Assignment
of Rights.

 

All or any portion
of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser only in accordance
with Section 2.11 hereof.

 

Section 3.04 Recapitalization,
Exchanges, Etc. Affecting the Common Stock.

 

The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all units of the Company or any successor or
assign of the Company (whether by merger, acquisition, consolidation, reorganization, sale of assets or otherwise) that may be
issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for
combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement.

 

Section 3.05 Aggregation
of Registrable Securities.

 

All Registrable Securities
held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability
of any rights and applicability of any obligations under this Agreement.

 

Section 3.06 Specific
Performance.

 

Damages in the event
of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that
each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to an injunction
or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms
and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable relief. The existence of this right shall not preclude
any such Person from pursuing any other rights and remedies at law or in equity that such Person may have.

 

    	 	18	 

     

    

 

Section 3.07 Counterparts.

 

This Agreement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or .pdf
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section 3.08 Headings.

 

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

 

Section 3.09 Governing
Law.

 

This Agreement, including
all issues and questions concerning its application, construction, validity, interpretation and enforcement, shall be construed
in accordance with, and governed by, the laws of the State of New York.

 

Section 3.10 Severability
of Provisions.

 

Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity
or enforceability of such provision in any other jurisdiction.

 

Section 3.11 Entire
Agreement.

 

This Agreement is intended
by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Company
set forth herein. This Agreement and the Securities Purchase Agreement supersede all prior agreements and understandings between
the parties with respect to such subject matter.

 

Section 3.12 Amendment.

 

This Agreement may
be amended only by means of a written amendment signed by the Company, the Holders of a majority of the then outstanding Common
Stock Registrable Securities and the Holders of a majority of the then outstanding Preferred Stock Registrable Securities; provided,
however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent
of such Holder.

 

Section 3.13 No
Presumption.

 

If any claim is made
by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall
be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.

 

    	 	19	 

     

    

 

Section 3.14 Obligations
Limited to Parties to Agreement.

 

Each of the parties
hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted transferees and assignees)
and the Company shall have any obligation hereunder. Notwithstanding that one or more of the Purchasers may be a corporation, partnership
or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith
or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate thereof, whether by the enforcement of any assessment
or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate
thereof, as such, for any obligations of the Purchasers under this Agreement or any documents or instruments delivered in connection
herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each
case for any transferee or assignee of a Purchaser hereunder.

 

Section 3.15 Independent
Nature of Purchaser’s Obligations.

 

The obligations of
the Purchasers under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall
be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained
herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an
association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting
in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. The Purchasers shall
be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement, and it shall
not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

 

    	 	20	 

     

    

 

Section 3.16 Interpretation.

 

Article and Section
references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements
are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The words “include,” “includes” and “including”
or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination,
consent or approval is to be made or given by a Purchaser under this Agreement, such action shall be in such Purchaser’s
sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by “Business”
or “trading”), all references herein to a “day” are deemed to be a reference to a calendar day.

 

 

(Signature pages follow)

 

    	 	21	 

     

    

 

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

 

	 	GREAT AJAX CORP.
	 	 	 
	 	By:	                          
	 	Name:  	 
	 	Title:	 

 

 

[Signature Page to Registration Rights
Agreement]

     

     

    

 

	 	PURCHASERS:
	 	 	 
	 	MAGNETAR CONSTELLATION FUND V LTD.
	 	 
	 	 	
        

        By:
	MAGNETAR FINANCIAL LLC,

        its investment manager

	 	 	 	 
	 	By:	 
	 	Name:  	Karl Wachter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	MAGNETAR CONSTELLATION FUND V LLC
	 	 
	 	 	
        

        By:
	MAGNETAR FINANCIAL LLC,

        its manager 

	 	 	 	 
	 	By:	 
	 	Name:	Karl Wachter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	MAGNETAR LONGHORN FUND LP
	 	 
	 	 	
        By:
	MAGNETAR FINANCIAL LLC,

        its investment
manager 

	 	 	 	 
	 	By:	 
	 	Name:	Karl Wachter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	MAGNETAR SC FUND LTD.
	 	 
	 	 	
        By:
	MAGNETAR FINANCIAL LLC,

        its investment
manager

	 	 	 	 
	 	By:	 
	 	Name:	Karl Wachter
	 	Title:	General Counsel

 

    22

     

    

 

	 	PURCHASERS:
	 	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	 
	 	 	
        By:
	MAGNETAR FINANCIAL LLC,

        its general
partner 

	 	 	 	 
	 	By:	 
	 	Name:  	Karl Wachter
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	MAGNETAR XING HE MASTER FUND LTD.
	 	 
	 	 	
        

        By:
	MAGNETAR FINANCIAL LLC,

        its investment
manager 

	 	 	 	 
	 	By:	 
	 	Name:	Karl Wachter
	 	Title:	General Counsel

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

SCHEDULE A

PURCHASERS

 

	Purchaser Name 	Purchaser Address
	
        Magnetar Constellation
Fund V Ltd.
	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

	
        Magnetar Constellation
Fund V LLC
	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

	
        Magnetar Longhorn
Fund LP
	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

	Magnetar SC Fund Ltd.	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

	
        Magnetar Structured
Credit Fund, LP
	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

	
         Magnetar
Xing He Master Fund Ltd
	
        c/o Magnetar Financial
        LLC

        1603 Orrington Avenue,
        13th Floor

        Evanston, Illinois 60201

 

 

A-1

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