Document:

Exhibit 10.3

 

Execution
Version

 

granite
point mortgage trust INC.

 

 

3 Bryant Park, 24th Floor

New York, NY 10036

 

October 4, 2020

 

Steven Plust

 

		Re:	EMPLOYMENT
                                         AGREEMENT

 

Dear Steven:

 

This Employment Agreement
(the “Agreement”) between you (referred to hereinafter as the “Executive”)
and Granite Point Mortgage Trust Inc., a Maryland corporation (the “Company”) sets forth the terms and
conditions that shall govern the period of Executive’s employment with the Company (referred to hereinafter as “Employment”).

 

1.            Duties
and Scope of Employment.

 

(a)          At-Will
Employment. Executive will commence full-time Employment with the Company effective as of the Start Date (as defined below),
the terms of which will be governed by this Agreement. Executive’s Employment with the Company is for no specified period
and constitutes “at will” employment. As a result, Executive is free to terminate Employment at any time, with or without
advance notice, and for any reason or for no reason. Similarly, the Company is free to terminate Executive’s Employment at
any time, with or without advance notice, and with or without Cause (as defined below). Furthermore, although terms and conditions
of Executive’s Employment with the Company may change over time in accordance with the terms of this Agreement, nothing shall
change the at-will nature of Executive’s Employment (the period that Executive is employed with the Company, the “Employment
Period”). For purposes of this Agreement, the term “Start Date” shall mean the effective
date of the internalization agreement to be entered into between Pine River Capital Management L.P. (“Pine River”)
and the Company (the “Internalization Agreement”).

 

(b)          Position
and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Operating
Officer. Executive will report to the Company’s Chief Executive Officer (your “Supervisor”), and
Executive will be working out of the Company’s office in Manhattan, New York. Executive will perform the duties and have
the responsibilities and authority customarily performed and held by an employee in Executive’s position.

 

(c)          Obligations
to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best
of Executive’s ability and will devote Executive’s full business efforts and time to the Company. During the Employment
Period, without the prior written approval of your Supervisor, Executive shall not render services in any capacity to any other
Person or engage in any business activities for himself, in each case, that individually or in the aggregate would materially impact
Executive’s ability to perform his duties hereunder. Notwithstanding the foregoing, Executive may serve on civic or charitable
boards or committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, and manage personal investments
without advance written consent of your Supervisor; provided that such activities do not individually or in the aggregate materially
interfere with the performance of Executive’s duties under this Agreement or create a potential business or fiduciary conflict.
Executive shall comply with the Company’s policies and rules, as they may be in effect from time to time during Executive’s
Employment. It is expressly understood and agreed that, to the extent that any such activities have been conducted by Executive,
and disclosed in writing to the Company, in each case, prior to the Start Date, the continued conduct of such activities subsequent
to the Start Date, to the extent not competitive with the Company, shall not thereafter be deemed to interfere with the performance
of Executive’s responsibilities to the Company.

 

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(d)          Business
Opportunities. During Executive’s Employment, Executive shall promptly disclose to the Company each business opportunity
of a type, which based upon its prospects and relationship to the business of the Company or its affiliates, the Company might
reasonably consider pursuing.

 

(e)          No
Conflicting Obligations. Excluding anything related to Executive’s prior employment with Pine River as described
in the Internalization Agreement, Executive represents and warrants to the Company that Executive is under no obligations or commitments,
whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would otherwise
prohibit Executive from performing Executive’s duties with the Company. In connection with Executive’s Employment,
except as permitted under the Internalization Agreement, Executive shall not use or disclose any trade secrets or other proprietary
information or intellectual property in which Executive or any other Person has any right, title or interest and Executive’s
Employment will not infringe or violate the rights of any other Person. Executive represents and warrants to the Company that Executive
has returned all property and confidential information belonging to any prior employer. Nothing herein shall limit the Company’s
obligation to indemnify Executive pursuant to the Indemnification Agreement attached hereto as Attachment A (the “Indemnification
Agreement”).

 

2.            Cash
and Incentive Compensation.

 

(a)          Base
Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross annual
rate of $600,000 less all required tax withholdings and other applicable deductions, in accordance with the Company’s standard
payroll procedures. The annual compensation specified in this subsection (a), together with any increases in such compensation
that the Company may make from time to time, is referred to in this Agreement as the “Base Salary.” Executive’s
Base Salary will be subject to review at least annually and increases that will be made based upon the Company’s normal performance
review practices. Effective as of the date of any increase to Executive’s Base Salary, the Base Salary as so increased shall
be considered the new Base Salary for all purposes of this Agreement.

 

(b)          Cash
Incentive Bonus. Executive will be eligible for an annual cash incentive bonus (the “Cash Bonus”)
each calendar year during the Employment Period commencing for calendar year 2021 based upon the achievement of certain objective
or subjective criteria (collectively, the “Performance Goals”). The Performance Goals for Executive’s
Cash Bonus for a particular year will be established in the sole discretion of, the Company’s Board of Directors (the “Board”)
or any Compensation Committee of the Board (the “Committee”) in consultation with the Company’s
Chief Executive Officer. The target amount of any such Cash Bonus will be 75% of Executive’s Base Salary (the “Target
Bonus”), with the actual amount of the Cash Bonus (i) to be up to 200% of the Target Bonus, equal to or as low
as 0% of the Target Bonus, based on the achievement of the Performance Goals as determined by the Board or the Committee as applicable,
taking into account recommendations of the Company’s Chief Executive Officer, and (ii) to be paid no later than March 15
of the year following the year for which it is earned. Any Cash Bonus paid to Executive shall be subject to all required tax withholdings
and other applicable deductions. Except as provided in Section 6 below, Executive shall not be paid a Cash Bonus unless Executive
is employed by the Company on the date when such Cash Bonus is actually paid by the Company.

 

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(c)          Long-Term
Cash and Equity Plans. During the Employment Period, Executive shall be entitled to receive annual grants under the cash
and equity incentive plans, practices, policies, and programs applicable generally to other senior executives of the Company on
terms and conditions no less favorable than those provided by the Company to other senior executives of the Company. Without limiting
the generality of the foregoing:

 

(i)            The
Company shall grant Executive restricted stock units in respect of a number of shares (each, a “Share”)
of the Company’s common stock (each, an “RSU”) equal to (x) $600,000 divided by (y) the
Fair Market Value (as defined in the Equity Plan) of a Share on the Start Date (the “Sign-on Award”).
The Sign-on Award shall be granted on the Start Date, shall have DERs (as defined in the Equity Plan (as defined below)), and shall
be settled in Shares or, at the Company’s option, cash. Subject to Executive’s continuing to provide services to the
Company through the relevant vesting dates and the other terms and conditions of this Agreement, the Sign-on Award shall vest and
be settled in full on the 5th anniversary of the Start Date. The Sign-on Award will be subject to the terms, definitions
and provisions of the Company’s 2017 Equity Incentive Plan (the “Equity Plan”) and the applicable
underlying award agreement by and between Executive and the Company (an “Award Agreement”), both of which
documents are incorporated herein by reference. In the event of a conflict between the Equity Plan or Award Agreement, on the one
hand, and this Agreement, on the other, this Agreement shall govern.

 

(ii)            The
Company shall grant Executive RSUs in respect of a number of Shares equal to (x) $1,200,000 divided by (y) the
Fair Market Value of a Share on the Start Date (the “2021 Award”). The 2021 Award shall be granted during
January 2021 with a vesting commencement date of January 1, 2021 (the “2021 Award VCD”), shall
have DERs, and shall be settled in Shares or, at the Company’s option, cash; provided, however, that if the Company has a
Change of Control, the 2021 Award will be granted prior to the consummation of the Change of Control. Fifty percent (50%) of the
2021 Award shall be subject to time-based vesting (the “Time-Based 2021 Award”) and fifty percent (50%)
(such number of Shares, the “2021 Target Shares”) shall vest based on the achievement of performance
metrics (the “Performance-Based 2021 Award”). Subject to Executive’s continuing to provide services
to the Company through the relevant vesting dates and the other terms and conditions of this Agreement, the Time-Based 2021 Award
shall vest and be settled in three (3) annual installment on the first three (3) anniversaries of the 2021 Award VCD.
For the Performance-Based 2021 Award, the performance period shall run from January 1, 2021 to December 31, 2023 (the
 “2021 Award Performance Period”) and the performance metrics shall be determined by the Board or Committee,
as applicable, based on market data and recommendations from the compensation consultant advising the Board or the Compensation
Committee, as applicable, and input from the Company’s Chief Executive Officer. The actual number of Shares earned under
the Performance-Based 2021 Award shall range from 0% to 200% of the 2021 Target Shares based on achievement against the performance
metrics for the 2021 Award Performance Period and, to the extent earned, shall be settled by March 15, 2024, subject to the
Executive’s continued employment through the end of the 2021 Award Performance Period.

 

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(iii)          Commencing
with calendar year 2022, on an annual basis, the Company shall grant Executive additional RSUs (each, an “Annual Equity
Award”) in respect of a number of Shares equal to (x) a dollar value divided by (y) the Fair Market
Value of a Share on the date of grant for the Annual Equity Award. The Company anticipates granting the Annual Equity Awards within
sixty (60) days after the start of each calendar year. The Annual Equity Awards shall have DERs, and shall be settled in Shares
or, at the Company’s option, cash. A portion of the Annual Equity Award shall be subject to time-based vesting (the “Time-Based
Annual Equity Award”) and a portion shall vest based on the achievement of performance metrics (the “Performance-Based
Annual Equity Award”). The dollar value of the Annual Equity Award, the proportion of the Annual Equity Award that
is Time-Based Annual Equity Award or Performance-Based Annual Equity Award and the performance metrics shall be determined by the
Board or Committee, as applicable, based on market data and recommendations from the compensation consultant advising the Board
or the Compensation Committee, as applicable, and input from the Company’s Chief Executive Officer. Subject to Executive’s
continuing to provide services to the Company through the relevant vesting dates and the other terms and conditions of this Agreement,
the Time-Based Annual Equity Awards shall vest and be settled in three (3) equal annual installments on each anniversary of
the date of grant. The actual number of Shares earned under the Performance-Based Annual Equity Award shall range from 0% to 200%
of the Target Shares (the portion of the annual dollar value for the Annual Equity Award allocated to the Performance-Based Annual
Equity Award divided by the Fair Market Value of a Share on the date of grant) based on achievement against the applicable performance
goals over the relevant performance period, subject to the Executive’s continued employment through the end of the performance
period. Each Performance-Based Annual Equity Award shall be settled by the March 15th of the calendar year following
the end of the applicable performance period.

 

(iv)          The
2021 Award and the Annual Equity Awards will be subject to the terms, definitions and provisions of the Equity Plan and the applicable
underlying Award Agreement, both of which documents are incorporated herein by reference. Any RSUs granted under the terms of this
Agreement shall be considered “Phantom Shares” for purposes of the Equity Plan.

 

(d)          Special
Award. In consideration for Executive’s performing services for the transition in the internalization process, the
Company shall pay to Executive an amount equal to $450,000 on or before December 31, 2020.

 

3.           Employee
Benefits. During the Employment Period, Executive shall be eligible to (a) receive paid time off (“PTO”)
in accordance with the Company’s PTO policy, as it may be amended from time to time and (b) participate in the employee
benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each
case to the generally applicable terms and conditions of the plan or policy in question and to the determinations of any Person
or committee administering such employee benefit plan or policy. The Company reserves the right to cancel or change the employee
benefit plans, policies and programs it offers to its employees at any time.

 

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4.           Business
Expenses. The Company will reimburse Executive for necessary and reasonable business expenses, including air travel benefits
consistent with those in effect on the date hereof, incurred in connection with Executive’s duties hereunder upon presentation
of an itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable
policies.

 

5.            Rights
Upon Termination. Except as expressly provided in Section 6, upon the termination of Executive’s Employment,
Executive shall only be entitled to (i) the accrued but unpaid Base Salary compensation and PTO, if any as determined in accordance
with Company policy as then in effect, (ii) other benefits earned and the reimbursements described in this Agreement or under
any Company-provided plans, policies, and arrangements for the period preceding the effective date of the termination of Employment,
each in accordance with the governing documents and policies of any such benefits, reimbursements, plans and arrangements, and
(iii) such other compensation or benefits from the Company as may be required by law (collectively, the “Accrued
Benefits”).

 

6.           Termination
Benefits.

 

(a)          Termination
without Cause or Resignation for Good Reason and not in Connection with a Change of Control. If (x) the Company (or
any parent, subsidiary or successor of the Company) terminates Executive’s employment with the Company for a reason other
than Cause, Executive becoming Disabled or Executive’s death, or (y) the Executive resigns for Good Reason, in each
case, at any time other than the CIC Period (as defined below), then, in each case, subject to Section 7, Executive will be
entitled to the following:

 

(i)            Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii)           Severance
Payments. Executive will receive an amount of cash severance equal to (x) the Severance Multiple (as defined below) multiplied
by (y) the sum of (a) Executive’s Base Salary and (b) the Target Bonus, in each case, as then in effect
on the date of Executive’s separation from service (and ignoring any reduction related to a Good Reason trigger) (the “Cash
Severance”). The Cash Severance will be paid in equal installments over a period of twelve (12) months, less all
required tax withholdings and other applicable deductions, which will be paid in accordance with the Company’s regular payroll
procedures commencing on the Release Deadline (as defined in Section 7(a)); provided that the first payment shall include
any amounts that would have been paid to Executive if payment had commenced on the date of Executive’s separation from service.
The “Severance Multiple” shall mean 1.5.

 

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(iii)          Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
shall receive such Cash Bonus, to the extent such Cash Bonus was earned based on actual performance for such performance period,
which shall be paid, if at all, at the same time annual bonuses are paid by the Company to other executives of the Company for
such completed performance period, but no later than March 15th of the calendar year following the completed performance period.

 

(iv)          Pro-Rated
Bonus. Executive will be paid, within 10 days after the Release Deadline, a pro-rated Cash Bonus for the fiscal year in which
Executive terminates employment equal to (x) the Cash Bonus that Executive would have received, if any, based on actual performance
for such fiscal year if Executive had remained in the employ of the Company for the entire fiscal year multiplied by (y) a
fraction, the numerator of which is the number of days in the fiscal year through the termination date and the denominator of which
is 365 (the “Pro-Rated Bonus”). The Pro-Rated Bonus, if any, shall be paid at the same time annual bonuses
are paid by the Company to other executives of the Company for the fiscal year in which the Executive terminated employment, but
in no later than March 15th of the calendar year following the calendar year in which Executive terminated employment.

 

(v)           Continued
Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, within the time
period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage
levels in effect immediately prior to Executive’s termination or resignation) until the earlier of (A) a period of eighteen
(18) months from the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or Executive’s
eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

 

(vi)          Equity.
Executive will receive the following treatment with respect to any then-outstanding and unvested equity awards: (A) continued
vesting of any time-based equity awards (including, without limitation, the Sign-on Award, the Time-Based 2021 Award, or the economic
equivalent if not granted prior to the termination of employment, and any Time-Based Annual Equity Award) without regard to the
continuous service requirement, such that the awards will continue to vest as if Executive had remained in the employ of the Company
through each applicable vesting date until such awards are fully vested; and (B) pro-rata vesting acceleration at the end
of the applicable performance period with respect to any performance-based equity awards (including any Performance-Based Annual
Equity Awards) that Executive would have received based on (x) actual performance through the end of the applicable performance
period(s) had Executive remained in the employ of the Company for the entirety of such performance period(s) and (y) the
number of days the Executive was employed with the Company during the applicable performance period(s) through and including
the Executive’s termination date. Notwithstanding, and in lieu of the forgoing, if a qualifying termination under this Section 6(a) occurs
prior to the end of the 2021 Award Performance Period, the Performance-Based 2021 Award shall be converted to a time-based equity
award for a number of Share equal to the 2021 Target Shares vesting in full at the end of the 2021 Award Performance Period and
shall be treated as a time-based equity award under Section 6(a)(vi)(A) above (or the economic equivalent will be provided
if not granted prior to the termination of employment).

 

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(b)          Termination
without Cause or Resignation for Good Reason in Connection with a Change of Control. If, during the three (3)-month period
immediately prior to (or otherwise in connection with or in anticipation of a Change of Control), on or during the twenty-four
(24)-month period immediately following, a Change of Control (such period, the “CIC Protective Period”),
(x) the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming
Disabled or Executive’s death, or (y) Executive resigns from such employment for Good Reason, then, in each case, subject
to Section 7, Executive will receive the following severance benefits from the Company in lieu of the benefits described in
Section 6(a) above:

 

(i)            Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii)           Severance
Payment. Executive will receive a lump sum severance payment equal to (x) CIC Multiple (as defined below) multiplied
by (y) the sum of (a) Executive’s Base Salary and (b) the Target Bonus, in each case, as then in effect
on the date of Executive’s separation from service (and ignoring any reduction related to a Good Reason trigger) (the “CIC
Cash Severance”). So long as the Change of Control constitutes a “change in control event within the meaning
of Section 409A (a “409A CIC”), the CIC Cash Severance will be paid in a single lump sum on the
Release Deadline (as defined in Section 7(a)), less all required tax withholdings and other applicable deductions, in accordance
with the Company’s regular payroll procedures and, to the extent required to avoid taxes under Section 409A, otherwise
shall be paid in accordance with Section 6(a)(ii). The “CIC Multiple” shall mean 2.0.

 

(iii)          Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
shall receive such Cash Bonus, to the extent such Cash Bonus was earned based on actual performance for such performance period,
which shall be paid, if at all, at the same time annual bonuses are paid by the Company to other executives of the Company for
such completed performance period, but no later than March 15th of the calendar year following the completed performance period.

 

(iv)          Pro-Rated
Bonus. Executive will be paid, within 10 days after the Release Deadline, a pro-rated Cash Bonus for the fiscal year in which
Executive terminates employment equal to (x) the Target Bonus multiplied by (y) a fraction, the numerator of which
is the number of days in the fiscal year through the termination date and the denominator of which is 365.

 

(v)           Continued
Employee Benefits. If Executive elects continuation coverage pursuant to COBRA for Executive and Executive’s eligible
dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for
such coverage (at the coverage levels in effect immediately prior to Executive’s termination or resignation) until the earlier
of (A) a period of eighteen (18) months from the last date of employment of Executive with the Company, or (B) the date
upon which Executive and/or Executive’s eligible dependents become covered under similar plans. COBRA reimbursements will
be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy and will be taxable
to the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or
the Patient Protection and Affordable Care Act of 2010.

 

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(vi)          Equity.
All of Executive’s then-outstanding and unvested (A) so long as the Change of Control constitutes a 409A CIC, time-based
equity awards (including, without limitation, the Sign-on Award, the Time-Based 2021 Award (or the economic equivalent if not granted
prior to the termination of employment), and any Time-Based Annual Equity Award) shall immediately vest and become exercisable
or settled, as applicable, as of the date of Executive’s termination of employment and, if not a 409A CIC, to the extent
necessary to avoid the imposition of taxes under Section 409A, shall vest in the manner contemplated by Section 6(a)(vi)(A);
and (B) performance-based equity awards (including any Performance-Based Annual Equity Awards and the Performance-Based 2021
Award, or the economic equivalent will be provided if not granted prior to the termination of employment) shall immediately vest
and become exercisable or settled, with respect to the target number of shares subject thereto, as of the date of Executive’s
termination of employment; provided, however, that if the Change of Control is not a 409A CIC, then settlement shall occur at the
end of the applicable performance period if necessary to avoid adverse tax consequences under Section 409A.

 

(c)          Disability;
Death; Retirement. The Company may terminate Executive’s employment with the Company due to Executive’s Disability
upon fifteen (15) days’ prior written notice or payment in lieu thereof. This Agreement shall terminate automatically upon
Executive’s death. Executive may terminate Executive’s employment with the Company due to Executive’s Retirement
upon one hundred twenty (120) days’ written notice or payment to Executive in lieu thereof, in the Company’s sole discretion.
If Executive’s employment with the Company is terminated due to (x) Executive becoming Disabled, (y) Executive’s
death or (z) Executive’s Retirement, then Executive or Executive’s estate (as the case may be) will receive the
following from the Company, subject to Section 7:

 

(i)            Accrued
Compensation. The Company will pay Executive or Executive’s estate (as the case may be) all Accrued Benefits.

 

(ii)           Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
or Executive’s estate (as the case may be) shall receive such Cash Bonus, to the extent such Cash Bonus was earned based
on actual performance for such performance period, which shall be paid, if at all, at the same time annual bonuses are paid by
the Company to other executives of the Company for such completed performance period, but no later than March 15th of the
calendar year following the completed performance period.

 

(iii)          Pro-Rated
Bonus. Executive or Executive’s estate (as the case may be) will be paid, within 10 days after the Release Deadline,
a Pro-Rated Bonus, if any, in accordance with Section 6(a)(iv) above.

 

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(iv)          Continued
Employee Benefits. In the case of a termination of Executive’s employment due to Disability only, if Executive elects
continuation coverage pursuant to COBRA for Executive and Executive’s eligible dependents, within the time period prescribed
pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect
immediately prior to Executive’s termination or resignation) until the earlier of (A) a period of eighteen (18) months
from the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or Executive’s
eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

 

(v)           Equity.
Executive or Executive’s estate (as the case may be) will receive the same treatment with respect to any then-outstanding
and unvested equity awards as set forth in Section 6(a)(vi) above; provided, however, that if termination is a result
of Executive’s Retirement during the CIC Protective Period, then Executive will receive the same treatment with respect to
any then-outstanding and unvested equity awards as set forth in Section 6(b)(vi) above, except that the number of shares
accelerated with respect to any performance-based equity awards (including the Performance-Based Annual Equity Awards) shall be
(x) the target number of shares subject to such award multiplied by (y) a fraction, the numerator of which is the number
of days the Executive was employed with the Company during the applicable performance period(s) through and including the
Executive’s termination date and the denominator of which is the total number of days in the applicable performance period,
inclusive.

 

(d)          Voluntary
Resignation; Termination for Cause. If Executive’s employment with the Company is terminated due to (i) Executive’s
voluntary resignation (other than for Good Reason), or (ii) the Company’s termination of Executive’s employment
with the Company for Cause, then Executive will receive the Accrued Benefits, but will not be entitled to any other compensation
or benefits from the Company except to the extent required by law (for example, COBRA). All Accrued Benefits shall in all cases
be paid within thirty (30) days of Executive’s termination of employment (or such earlier date as required by applicable
law) pursuant to this Section 6(d).

 

(e)          Timing
of Payments. Subject to any specific timing provisions in Section 6(a), 6(b), 6(c), or 6(d), as applicable, or the
provisions of Section 7, payment of the severance and benefits hereunder shall be made or commence to be made as soon as practicable
following Executive’s termination of employment.

 

(f)           Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company (or any parent, subsidiary or successor
of the Company), the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or
remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this
Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses).
Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination of employment,
including, without limitation, any severance payments and/or benefits provided in the Employment Agreement, other than those benefits
expressly set forth in Section 6 of this Agreement or pursuant to written equity award agreements with the Company.

 

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(g)          No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any earnings that Executive may receive from any other source reduce any such payment. Following a Change of Control,
the Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from the Executive),
to the full extent permitted by law, all legal fees and expenses that Executive may reasonably incur as a result of any contest
(regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability
under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive
about the amount of any payment pursuant to this Agreement), plus, in each case, interest on any delayed payment at the applicable
federal rate provided for in Code Section 7872(f)(2)(A).

 

(h)          Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned
from all offices and directorships, if any, then held with the Company and its affiliates.

 

7.           Conditions
to Receipt of Severance.

 

(a)          Release
of Claims Agreement. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive
signing and not revoking a separation agreement and release of claims in the form attached hereto as Attachment B (the “Release”),
which must become effective no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release
Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement.
To become effective, the Release must be executed by Executive and any revocation periods (as required by statute, regulation,
or otherwise) must have expired without Executive having revoked the Release. In addition, in no event will severance payments
or benefits be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time
during the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Executive’s
termination of employment occurs, then any severance payments or benefits under this Agreement that would be considered deferred
compensation (within the meaning of Section 409A) will be paid on the first payroll date to occur during the calendar year
following the calendar year in which such termination occurs, or such later time as required by (i) the payment schedule applicable
to each payment or benefit as set forth in Section 6, (ii) the date the Release becomes effective, or (iii) Section 7(d)(ii);
provided that the first payment shall include all amounts that would have been paid to Executive if payment had commenced on the
date of Executive’s termination of employment.

 

(b)          Restrictive
Covenants. The receipt of any termination benefits pursuant to Section 6 will be subject to Executive not violating
the provisions of Section 9. In the event Executive breaches the provisions of Section 9, all continuing payments and
benefits to which Executive may otherwise be entitled pursuant to Section 6 will immediately cease.

 

(c)          Confidential
Information Agreement. Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive
continuing to comply with the terms of the Confidentiality Agreement (as defined in Section 11(a) below).

 

    -10- 

     

    

 

(d)          Section 409A.

 

(i)            The
parties hereto intend that the payments and benefits under this Agreement be exempt from Section 409A (as defined below) or,
to the extent not exempt, comply therewith and, accordingly, this Agreement shall be interpreted consistent with such intent. Nothing
in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a
result of a failure to comply with Section 409A) from Executive to the Company or to any other individual or entity.

 

(ii)           Notwithstanding
anything to the contrary in this Agreement, to the extent necessary to avoid the imposition of taxes and penalties under Section 409A,
(A) no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement will be paid or otherwise
provided until Executive has a “separation from service” within the meaning of Section 409A; (B) if Executive
is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination
of employment (other than due to death), then any severance pay or benefits to be paid or provided to Executive within the first
six (6) months following Executive’s separation from service will become payable on the first to occur of the Executive’s
death or the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of
Executive’s separation from service, and all subsequent severance pay or benefits, if any, will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations; and
(C) (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar
year in which Executive incurred the expense, (2) any right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided in
any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any
other calendar year.

 

(iii)           The
Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable
actions that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual
payment to Executive under Section 409A.

 

8.           Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a)          Cause.
 “Cause” means:

 

(i)           Executive’s
gross negligence or willful misconduct in the performance of his or her duties and responsibilities to the Company (other than
resulting from incapacity due to physical or mental illness) that is, or is reasonably expected to be, materially and demonstrably
injurious to the Company;

 

(ii)           Executive’s
commission of any act of fraud, theft, embezzlement, or any other willful misconduct that has caused or that is, or is reasonably
expected to be, materially and demonstrably injurious to the Company;

 

    -11- 

     

    

 

(iii)         Executive’s
conviction of, or pleading guilty or nolo contendere to, any felony or a lesser crime involving moral turpitude; provided that
such lesser crime that is, or is reasonably expected to be, materially and demonstrably injurious to the Company;

 

(iv)         Executive
has willfully violated the Company’s employment discrimination, sexual harassment or fraternization policies or any other
material written Company policy, in each case as they may be in effect from time to time (after a good faith investigation by the
Board or the Committee);

 

(v)          Executive’s
alcohol abuse or other substance abuse that materially impairs Executive’s ability to perform his obligations and that is,
or is reasonably expected to be, materially and demonstrably injurious to the Company;

 

(vi)         Executive’s
unauthorized and willful use or disclosure of any proprietary information or trade secrets of the Company or any other party to
whom Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; or

 

(vii)        Executive’s
material and willful breach of any restrictive covenants to which the Executive has agreed to in writing with respect to the Company.

 

For purposes of this
Section 8(a), no act, or failure to act, on the part of the Executive (A) that has occurred prior to the date hereof
shall be deemed to be for Cause or (B) shall be considered “willful” unless it is done, or omitted to be done,
by the Executive in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests
of the Company. Prior to a termination of the Executive’s employment for “Cause”, the Company will provide the
Executive with written notice describing the facts and circumstances that the Company believes constitutes Cause and, in cases
where the Company reasonably determines that cure is possible, the Executive shall be provided a 20-day period during which he
may cure the circumstances alleged to constitute Cause. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or based upon the lawful and reasonable directives of the Board or based upon the advice of counsel for
the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith or in the best interests
of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have
been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the
entire membership of the Board (excluding the Executive, if the Executive is a member of the Board) at a meeting of the Board (after
reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive,
to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described
in this Section 8(a), and specifying the particulars thereof in detail.

 

(b)          Change
of Control. “Change of Control” shall have the meaning ascribed to it in the Equity Plan; provided, however,
that a management led buyout shall not be considered a Change of Control for purposes of this Agreement.

 

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

 

    -12- 

     

    

 

(d)          Disability.
 “Disability” or “Disabled” means that Executive is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted,
or can be expected to last, for a continuous period of not less than one (1) year.

 

(e)          Good
Reason. “Good Reason” means Executive’s termination of employment within thirty (30) days following the
expiration of any cure period (discussed below) following the occurrence of one or more of the following, without Executive’s
consent:

 

(i)            A
change in Executive’s title or reporting relationship or a material reduction of Executive’s duties, authority or responsibilities,
relative to Executive’s duties, authority or responsibilities in effect immediately prior to such reduction;

 

(ii)           A
reduction (or series of reductions) in either Executive’s Base Salary or Target Bonus equal to or greater than 10%;

 

(iii)          A
material change in the geographic location of Executive’s primary work facility or location from Manhattan, NY; or

 

(iv)          A
material breach by the Company of a material provision of this Agreement (other than a breach by the Company of Section 1
of the Agreement which shall be covered instead by clause (i) of this definition of Good Reason).

 

Executive will not resign
for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for Good
Reason within sixty (60) days of the initial existence of the grounds for Good Reason and a reasonable cure period of not less
than thirty (30) days following the date the Company receives such notice during which such condition must not have been cured.

 

(f)           Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(g)          Person.
 “Person” shall be construed in the broadest sense and means and includes any natural person, a partnership, a corporation,
an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and
other entity or Governmental Authority.

 

(h)          Retirement.
 “Retirement” means the Executive’s resignation of employment (other than for Good Reason) on or after the Executive’s
attainment of age 65 with five consecutive years of service with the Company (inclusive of any prior service with Pine River or
the Company prior to the internalization).

 

(i)           Section 409A.
 “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated thereunder
or any state law equivalent.

 

    -13- 

     

    

 

9.            Restrictive
Covenants.

 

(a)           Non-Competition.
During the period commencing on the Start Date and continuing until the nine (9) month anniversary of the date when Executive’s
Employment terminated for any reason, Executive shall not, without the prior written consent of the Company’s Chief Executive
Officer, directly or indirectly, whether alone or in conjunction with others, as an employee, employer, consultant, agent, principal,
partner, shareholder, corporate officer, director, or through any other kind of ownership or in any other representative or individual
capacity: (i) engage or participate in, manage, operate, join, render any services to, or acquire any financial or beneficial
interest in, any business or activity anywhere in the world that competes with the Company’s business as in effect or with
respect to which the Company has taken material steps to implement during Executive’s employment or as of the date of termination
of such employment (“Competitive Business”); (ii) permit Executive’s name directly or indirectly
to be used by or to become associated with any other person in connection with a business that is competitive or substantially
similar to the Company; or (iii) induce or assist any other person to engage in any of the activities described in clauses
(i) or (ii) above; provided, that, notwithstanding the foregoing, it shall not be a violation of this Section 9(a) for
Executive to do any of the foregoing (A) for any person, entity or affiliated group of entities so long as Executive is not
directly involved with the division, subsidiary or business engaged in the Competitive Business, (B) for any person, entity
or affiliated group of entities that derives ten percent or less of its revenues from the Competitive Business, or (C) own
up to five percent of the securities of any person, entity or affiliated group of entities engaged in a Competitive Business.

 

(b)          Non-Solicitation.
During the period commencing on the Start Date and continuing until the first anniversary of the date when Executive’s Employment
terminated for any reason, Executive shall not, without the prior written consent of the Company’s Chief Executive Officer,
directly or indirectly, personally or through others, solicit, recruit or attempt to solicit or recruit (on Executive’s own
behalf or on behalf of any other Person) either (i) any current employee or any substantially full-time consultant of the
Company or any of the Company’s affiliates, (ii) any former employee or consultant of the Company or any of the Company’s
affiliates who left the Company’s (or such affiliate’s) service within the six (6) months preceding the Executive’s
termination date (unless such former employee was terminated by the Company without Cause or resigned for Good Reason), or (iii) the
business of any customer of the Company or any of the Company’s affiliates on whom Executive called or with whom Executive
became acquainted during Executive’s Employment, excluding solicitation of any customer for a business activity that is not
related to any current business activity of the Company. Executive represents that Executive is (i) familiar with the foregoing
covenant not to solicit, and (ii) fully aware of Executive’s obligations hereunder, including, without limitation, the
reasonableness of the length of time, scope and geographic coverage of these covenants. Notwithstanding the foregoing, this Section 9(b) shall
(1) not apply to the Executive’s personal administrative staff who perform secretarial-type functions, (2) not
prohibit the Executive from serving as a reference and (3) not apply to general solicitations that are not targeted at Company
employees.

 

(c)          Non-Disparagement.
Executive shall not make any remarks disparaging the conduct or character of the Company, any of the Company’s affiliates,
any of the Company’s or any Company affiliates’ current or former employees, officers, directors, successors or assigns.
The Company shall not make any official remarks, and shall instruct its directors and executive officers not to make any remarks,
disparaging the conduct or character of the Executive. Nothing in this Section 9(c) shall limit either party’s
ability to make truthful statements as required by law or legal process, to assert a legal claim or as a defense in any legal proceeding.

 

    -14- 

     

    

 

If any restriction
set forth in this Section 9 is found by any court of competent jurisdiction to be unenforceable because it extends for too
long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend
only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. Executive understands
that the restrictions contained in this Section 9 are necessary for the protection of the business and goodwill of the Company
and Executive considers them to be reasonable and necessary to protect and maintain the proprietary and other legitimate business
interests of the Company and that the enforcement of such restrictive covenants shall not prevent Executive from earning a livelihood.
Executive further acknowledges that the Company would be irreparably harmed and damaged if any of the covenants in this Section 9
are breached and that the remedy at law for any breach or threatened breach of this Section 9, if such breach or threatened
breach is held by a court to exist, shall be inadequate and, accordingly, that the Company shall, in addition to all other available
remedies, be entitled to injunctive relief without being required to post bond or other security and without having to prove the
inadequacy of the available remedies at law. Executive hereby waives trial by jury and agrees not to plead or defend on grounds
of inadequate remedy at law or any element thereof in an action by the Company against Executive for injunctive relief or for specific
performance of any obligation pursuant to this Agreement. The period of time during which the provisions of this Section 9
shall apply shall be extended by the length of time during which Executive may be in breach of the terms hereof.

 

10.          Golden
Parachute.

 

(a)          Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the
Excise Tax; or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment. Any
reduction made pursuant to this Section 10(a) shall be made in accordance with the following order of priority: (i) stock
options whose exercise price exceeds the fair market value of the optioned stock (“Underwater Options”)
(ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash (other than those described in
clause (vi) below) Full Credit Payments that are taxable, (iv) non-cash (other than those described in clause (vi) below)
Full Credit Payments that are not taxable (v) Partial Credit Payments (as defined below) and (vi) non-cash employee welfare
benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest
date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions
made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment” means
a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G
of the Code) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of
the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit
that is not a Full Credit Payment.

 

(b)          Golden
Parachute Tax Solutions LLC or such other nationally recognized certified public accounting firm selected by the Company prior
to the Change of Control and acceptable to Executive (the “Accounting Firm”) shall perform the foregoing
calculations related to the Excise Tax; provided that in no event shall the Accounting Firm be a firm providing advice to a third
party effectuating the Change of Control. If a reduction is required pursuant to Section 10(a), the Accounting Firm shall
administer the ordering of the reduction as set forth in Section 10(a). The Company shall bear all expenses with respect to
the determinations by such accounting firm required to be made hereunder. In connection with making determinations under this Section,
the Accounting Firm shall take into account the value of any reasonable compensation for services to be rendered by the Executive
before or after the Change of Control, including any non-competition provisions that may apply to the Executive, and the Company
shall cooperate in the valuation of any such services, including any non-competition provisions

 

(c)          The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to Executive and the Company (i) as soon as administratively practicable prior to the date on which the Change
of Control occurs (ii) as soon as administratively practicable following Executive’s termination of employment and (iii) within
fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered. Any good faith determinations
of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.

 

11.          Pre-Employment
Conditions.

 

(a)          Confidentiality
Agreement. Executive’s acceptance of this offer and Executive’s Employment with the Company is contingent upon
the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Inventions Agreement,
a copy of which is attached hereto as Attachment C for Executive’s review and execution (the “Confidentiality
Agreement”), prior to or on Executive’s Start Date.

 

12.         Arbitration.

 

(a)          Arbitration.
In consideration of Executive’s Employment with the Company, its promise to arbitrate all employment-related disputes,
and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and
in the future, Executive agrees that any and all controversies, claims, or disputes with the Company and any employee, officer,
director, or benefit plan of the Company in their capacity as such or otherwise arising out of, relating to, or resulting from
Executive’s Employment with the Company or termination thereof, including any breach of this Agreement, will be subject to
binding arbitration pursuant to New York law. The Federal Arbitration Act shall also apply with full force and effect.

 

    -15- 

     

    

 

(b)          Dispute
Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a jury trial, include
any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights
Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit
Protection Act, the Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the New York State Human Rights
Law, New York Equal Rights Law, New York Whistleblower Protection Law, New York Family Leave Law, New York Equal Pay Law, the New
York City Human Rights Law, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims.
Executive and the Company further understand that this agreement to arbitrate also applies to any disputes that the Company may
have with Executive.

 

(c)          Procedure.
Executive agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator
shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or
adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator
shall have the power to award any remedies available under applicable law, and the arbitrator shall award attorneys’ fees
and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged
by the administrator or JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated with
any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive
filed a complaint in a court of law. Executive agrees that the arbitrator shall administer and conduct any arbitration in accordance
with New York law, and that the arbitrator shall apply substantive and procedural New York law to any dispute or claim, without
reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with New York law, New York law
shall take precedence. The decision of the arbitrator shall be in writing. Any arbitration under this Agreement shall be conducted
in New York County, New York.

 

(d)          Remedy.
Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except
as provided by this Agreement or to enforce a judgement against the Company, neither Executive nor the Company will be permitted
to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the
authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company
to adopt a policy not otherwise required by law that the Company has not adopted.

 

(e)          Administrative
Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative
body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to,
the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board,
or the Workers’ Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted
by law.

 

    -16- 

     

    

 

(f)           Voluntary
Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without
any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully
read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding
effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY
TRIAL.

 

(g)          Independent
Advice. Executive acknowledges that Executive has been advised to obtain independent advice and legal counsel to advise
Executive concerning this Agreement, and that Executive has either done so or has knowingly waived that opportunity of Executive’s
own free choice. Neither the Company nor any attorneys for the Company have advised Executive concerning this Agreement, and Executive
is relying solely upon the advice of Executive’s own independent counsel (if any); nor has the Company or any attorneys for
the Company coerced, used undue influence, or otherwise induced Executive to enter into this Agreement.

 

13.          Successors.

 

(a)          Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For
all purposes under this Agreement, the term “Company” shall include any successor to the Company’s
business or assets that become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

(b)          Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable
by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees.

 

14.          Miscellaneous
Provisions.

 

(a)           Indemnification.
The Company shall indemnify and advance Executive expenses to the maximum extent permitted by applicable law, the Company’s
Bylaws with respect to Executive’s service, and that certain Indemnification Agreement, and Executive shall also be covered
under a directors and officers liability insurance policy on terms no less favorable than that provided to other directors and
officers of the Company, which shall be paid for by the Company to the extent that the Company maintains such a liability insurance
policy now or in the future. This provision shall survive termination of this Agreement for any reason.

 

(b)          Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

(c)          Notice.

 

(i)            General.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In
Executive’s case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated
to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all
notices shall be directed to the attention of its Secretary.

 

    -17- 

     

    

 

(ii)           Notice
of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of
termination to the other party hereto given in accordance with Section 14(c)(i) of this Agreement. Such notice will indicate
the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will
be not more than thirty (30) days after the giving of such notice), subject to any applicable cure period. The failure by Executive
or the Company to include in the notice any fact or circumstance which contributes to a showing of Good Reason or Cause, as applicable,
will not waive any right of Executive or the Company, as applicable, hereunder or preclude Executive or the Company, as applicable,
from asserting such fact or circumstance in enforcing his or her or its rights hereunder, as applicable.

 

(d)          Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No
waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(e)          Whole
Agreement. This Agreement supersedes any prior agreement related to the subject matter hereof. No other agreements, representations
or understandings (whether oral or written and whether express or implied) that are not expressly set forth in this Agreement have
been made or entered into by either party with respect to the subject matter hereof. This Agreement and the Confidentiality Agreement
contain the entire understanding of the parties with respect to the subject matter hereof.

 

(f)           Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required
to be withheld by law.

 

(g)            Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of New York without
giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal
or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision
shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such
provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken
and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal
by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that provision
shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the
other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

 

    -18- 

     

    

 

(h)          No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and
may not be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity
that assumes the Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial
portion of the Company’s assets.

 

(i)            Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s
personal attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement,
and is knowingly and voluntarily entering into this Agreement.

 

(j)            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Execution of a facsimile copy will have the same force and effect as execution of
an original, and a facsimile signature will be deemed an original and valid signature.

 

(k)            Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic
means. Executive hereby consents to receive such documents by electronic delivery.

 

[Signature Page Follows]

 

    -19- 

     

    

 

After you have had
an opportunity to review this Agreement, please feel free to contact me if you have any questions or comments. To indicate your
acceptance of this Agreement, please sign and date this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,
	 	 
	 	Granite
point mortgage trust inc.
	 	 
	 	By:	/s/ John A. Taylor
	 	(Signature)
	 	 
	 	Name:	 John A. Taylor
	 	Title:	President and Chief Executive Officer

 

	ACCEPTED AND AGREED:	 
	 	 
	steven plust	 
	 	 
	/s/ Steven Plust	 
	(Signature)	 
	 	 
	October 4, 2020	 
	Date	 
	 	 
	Attachment A: Indemnification Agreement	 
	 	 
	Attachment B: General Release of Claims	 
	 	 
	Attachment C: Confidential Information and Assignment of Inventions
Agreement	 

 

    -20- 

     

    

 

ATTACHMENT A

 

INDEMNIFICATION AGREEMENT

 

(See Attached)

 

    -21- 

     

    

 

ATTACHMENT B

 

GENERAL RELEASE OF CLAIMS

 

(See Attached)

 

    -22- 

     

    

 

ATTACHMENT C

 

CONFIDENTIAL INFORMATION AND INVENTION
ASSIGNMENT AGREEMENT

 

(See Attached)

 

    -23-Exhibit 10.4

 

Execution Version

 

granite
point mortgage trust INC.

  

3 Bryant Park, 24th Floor

New York, NY 10036

 

October 4, 2020

 

Stephen Alpart

 

Re:                                EMPLOYMENT
AGREEMENT

 

Dear Stephen:

 

This Employment Agreement
(the “Agreement”) between you (referred to hereinafter as the “Executive”)
and Granite Point Mortgage Trust Inc., a Maryland corporation (the “Company”) sets forth the terms and
conditions that shall govern the period of Executive’s employment with the Company (referred to hereinafter as “Employment”).

 

1.            Duties
and Scope of Employment.

 

(a)            At-Will
Employment. Executive will commence full-time Employment with the Company effective as of the Start Date (as defined below),
the terms of which will be governed by this Agreement. Executive’s Employment with the Company is for no specified period
and constitutes “at will” employment. As a result, Executive is free to terminate Employment at any time, with or without
advance notice, and for any reason or for no reason. Similarly, the Company is free to terminate Executive’s Employment at
any time, with or without advance notice, and with or without Cause (as defined below). Furthermore, although terms and conditions
of Executive’s Employment with the Company may change over time in accordance with the terms of this Agreement, nothing shall
change the at-will nature of Executive’s Employment (the period that Executive is employed with the Company, the “Employment
Period”). For purposes of this Agreement, the term “Start Date” shall mean the effective
date of the internalization agreement to be entered into between Pine River Capital Management L.P. (“Pine River”)
and the Company (the “Internalization Agreement”).

 

(b)            Position
and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Investment
Officer, Co-Head of Originations. Executive will report to the Company’s Chief Executive Officer (your “Supervisor”),
and Executive will be working out of the Company’s office in Manhattan, New York. Executive will perform the duties and have
the responsibilities and authority customarily performed and held by an employee in Executive’s position.

 

(c)            Obligations
to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best
of Executive’s ability and will devote Executive’s full business efforts and time to the Company. During the Employment
Period, without the prior written approval of your Supervisor, Executive shall not render services in any capacity to any other
Person or engage in any business activities for himself, in each case, that individually or in the aggregate would materially impact
Executive’s ability to perform his duties hereunder. Notwithstanding the foregoing, Executive may serve on civic or charitable
boards or committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, and manage personal investments
without advance written consent of your Supervisor; provided that such activities do not individually or in the aggregate materially
interfere with the performance of Executive’s duties under this Agreement or create a potential business or fiduciary conflict.
Executive shall comply with the Company’s policies and rules, as they may be in effect from time to time during Executive’s
Employment. It is expressly understood and agreed that, to the extent that any such activities have been conducted by Executive,
and disclosed in writing to the Company, in each case, prior to the Start Date, the continued conduct of such activities subsequent
to the Start Date, to the extent not competitive with the Company, shall not thereafter be deemed to interfere with the performance
of Executive’s responsibilities to the Company.

 

    	 	1	 

     

    

 

(d)            Business
Opportunities. During Executive’s Employment, Executive shall promptly disclose to the Company each business opportunity
of a type, which based upon its prospects and relationship to the business of the Company or its affiliates, the Company might
reasonably consider pursuing.

 

(e)            No
Conflicting Obligations. Excluding anything related to Executive’s prior employment with Pine River as described
in the Internalization Agreement, Executive represents and warrants to the Company that Executive is under no obligations or commitments,
whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would otherwise
prohibit Executive from performing Executive’s duties with the Company. In connection with Executive’s Employment,
except as permitted under the Internalization Agreement, Executive shall not use or disclose any trade secrets or other proprietary
information or intellectual property in which Executive or any other Person has any right, title or interest and Executive’s
Employment will not infringe or violate the rights of any other Person. Executive represents and warrants to the Company that Executive
has returned all property and confidential information belonging to any prior employer. Nothing herein shall limit the Company’s
obligation to indemnify Executive pursuant to the Indemnification Agreement attached hereto as Attachment A (the “Indemnification
Agreement”).

 

2.            Cash
and Incentive Compensation.

 

(a)            Base
Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross annual
rate of $600,000 less all required tax withholdings and other applicable deductions, in accordance with the Company’s standard
payroll procedures. The annual compensation specified in this subsection (a), together with any increases in such compensation
that the Company may make from time to time, is referred to in this Agreement as the “Base Salary.” Executive’s
Base Salary will be subject to review at least annually and increases that will be made based upon the Company’s normal performance
review practices. Effective as of the date of any increase to Executive’s Base Salary, the Base Salary as so increased shall
be considered the new Base Salary for all purposes of this Agreement.

 

(b)            Cash
Incentive Bonus. Executive will be eligible for an annual cash incentive bonus (the “Cash Bonus”)
each calendar year during the Employment Period commencing for calendar year 2021 based upon the achievement of certain objective
or subjective criteria (collectively, the “Performance Goals”). The Performance Goals for Executive’s
Cash Bonus for a particular year will be established in the sole discretion of, the Company’s Board of Directors (the “Board”)
or any Compensation Committee of the Board (the “Committee”) in consultation with the Company’s
Chief Executive Officer. The target amount of any such Cash Bonus will be 75% of Executive’s Base Salary (the “Target
Bonus”), with the actual amount of the Cash Bonus (i) to be up to 200% of the Target Bonus, equal to or as low
as 0% of the Target Bonus, based on the achievement of the Performance Goals as determined by the Board or the Committee as applicable,
taking into account recommendations of the Company’s Chief Executive Officer, and (ii) to be paid no later than March 15
of the year following the year for which it is earned. Any Cash Bonus paid to Executive shall be subject to all required tax withholdings
and other applicable deductions. Except as provided in Section 6 below, Executive shall not be paid a Cash Bonus unless Executive
is employed by the Company on the date when such Cash Bonus is actually paid by the Company

 

    	 	-2-	 

     

    

 

(c)           Long-Term
Cash and Equity Plans. During the Employment Period, Executive shall be entitled to receive annual grants under the cash
and equity incentive plans, practices, policies, and programs applicable generally to other senior executives of the Company on
terms and conditions no less favorable than those provided by the Company to other senior executives of the Company. Without limiting
the generality of the foregoing:

 

(i)            The
Company shall grant Executive restricted stock units in respect of a number of shares (each, a “Share”)
of the Company’s common stock (each, an “RSU”) equal to (x) $600,000 divided by (y) the
Fair Market Value (as defined in the Equity Plan) of a Share on the Start Date (the “Sign-on Award”).
The Sign-on Award shall be granted on the Start Date, shall have DERs (as defined in the Equity Plan (as defined below)), and shall
be settled in Shares or, at the Company’s option, cash. Subject to Executive’s continuing to provide services to the
Company through the relevant vesting dates and the other terms and conditions of this Agreement, the Sign-on Award shall vest and
be settled in full on the 5th anniversary of the Start Date. The Sign-on Award will be subject to the terms, definitions
and provisions of the Company’s 2017 Equity Incentive Plan (the “Equity Plan”) and the applicable
underlying award agreement by and between Executive and the Company (an “Award Agreement”), both of which
documents are incorporated herein by reference. In the event of a conflict between the Equity Plan or Award Agreement, on the one
hand, and this Agreement, on the other, this Agreement shall govern.

 

(ii)            The
Company shall grant Executive RSUs in respect of a number of Shares equal to (x) $1,200,000 divided by (y) the
Fair Market Value of a Share on the Start Date (the “2021 Award”). The 2021 Award shall be granted during
January 2021 with a vesting commencement date of January 1, 2021 (the “2021 Award VCD”), shall
have DERs, and shall be settled in Shares or, at the Company’s option, cash; provided, however, that if the Company has a
Change of Control, the 2021 Award will be granted prior to the consummation of the Change of Control. Fifty percent (50%) of the
2021 Award shall be subject to time-based vesting (the “Time-Based 2021 Award”) and fifty percent (50%)
(such number of Shares, the “2021 Target Shares”) shall vest based on the achievement of performance
metrics (the “Performance-Based 2021 Award”). Subject to Executive’s continuing to provide services
to the Company through the relevant vesting dates and the other terms and conditions of this Agreement, the Time-Based 2021 Award
shall vest and be settled in three (3) annual installment on the first three (3) anniversaries of the 2021 Award VCD.
For the Performance-Based 2021 Award, the performance period shall run from January 1, 2021 to December 31, 2023 (the
 “2021 Award Performance Period”) and the performance metrics shall be determined by the Board or Committee,
as applicable, based on market data and recommendations from the compensation consultant advising the Board or the Compensation
Committee, as applicable, and input from the Company’s Chief Executive Officer. The actual number of Shares earned under
the Performance-Based 2021 Award shall range from 0% to 200% of the 2021 Target Shares based on achievement against the performance
metrics for the 2021 Award Performance Period and, to the extent earned, shall be settled by March 15, 2024, subject to the
Executive’s continued employment through the end of the 2021 Award Performance Period.

 

    	 	-3-	 

     

    

 

(iii)            Commencing
with calendar year 2022, on an annual basis, the Company shall grant Executive additional RSUs (each, an “Annual Equity
Award”) in respect of a number of Shares equal to (x) a dollar value divided by (y) the Fair Market
Value of a Share on the date of grant for the Annual Equity Award. The Company anticipates granting the Annual Equity Awards within
sixty (60) days after the start of each calendar year. The Annual Equity Awards shall have DERs, and shall be settled in Shares
or, at the Company’s option, cash. A portion of the Annual Equity Award shall be subject to time-based vesting (the “Time-Based
Annual Equity Award”) and a portion shall vest based on the achievement of performance metrics (the “Performance-Based
Annual Equity Award”). The dollar value of the Annual Equity Award, the proportion of the Annual Equity Award that
is Time-Based Annual Equity Award or Performance-Based Annual Equity Award and the performance metrics shall be determined by the
Board or Committee, as applicable, based on market data and recommendations from the compensation consultant advising the Board
or the Compensation Committee, as applicable, and input from the Company’s Chief Executive Officer. Subject to Executive’s
continuing to provide services to the Company through the relevant vesting dates and the other terms and conditions of this Agreement,
the Time-Based Annual Equity Awards shall vest and be settled in three (3) equal annual installments on each anniversary of
the date of grant. The actual number of Shares earned under the Performance-Based Annual Equity Award shall range from 0% to 200%
of the Target Shares (the portion of the annual dollar value for the Annual Equity Award allocated to the Performance-Based Annual
Equity Award divided by the Fair Market Value of a Share on the date of grant) based on achievement against the applicable performance
goals over the relevant performance period, subject to the Executive’s continued employment through the end of the performance
period. Each Performance-Based Annual Equity Award shall be settled by the March 15th of the calendar year following
the end of the applicable performance period.

 

(iv)            The
2021 Award and the Annual Equity Awards will be subject to the terms, definitions and provisions of the Equity Plan and the applicable
underlying Award Agreement, both of which documents are incorporated herein by reference. Any RSUs granted under the terms of this
Agreement shall be considered “Phantom Shares” for purposes of the Equity Plan.

 

(d)          Special
Award. In consideration for Executive’s performing services for the transition in the internalization process, the
Company shall pay to Executive an amount equal to $450,000 on or before December 31, 2020.

 

3.             Employee
Benefits. During the Employment Period, Executive shall be eligible to (a) receive paid time off (“PTO”)
in accordance with the Company’s PTO policy, as it may be amended from time to time and (b) participate in the employee
benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each
case to the generally applicable terms and conditions of the plan or policy in question and to the determinations of any Person
or committee administering such employee benefit plan or policy. The Company reserves the right to cancel or change the employee
benefit plans, policies and programs it offers to its employees at any time.

  

    	 	-4-	 

     

    

 

4.            Business
Expenses. The Company will reimburse Executive for necessary and reasonable business expenses, including air travel benefits
consistent with those in effect on the date hereof, incurred in connection with Executive’s duties hereunder upon presentation
of an itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable
policies.

 

5.            Rights
Upon Termination. Except as expressly provided in Section 6, upon the termination of Executive’s Employment,
Executive shall only be entitled to (i) the accrued but unpaid Base Salary compensation and PTO, if any as determined in accordance
with Company policy as then in effect, (ii) other benefits earned and the reimbursements described in this Agreement or under
any Company-provided plans, policies, and arrangements for the period preceding the effective date of the termination of Employment,
each in accordance with the governing documents and policies of any such benefits, reimbursements, plans and arrangements, and
(iii) such other compensation or benefits from the Company as may be required by law (collectively, the “Accrued
Benefits”).

 

6.            Termination
Benefits.

 

(a)           Termination
without Cause or Resignation for Good Reason and not in Connection with a Change of Control. If (x) the Company (or
any parent, subsidiary or successor of the Company) terminates Executive’s employment with the Company for a reason other
than Cause, Executive becoming Disabled or Executive’s death, or (y) the Executive resigns for Good Reason, in each
case, at any time other than the CIC Period (as defined below), then, in each case, subject to Section 7, Executive will be
entitled to the following:

 

(i)            Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii)           Severance
Payments. Executive will receive an amount of cash severance equal to (x) the Severance Multiple (as defined below) multiplied
by (y) the sum of (a) Executive’s Base Salary and (b) the Target Bonus, in each case, as then in effect
on the date of Executive’s separation from service (and ignoring any reduction related to a Good Reason trigger) (the “Cash
Severance”). The Cash Severance will be paid in equal installments over a period of twelve (12) months, less all
required tax withholdings and other applicable deductions, which will be paid in accordance with the Company’s regular payroll
procedures commencing on the Release Deadline (as defined in Section 7(a)); provided that the first payment shall include
any amounts that would have been paid to Executive if payment had commenced on the date of Executive’s separation from service.
The “Severance Multiple” shall mean 1.5.

 

(iii)          Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
shall receive such Cash Bonus, to the extent such Cash Bonus was earned based on actual performance for such performance period,
which shall be paid, if at all, at the same time annual bonuses are paid by the Company to other executives of the Company for
such completed performance period, but no later than March 15th of the calendar year following the completed performance period.

 

    	 	-5-	 

     

    

 

(iv)            Pro-Rated
Bonus. Executive will be paid, within 10 days after the Release Deadline, a pro-rated Cash Bonus for the fiscal year in which
Executive terminates employment equal to (x) the Cash Bonus that Executive would have received, if any, based on actual performance
for such fiscal year if Executive had remained in the employ of the Company for the entire fiscal year multiplied by (y) a
fraction, the numerator of which is the number of days in the fiscal year through the termination date and the denominator of which
is 365 (the “Pro-Rated Bonus”). The Pro-Rated Bonus, if any, shall be paid at the same time annual bonuses
are paid by the Company to other executives of the Company for the fiscal year in which the Executive terminated employment, but
in no later than March 15th of the calendar year following the calendar year in which Executive terminated employment.

 

(v)            Continued
Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, within the time
period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage
levels in effect immediately prior to Executive’s termination or resignation) until the earlier of (A) a period of eighteen
(18) months from the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or Executive’s
eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

 

(vi)            Equity.
Executive will receive the following treatment with respect to any then-outstanding and unvested equity awards: (A) continued
vesting of any time-based equity awards (including, without limitation, the Sign-on Award, the Time-Based 2021 Award, or the economic
equivalent if not granted prior to the termination of employment, and any Time-Based Annual Equity Award) without regard to the
continuous service requirement, such that the awards will continue to vest as if Executive had remained in the employ of the Company
through each applicable vesting date until such awards are fully vested; and (B) pro-rata vesting acceleration at the end
of the applicable performance period with respect to any performance-based equity awards (including any Performance-Based Annual
Equity Awards) that Executive would have received based on (x) actual performance through the end of the applicable performance
period(s) had Executive remained in the employ of the Company for the entirety of such performance period(s) and (y) the
number of days the Executive was employed with the Company during the applicable performance period(s) through and including
the Executive’s termination date. Notwithstanding, and in lieu of the forgoing, if a qualifying termination under this Section 6(a) occurs
prior to the end of the 2021 Award Performance Period, the Performance-Based 2021 Award shall be converted to a time-based equity
award for a number of Shares equal to the 2021 Target Shares vesting in full at the end of the 2021 Award Performance Period and
shall be treated as a time-based equity award under Section 6(a)(vi)(A) above (or the economic equivalent will be provided
if not granted prior to the termination of employment).

 

    	 	-6-	 

     

    

 

(b)           Termination
without Cause or Resignation for Good Reason in Connection with a Change of Control. If, during the three (3)-month period
immediately prior to (or otherwise in connection with or in anticipation of a Change of Control), on or during the twenty-four
(24)-month period immediately following, a Change of Control (such period, the “CIC Protective Period”),
(x) the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming
Disabled or Executive’s death, or (y) Executive resigns from such employment for Good Reason, then, in each case, subject
to Section 7, Executive will receive the following severance benefits from the Company in lieu of the benefits described in
Section 6(a) above:

 

(i)              Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii)             Severance
Payment. Executive will receive a lump sum severance payment equal to (x) CIC Multiple (as defined below) multiplied
by (y) the sum of (a) Executive’s Base Salary and (b) the Target Bonus, in each case, as then in effect
on the date of Executive’s separation from service (and ignoring any reduction related to a Good Reason trigger) (the “CIC
Cash Severance”). So long as the Change of Control constitutes a “change in control event within the meaning
of Section 409A (a “409A CIC”), the CIC Cash Severance will be paid in a single lump sum on the
Release Deadline (as defined in Section 7(a)), less all required tax withholdings and other applicable deductions, in accordance
with the Company’s regular payroll procedures and, to the extent required to avoid taxes under Section 409A, otherwise
shall be paid in accordance with Section 6(a)(ii). The “CIC Multiple” shall mean 2.0.

 

(iii)            Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
shall receive such Cash Bonus, to the extent such Cash Bonus was earned based on actual performance for such performance period,
which shall be paid, if at all, at the same time annual bonuses are paid by the Company to other executives of the Company for
such completed performance period, but no later than March 15th of the calendar year following the completed performance period.

 

(iv)            Pro-Rated
Bonus. Executive will be paid, within 10 days after the Release Deadline, a pro-rated Cash Bonus for the fiscal year in which
Executive terminates employment equal to (x) the Target Bonus multiplied by (y) a fraction, the numerator of which
is the number of days in the fiscal year through the termination date and the denominator of which is 365.

 

(v)            Continued
Employee Benefits. If Executive elects continuation coverage pursuant to COBRA for Executive and Executive’s eligible
dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for
such coverage (at the coverage levels in effect immediately prior to Executive’s termination or resignation) until the earlier
of (A) a period of eighteen (18) months from the last date of employment of Executive with the Company, or (B) the date
upon which Executive and/or Executive’s eligible dependents become covered under similar plans. COBRA reimbursements will
be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy and will be taxable
to the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or
the Patient Protection and Affordable Care Act of 2010.

 

    	 	-7-	 

     

    

 

(vi)            Equity.
All of Executive’s then-outstanding and unvested (A) so long as the Change of Control constitutes a 409A CIC, time-based
equity awards (including, without limitation, the Sign-on Award, the Time-Based 2021 Award (or the economic equivalent if not granted
prior to the termination of employment), and any Time-Based Annual Equity Award) shall immediately vest and become exercisable
or settled, as applicable, as of the date of Executive’s termination of employment and, if not a 409A CIC, to the extent
necessary to avoid the imposition of taxes under Section 409A, shall vest in the manner contemplated by Section 6(a)(vi)(A);
and (B) performance-based equity awards (including any Performance-Based Annual Equity Awards and the Performance-Based 2021
Award, or the economic equivalent will be provided if not granted prior to the termination of employment) shall immediately vest
and become exercisable or settled, with respect to the target number of shares subject thereto, as of the date of Executive’s
termination of employment; provided, however, that if the Change of Control is not a 409A CIC, then settlement shall occur at the
end of the applicable performance period if necessary to avoid adverse tax consequences under Section 409A.

 

(c)           Disability;
Death; Retirement. The Company may terminate Executive’s employment with the Company due to Executive’s Disability
upon fifteen (15) days’ prior written notice or payment in lieu thereof. This Agreement shall terminate automatically upon
Executive’s death. Executive may terminate Executive’s employment with the Company due to Executive’s Retirement
upon one hundred twenty (120) days’ written notice or payment to Executive in lieu thereof, in the Company’s sole discretion.
If Executive’s employment with the Company is terminated due to (x) Executive becoming Disabled, (y) Executive’s
death or (z) Executive’s Retirement, then Executive or Executive’s estate (as the case may be) will receive the
following from the Company, subject to Section 7:

 

(i)              Accrued
Compensation. The Company will pay Executive or Executive’s estate (as the case may be) all Accrued Benefits.

 

(ii)             Prior
Year Bonus. To the extent Executive has not yet received a Cash Bonus with respect to a completed performance period, Executive
or Executive’s estate (as the case may be) shall receive such Cash Bonus, to the extent such Cash Bonus was earned based
on actual performance for such performance period, which shall be paid, if at all, at the same time annual bonuses are paid by
the Company to other executives of the Company for such completed performance period, but no later than March 15th of the
calendar year following the completed performance period.

 

(iii)            Pro-Rated
Bonus. Executive or Executive’s estate (as the case may be) will be paid, within 10 days after the Release Deadline,
a Pro-Rated Bonus, if any, in accordance with Section 6(a)(iv) above.

 

    	 	-8-	 

     

    

 

(iv)            Continued
Employee Benefits. In the case of a termination of Executive’s employment due to Disability only, if Executive elects
continuation coverage pursuant to COBRA for Executive and Executive’s eligible dependents, within the time period prescribed
pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect
immediately prior to Executive’s termination or resignation) until the earlier of (A) a period of eighteen (18) months
from the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or Executive’s
eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

 

(v)             Equity.
Executive or Executive’s estate (as the case may be) will receive the same treatment with respect to any then-outstanding
and unvested equity awards as set forth in Section 6(a)(vi) above; provided, however, that if termination is a result
of Executive’s Retirement during the CIC Protective Period, then Executive will receive the same treatment with respect to
any then-outstanding and unvested equity awards as set forth in Section 6(b)(vi) above, except that the number of shares
accelerated with respect to any performance-based equity awards (including the Performance-Based Annual Equity Awards) shall be
(x) the target number of shares subject to such award multiplied by (y) a fraction, the numerator of which is the number
of days the Executive was employed with the Company during the applicable performance period(s) through and including the
Executive’s termination date and the denominator of which is the total number of days in the applicable performance period,
inclusive.

 

(d)           Voluntary
Resignation; Termination for Cause. If Executive’s employment with the Company is terminated due to (i) Executive’s
voluntary resignation (other than for Good Reason), or (ii) the Company’s termination of Executive’s employment
with the Company for Cause, then Executive will receive the Accrued Benefits, but will not be entitled to any other compensation
or benefits from the Company except to the extent required by law (for example, COBRA). All Accrued Benefits shall in all cases
be paid within thirty (30) days of Executive’s termination of employment (or such earlier date as required by applicable
law) pursuant to this Section 6(d).

 

(e)           Timing
of Payments. Subject to any specific timing provisions in Section 6(a), 6(b), 6(c), or 6(d), as applicable, or the
provisions of Section 7, payment of the severance and benefits hereunder shall be made or commence to be made as soon as practicable
following Executive’s termination of employment.

 

(f)           Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company (or any parent, subsidiary or successor
of the Company), the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or
remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this
Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses).
Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination of employment,
including, without limitation, any severance payments and/or benefits provided in the Employment Agreement, other than those benefits
expressly set forth in Section 6 of this Agreement or pursuant to written equity award agreements with the Company.

 

    	 	-9-	 

     

    

 

(g)           No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any earnings that Executive may receive from any other source reduce any such payment. Following a Change of Control,
the Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from the Executive),
to the full extent permitted by law, all legal fees and expenses that Executive may reasonably incur as a result of any contest
(regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability
under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive
about the amount of any payment pursuant to this Agreement), plus, in each case, interest on any delayed payment at the applicable
federal rate provided for in Code Section 7872(f)(2)(A).

 

(h)           Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned
from all offices and directorships, if any, then held with the Company and its affiliates.

 

7.            Conditions
to Receipt of Severance.

 

(a)           Release
of Claims Agreement. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive
signing and not revoking a separation agreement and release of claims in the form attached hereto as Attachment B (the “Release”),
which must become effective no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release
Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement.
To become effective, the Release must be executed by Executive and any revocation periods (as required by statute, regulation,
or otherwise) must have expired without Executive having revoked the Release. In addition, in no event will severance payments
or benefits be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time
during the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Executive’s
termination of employment occurs, then any severance payments or benefits under this Agreement that would be considered deferred
compensation (within the meaning of Section 409A) will be paid on the first payroll date to occur during the calendar year
following the calendar year in which such termination occurs, or such later time as required by (i) the payment schedule applicable
to each payment or benefit as set forth in Section 6, (ii) the date the Release becomes effective, or (iii) Section 7(d)(ii);
provided that the first payment shall include all amounts that would have been paid to Executive if payment had commenced on the
date of Executive’s termination of employment.

 

(b)           Restrictive
Covenants. The receipt of any termination benefits pursuant to Section 6 will be subject to Executive not violating
the provisions of Section 9. In the event Executive breaches the provisions of Section 9, all continuing payments and
benefits to which Executive may otherwise be entitled pursuant to Section 6 will immediately cease.

 

(c)           Confidential
Information Agreement. Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive
continuing to comply with the terms of the Confidentiality Agreement (as defined in Section 11(a) below).

 

    	 	-10-	 

     

    

  

(d)           Section 409A.

  

(i)              The
parties hereto intend that the payments and benefits under this Agreement be exempt from Section 409A (as defined below) or,
to the extent not exempt, comply therewith and, accordingly, this Agreement shall be interpreted consistent with such intent. Nothing
in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a
result of a failure to comply with Section 409A) from Executive to the Company or to any other individual or entity.

 

(ii)             Notwithstanding
anything to the contrary in this Agreement, to the extent necessary to avoid the imposition of taxes and penalties under Section 409A,
(A) no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement will be paid or otherwise
provided until Executive has a “separation from service” within the meaning of Section 409A; (B) if Executive
is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination
of employment (other than due to death), then any severance pay or benefits to be paid or provided to Executive within the first
six (6) months following Executive’s separation from service will become payable on the first to occur of the Executive’s
death or the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of
Executive’s separation from service, and all subsequent severance pay or benefits, if any, will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement
is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations; and
(C) (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar
year in which Executive incurred the expense, (2) any right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided in
any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any
other calendar year.

 

(iii)            The
Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable
actions that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual
payment to Executive under Section 409A.

 

8.            Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a)           Cause.
 “Cause” means:

 

(i)              Executive’s
gross negligence or willful misconduct in the performance of his or her duties and responsibilities to the Company (other than
resulting from incapacity due to physical or mental illness) that is, or is reasonably expected to be, materially and demonstrably
injurious to the Company;

 

(ii)             Executive’s
commission of any act of fraud, theft, embezzlement, or any other willful misconduct that has caused or that is, or is reasonably
expected to be, materially and demonstrably injurious to the Company;

 

    	 	-11-	 

     

    

 

(iii)            Executive’s
conviction of, or pleading guilty or nolo contendere to, any felony or a lesser crime involving moral turpitude; provided that
such lesser crime that is, or is reasonably expected to be, materially and demonstrably injurious to the Company;

 

(iv)            Executive
has willfully violated the Company’s employment discrimination, sexual harassment or fraternization policies or any other
material written Company policy, in each case as they may be in effect from time to time (after a good faith investigation by the
Board or the Committee);

 

(v)             Executive’s
alcohol abuse or other substance abuse that materially impairs Executive’s ability to perform his obligations and that is,
or is reasonably expected to be, materially and demonstrably injurious to the Company;

 

(vi)            Executive’s
unauthorized and willful use or disclosure of any proprietary information or trade secrets of the Company or any other party to
whom Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; or

 

(vii)           Executive’s
material and willful breach of any restrictive covenants to which the Executive has agreed to in writing with respect to the Company.

 

For purposes of this
Section 8(a), no act, or failure to act, on the part of the Executive (A) that has occurred prior to the date hereof
shall be deemed to be for Cause or (B) shall be considered “willful” unless it is done, or omitted to be done,
by the Executive in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests
of the Company. Prior to a termination of the Executive’s employment for “Cause”, the Company will provide the
Executive with written notice describing the facts and circumstances that the Company believes constitutes Cause and, in cases
where the Company reasonably determines that cure is possible, the Executive shall be provided a 20-day period during which he
may cure the circumstances alleged to constitute Cause. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or based upon the lawful and reasonable directives of the Board or based upon the advice of counsel for
the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith or in the best interests
of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have
been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the
entire membership of the Board (excluding the Executive, if the Executive is a member of the Board) at a meeting of the Board (after
reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive,
to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described
in this Section 8(a), and specifying the particulars thereof in detail.

 

(b)           Change
of Control. “Change of Control” shall have the meaning ascribed to it in the Equity Plan; provided, however,
that a management led buyout shall not be considered a Change of Control for purposes of this Agreement.

 

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

 

    	 	-12-	 

     

    

 

(d)           Disability.
 “Disability” or “Disabled” means that Executive is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted,
or can be expected to last, for a continuous period of not less than one (1) year.

  

(e)           Good
Reason. “Good Reason” means Executive’s termination of employment within thirty (30) days following the
expiration of any cure period (discussed below) following the occurrence of one or more of the following, without Executive’s
consent:

 

(i)              A
change in Executive’s title or reporting relationship or a material reduction of Executive’s duties, authority or responsibilities,
relative to Executive’s duties, authority or responsibilities in effect immediately prior to such reduction;

 

(ii)             A
reduction (or series of reductions) in either Executive’s Base Salary or Target Bonus equal to or greater than 10%;

 

(iii)            A
material change in the geographic location of Executive’s primary work facility or location from Manhattan, NY; or

 

(iv)            A
material breach by the Company of a material provision of this Agreement (other than a breach by the Company of Section 1
of the Agreement which shall be covered instead by clause (i) of this definition of Good Reason).

 

Executive will not resign
for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for Good
Reason within sixty (60) days of the initial existence of the grounds for Good Reason and a reasonable cure period of not less
than thirty (30) days following the date the Company receives such notice during which such condition must not have been cured.

 

(f)            Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(g)           Person.
 “Person” shall be construed in the broadest sense and means and includes any natural person, a partnership, a corporation,
an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and
other entity or Governmental Authority.

 

(h)           Retirement.
 “Retirement” means the Executive’s resignation of employment (other than for Good Reason) on or after the Executive’s
attainment of age 65 with five consecutive years of service with the Company (inclusive of any prior service with Pine River or
the Company prior to the internalization).

 

(i)            Section 409A.
 “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated thereunder
or any state law equivalent.

 

    	 	-13-	 

     

    

 

9.             Restrictive
Covenants.

  

(a)           Non-Competition.
During the period commencing on the Start Date and continuing until the nine (9) month anniversary of the date when Executive’s
Employment terminated for any reason, Executive shall not, without the prior written consent of the Company’s Chief Executive
Officer, directly or indirectly, whether alone or in conjunction with others, as an employee, employer, consultant, agent, principal,
partner, shareholder, corporate officer, director, or through any other kind of ownership or in any other representative or individual
capacity: (i) engage or participate in, manage, operate, join, render any services to, or acquire any financial or beneficial
interest in, any business or activity anywhere in the world that competes with the Company’s business as in effect or with
respect to which the Company has taken material steps to implement during Executive’s employment or as of the date of termination
of such employment (“Competitive Business”); (ii) permit Executive’s name directly or indirectly
to be used by or to become associated with any other person in connection with a business that is competitive or substantially
similar to the Company; or (iii) induce or assist any other person to engage in any of the activities described in clauses
(i) or (ii) above; provided, that, notwithstanding the foregoing, it shall not be a violation of this Section 9(a) for
Executive to do any of the foregoing (A) for any person, entity or affiliated group of entities so long as Executive is not
directly involved with the division, subsidiary or business engaged in the Competitive Business, (B) for any person, entity
or affiliated group of entities that derives ten percent or less of its revenues from the Competitive Business, or (C) own
up to five percent of the securities of any person, entity or affiliated group of entities engaged in a Competitive Business.

 

(b)           Non-Solicitation.
During the period commencing on the Start Date and continuing until the first anniversary of the date when Executive’s Employment
terminated for any reason, Executive shall not, without the prior written consent of the Company’s Chief Executive Officer,
directly or indirectly, personally or through others, solicit, recruit or attempt to solicit or recruit (on Executive’s own
behalf or on behalf of any other Person) either (i) any current employee or any substantially full-time consultant of the
Company or any of the Company’s affiliates, (ii) any former employee or consultant of the Company or any of the Company’s
affiliates who left the Company’s (or such affiliate’s) service within the six (6) months preceding the Executive’s
termination date (unless such former employee was terminated by the Company without Cause or resigned for Good Reason), or (iii) the
business of any customer of the Company or any of the Company’s affiliates on whom Executive called or with whom Executive
became acquainted during Executive’s Employment, excluding solicitation of any customer for a business activity that is not
related to any current business activity of the Company. Executive represents that Executive is (i) familiar with the foregoing
covenant not to solicit, and (ii) fully aware of Executive’s obligations hereunder, including, without limitation, the
reasonableness of the length of time, scope and geographic coverage of these covenants. Notwithstanding the foregoing, this Section 9(b) shall
(1) not apply to the Executive’s personal administrative staff who perform secretarial-type functions, (2) not
prohibit the Executive from serving as a reference and (3) not apply to general solicitations that are not targeted at Company
employees.

 

(c)           Non-Disparagement.
Executive shall not make any remarks disparaging the conduct or character of the Company, any of the Company’s affiliates,
any of the Company’s or any Company affiliates’ current or former employees, officers, directors, successors or assigns.
The Company shall not make any official remarks, and shall instruct its directors and executive officers not to make any remarks,
disparaging the conduct or character of the Executive. Nothing in this Section 9(c) shall limit either party’s
ability to make truthful statements as required by law or legal process, to assert a legal claim or as a defense in any legal proceeding.

 

    	 	-14-	 

     

    

 

If any restriction
set forth in this Section 9 is found by any court of competent jurisdiction to be unenforceable because it extends for too
long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend
only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. Executive understands
that the restrictions contained in this Section 9 are necessary for the protection of the business and goodwill of the Company
and Executive considers them to be reasonable and necessary to protect and maintain the proprietary and other legitimate business
interests of the Company and that the enforcement of such restrictive covenants shall not prevent Executive from earning a livelihood.
Executive further acknowledges that the Company would be irreparably harmed and damaged if any of the covenants in this Section 9
are breached and that the remedy at law for any breach or threatened breach of this Section 9, if such breach or threatened
breach is held by a court to exist, shall be inadequate and, accordingly, that the Company shall, in addition to all other available
remedies, be entitled to injunctive relief without being required to post bond or other security and without having to prove the
inadequacy of the available remedies at law. Executive hereby waives trial by jury and agrees not to plead or defend on grounds
of inadequate remedy at law or any element thereof in an action by the Company against Executive for injunctive relief or for specific
performance of any obligation pursuant to this Agreement. The period of time during which the provisions of this Section 9
shall apply shall be extended by the length of time during which Executive may be in breach of the terms hereof.

 

10.           Golden
Parachute.

 

(a)           Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the
Excise Tax; or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment. Any
reduction made pursuant to this Section 10(a) shall be made in accordance with the following order of priority: (i) stock
options whose exercise price exceeds the fair market value of the optioned stock (“Underwater Options”)
(ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash (other than those described in
clause (vi) below) Full Credit Payments that are taxable, (iv) non-cash (other than those described in clause (vi) below)
Full Credit Payments that are not taxable (v) Partial Credit Payments (as defined below) and (vi) non-cash employee welfare
benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest
date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions
made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment” means
a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G
of the Code) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of
the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit
that is not a Full Credit Payment.

 

    	 	-15-	 

     

    

 

(b)           Golden
Parachute Tax Solutions LLC or such other nationally recognized certified public accounting firm selected by the Company prior
to the Change of Control and acceptable to Executive (the “Accounting Firm”) shall perform the foregoing
calculations related to the Excise Tax; provided that in no event shall the Accounting Firm be a firm providing advice to a third
party effectuating the Change of Control. If a reduction is required pursuant to Section 10(a), the Accounting Firm shall
administer the ordering of the reduction as set forth in Section 10(a). The Company shall bear all expenses with respect to
the determinations by such accounting firm required to be made hereunder. In connection with making determinations under this Section,
the Accounting Firm shall take into account the value of any reasonable compensation for services to be rendered by the Executive
before or after the Change of Control, including any non-competition provisions that may apply to the Executive, and the Company
shall cooperate in the valuation of any such services, including any non-competition provisions

 

(c)           The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to Executive and the Company (i) as soon as administratively practicable prior to the date on which the Change
of Control occurs (ii) as soon as administratively practicable following Executive’s termination of employment and (iii) within
fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered. Any good faith determinations
of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.

 

11.           Pre-Employment
Conditions.

 

(a)           Confidentiality
Agreement. Executive’s acceptance of this offer and Executive’s Employment with the Company is contingent upon
the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Inventions Agreement,
a copy of which is attached hereto as Attachment C for Executive’s review and execution (the “Confidentiality
Agreement”), prior to or on Executive’s Start Date.

 

12.           Arbitration.

 

(a)           Arbitration.
In consideration of Executive’s Employment with the Company, its promise to arbitrate all employment-related disputes,
and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and
in the future, Executive agrees that any and all controversies, claims, or disputes with the Company and any employee, officer,
director, or benefit plan of the Company in their capacity as such or otherwise arising out of, relating to, or resulting from
Executive’s Employment with the Company or termination thereof, including any breach of this Agreement, will be subject to
binding arbitration pursuant to New York law. The Federal Arbitration Act shall also apply with full force and effect.

 

    	 	-16-	 

     

    

 

(b)           Dispute
Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a jury trial, include
any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights
Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit
Protection Act, the Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the New York State Human Rights
Law, New York Equal Rights Law, New York Whistleblower Protection Law, New York Family Leave Law, New York Equal Pay Law, the New
York City Human Rights Law, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims.
Executive and the Company further understand that this agreement to arbitrate also applies to any disputes that the Company may
have with Executive.

 

(c)           Procedure.
Executive agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator
shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or
adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator
shall have the power to award any remedies available under applicable law, and the arbitrator shall award attorneys’ fees
and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged
by the administrator or JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated with
any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive
filed a complaint in a court of law. Executive agrees that the arbitrator shall administer and conduct any arbitration in accordance
with New York law, and that the arbitrator shall apply substantive and procedural New York law to any dispute or claim, without
reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with New York law, New York law
shall take precedence. The decision of the arbitrator shall be in writing. Any arbitration under this Agreement shall be conducted
in New York County, New York.

 

(d)           Remedy.
Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except
as provided by this Agreement or to enforce a judgement against the Company, neither Executive nor the Company will be permitted
to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the
authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company
to adopt a policy not otherwise required by law that the Company has not adopted.

 

(e)           Administrative
Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative
body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to,
the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board,
or the Workers’ Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted
by law.

 

    	 	-17-	 

     

    

 

(f)            Voluntary
Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without
any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully
read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding
effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY
TRIAL.

 

(g)           Independent
Advice. Executive acknowledges that Executive has been advised to obtain independent advice and legal counsel to advise
Executive concerning this Agreement, and that Executive has either done so or has knowingly waived that opportunity of Executive’s
own free choice. Neither the Company nor any attorneys for the Company have advised Executive concerning this Agreement, and Executive
is relying solely upon the advice of Executive’s own independent counsel (if any); nor has the Company or any attorneys for
the Company coerced, used undue influence, or otherwise induced Executive to enter into this Agreement.

 

13.           Successors.

 

(a)           Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For
all purposes under this Agreement, the term “Company” shall include any successor to the Company’s
business or assets that become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

(b)           Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable
by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees.

 

14.           Miscellaneous
Provisions.

 

(a)           Indemnification.
The Company shall indemnify and advance Executive expenses to the maximum extent permitted by applicable law, the Company’s
Bylaws with respect to Executive’s service, and that certain Indemnification Agreement, and Executive shall also be covered
under a directors and officers liability insurance policy on terms no less favorable than that provided to other directors and
officers of the Company, which shall be paid for by the Company to the extent that the Company maintains such a liability insurance
policy now or in the future. This provision shall survive termination of this Agreement for any reason.

 

(b)           Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

(c)           Notice.

 

(i)              General.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In
Executive’s case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated
to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all
notices shall be directed to the attention of its Secretary.

 

    	 	-18-	 

     

    

 

(ii)             Notice
of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of
termination to the other party hereto given in accordance with Section 14(c)(i) of this Agreement. Such notice will indicate
the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will
be not more than thirty (30) days after the giving of such notice), subject to any applicable cure period. The failure by Executive
or the Company to include in the notice any fact or circumstance which contributes to a showing of Good Reason or Cause, as applicable,
will not waive any right of Executive or the Company, as applicable, hereunder or preclude Executive or the Company, as applicable,
from asserting such fact or circumstance in enforcing his or her or its rights hereunder, as applicable.

 

(d)           Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No
waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(e)           Whole
Agreement. This Agreement supersedes any prior agreement related to the subject matter hereof. No other agreements, representations
or understandings (whether oral or written and whether express or implied) that are not expressly set forth in this Agreement have
been made or entered into by either party with respect to the subject matter hereof. This Agreement and the Confidentiality Agreement
contain the entire understanding of the parties with respect to the subject matter hereof.

 

(f)            Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required
to be withheld by law.

 

(g)           Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of New York without
giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal
or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision
shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such
provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken
and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal
by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that provision
shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the
other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

 

    	 	-19-	 

     

    

 

(h)           No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and
may not be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity
that assumes the Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial
portion of the Company’s assets.

 

(i)            Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s
personal attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement,
and is knowingly and voluntarily entering into this Agreement.

 

(j)            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Execution of a facsimile copy will have the same force and effect as execution of
an original, and a facsimile signature will be deemed an original and valid signature.

 

(k)           Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic
means. Executive hereby consents to receive such documents by electronic delivery.

 

[Signature Page Follows]

 

    	 	-20-	 

     

    

 

After you have had
an opportunity to review this Agreement, please feel free to contact me if you have any questions or comments. To indicate your
acceptance of this Agreement, please sign and date this letter in the space provided below and return it to the Company.

 

	 	 	Very truly yours,
	 	 	 
	 	 	 
	 	 	Granite point mortgage trust inc.
	 	 	 
	 	 	By:	/s/ John A. Taylor
	 	 	 	(Signature)
	 	 	 	 
	 	 	Name:	  John A. Taylor
	 	 	 	 
	 	 	Title:	  President and Chief Executive Officer
	 	 	 	 
	ACCEPTED AND AGREED:	 	 	 
	 	 	 	 
	STEPHEN ALPART	 	 	 
	 	 	 	 
	/s/ Stephen Alpart	 	 	 
	(Signature)	 	 	 
	 	 	 	 
	October 4, 2020	 	 	 
	Date	 	 	 

 

Attachment A: Indemnification Agreement

 

Attachment B: General Release of Claims

 

Attachment C: Confidential Information and Assignment of Inventions
Agreement

 

    	 	-21-	 

     

    

 

ATTACHMENT A

 

 

INDEMNIFICATION AGREEMENT

 

(See Attached)

 

    	 	-22-	 

     

    

 

ATTACHMENT B

  

GENERAL RELEASE OF CLAIMS

 

(See Attached)

 

    	 	-23-	 

     

    

 

ATTACHMENT C

  

CONFIDENTIAL INFORMATION AND INVENTION
ASSIGNMENT AGREEMENT

 

(See Attached)

 

    	 	-24-

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