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COMMON STOCK PURCHASE AGREEMENT
THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of January 5, 2022 (the “Effective Date”), by and among Broad Arrow Group, Inc., a Delaware corporation (the “Company”), and the investors listed on Schedule A attached to the SHA (each a “Purchaser” and together the “Purchasers” and together with the Company, the “Parties” and each, a “Party”). 
Background and Agreement:
The Parties desire to provide for the funding of the Company and in furtherance thereof hereby agree as follows:
1.Purchase and Sale of Common Stock.
1.1Sale and Issuance of Common Stock.
(a)The Company has adopted and filed with the Secretary of State of the State of Delaware the Certificate of Incorporation in the form made available to requesting Purchasers in connection with this Agreement (the “Certificate”).
(b)Subject to the terms and conditions of this Agreement, each Purchaser agrees to purchase at the applicable Closing (as defined below), and the Company agrees to sell and issue to each Purchaser at the Closing at a purchase price of $1.00 per share that number of shares of Common Stock, $0.0001 par value per share (the “Common Stock”), set forth opposite each Purchaser’s name on Schedule A attached to the SHA.  The shares of Common Stock issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement as the “Shares.”
1.2Closing; Delivery. The purchase and sale of the Shares shall take place remotely via the electronic exchange of documents and signatures on the Effective Date, but with deemed effect at the offices of The Hagerty Group, LLC in Traverse City, Michigan (which time and place are designated as the “Closing”).  As soon as reasonably practicable following the Closing, the Company shall deliver to each Purchaser an electronic certificate representing the Shares being purchased by such Purchaser at the Closing against payment of the purchase price therefor by wire transfer to a bank account designated by the Company, by cancellation or conversion of indebtedness of the Company to Purchaser, including interest, by check for immediately available funds, or by any combination of such methods.  The Purchasers holding promissory notes of the Company hereby confirm that such promissory notes will be deemed to be, and treated for all purposes as, having been converted in full to the applicable Shares as shown on Schedule A attached to the SHA (as referenced in Section 1.1(a), above) immediately and automatically upon the Closing such that all such promissory notes will be fully cancelled, extinguished and of no further force or effect. 
1.3Defined Terms Used in this Agreement.  In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.
(a)“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisors of, or shares the same management company or investment advisor with, such Person.
(b)“Board of Directors” means the Board of Directors of the Company.
(c)“Code” means the Internal Revenue Code of 1986, as amended.
(d)“Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).
(e)“Company Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark applications, registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and any and all such cases that are owned or used by the Company in the conduct of the Company’s business as now conducted and as presently proposed to be conducted.
(f)“Founder Proxies” means the proxies entered into by certain of the Founders with the Founders LLC.
(g)“Founders” means each of the Members of the Founders LLC and any of their respective wholly owned limited liability companies.

(h)“Founders LLC” means Broad Arrow Holdings LLC, a Delaware limited liability company.
(i)“Hagerty” means The Hagerty Group, LLC, a Delaware limited liability company.
(j)“Indemnification Agreements” means each agreement between the Company and the directors of the Company, in substantially the form attached to this Agreement as Exhibit A. 
(k)“Key Employee” means (a) Kenneth Ahn, (b) Ian Kelleher, (c) Michael Mortorano, (d) Andrew Ruprecht, (e) Alain Squindo, and (f) Alexander Weaver.
(l)“Knowledge” including the phrase “to the Company’s knowledge” shall mean the actual knowledge, after reasonable investigation, of Kenneth Ahn and Michael Mortorano. 
(m)“Material Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property, prospects or results of operations of the Company.
(n)“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
(o)“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
(p)“SHA” means the agreement among the Company and the Purchasers and certain other stockholders of the Company, dated as of the Effective Date, which provides certain Holders with the rights, among other rights, to (i) designate the election of certain members of the Board of Directors of the Company in accordance with the terms of this Agreement, (ii) receive certain information from the Company; (iii) participate in certain future securities issuances by the Company, and (iv) limit future transfers of shares in the Company.
(q)“Transaction Agreements” means this Agreement, the SHA, and the Indemnification Agreements.
1.4Use of Proceeds. The Company will use the proceeds from the sale of Shares for working capital and other general corporate purposes, including to establish and grow auctions, private sales, and financing businesses.
2.Representations and Warranties of the Company.  The Company hereby represents and warrants to each Purchaser that, except as set forth on the Disclosure Schedule attached to this Agreement, which exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations are true and complete as of the Closing, except as otherwise indicated.  The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections and subsections contained in this Section 2, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify other sections and subsections in this Section 2 if and only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections and subsections.  
2.1Organization, Good Standing, Corporate Power and Qualification.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted.  The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect.
2.2Capitalization.
(a)The authorized capital of the Company consists, immediately prior to the Closing, of: 100,000,000 shares of Common Stock, 13,000,000 shares of which are issued and outstanding immediately prior to the Closing.  All of the outstanding shares of Common Stock have been duly authorized, are fully paid and non-assessable and were issued in compliance with all applicable federal and state securities laws.  The Company holds no Common Stock in its treasury.
(b)The Company will have reserved immediately after giving effect to the Closing ten percent (10%) of its shares of Common Stock for issuance to officers, directors, employees, consultants and other eligible persons pursuant to its to-be-adopted 2022 equity incentive plan (the “Stock Plan”).  Of such reserved shares of Common Stock, no options to purchase shares have been granted and are currently outstanding and all shares of Common Stock referenced in this sentence remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan.
(c)Subsection 2.2(c) of the Disclosure Schedule sets forth the pro forma capitalization of the Company immediately following the Closing (the “Post-Closing Cap Table”) including the 
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number of shares of the following:  (i) issued and outstanding Common Stock, including, restricted Common Stock; (ii) granted or committed stock options; (iii) shares of Common Stock reserved and available for future award grants under the Stock Plan; and (iv) warrants or stock purchase rights, if any. Except for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the rights to be provided in the SHA, and (C) the securities and rights described in Subsection 2.2(a)(ii) of this Agreement and Subsection 2.2(c) of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock, or any securities convertible into or exchangeable for shares of Common Stock. 
(d)Except as provided in the SHA, the Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.
(e)409A.  The Company believes in good faith that any “nonqualified deferred compensation plan” (as such term is defined under Section 409A (d)(1) of the Code and the guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A Plan”) complies in all material respects, in both form and operation, with the requirements of Section 409A of the Code and the guidance thereunder.  To the Company’s knowledge, no payment to be made under any 409A Plan is, or will be, subject to the penalties of Section 409A(a)(1) of the Code.
(f)The Company has obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.
2.3Subsidiaries.  Except as set forth on Subsection 2.3 of the Disclosure Schedule, the Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity.  The Company is not a participant in any joint venture, partnership or similar arrangement.
2.4Authorization.  All corporate action required to be taken by the Board of Directors and stockholders in order to authorize the Company to enter into the Transaction Agreements, and to issue the Shares at the Closing and the Common Stock issuable upon conversion of the Shares, has been taken or will be taken prior to the Closing.  All action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing, and the issuance and delivery of the Shares has been taken or will be taken prior to the Closing.  The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (c) to the extent the indemnification provisions contained in the SHA and the Indemnification Agreement may be limited by applicable federal or state securities laws.
2.5Valid Issuance of Shares.
(a)The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or encumbrances created by or imposed by a Purchaser.  Assuming the accuracy of the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Subsection 2.6 below, the Shares will be issued in compliance with all applicable federal and state securities laws.  The Common Stock issuable upon conversion of the Shares has been duly reserved for issuance, and upon issuance in accordance with the terms of the Certificate, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable federal and state securities laws and liens or encumbrances created by or imposed by a Purchaser.  Based in part upon the representations of the Purchasers in Section 3 of this Agreement, and subject to Subsection 2.5(b) below, the Common Stock issuable upon conversion of the Shares will be issued in compliance with all applicable federal and state securities laws.
(b)No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is applicable.
2.6Governmental Consents and Filings.  Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions 
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contemplated by this Agreement, except for (a) the filing of the Certificate, which will have been filed as of the Effective Date, and (b) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will be made in a timely manner.
2.7Litigation.  There is no claim, action, suit, proceeding, arbitration, complaint, or charge pending or to the Company’s knowledge threatened in writing (a) against the Company or any officer, director or Key Employee of the Company arising out of their employment or board relationship with the Company; (b) that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (c) to the Company’s knowledge, that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.  Neither the Company nor, to the Company’s knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers, directors or Key Employees, such as would affect the Company).  There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate. To the Company’s knowledge, no Key Employee who will be employed by Hagerty (either solely or jointly with the Company) is in material breach of any enforceable contractual (express or implied) or statutory obligation owed to a former employer.  
2.8Intellectual Property.  The Company owns or possesses or believes it can acquire on commercially reasonable terms sufficient legal rights to all Company Intellectual Property without any conflict with, or known infringement of, the rights of others, including prior employees or consultants or institutions with which any of them may be affiliated now or may have been affiliated in the past.  To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed or sold) by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other party.  Other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person.  The Company has not received any communications alleging that the Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person.  The Company has obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s business.  To the Company’s knowledge, it will not be necessary to use any inventions owned by any of its current or former employees or consultants (or Persons it currently intends to hire) made prior to their employment or service by the Company other than as has been assigned to the Company.  Each employee and consultant has assigned to the Company all intellectual property rights he or she owns that are related to the Company’s business as now conducted and as presently proposed to be conducted.  Subsection 2.8 of the Disclosure Schedule lists all patents, patent applications, trademarks, trademark applications, service marks, service mark applications, tradenames, copyrights, domain names and licenses to and under any of the foregoing in the conduct of the Company’s business as now conducted and as presently proposed to be conducted and all intellectual property rights that he, she or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with the Company that (a) relate, at the time of conception, reduction to practice, development, or making of such intellectual property right, to the Company’s business as then conducted or as then proposed to be conducted, (b) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or information or (c) resulted from the performance of services for the Company.  The Company has not embedded any open source, copy left or community source code in any of its products generally available or in development, including but not limited to any libraries or code licensed under any General Public License, Lesser General Public License or similar license arrangement.  For purposes of this Subsection 2.8, the Company shall be deemed to have knowledge of a patent right if the Company has actual knowledge of the patent right or would be found to be on notice of such patent right as determined by reference to United States patent laws.  No government funding, facilities of a university, college, other educational institution or research center, or funding from third parties was used in the development of any Company Intellectual Property.  No Person who was involved in, or who contributed to, the creation or development of any Company Intellectual Property, has performed services for the government, university, college, or other educational institution or research center in a manner that would affect Company’s rights in the Company Intellectual Property.
2.9Compliance with Other Instruments.  The Company is not in violation or default (a) of any provisions of its Certificate or Bylaws, (b) of any instrument, judgment, order, writ or decree, (c) under any note, indenture or mortgage, or (d) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule, or (e) of any provision of federal or state statute, rule or regulation applicable to the Company, the violation of which would 
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have a Material Adverse Effect.  The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated by the Transaction Agreements will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.
2.10Agreements; Actions.
(a)Except for the Transaction Agreements and the loan obligations converting to Shares pursuant to this Agreement and evidenced on Schedule A attached to the SHA (collectively, the “Converting Loans”), there are no agreements, understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that involve (i) outstanding obligations (contingent or otherwise) of, or payments to, the Company in excess of $1,000,000 individually, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to or from the Company other than licenses with respect to commercially available software products under standard end user agreements entered into in the Company’s ordinary course of business, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification by the Company with respect to infringements of proprietary rights.
(b)Except for the Converting Loans, the Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of $1,000,000, (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses, individually in excess of $1,000,000, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course of business.  For the purposes of (a) and (b) of this Subsection 2.10, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsection.
(c)The Company is not a guarantor or indemnitor of any indebtedness of any other Person.
2.11Certain Transactions.
(a)Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and officer indemnification agreements approved by the Board of Directors, and (iii) the purchase of shares of the Company’s capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each instance, approved in the written minutes of the Board of Directors (previously made available to requesting Purchasers or their counsel), there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants or Key Employees, or any Affiliate thereof providing for Company benefits to any such persons.
(b)Except for the Converting Loans, the Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business or employee relocation expenses and for other customary employee benefits made generally available to all employees.  Except for the Converting Loans, none of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing are, directly or indirectly, indebted to the Company or, to the Company’s knowledge, have any (i) material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Company’s customers, suppliers, service providers, joint venture partners, licensees and competitors, (ii) direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes with the Company except that directors, officers, employees or stockholders of the Company may own stock in (but not exceeding two percent (2%) of the outstanding capital stock of) publicly traded companies that may compete with the Company; or (iii) financial interest in any contract with the Company.
2.12Rights of Registration and Voting Rights.  Except as provided in the SHA, the Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities.  To the Company’s knowledge, except as contemplated herein or with respect to the Founder Proxies, no stockholder of the Company has entered into any agreements with respect to the voting of capital shares or securities of the Company.
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2.13Property.  The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets.  With respect to the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or assets.  The Company does not own any real property.
2.14Financial Statements.  The Company was incorporated on September 7, 2021 and has a limited operating history.  The Company’s unaudited financial statements (balance sheet and P&L) for the month ended November 30, 2021, which were prepared using a standard system of accounting established and administered in accordance with U.S. general accepted accounting principles (“GAAP”) (except that they may not contain all footnotes required by GAAP and remain subject to year-end adjustments) (the “Financial Statements”) have been made available to each requesting Purchaser.  
2.15Changes.  Since the date of incorporation of the Company, there have been no events or circumstances of any kind that have had or could reasonably be expected to result in a Material Adverse Effect, or any arrangements or commitments by the Company to take any actions that could reasonably be expected to result in a Material Adverse Effect.
2.16Employee Matters.
(a)To the Company’s knowledge, (x) none of the Company’s employees are obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Company or that would materially conflict with the Company’s business; and (y) neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such current employee is now obligated.
(b)The Company is not delinquent in payments to any of its employees, consultants, or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such employees, consultants or independent contractors.  The Company has complied in all material respects with all applicable state and federal equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker classification and collective bargaining.  The Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts (if any) required to be withheld from employees of the Company and is not liable for any arrears of wages, taxes, penalties or other sums for failure to comply with any of the foregoing.
(c)To the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable to continue as a Key Employee. The Company does not have a present intention to terminate the employment of any of the foregoing. The employment of each employee of the Company is terminable at the will of the Company. Except as set forth in the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments will become due. Except as set forth in the Disclosure Schedule, the Company has no policy, practice, plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services.
(d)The Company has not made any representations regarding equity incentives to any officer, employee, director or consultant that are inconsistent with the share amounts and terms set forth in the minutes of meetings of the Company’s board of directors.
(e)As of December 31, 2021, the Company has not established or implemented any employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
(f)To the Company’s knowledge, none of the Key Employees has been (i) subject to voluntary or involuntary petition under the federal bankruptcy laws or any state insolvency law or the appointment of a receiver, fiscal agent or similar officer by a court for his or her business or property; (ii) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding (excluding vehicle-related violations and other minor offenses); (iii) subject to any order, judgment or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him or her from engaging, or otherwise imposing limits or conditions on his or her engagement in any securities, investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; or (iv) found by a court of competent jurisdiction in a civil action or by the Securities and Exchange 
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Commission or the Commodity Futures Trading Commission to have violated any federal or state securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended, or vacated.
2.17Tax Returns and Payments.  There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been timely paid.  Other than as may be accrued in the Financial Statements, there are no accrued and unpaid federal, state, county, local or foreign taxes of the Company which are due, whether or not assessed or disputed.  There have been no examinations or audits of any tax returns or reports by any applicable federal, state, local or foreign governmental agency.  The Company has duly and timely filed all federal, state, county, local and foreign tax returns (if any) required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year.
2.18Insurance.  The Company has implemented and bound insurance policies concerning general liabilities and casualties suitable to cover its current operations.
2.19Employee Agreements.  Each current officer and employee of the Company has executed an agreement with the Company regarding confidentiality and proprietary information and containing restrictive covenants substantially in the form or forms approved by the Board and made available to requesting purchasers (the “Confidential Information Agreements”).  No current or former Key Employee has excluded works or inventions from his or her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement.  The Company is not aware that any of its Key Employees is in violation of any agreement covered by this Subsection 2.19.
2.20Permits.  The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business, the lack of which could reasonably be expected to have a Material Adverse Effect.  The Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority.
2.21Corporate Documents.  The Certificate and Bylaws of the Company are in the form made available to requesting Purchasers.  The copy of the minute books of the Company made available to requesting Purchasers contains minutes of all meetings of directors and stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect to all transactions referred to in such minutes.
2.2283(b) Elections.  To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be timely filed by all individuals who have acquired unvested shares of the Company’s Common Stock.
2.23Real Property Holding Company. The Company hereby represents that it is not now and has never been a “United States real property holding corporation”, as defined in §897(c)(2) of the Internal Revenue Code of 1986, as amended, and Treasury Regulation §1.897-2(b), and that the Company has filed with the Internal Revenue Service all statements, if any, with its United States income tax returns, which are required under Treasury Regulation §1.897-2(h).
2.24Environmental and Safety Laws. Except as could not reasonably be expected to have a Material Adverse Effect (a) the Company is and has been in compliance with all Environmental Laws; (b) there has been no release or to the Company’s knowledge threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof (each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise used by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come to rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other similar list of hazardous or toxic waste sites published by any governmental authority in the United States; and (d) there are no underground storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored on, and no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored on, any site owned or operated by the Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to requesting Purchasers true and complete copies of all material environmental records, reports, notifications, certificates of need, permits, pending permit applications, correspondence, engineering studies and environmental studies or assessments.  For purposes of this Subsection 2.24, “Environmental Laws” means any law, regulation, or other applicable requirement relating to (a) releases or threatened release of Hazardous Substance; (b) pollution or protection of employee health or safety, public health or the environment; or (c) the manufacture, handling, transport, use, treatment, storage, or disposal of Hazardous Substances.
2.25Disclosure.  To the Company's knowledge, the Company has made available to requesting Purchasers all the information reasonably available to the Company that the Purchasers have requested for deciding whether to purchase the Shares (including all due diligence requests of any Purchaser and/or its counsel).  To the Company's knowledge, no representation or warranty of the Company contained in 
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this Agreement, as qualified by the Disclosure Schedule, and no certificate furnished or to be furnished to Purchasers at the Closing contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.  It is understood that this representation is qualified by the fact that the Company has not delivered to the Purchasers, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities.  The representations and warranties of the Company shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Purchasers (including by any of its Representatives) or by reason of the fact that the Purchasers or any of its Representatives knew or should have known that any such representation or warranty is, was or might be inaccurate, as the case may be.
3.Representations and Warranties of the Purchasers.  Each Purchaser hereby represents and warrants to the Company, severally and not jointly, that:
3.1Authorization.  The Purchaser has full power and authority to enter into the Transaction Agreements.  The Transaction Agreements to which the Purchaser is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to the extent the indemnification provisions contained in the SHA may be limited by applicable federal or state securities laws.
3.2Purchase Entirely for Own Account.  This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.  By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Shares.  The Purchaser has not been formed for the specific purpose of acquiring the Shares.
3.3Disclosure of Information.  The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to review the Company’s facilities.  The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Purchasers to rely thereon.  
3.4Restricted Securities.  The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein.  The Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  The Purchaser acknowledges that the Company has no obligation to register or qualify the Shares, or the Common Stock into which it may be converted, for resale except as set forth in the SHA.  The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.
3.5No Public Market.  The Purchaser understands that no public market now exists for the Shares, and that the Company has made no assurances that a public market will ever exist for the Shares.
3.6Legends.  The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one or all of the following legends:
“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”
(a)Any legend set forth in, or required by, the other Transaction Agreements.
     8

(b)Any legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by the certificate, instrument, or book entry so legended.
3.7Accredited Investor.  The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.
3.8Foreign Investors.  If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.  The Purchaser’s subscription and payment for and continued beneficial ownership of the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction. The funds used to purchase the Shares do not violate the anti-money laundering provisions of the Money Laundering Control Act of 1986 or the Bank Secrecy Act of 1970, as amended by the USA Patriot Act of 2001.
3.9No General Solicitation.  Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Shares.
3.10Exculpation Among Purchasers.  Each Purchaser acknowledges that it is not relying upon any Person, other than the Company and its officers and directors, in making its investment or decision to invest in the Company.  The Purchaser agrees that neither any Purchaser nor the respective controlling Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the Shares.
3.11Residence.  Each Purchaser’s legal residence is as disclosed to the Company and set forth on Schedule A attached to the SHA.
4.Conditions to the Purchasers’ Obligations at Closing.  The obligations of each Purchaser to purchase Shares at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
4.1Representations and Warranties.  The representations and warranties of the Company contained in Section 2 shall be true and correct in all respects as of the Closing, as modified by the Disclosure Schedule in the form attached hereto.
4.2Performance.  The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or before the Closing.
4.3Compliance Certificate.  The Chief Executive Officer of the Company shall deliver to the Purchasers at the Closing a certificate certifying that the conditions specified in Subsections 4.1 and 4.2 have been fulfilled.
4.4Qualifications.  All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.
4.5Board of Directors.  As of the Closing, the authorized size of the Board shall be seven (7) members, and the Board shall initially be comprised as set forth in the SHA.
4.6SHA.  The Company and each Purchaser (other than the Purchaser relying upon this condition to excuse such Purchaser’s performance hereunder) shall have executed and delivered the SHA.
4.7Certificate.  The Certificate shall continue to be in full force and effect as of the Closing.
4.8Secretary’s Certificate.  The Secretary of the Company shall have certified (i) the Bylaws of the Company, (ii) resolutions of the Board of Directors of the Company approving the Transaction Agreements and the transactions contemplated under the Transaction Agreements, and (iii) resolutions of the stockholders of the Company approving the Certificate.
4.9Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its counsel) shall have received all such counterpart original and certified or other copies of such documents as reasonably requested.
     9

4.10Indemnification Agreement.  The Company and each member of the Board upon and immediately following the Closing shall have entered into an Indemnification Agreement.
5.Conditions of the Company’s Obligations at Closing.  The obligations of the Company to sell Shares to the Purchasers at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:
5.1Representations and Warranties.  The representations and warranties of each Purchaser contained in Section 3 shall be true and correct in all respects as of the Closing.
5.2Performance.  The Purchasers shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by them on or before the Closing.
5.3Qualifications.  All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.
5.4SHA.  Each Purchaser shall have executed and delivered the SHA.
5.5Indemnification Agreement.  The Company and each member of the Board upon and immediately following the Closing shall have entered into an Indemnification Agreement.
6.Miscellaneous.
6.1Survival of Warranties.  Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing for a period of one year from the Effective Date and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers or the Company.
6.2Successors and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
6.3Governing Law.  This Agreement shall be governed by and construed in accordance with the internal substantive laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.
6.4Counterparts.  This Agreement may be executed and delivered in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
6.5Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
6.6Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their address as set forth on the signature page or Schedule A attached to the SHA, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection 6.6.  If notice is given to the Company, copies (which shall not constitute notice to the Company) shall also be sent to each of (x) Goodwin Procter LLP, The New York Times Building, 620 Eighth Avenue, New York, NY 10018, Attn: Rob Lynn; and (y) Goodwin Proctor LLP, 1900 N Street, NW, Washington DC 20036, Attn: Geoff Willard.
6.7No Finder’s Fees.  Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction.  Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which each Purchaser or any of its officers, employees or representatives is responsible.  
     10

The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.
6.8Fees and Expenses.  The Company and the Purchasers shall each pay their own expenses in connection with the transactions contemplated by this Agreement and any and all related agreements, understandings, and arrangements; provided, however, that the Parties understand that the transactions provided for herein may require investor background checks, regulatory reviews, and public disclosures (“Specified Items”).  If Hagerty requires any Specified Items then Hagerty will pay in advance, or promptly reimburse the Company, the Founders LLC and the Founders, as applicable, for their reasonable legal, filing, and other expenses to comply with such Specified Items as Hagerty may request.
6.9Attorneys’ Fees. If any action at law or in equity (including, arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.
6.10Amendments and Waivers.  Any term of this Agreement may be amended, terminated or waived only with the written consent of (x) the Company, and (y) the holders of a majority of the then-outstanding Shares (in each case giving effect to any proxies or powers of attorney, inclusive of the Founder Proxies).  Any amendment or waiver effected in accordance with this Subsection 6.10 shall be binding upon the Purchasers and each transferee of the Shares (or any shares issuable upon conversion, reclassification, or exchange thereof), each future holder of all such securities, and the Company.
6.11Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
6.12Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.
6.13Entire Agreement.  This Agreement (including the Exhibits hereto), the Certificate and the other Transaction Agreements constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.
6.14Announcement.  The Company and the Purchasers will maintain this Agreement, the SHA and all related transactions and dealings between or among them in strict confidence and there will be no public announcement regarding any such matters except as mutually agreed in writing by the Company and Hagerty or as required by law or binding regulatory requirements.  The Company and Hagerty will implement a joint announcement plan.  No press releases or other public announcements will be made by any Party concerning the transactions referred to in this Agreement without the prior written approval of each of (x) the Company and (y) Hagerty.
6.15Dispute Resolution.  The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of any United States District Court in the state of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or any United States District Court in the state of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.
     11

WAIVER OF JURY TRIAL:  EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALLENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
6.16No Commitment for Additional Financing.  The Company acknowledges and agrees that no Purchaser has made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the Shares as set forth herein and subject to the conditions set forth herein.  In addition, the Company acknowledges and agrees that (a) no statements, whether written or oral, made by any Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (b) the Company shall not rely on any such statement by any Purchaser or its representatives, and (c) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Purchaser and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement.  Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance.
[Signature Pages Follow]
     12

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

												
		COMPANY:
				
		Broad Arrow Group, Inc.
				
		By:		
			Name: Kenneth H. Ahn
			Title: Chief Executive Officer
				
		Address:
		Broad Arrow Group, Inc
		c/o Michael Mortorano, Chief Administrative Officer and General Counsel
		377 Fisher Road, Suite H
		Grosse Pointe, MI 48230
		Email: legal@broadarrowgroup.com

     13

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

												
		PURCHASERS:
				
		The Hagerty Group, LLC
				
		By:		
			Name: McKeel Hagerty
			Title: Chief Executive Officer
				
		Address:
		The Hagerty Group, LLC
		c/o Barbara Matthews, SVP, General Counsel and Corporate Secretary
		141 Rivers Edge Dr
		Traverse City, MI 49684

     14Exhibit 10.1

 

EXECUTION VERSION

 

LUMENT FINANCE TRUST, INC.

(a Maryland Corporation)

 

Up to 37,421,825
Shares of Common Stock

Issuable Upon the Exercise of Transferable Rights

to Subscribe for Such Shares of Common Stock

 

DEALER MANAGER AGREEMENT

 

January 7, 2022

 

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

 

JMP Securities LLC

600 Montgomery Street, Suite 1100

San Francisco, California 94111

 

Ladies and Gentlemen:

 

Lument Finance Trust, Inc.,
a Maryland corporation (the “Company”), and OREC Investment Management, LLC, a Delaware limited liability company (the
 “Manager”), each confirms their respective agreements with and the appointment by the Company of each of Wells Fargo
Securities, LLC and JMP Securities LLC to act, severally and not jointly, as dealer managers (each, a “Dealer Manager”
and collectively, the “Dealer Managers”) in connection with the distribution by the Company to the holders of record
(the “Record Date Holders”) at 5:00 p.m. (New York City time) on January 18, 2022 (the “Record Date”)
of shares of common stock, par value $0.01 per share (the “Common Stock”), of the Company, of transferable rights entitling
such Record Date Holders and any transferee of rights thereof (collectively, the “Holders”) to subscribe collectively
for up to an aggregate of 37,421,825 whole shares (each, a “Share” and collectively, the “Shares”)
of Common Stock (the “Rights Offering”). Pursuant to the terms of the Rights Offering, the Company is issuing each
Record Date Holder 1.5 transferable rights (each, a “Right” and collectively, the “Rights”) for
each share of Common Stock held by such Record Date Holder on the Record Date. The Rights and the Shares together are referred to herein
as the “Securities.”

 

The Rights entitle Holders
to acquire during the subscription period (the “Subscription Period”) set forth in the Prospectus (as defined below),
at the subscription price (the “Subscription Price”) set forth in the Prospectus, one Share for each Right exercised,
on the terms and subject to the conditions set forth in the Prospectus. No fractional Rights will be issued. Pursuant to the over-subscription
privilege in connection with the Rights Offering (the “Over-Subscription Privilege”), (A) Record Date Holders who
fully exercise all Rights issued to them may subscribe for additional Shares not subscribed for by other Holders, on the terms and subject
to the conditions set forth in the Prospectus, including as to pro ration, and (B) any Holders other than Record Date Holders who exercise
Rights transferred to them may subscribe for additional Shares not subscribed for by other Holders and by Record Date Holders pursuant
to their Over-Subscription Privilege, on the terms and subject to the conditions set forth in the Prospectus, including as to pro ration.
Any over-subscription by affiliates of the Manager will be effected only after the pro rata allocation of shares to (1) Record Date
Holders (other than affiliates of the Manager) who fully exercise all Rights issued to them and (2) Holders other than Record Date Holders
(other than affiliates of the Manager) who exercise Rights. The Company has entered into a Subscription Rights Offering Agreement, dated
as of January 7, 2022, with Broadridge Corporate Issuer Solutions, Inc. (the “Subscription Agent”).

 

     

     

    

 

The Company has filed
with the Commission a shelf registration statement on Form S-3 (File No. 333-258134), including the related base prospectus,
covering the registration of the Securities under the 1933 Act, and the offer and sale thereof from time to time in accordance with
Rule 415 of the 1933 Act Rules and Regulations. Such registration statement became effective on August 6, 2021. Except where the
context otherwise requires, such registration statement, as amended, including all documents filed as a part thereof or incorporated
by reference therein, and including any Rule 430B Information contained in a prospectus subsequently filed with the Commission
pursuant to Rule 424(b) or such other 1933 Act Rules and Regulations as may be applicable to the Company and deemed to be part of
such registration statement and also including any Rule 462(b) Registration Statement, is herein called the “Registration
Statement.” Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus, which
will include the base prospectus, dated August 6, 2021, together with a prospectus supplement (collectively and including the
information incorporated by reference therein, the “First Prospectus” or a “Prospectus”) in
accordance with the provisions of Rule 424(b) or such other 1933 Act Rules and Regulations as may be applicable to the Company. In
connection with the release of preliminary estimates of (1) net income attributable to common stockholders for the three months and
fiscal year ended December 31, 2021, (2) book value of the Company as of December 31, 2021 or (3) any similar “flash”
financials, the Company will prepare and file a prospectus, which will include the base prospectus, dated August 6, 2021, together
with a prospectus supplement (collectively and including the information incorporated by reference therein, the “Second
Prospectus” or a “Prospectus” and collectively with the First Prospectus, the
 “Prospectus”) in accordance with the provisions of Rule 424(b) or such other 1933 Act Rules and Regulations as
may be applicable to the Company. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or
any amendment or supplement to either of the foregoing shall be deemed to include the copy filed with the Commission pursuant to
EDGAR.

 

All references in this Agreement
to financial statements and schedules and other information which is “contained,” “included,” “made,”
 “stated” or “referred to” (or other references of like import) in the Registration Statement or the Prospectus
shall be deemed to include all such financial statements and schedules and other information which is incorporated by reference in or
otherwise deemed by the 1933 Act Regulations to be a part of or included in the Registration Statement or the Prospectus, as the case
may be, as of any specified date; and all references in this Agreement to amendments or supplements to the Registration Statement or the
Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended (the “1934 Act”),
and the rules and regulations promulgated thereunder (the “1934 Act Regulations”), which is incorporated by reference
in or otherwise deemed by the 1933 Act Regulations to be a part of or included in the Registration Statement or the Prospectus, as the
case may be, as of any specified date.

 

SECTION 1.   
Representations and Warranties.

 

(a)                
Representations and Warranties of the Company. The Company represents and warrants to the Dealer Managers as of the Execution
Time, as of the date of the First Prospectus (the “First Representation Date” or a “Representation Date”),
as of the date of the Second Prospectus (the “Second Representation Date” or a “Representation Date”)
and as of the date and time of the expiration of the Rights Offering as set forth in the Prospectus (the “Expiration Date”)
and agrees with the Dealer Managers, as follows:

 

(1)                Form S-3 Compliance; No Stop Orders. The Company meets the requirements for use of Form S-3 under the 1933 Act. Each of
the Registration Statement and any post-effective amendment thereto has become effective under the 1933 Act; no stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or preventing or suspending the use of the Prospectus
or any amendment or supplement thereto is in effect; no notice of objection of the Commission to the use of the Registration Statement
or any post-effective amendment thereto has been received by the Company, no order preventing or suspending the use of the Prospectus
or any amendment or supplement thereto has been issued and no proceedings for such purpose have been instituted or are pending before
or, to the Company’s knowledge, threatened by the Commission; and the Company has complied with any request made by the Commission
for additional or supplemental information.

 

(2)                Prospectus Compliance with Rule 424(b). Each Prospectus, when filed as part of the Registration Statement or pursuant to
Rule 424(b), when so filed, complied in all material respects with the 1933 Act and the 1933 Act Regulations (including, without limitation,
Rules 424(b) and 430B) and is identical to the electronically transmitted copy thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T. The Prospectus and any amendment or supplement thereto (including any prospectus wrapper) prepared
in connection with the offering and sale of the Securities, at their respective issue dates, if any, complied and will comply, as applicable,
in all material respects with any applicable laws or regulations of foreign jurisdictions in which such Prospectus or such amendment or
supplement, as the case may be, are distributed in connection with such offering and sale.

 

    2

     

    

 

(3)                Accurate
Disclosure. At the respective times the Registration Statement and any post-effective amendment thereto became effective, at each
deemed effective date with respect to the Dealer Managers and the Securities pursuant to Rule 430B(f)(2) and at the Expiration Date,
the Registration Statement complied, complies and will comply in all material respects with the requirements of the 1933 Act and the
1933 Act Regulations and did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. No Prospectus or any amendment or supplement thereto
(including any prospectus wrapper), as of its issue date, at each Representation Date and at the Expiration Date, included, includes
or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. . The documents incorporated
or deemed to be incorporated by reference in the Registration Statement or the Prospectus, at the time the Registration Statement became
effective or at the time they were, or hereafter are, filed with the Commission, complied, comply and will comply in all material respects
with the requirements of the 1934 Act and 1934 Act Regulations and, when read together with the other information in the Registration
Statement and the Prospectus, did not and will not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
Notwithstanding anything to the contrary in this Section, the Company makes no representation or warranty with respect to any statement
contained in a Prospectus or any amendment or supplement thereto (including any prospectus wrapper) in reliance upon and in conformity
with information furnished in writing to the Company by or on behalf of the Dealer Managers specifically for inclusion in the Registration
Statement or the Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by or
on behalf of the Dealer Managers consists of the Dealer Manager Information.

 

(4)               Offering Materials. The Company (including its agents and representatives, other than the Dealer Managers in their capacity
as such) has not prepared, made, used, authorized, approved or referred to and, without the prior written consent of the Dealer Managers,
will not prepare, make, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under the
1933 Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities other than (i) any document not constituting
a prospectus pursuant to Section 2(a)(10)(a) of the 1933 Act or Rule 134 under the 1933 Act, (ii) the letters to beneficial owners of
the shares of Common Stock, forms used to exercise Rights and any letters from the Company to securities dealers, commercial banks and
other nominees or any newspaper announcements, in each case in the form filed with the Commission, or (iii) any advertising, sales literature,
press releases or other promotional material (including “prospectus wrappers,” “broker kits,” “road show
scripts” and “electronic road show presentations”) authorized in writing by or prepared by the Company to be used in
connection with the Rights Offering and approved for use by the Dealer Managers (collectively, the “Offering Materials”).
The Offering Materials (as amended or supplemented), at the time first used, at each Representation Date and at the Expiration Date, complied
and will comply in all material respects with the 1933 Act, have been or will be (within the time period specified in Rule 433 and/or
Rule 424) filed in accordance with the 1933 Act (to the extent required thereby) and, when taken together with the Prospectus, at each
Representation Date and the Expiration Date will not contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Notwithstanding
anything to the contrary in this Section, the Company makes no representation or warranty with respect to any statement contained in a
Prospectus or any amendment or supplement thereto (including any prospectus wrapper) in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of the Dealer Managers specifically for inclusion in the Registration Statement or
the Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by or on behalf of
the Dealer Managers consists of the Dealer Manager Information.

 

(5)                [Reserved].

 

(6)                Not
Ineligible Issuer. (A) At the time of filing the Registration Statement and any post-effective amendment thereto, (B) at the
earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule
164(h)(2) of the 1933 Act Regulations) of the Securities and (C) at the date of this Agreement, the Company was not and is not an
 “ineligible issuer” (as defined in Rule 405), without taking account of any determination by the Commission pursuant to
Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

 

    3

     

    

 

(7)                NYSE, FINRA Compliance. The Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Stock under the 1934 Act or the listing of the Common Stock on the New York Stock Exchange (the “NYSE”),
nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such registration or listing.
To the knowledge of the Company, there are no affiliations or associations between (i) any member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”) and (ii) the Company or any of the Company’s officers, directors or 5% or greater security
holders or any beneficial owner of the Company’s unregistered equity securities that were acquired at any time on or after the 180th
day immediately preceding the date the Registration Statement was initially filed with the Commission, except as has been disclosed in
the Registration Statement (excluding the exhibits thereto) and the Prospectus.

 

(8)                Company Good Standing, Due Qualification, Authority and Incorporation. The Company has been duly incorporated, is validly
existing under the laws of the State of Maryland, is in good standing with the State Department of Assessments and Taxation of Maryland
(the “SDAT”) and has the corporate power and authority to own and lease, as the case may be, its properties and to
operate its properties and conduct its business as described in the Registration Statement and the Prospectus. The Company is duly qualified
to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of
property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not (i) be
or cause a material adverse change to the assets, business, condition (financial or otherwise), earnings, properties, management, results
of operations or business prospects of the Company and the Subsidiaries considered as one enterprise, whether or not arising in the ordinary
course of business or (ii) prevent or materially interfere with consummation of the transactions contemplated hereby (the occurrence of
any such effect, prevention, interference or result described in the foregoing clauses (i) and (ii) being herein referred to as a “Material
Adverse Effect”).

 

(9)                [Reserved].

 

(10)              Good Standing of Subsidiaries. Each Subsidiary has been duly organized, is validly existing as a corporation, limited partnership
or limited liability company in good standing under the laws of the jurisdiction of its organization, has the corporate, limited partnership
or limited liability company power and authority, as applicable, to own or lease, as the case may be, its property and to operate its
property and conduct its business as described in the Registration Statement and the Prospectus and is duly qualified to transact business
and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse
Effect; except as otherwise disclosed in the Prospectus, all of the issued shares of capital stock, units of limited partnership interest
and units of membership interest of each Subsidiary have been duly and validly authorized and issued, are fully paid and nonassessable,
are owned or will be owned directly or indirectly by the Company, free and clear of all security interests, liens, mortgages, encumbrances,
pledges, equities, claims, restrictions or other defects of any kind (collectively, “Liens”), have been issued in compliance
with applicable securities laws and were not issued in violation of any preemptive or similar rights.

 

(11)              Corporate Power and Authority of Company. The Company has the corporate power and authority to execute and deliver this
Agreement and to perform its obligations hereunder, and all corporate action required to be taken for the due and proper authorization,
execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby have been duly and validly
taken.

 

(12)              [Reserved].

 

(13)              Due Authorization and Execution. This Agreement has been duly authorized, executed and delivered by the Company.

 

    4

     

    

 

(14)              Accurate
Disclosure in Summaries. The statements in the Registration Statement and the Prospectus under the captions “Certain Provisions
of the Maryland General Corporation Law and Our Charter and Bylaws,” “Material U.S. Federal Income Tax Considerations,”
 “Description of Common Stock,” “Description of Rights” insofar as such statements summarize legal or tax matters,
agreements, documents or legal or governmental proceedings discussed therein, are accurate, complete and fair summaries of such legal
and tax matters, agreements, documents or legal or governmental proceedings in all material respects.

 

(15)               Capitalization. The outstanding shares of capital stock of the Company have been duly authorized and validly issued and
are fully paid and nonassessable. Since the date indicated in the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q (whichever is more recent), there has been no material change in the authorized or outstanding shares of capital stock,
as applicable (subject, in each case, to the grant of equity-based awards under employee benefits plans of the Company).

 

(16)               Authorization of Securities. The Shares have been duly authorized for issuance and sale upon exercise of the Rights pursuant
to the terms of the Rights Offering and, when issued and delivered by the Company upon exercise of the Rights pursuant to the terms of
the Rights Offering against payment of the Subscription Price, will be validly issued and fully paid and non-assessable; the Rights have
been duly authorized by the Company for issuance pursuant to the terms of the Rights Offering; no holder of the Rights or Shares is or
will be subject to personal liability by reason of being such a holder and the issuance of each of the Shares; and the Rights are not
subject to any preemptive right, rights of first refusal or other similar rights of any securityholder of the Company or any other person.
The certificates, if any, to be used to evidence the Rights will be in substantially the form filed as an exhibit to the Registration
Statement and, on the Record Date, will, be in proper form and will comply in all material respects with all applicable legal requirements,
the requirements of the charter of the Company (the “Charter”), the bylaws of the Company as currently in effect (the
 “Bylaws”) and the requirements of the NYSE. No holder of Rights will be subject to personal liability by reason of
being such a holder.

 

(17)               Description of Securities. The Rights and the Common Stock conform in all material respects to all of the respective statements
relating thereto contained in the Registration Statement and the Prospectus, and such statements conform to the rights set forth in the
respective instruments and agreements defining the same.

 

(18)               Management Agreement. The Management Agreement, dated January 3, 2020, between the Company and the Manager, as amended (the
 “Management Agreement”), which among other things, provides for the management of the Company by the Manager, remains
in full force and effect. The Management Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid
and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except to the extent enforceability
may be limited by (i) the application of bankruptcy, reorganization, insolvency and other laws affecting creditors’ rights generally
and (ii) equitable principles being applied at the discretion of a court before which any proceeding may be brought, except as rights
to indemnity and contribution hereunder may be limited by federal or state securities laws.

 

(19)               Absence
of Violations, Defaults and Conflicts. Neither the execution and delivery by the Company of, nor the performance by the Company
of its obligations (including the distribution of the Rights pursuant to the terms of the Rights Offering, the issuance and sale of
the Shares pursuant to the terms of the Rights Offering and the use of the proceeds from the sale of the Shares as described in the
Prospectus under the caption “Use of Proceeds”) under, this Agreement will conflict with, contravene, result in a breach
or violation of, or imposition of, any Lien upon any property or other assets of the Company or any Subsidiary pursuant to, or
constitute a default (or give rise to any right of termination, acceleration, cancellation, repurchase or redemption) or Repayment
Event (as hereinafter defined) under: (i) any statute, law, rule, regulation, judgment, order or decree of any governmental
body, regulatory or administrative agency or court having jurisdiction over the Company or any of the Subsidiaries or any of their
respective properties or other assets; (ii) the Charter or the Bylaws or similar organizational documents of any Subsidiary; or
(iii) any contract, agreement, obligation, covenant or instrument or any term condition or provision thereof to which the Company or
any Subsidiary or any of their respective properties or other assets is subject or bound, except in the case of clauses (i) and
(iii), for such conflicts, breaches, violations, lien impositions or defaults that would not, individually or in the aggregate, have
a Material Adverse Effect. As used herein, “Repayment Event” means any event or condition which gives the holder of any
note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of the Subsidiaries.

 

    5

     

    

 

(20)             Absence of Further Authorizations. No approval, authorization, consent or order of or filing with any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory organization or
other non-governmental regulatory authority (including, without limitation, the NYSE), or approval of the Company’s stockholders,
is required to be made or obtained by the Company or any of the Subsidiaries in connection the execution, delivery or performance by the
Company of this Agreement, in connection with the distribution of the Rights pursuant to the terms of the Rights Offering, the offering,
issuance or sale of the Shares pursuant to the terms of the Rights Offering or the consummation of the other transactions contemplated
by this Agreement, other than (i) registration of the Securities under the 1933 Act, which has been effected (or, with respect to any
Rule 462 Registration Statement, will be effected in accordance with Rule 462(b) of the 1933 Regulations), (ii) any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the Securities are being offered by the Dealer Managers, (iii)
such approvals as have been or will be obtained in connection with the authorization of the Securities for listing on the NYSE, (iv) under
the FINRA Conduct Rules, (v) the filing by the Company of a registration statement on Form 8-A for the Rights with the Commission pursuant
to Section 12(b) of the 1934 Act, which will be filed before the Record Date.

 

(21)             
Absence of Proceedings. There are no actions, suits, claims, inquiries, investigations or proceedings pending or, to the
knowledge of the Company, threatened or contemplated to which the Company or any of the Subsidiaries or any of their respective directors,
managers, partners, officers or members is or would be a party or of which any of their respective properties or other assets is or would
be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body,
authority or agency, or before or by any self-regulatory organization or other non-governmental regulatory authority (including, without
limitation, the NYSE) (i) other than any such action, suit, claim, investigation or proceeding described in the Registration Statement
and the Prospectus which, if resolved adversely to the Company or any of the Subsidiaries, would not, individually or in the aggregate,
have a Material Adverse Effect or (ii) that would, singly or in the aggregate, result in a Material Adverse Effect.

 

(22)               Investment Company Act. Neither the Company nor any of the Subsidiaries are, and after giving effect to the Rights Offering
and sale of the Shares pursuant to the terms of the Rights Offering and the application of the net proceeds thereof as described in the
Registration Statement and the Prospectus will be, required to register as an “investment company” as such term is defined
in the Investment Company Act of 1940, as amended.

 

(23)              Nationally Recognized Statistical Rating Organization. No securities or loans issued by either of the Company or the Subsidiaries
are rated by any “nationally recognized statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2)
of the 1933 Act Regulations.

 

(24)             
Independent Accountant Certification. KPMG LLP is, and was during the periods covered by their reports, an independent registered
public accounting firm with respect to the Company as required by the 1933 Act, the 1933 Act Regulations, the 1934 Act, the 1934 Act Regulations
and the Public Company Accounting Oversight Board.

 

    6

     

    

 

(25)              Financial
Statements, Non-GAAP Financial Measures. The financial statements of the Company included in or incorporated by reference into
the Registration Statement and the Prospectus, together with the related notes and schedules, present fairly in all material
respects the consolidated financial position of the Company and its respective consolidated Subsidiaries on a consolidated basis as
of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the
Company for the periods specified and have been prepared in compliance with the requirements of the 1933 Act, the 1933 Act
Regulations, the 1934 Act and the 1934 Act Regulations and in conformity with U.S. generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved. The balance sheet of the Company included in
or incorporated by reference into the Registration Statement and the Prospectus, together with the related schedules and notes,
presents fairly in all material respects the financial position of the Company at the dates indicated. Any pro forma financial
statements or data included in or incorporated by reference into the Registration Statement and the Prospectus comply with the
Commission’s rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases
described therein, and the assumptions used in the preparation of such pro forma financial statements and data are reasonable, the
pro forma adjustments used therein are appropriate to give effect to the transactions or circumstances described therein and the pro
forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data. The other
financial and statistical data contained in or incorporated by reference into the Registration Statement and the Prospectus are
accurately and fairly presented and prepared in all material respects on a basis consistent with the financial statements and books
and records of the Company and the Subsidiaries. There are no financial statements (historical or pro forma) or related schedules
that are required to be included in or incorporated by reference into the Registration Statement or the Prospectus that are not
included or incorporated by reference as required. None of the Company nor any of the Subsidiaries have any material liabilities or
obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement and the
Prospectus. All disclosures contained in or incorporated by reference into the Registration Statement and the Prospectus regarding
 “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply with
Regulation G under the 1934 Act and Item 10 of Regulation S-K, to the extent applicable. The interactive data in Inline eXtensible
Business Reporting Language incorporated by reference in the Registration Statement and the Prospectus, if any, fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto.

 

(26)             
Statistical and Market-Related Data. Any statistical or market-related data included in or incorporated by reference into
the Registration Statement or the Prospectus are based on or derived from sources that the Company reasonably believes to be reliable
and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required. Each
 “forward-looking statement” (within the meaning of Section 27A of the 1933 Act or Section 21E of the 1934 Act) contained in
or incorporated by reference into the Registration Statement or the Prospectus has been made or reaffirmed with a reasonable basis and
in good faith.

 

(27)             
Licenses and Permits. The Company and the Subsidiaries possesses such permits, licenses, approvals, consents and other authorizations
issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct its business as described
in the Registration Statement and the Prospectus (collectively, “Governmental Licenses”), except where the failure
so to possess would not, individually or in the aggregate, result in a Material Adverse Effect. The Company and the Subsidiaries are in
compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, individually
or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except
where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not,
individually or in the aggregate, result in a Material Adverse Effect. None of the Company nor the Subsidiaries has received any notice
and has no knowledge of any proceedings relating to the revocation or modification of any such Governmental Licenses which, individually
or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

 

(28)              Environmental
Laws and Permits. The Company and its subsidiaries are (i) in compliance with any and all applicable federal, state, local and
foreign laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits required of them
under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions
of any such permits, except where such noncompliance with Environmental Laws, failure to receive required permits or failure to
comply with the terms and conditions of such permits would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Neither the Company nor any of its subsidiaries has been named as a “potentially responsible
party” under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended. Neither the Company
nor any of its subsidiaries owns, leases or occupies any property that appears on any list of hazardous sites compiled by any state
or local governmental agency. There are no costs or liabilities associated with Environmental Laws (including, without limitation,
any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any
permit, any related constraints on operating activities and any potential liabilities to third parties) which would, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    7

     

    

 

(29)             
[Reserved].

 

(30)             Registration Rights. Except as disclosed in the Registration Statement and the Prospectus or filed as an exhibit to the
Registration Statement, there are no contracts, agreements or understandings between the Company and any person granting such person the
right to require the Company to file a registration statement under the 1933 Act with respect to any securities of the Company or have
any such securities registered pursuant to the Registration Statement or included in the offering contemplated by this Agreement that
have not been waived, and there are no persons with co-sale rights, tag-along rights or other similar rights to have any securities of
the Company included in the offering contemplated by this Agreement or sold in connection with the sale of the Shares pursuant to the
terms of the Rights Offering that have not been waived.

 

(31)             Accuracy of Exhibits. There are no statutes, regulations, contracts or other documents that are required to be described
in the Registration Statement, any preliminary prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that
are not described or filed as required.

 

(32)             
[Reserved].

 

(33)             
[Reserved].

 

(34)             
Intellectual Property. The Company and the Subsidiaries own or possess all inventions, patent applications, patents, patent
rights, licenses, trademarks (both registered and unregistered), trade names, service names, copyrights, trade secrets, know how and other
proprietary information described in the Registration Statement and the Prospectus as being owned or licensed by it or which is necessary
for the conduct of, or material to, its businesses (collectively, the “Intellectual Property”), and the Company has
not received any notice and each is otherwise unaware of any claim to the contrary or any challenge by any other person to the rights
of the Company and the Subsidiaries with respect to the Intellectual Property or of any facts or circumstances which would render any
of the Intellectual Property invalid or inadequate to protect the interests of the Company and the Subsidiaries therein. None of the Company
nor the Subsidiaries have infringed or are infringing upon the intellectual property of a third party, and none of the Company nor the
Subsidiaries have received any notice and each is otherwise unaware of a claim by a third party to the contrary.

 

(35)             
No Employees. Neither the Company nor any of the Subsidiaries has any employees.

 

(36)             
[Reserved].

 

(37)             
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are adequate and customary in the businesses in which they are engaged; none of the Company nor
any of the Subsidiaries have been refused any insurance coverage sought or applied for; and none of the Company nor any of the Subsidiaries
have any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.

 

    8

     

    

 

(38)             
 [Reserved].

 

(39)             
No Additional Permits. The Company and the Subsidiaries possesses all certificates, authorizations and permits issued by
the appropriate federal, state or foreign regulatory authorities necessary to conduct its business, and none of the Company nor any of
the Subsidiaries have received any notice of proceedings relating to the revocation or modification of any such certificate, authorization
or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse
Effect.

 

(40)             Absence of Violations for Related Party Transactions. Except as disclosed in the Registration Statement and the Prospectus
or as would not have a Material Adverse Effect, none of the Company nor the Subsidiaries is prohibited, directly or indirectly, under
any agreement or other instrument to which they are a party or are subject, from paying any distributions to the Company or the Manager,
from repaying to the Company any loans or advances made to the Manager or any Subsidiary by the Company or from transferring any of the
properties or other assets of the Manager or the Subsidiaries to the Company, the Manager or any Subsidiary of the Company, except as
described in the Registration Statement and the Prospectus.

 

(41)             Parties to Lock-Up Agreements. Each of the Company’s directors and Section 16 officers have executed and delivered
to Wells Fargo Securities, LLC a lock-up agreement in the form of Exhibit B hereto. Exhibit A hereto contains a true, complete and correct
list of all directors and Section 16 officers of the Company.

 

(42)             Absence of Taxes for Execution of Agreement. There are no transfer taxes or other similar fees or charges under federal
law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery
of this Agreement or the distribution of the Rights or the issuance and sale of the Shares pursuant to the terms of the Rights Offering
that would have a Material Adverse Effect.

 

(43)             
Taxes. The Company and the Subsidiaries has timely filed all federal, state and local tax returns that are required to be
filed or has timely requested extensions thereof (“Returns”), except for any failures to file that, individually or
collectively, would not result in a Material Adverse Effect, and has paid all taxes required to be paid by it and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessments, fines
or penalties that are currently being contested in good faith or that, individually or collectively, would not result in a Material Adverse
Effect. No audits or other administrative proceedings or court proceedings are presently pending against any of the Company or the Subsidiaries
with regard to any Returns, and no taxing authority has notified the Company or the Subsidiaries that it intends to investigate its tax
affairs, except for any such audits or investigations that, individually or collectively, would not result in the assessment of material
taxes. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years
not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not finally determined,
except to the extent of any inadequacy that would not, singly or in the aggregate, result in a Material Adverse Effect.

 

(44)              Formation of Subsidiaries. Throughout the period from its formation through the date hereof, each Subsidiary that has been
formed as a limited liability company for state law purposes has been properly classified either as a partnership or as a disregarded
entity for federal income tax purposes and has not been subject to taxation as an association or a “publicly-traded partnership”
(within the meaning of Section 7704(b) of the Internal Revenue Code of 1986, as amended (the “Code”)) taxable as a
corporation for federal income tax purposes. The Company and the Manager do not know of any event that would cause any Subsidiary formed
as a limited liability company for state law purposes to cease being classified as either a disregarded entity or a partnership for federal
income tax purposes.

 

(45)             Organization
as a REIT. The Company has been organized and operated in a manner so as to qualify as a real estate investment trust (a
 “REIT”) under Sections 856 through 860 of the Code for each of its taxable years ended December 31, 2013 through
December 31, 2021. The present and proposed method of operation of the Company as described in the Registration Statement and the
Prospectus will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code for
its taxable year ending December 31, 2022 and thereafter.

 

    9

     

    

 

(46)             
ERISA Compliance. The Company and the Subsidiaries is in compliance, in all material respects, with all presently applicable
provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations
thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to any “pension
plan” (as defined in ERISA) for which the Company or the Manager would have any liability. None of the Company nor any of the Subsidiaries
have incurred or expect to incur liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “pension
plan” or (ii) Sections 412 or 4971 of the Code, including the regulations and published interpretations thereunder. Each “pension
plan” for which the Company or any of the Subsidiaries would have any liability and that is intended to be qualified under Section
401(a) of the Code is so qualified in all material respects, and nothing has occurred, whether by action or by failure to act, which would
cause the loss of such qualification, except where the failure to be so qualified would not have a Material Adverse Effect.

 

(47)             
No Commissions. Except as disclosed in the Registration Statement and the Prospectus, there are no contracts, agreements
or understandings that would give rise to a valid claim against the Company or any Dealer Manager for a brokerage commission, finder’s
fee or other like payment in connection with the transactions contemplated by this Agreement.

 

(48)             
Compliance with Sarbanes-Oxley Act. The Company has taken all necessary actions to ensure that so long as the Company has
a class of securities registered under Section 12 of the 1934 Act, the Company and any of the officers and directors of the Company, in
their capacities as such, will be in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated thereunder or implementing the provisions thereof (the “Sarbanes-Oxley Act”) that
are then in effect and which the Company is required to comply with.

 

(49)             
 Internal Controls. The Company maintains effective internal control over financial reporting (as defined under Rules 13a-15
and 15d-15 of the 1934 Act Regulations) sufficient to provide reasonable assurances that (A) transactions are executed in accordance with
management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements
in conformity with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s
general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. Except as described in the Registration Statement and the Prospectus,
since the Company’s incorporation, there has been (i) no significant deficiency or material weakness in the design or operation
of the Company’s internal control over financial reporting (whether or not remediated) which is reasonably likely to adversely affect
the Company’s ability to record, process, summarize and report financial information and (ii) since the date of the latest audited
financial statements included in the Registration Statement and the Prospectus, there has been no change in the Company’s internal
control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal
control over financial reporting.

 

(50)             
Disclosure Controls. The Company has established and maintains a system of “disclosure controls and procedures”
(as such term is defined in Rules 13a-15 and 15d-15 of the 1934 Act Regulations); such disclosure controls and procedures are effective
to perform the functions for which they were established and are designed to ensure that information required to be disclosed by the Company
in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including its principal
executive officer and principal financial officer, to allow timely decisions regarding disclosure.

 

(51)              No
Termination Notices. None of the Company nor the Subsidiaries has sent or received any communication regarding termination of,
or intent not to renew, any of the contracts or agreements referred to or described in the Registration Statement or the Prospectus,
or referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has
been threatened by the Company or the Subsidiaries or, to the knowledge of the Company, any other party to any such contract or
agreement.

 

    10

     

    

 

(52)             No Additional Relationships. There are no business relationships or related-party transactions involving the Company, any
of the Subsidiaries or any other person required to be described in the Registration Statement and the Prospectus which have not been
described as required. Except as disclosed in the Registration Statement and the Prospectus, the Company (A) does not have any material
lending or other relationship with any Dealer Manager or any bank, lending or other affiliate of any Dealer Manager and (B) does not intend
to use any of the proceeds from the sale of the Shares pursuant to the terms of the Rights Offering to repay any outstanding debt owed
to any Dealer Manager or any affiliate of any Dealer Manager.

 

(53)             
Foreign Corrupt Practices Act. The Company is not and, to the knowledge of the Company, no director, officer, agent, employee
or affiliate of the Company or any of the Subsidiaries, is aware of or has taken any action, directly or indirectly, that would result
in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations promulgated thereunder
(the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA, and the Company and the Subsidiaries and, to the knowledge of the Company, their affiliates have conducted their businesses in compliance
with the FCPA. The Company and the Subsidiaries have instituted and maintain policies and procedures designed to ensure continued compliance
with the FCPA.

 

(54)               
Money Laundering Laws and OFAC. The operations of the Company and the Subsidiaries are, and have been conducted at all times,
in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act
of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations promulgated thereunder and
any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company, threatened. None of the Company, the Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or person acting on behalf of the Company, the Manager or the Subsidiaries is currently subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company
will not directly or indirectly use the proceeds of the sale of the Shares pursuant to the terms of the Rights Offering, or lend, contribute
or otherwise make available such proceeds to the Manager, any Subsidiary, joint venture partner or other person or entity, for the purpose
of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

(55)             Absence of Manipulation and Stabilization. The Company, the Subsidiaries and their respective directors, officers, affiliates
or controlling persons have not taken and will not take, directly or indirectly, any action that is designed, or would be expected, to
cause or result in, or that constitutes, (i) the stabilization or manipulation of the price of any security of the Company to facilitate
the distribution of the Rights or the issuance and sale of the Shares pursuant to the terms of the Rights Offering or (ii) to result in
a violation of Regulation M under the 1934 Act.

 

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(56)              Cybersecurity.
The Company’s and its Subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware,
software, websites, applications, and databases (collectively, “IT Systems”) are adequate for, and operate and
perform in all material respects as required in connection with the operation of the business of the Company and its Subsidiaries as
currently conducted, and, to the Company’s knowledge, are free and clear of all material bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants. The Company and its Subsidiaries have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity,
continuous operation, redundancy and security of all IT Systems and data, including “Personal Data,” used in
connection with their businesses. “Personal Data” means (i) a natural person’s name, street address, telephone
number, e-mail address, photograph, social security number or tax identification number, driver’s license number, passport
number, credit card number, bank information, or customer or account number; (ii) any information which would qualify as
 “personally identifying information” under the Federal Trade Commission Act, as amended; (iii) any information which
would qualify as “protected health information” under the Health Insurance Portability and Accountability Act of 1996,
as amended by the Health Information Technology for Economic and Clinical Health Act; and (iv) any other piece of information that
allows the identification of such natural person, or his or her family, or permits the collection or analysis of any data related to
an identified person’s health or sexual orientation. There have been no breaches, violations, outages or unauthorized uses of
or accesses to the same, except for those that have been remedied without material cost or liability or the duty to notify any other
person, nor any incidents under internal review or investigations relating to the same. The Company and its Subsidiaries are
presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and
regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from
unauthorized use, access, misappropriation or modification.

 

(57)             Use of Proceeds. The Company intends to apply the net proceeds from the sale of the Shares pursuant to the terms of the
Rights Offering substantially in accordance with the description set forth in the Registration Statement and the Prospectus under the
heading “Use of Proceeds.” The Company has no present plan or intention to materially alter its investment policies as described
in the Registration Statement and the Prospectus.

 

(58)             
[Reserved].

 

(59)             
No Material Adverse Change. Except as stated in the Registration Statement and the Prospectus, since the respective dates
as of which information is given in the Registration Statement or the Prospectus, (A) there has been no material adverse change in (i)
the condition, financial or otherwise, or in the earnings, business affairs, business prospects or properties of the Company and the Subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business or (ii) the ability of the Company to consummate
the transactions contemplated by this Agreement or perform its obligations hereunder (any such changes being referred to herein as a “Material
Adverse Change”), (B) there have been no transactions entered into by the Company or any Subsidiary, other than those in the
ordinary course of business, which are material with respect to the Company and the Subsidiaries considered as one enterprise, and (C)
except for regular quarterly dividends on the Common Stock in amounts per share that are consistent with past practice, there has been
no dividend or distribution of any kind declared, paid or made by the Company on any class or series of its capital stock.

 

(b)               
Representations and Warranties of the Manager. The Manager represents and warrants to the Dealer Managers as of the Execution
Time, as of each Representation Date and as of the Expiration Date and agrees with the Dealer Managers, as follows:

 

(1)                Manager Disclosures. The information provided by the Manager, set forth under the heading “Our Manager” in the
Registration Statement and the Prospectus is true and correct in all material respects.

 

(2)                Good
Standing of Manager. The Manager has been duly formed and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware and has limited liability company power and authority to own and lease, as the case may be,
its properties and to operate its properties and conduct its business as described in the Registration Statement and the Prospectus
and to enter into and perform its obligations under the Management Agreement. The Manager is duly qualified to transact business and
is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good standing would not, individually or in the
aggregate, reasonably be expected to result in a material adverse effect on the financial condition, business, properties, results
of operations or prospects, whether or not arising in the ordinary course of business, of the Manager (a “Manager Material
Adverse Effect”).

 

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(3)                
Manager Power and Authority. The Manager has the limited liability company power and authority to execute and deliver this
Agreement and to perform its obligations hereunder, and all limited liability company action required to be taken for the due and proper
authorization, execution and delivery by it of this Agreement and consummation by it of the transactions contemplated hereby have been
duly and validly taken.

 

(4)                
Due Authorization and Execution. This Agreement has been duly authorized, executed and delivered by the Manager.

 

(5)                
Management Agreement. The Management Agreement has been duly authorized, executed and delivered by the Manager and constitutes
a valid and legally binding agreement of the Manager, enforceable against the Manager in accordance with its terms, except to the extent
enforceability may be limited by (i) the application of bankruptcy, reorganization, insolvency and other laws affecting creditors’
rights generally and (ii) equitable principles being applied at the discretion of a court before which any proceeding may be brought,
except as rights to indemnity and contribution hereunder may be limited by federal or state securities laws.

 

(6)                
 Absence of Violations, Defaults and Conflicts. The Manager is not (i) in violation of its organizational documents or (ii)
in default in the performance or observance of any obligation, agreement, covenant or condition contained in any agreements to which it
is bound, or which any of its property or assets is subject, except, in the case of (ii) above, for such defaults that would not, individually
or in the aggregate, reasonably be expected to result in a Manager Material Adverse Effect. Neither the execution and delivery by the
Manager of, nor the performance by the Manager of its obligations under, this Agreement will conflict with, contravene, result in a breach
or violation of, or imposition of, any Lien upon any property or other assets of the Manager pursuant to, or constitute a default (or
give rise to any right of termination, acceleration, cancellation, repurchase or redemption) or Manager Repayment Event (as hereinafter
defined) under: (i) any statute, law, rule, regulation, judgment, order or decree of any governmental body, regulatory or administrative
agency or court having jurisdiction over the Manager or any of its properties or other assets; (ii) the organizational documents of the
Manager; or (iii) any contract, agreement, obligation, covenant or instrument or any term condition or provision thereof to which the
Manager or any of its respective properties or other assets is subject or bound, except in the case of clauses (i) and (iii), for such
conflicts, breaches, violations, lien impositions or defaults that would not, individually or in the aggregate, have a Manager Material
Adverse Effect. As used herein, “Manager Repayment Event” means any event or condition which gives the holder of any
note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Manager.

 

(7)                
Absence of Proceedings. There are no actions, suits, claims, inquiries, investigations or proceedings pending or, to the
knowledge of the Manager, threatened or contemplated to which the Manager or any of its directors, managers, partners, officers or members
is or would be a party or of which any of its properties or other assets is or would be subject at law or in equity, before or by any
federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or before or by any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation, the NYSE) (i) other than any such action,
suit, claim, investigation or proceeding described in the Registration Statement and the Prospectus which, if resolved adversely to the
Manager, would not, individually or in the aggregate, have a Manager Material Adverse Effect or (ii) that would, singly or in the aggregate,
result in a Manager Material Adverse Effect.

 

(8)                 Labor
Matters. The Manager has not been notified that any executive officer of the Company or the Manager plans to terminate his, her
or their employment with his, her or their current employer. Neither the Manager nor, to the knowledge of the Manager, any executive
officer or key employee of the Company or the Manager, is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreement that would be violated by the present or proposed business activities of the Company or the Manager
as described in the Registration Statement and the Prospectus, unless a waiver in writing has been obtained.

 

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(9)                
Internal Controls. The Manager operates a system of internal controls sufficient to provide reasonable assurance that (A)
transactions that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will
be executed in accordance with management’s general or specific authorization and (B) access to the Company’s assets is permitted
only in accordance with management’s general or specific authorization.

 

(10)             
Investment Advisers Act. The duties of the Manager set forth in the Management Agreement and disclosed in the Registration
Statement and the Prospectus are not prohibited by the Investment Advisers Act of 1940, as amended, or the rules and regulations thereunder.

 

(11)             
Absence of Manipulation and Stabilization. The Manager its directors, officers, affiliates or controlling persons have not
taken and will not take, directly or indirectly, any action that is designed, or would be expected, to cause or result in, or that constitutes,
the stabilization or manipulation of the price of any security of the Company to facilitate the distribution of the Rights or the issuance
or sale of the Shares pursuant to the terms of the Rights Offering or to result in a violation of Regulation M under the 1934 Act.

 

(12)             
Absence of Further Authorizations. No approval, authorization, consent or order of or filing with any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory organization or
other non-governmental regulatory authority (including, without limitation, the NYSE), is required to be made or obtained by the Manager
in connection with the issuance and sale of the Securities or the consummation of the transactions contemplated hereby other than such
approvals as have been or will be obtained prior to the Expiration Date.

 

(13)             
Foreign Corrupt Practices Act. The Manager is not and, the Manager, is not aware of or has not taken any action, directly
or indirectly, that would result in a violation by the Manager of the FCPA, including, without limitation, making use of the mails or
any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of
the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign
official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA, and the Manager has conducted its businesses in compliance with the FCPA. The Manager
has instituted and maintains policies and procedures designed to ensure continued compliance with the FCPA.

 

(14)             
Investment Allocation Policy. As of the date of this Agreement, the Manager has no plan or intention to materially alter
its investment allocation policy with respect to the Company, as described in the Prospectus.

 

(c)                
Officer's Certificates. Any certificate signed by any officer or other authorized signatory of the Company or the Manager,
as applicable, and delivered to the Dealer Managers or to counsel for the Dealer Managers shall be deemed a representation and warranty
by the Company or the Manager, as applicable, to the Dealer Manager as to the matters covered thereby.

 

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SECTION 2.   
Agreement to Act as Dealer Manager.

 

(a)            On the basis of the representations and warranties herein contained, and subject to the terms and conditions herein set forth:

 

(1)           The Company hereby authorizes the Dealer Managers and other soliciting dealers, if any, to solicit, in accordance with the 1933
Act and the 1934 Act, the rules and regulations under those Acts, any applicable securities laws of any state or jurisdiction, the applicable
rules and regulation of any self-regulatory organization or registered national securities exchange and the customary practice of investment
banking firms engaged in connection with similar transactions, the exercise of the Rights, and the Dealer Managers agree to act in such
capacity; and

 

(2)           To the extent available, the Company agrees to furnish, or cause to be furnished, to the Dealer Managers lists, or copies of those
lists, showing (to the knowledge of the Company) the names and addresses of, and number of shares of Common Stock held by, Record Date
Holders, and the Dealer Managers agree to use such information only in connection with the Rights Offering, and not to furnish the information
to any other person or entity, except that the Dealer Managers may furnish necessary and appropriate information to any other soliciting
dealers.

 

(b)           The Dealer Managers agree to provide to the Company, in addition to the services described in Section 2(a), certain marketing services
in connection with the Rights Offering.

 

(c)            No fee or reimbursement, other than the fees provided for in Section 3 of this Agreement and the reimbursement of the Dealer Manager’s
out-of-pocket expenses as described in Section 5 of this Agreement, will be payable by the Company to the Dealer Managers in connection
with any services provided or costs or expenses incurred by the Dealer Managers pursuant to this Agreement.

 

(d)            Each of the Company and the Dealer Managers agree that the Dealer Managers are independent contractors with respect to the solicitation
of the exercise of the Rights and the Over-Subscription Privilege. It is understood that such Dealer Managers are being engaged hereunder
solely to provide the services described herein on behalf of the Company and that the Dealer Managers shall have no duties or liability
to, the equity holders of the Company or any other third party in connection with its engagement hereunder. It is further understood that
the Dealer Managers may independently offer for sale shares of Common Stock, including Shares acquired through the purchase and exercise
of the Rights, at prices it sets. The Dealer Managers may realize profits or losses from such sales independent of the fees set forth
in Section 3 hereof.

 

(e)            The Dealer Managers agree to perform those services with respect to the Rights Offering in accordance with customary practice of
investment banking firms engaged in connection with similar transactions, including (but not limited to) using its reasonable efforts
to solicit the exercise of Rights pursuant to the Rights Offering and in communicating with the soliciting dealers, if any.

 

(f)             In rendering the services contemplated by this Agreement, neither the Dealer Managers nor any of their affiliates will be subject
to any liability to the Company or any of its affiliates, for any act or omission on the part of any securities broker or dealer (except
with respect to the Dealer Managers acting in such capacity) or any other person, and the Dealer Managers will not be liable for acts
or omissions in performing their obligations under this Agreement or otherwise in connection with the Rights Offering, except for any
losses, claims, damages, liabilities and expenses that are finally judicially determined to have resulted primarily from the bad faith,
willful misfeasance or gross negligence of such Dealer Managers or by reason of the reckless disregard of the obligations and duties of
such Dealer Managers under this Agreement; provided, however, that the foregoing shall not apply to any loss, liability, claim, damage
or expense to the extent arising out of any untrue statement or omission, or alleged untrue statement or omission, made in reliance upon
and in conformity with information furnished in writing to the Company by or on behalf of the Dealer Managers specifically for inclusion
in the Registration Statement or the Prospectus (or any supplement thereto), it being understood and agreed that the only such information
furnished by or on behalf of the Dealer Managers consists of the Dealer Manager Information.

 

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SECTION 3.    Dealer
Manager and Solicitation Fees. In full payment for the marketing, soliciting and any other services rendered and to be rendered hereunder
by the Dealer Managers, the Company agrees to pay the Dealer Managers a fee (the “Dealer Manager Fee”) equal to 3.125%
of the Subscription Price per share of Common Stock for each share of Common Stock issued to Holders other than any shares of Common
Stock issued to OREC Investment Holdings, LLC, an affiliate of the Company’s manager, Hunt Companies Equity Holdings, LLC and the
Company’s directors and officers and 1.00% of the Subscription Price per share for each Share of Common Stock issued to OREC Investment
Holdings, LLC, Hunt Companies Equity Holdings, LLC and the Company’s directors and officers pursuant to the exercise of Rights
and the Over-Subscription Privilege. In full payment for the soliciting efforts to be rendered, the Dealer Managers agree to reallow
soliciting fees (the “Soliciting Fees”) to soliciting dealers of up to 1% of the Subscription Price per Share for
each Share issued pursuant to the exercise of Rights, including pursuant to the Over-Subscription Privilege, where such soliciting dealer
is so designated on the subscription form. The Dealer Managers agree to pay the Soliciting Fees to the soliciting dealer designated on
the applicable portion of the form used by the Holder to exercise Rights, including pursuant to the Over-Subscription Privilege, and
if no soliciting dealer is so designated or a soliciting dealer is otherwise not entitled to receive compensation, then the Dealer Managers
shall retain such Soliciting Fee. Payment to the Dealer Managers by the Company will be in the form of a wire transfer of same day funds
to an account or accounts identified by the Dealer Managers. Such payment will be made on the day on which the Company issues Shares
after the Expiration Date. Payment to a soliciting dealer will be made by the Dealer Managers directly to such soliciting dealer by check
to an address identified by such soliciting dealer. Such payments to soliciting dealers shall be made on or before the tenth (10th) business
day following each date on which the Company issues Shares after the Expiration Date.

 

SECTION 4.   
Covenants.

 

(a)            Covenants of the Company. The Company covenants with the Dealer Managers as follows:

 

(1)           Compliance with Securities Regulations and Commission Requests. The Company, subject to Section 1(a), will comply with the
requirements of Rule 430B and Rule 424(b), and will notify the Dealer Managers promptly, and confirm the notice in writing, (i) when any
post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have
been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus or for additional information, (iv) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending
the use of the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of
the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the 1933 Act
concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection
with the offering of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time
period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly
whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that
it was not, it will promptly file such prospectus. Through the Expiration Date, the Company will use its reasonable best efforts to prevent
the issuance of any stop, prevention or suspension order and, if any such order is issued, to obtain the lifting thereof at the earliest
possible moment.

 

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(2)           Continued
Compliance with Securities Laws. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and the 1934
Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the
Registration Statement and the Prospectus. During
any period that a prospectus relating to the Rights or the Shares is required to be delivered under the 1933 Act (but in any event
through the Expiration Date), any event shall occur or condition shall exist as a result of which it is necessary, in the
reasonable opinion of counsel for the Dealer Managers or for the Company, to (i) amend the Registration Statement in order that the
Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the Prospectus in order that the
Prospectus will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii)
amend the Registration Statement or amend or supplement the Prospectus, as the case may be, in order to comply with the requirements
of the 1933 Act, the 1933 Act Regulations, the 1934 Act and the 1934 Act Regulations, the Company will promptly (A) give the Dealer
Managers notice of such event, (B) furnish the Dealer Managers with copies of any such documents prior to such proposed filing or
use, as the case may be, (C) prepare, as applicable, any amendment or supplement as may be necessary to correct such statement or
omission or to make the Registration Statement or the Prospectus comply with such requirements and furnish the Dealer Managers with
copies of any such amendment or supplement a reasonable amount of time prior to its proposed filing or use, and (C) file with the
Commission any such amendment or supplement; provided, however, that the Company shall not file or use any such amendment or
supplement to which the Dealer Managers or counsel for the Dealer Managers shall reasonably object. The Company will furnish to the
Dealer Managers such number of copies of such amendment or supplement as the Dealer Managers may reasonably request. The Company
will give the Dealer Managers notice of its intention to make any filings pursuant to the 1934 Act or the 1934 Act Regulations from
the Execution Time to the Expiration Date and will furnish the Dealer Managers with copies of any such documents a reasonable amount
of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Dealer Managers
or counsel for the Dealer Managers shall reasonably object.

 

(3)           Delivery of Registration Statements. The Company has furnished or will furnish or deliver to the Dealer Managers and counsel
for the Dealer Managers, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including
exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein).
The signed copies of the Registration Statement and each amendment thereto furnished to the Dealer Managers will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

(4)           Delivery of Prospectuses. Through the Expiration Date, the Company will furnish to the Dealer Managers, without charge,
such number of copies of each Prospectus (as amended or supplemented) as the Dealer Managers may reasonably request. The Prospectus and
any amendments or supplements thereto furnished in accordance with this Section 4(a) will be identical to the electronically transmitted
copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

(5)           Blue Sky Qualifications. The Company will use its reasonable best efforts, in cooperation with the Dealer Managers, to qualify
the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign)
as the Dealer Managers may designate and to maintain such qualifications in effect so long as required to complete the distribution of
the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify
as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation
in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

(6)           Earnings Statement. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make
generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Dealer
Managers the benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act.

 

(7)           Use of Proceeds. The Company will use the net proceeds received by it from the sale of the sale of the Shares pursuant to
the terms of the Rights Offering in the manner specified in the Registration Statement and the Prospectus under “Use of Proceeds.”

 

(8)           Listing. The Company will use its commercially reasonable efforts to effect (within the time period specified in the Prospectus)
the listing of the Rights and the Shares on the NYSE prior
to the time the Rights or Securities, as applicable, are issued and to maintain the listing of the Securities on the NYSE, until,
solely with respect to the Rights, the business day prior to the Expiration Date.

 

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(9)           Restriction
on Sale of Securities. During the period beginning on and including the date of this Agreement through and including the date
that is the 60th day after the date of this Agreement (such period is hereinafter called the “Lock-Up Period”),
the Company and the Manager and its affiliates and funds and accounts managed by the Manager or its affiliates will not, without the
prior written consent of Wells Fargo Securities, LLC, directly or indirectly:

 

(1)           offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend or otherwise transfer or dispose of any Common Stock or any securities convertible into
or exercisable or exchangeable for Common Stock or other capital stock of the Company,

 

(2)           file or cause the filing of any registration statement under the 1933 Act with respect to any Common Stock or any securities convertible
into or exercisable or exchangeable for any Common Stock or other capital stock of the Company (other than any Rule 462(b) Registration
Statement filed to register Securities to be sold pursuant to this Agreement), or

 

(3)           enter into any swap or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or
indirectly, any of the economic consequences of ownership of any Common Stock or other capital stock of the Company or any securities
convertible into or exercisable or exchangeable for any Common Stock or other capital stock of the Company.

 

The foregoing shall not apply to the distribution of the
Rights or the offer, issuance and sale of the Shares pursuant to the terms of the Rights Offering.

 

(10)         Reporting Requirements. Through the Expiration Date, the Company will file all documents required to be filed with the Commission
pursuant to the 1934 Act within the time periods required by the 1934 Act and the 1934 Act Regulations.

 

(11)         
Filing of Registration Statement on Form 8-A. The Company will use its best efforts to file with the Commission, prior to
the Expiration Date, a registration statement on Form 8-A, to register the Rights under Section 12(b) of the Exchange Act.

 

(12)         
Availability of Common Stock. The Company shall maintain sufficient authorized but unissued shares of Common Stock necessary
to satisfy (i) the full exercise of all Rights until the Expiration Date and (2) all exercised Rights until such date as the Shares issuable
upon such exercise have been issued.

 

(13)         
REIT Qualification. The Company will use its best efforts to maintain its qualification and election to be taxed as a REIT
under the Code for its taxable year ending December 31, 2022 and thereafter and will use its best efforts to continue to qualify for taxation
as a REIT under the Code unless the board of directors of the Company determines that it is no longer in the best interests of the Company
to qualify as a REIT.

 

(14)         
Custodian and Transfer Agent. The Company will maintain a custodian and a transfer agent and, if necessary under the jurisdiction
of incorporation of the Company, a registrar for the Common Stock.

 

(15)          Stabilization or Manipulation. The Company
will not take, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably
be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the distribution
of the Rights or the issuance and sale of the Shares pursuant to the terms of the Rights Offering.

 

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(16)          Subscription
Agent. The Company will advise the Subscription Agent to advise the Dealer Managers from
day to day during the period of, and promptly after the termination of, the Rights Offering, as to the names and addresses of all
Holders exercising Rights, the total number of Rights exercised by each Holder during the immediately preceding day, indicating the
total number of Rights verified to be in proper form for exercise, rejected for exercise and being processed and, for the Dealer
Managers and each soliciting dealer, the number of Rights exercised on exercise forms indicating the Dealer Managers or such
soliciting dealer, as the case may be, as the broker-dealer with respect to such exercise, and as to such other information as the
Dealer Managers may reasonably request; and will use its commercially reasonable efforts to cause the Subscription Agent to notify
the Dealer Managers and each soliciting dealer, not later than 5:00 P.M., New York City time, on the first business day
following the Expiration Date, of the total number of Rights exercised and Securities related thereto, the total number of Rights
verified to be in proper form for exercise, rejected for exercise and being processed and, for the Dealer Managers and each
soliciting dealer, the number of Rights exercised on exercise forms indicating the Dealer Managers or such soliciting dealer, as the
case may be, as the broker-dealer with respect to such exercise, and as to such other information as the Dealer Managers may
reasonably request.

 

(b)            
Covenants of the Manager. The Manager covenants with the Dealer Managers as follows:

 

(1)            
Continued Compliance with Securities Laws. The Manager covenants with the Dealer Managers and with the Company that,
during any period that a prospectus relating to the Rights or the Shares is required to be delivered under the 1933 Act (but in any event
through the Expiration Date), it shall notify the Dealer Managers and the Company of the occurrence of any material events respecting
the Manager’s activities, affairs or condition, financial or otherwise, and the Manager will forthwith supply such information to
the Company as shall be necessary in the opinion of counsel to the Company and the Dealer Managers for the Company to prepare any necessary
amendment or supplement to the Prospectus so that, as so amended or supplemented, the Prospectus will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
existing at the time it is delivered to a purchaser, not misleading:

 

(2)            
Stabilization. The Manager will not take,
directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to
constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the distribution of the Rights
or the issuance and sale of the Shares pursuant to the terms of the Rights Offering.

 

SECTION 5.   
Payment of Expenses.

 

(a)              The
Company will pay or cause to be paid all expenses incident to the performance of its or the Manager’s obligations under this
Agreement and in connection with the Rights Offering, including (i) the preparation, printing and filing of the Registration
Statement (including financial statements and exhibits) as originally filed and each amendment thereto, (ii) the preparation,
printing and delivery to the Dealer Managers of copies of each Prospectus, any amendments or supplements thereto, the Offering
Materials and such other documents as may be required in connection with the offering, purchase, sale and issuance or delivery of
the and any costs associated with electronic delivery of any of the foregoing by the Dealer Managers to investors, (iii) the
preparation, issuance and delivery of the certificates or security entitlements for the Securities to the Dealer Managers, including
any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the
Dealer Managers, (iv) the fees and disbursements of the Company’s and the Manager’s counsel, accountants and other
advisors, (v) the qualification of the Securities under securities laws in accordance with the provisions of Section 4(a)(5) hereof,
including filing fees and the reasonable fees and disbursements of counsel for the Dealer Managers in connection therewith and in
connection with the preparation of the Blue Sky Survey and any supplement thereto (not to exceed $10,000), (vi) the fees and
expenses of any transfer agent or registrar for the Securities, (vii) the costs and expenses of the Company relating to investor
presentations on any “road show” undertaken in connection with the marketing of the Securities, including without
limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged
in connection with the road show presentations, travel and lodging expenses of the representatives and officers of the Company and
any such consultants, (viii) the filing fees incident to, and the reasonable fees and disbursements of counsel to the Dealer
Managers (such fees and disbursements not to exceed $10,000), in connection with, the review by FINRA of the terms of the Rights
Offering and the sale of the Shares and (ix) the fees and expenses incurred in connection with the listing of the Securities on the
NYSE. In addition, the Company shall reimburse the Dealer Managers for their out-of-pocket expenses, including the reasonable fees
and disbursements of counsel for the Dealer Managers, in an amount up to $100,000. It is understood, however, that except as
provided in this Section 5, Section 7 entitled “Indemnification,” and Section 8 entitled “Contribution,” the
Dealer Managers will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes
payable on resale of any of the Securities by them and any advertising expenses connected with any offers they may make.

 

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(b)            
Termination of Agreement. If this Agreement is terminated by any Dealer Manager in accordance with the provisions of Section
6 or Section 10(a)(i) or 10(a)(iii) hereof, the Company shall reimburse such Dealer Manager for all of their out-of-pocket expenses, including
the reasonable fees and disbursements of counsel for such Dealer Manager.

 

SECTION 6.   
Conditions of the Dealer Managers’ Obligations. The obligations of the Dealer Managers hereunder are subject to the
accuracy of the representations and warranties of the Company and the Manager contained herein or in certificates of any officer of the
Company, the Manager or any of the Subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company and the
Manager of their respective covenants and other obligations hereunder, and to the following further conditions:

 

(a)             
Effectiveness of Registration Statement. The Registration Statement, including any Rule 462(b) Registration Statement, has
become effective and no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
shall have been issued under the 1933 Act, no order preventing or suspending the use of the Prospectus has been issued and no proceedings
for any of those purposes have been instituted or are pending or, to the Company’s knowledge, contemplated; and the Company has
complied with each request, if any, from or proceedings therefor initiated or threatened by the Commission, and any request on the part
of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to the Dealer Managers.
A prospectus for the Rights Offering containing the Rule 430B Information shall have been filed with the Commission in the manner and
within the time period required by Rule 424(b) without reliance on Rule 424(b)(8).

 

(b)            
Opinion of Counsel for the Company. On each Representation Date and the Expiration Date, the Dealer Managers shall have
received the favorable opinions and negative assurance letter, dated as of such date, of Mayer Brown LLP, counsel for the Company, and
the favorable opinion of Miles & Stockbridge P.C., Maryland counsel for the Company, each in a form reasonably satisfactory to the
Dealer Managers.

 

(c)             
Opinion of Counsel for the Dealer Managers. On each Representation Date and the Expiration Date, the Dealer Managers shall
have received the favorable opinions and negative assurance letter, dated as of such date, of Proskauer Rose LLP, counsel for the Dealer
Managers, with respect to such matters as the Dealer Managers shall reasonably request. In giving such opinion such counsel may rely,
as to all matters governed by the laws of jurisdictions other than the laws of the State of New York and the federal securities laws of
the United States, upon the opinions of counsel satisfactory to the Dealer Managers. Such counsel may also state that, insofar as such
opinion involves factual matters, they have relied, to the extent they deem proper, upon certificates of officers and other representatives
of the Company and its Subsidiaries and certificates of public officials.

 

(d)            
Officers’ Certificate for the Company. On each Representation Date and the Expiration Date, there shall not have been,
since the date hereof or since the respective dates as of which information is given in the Registration Statement or the Prospectus,
any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the
Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, and the Dealer Managers
shall have received a certificate of the President and Chief Executive Officer of the Company and of the Chief Financial Officer of the
Company, dated as of such date, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties
of the Company and the Manager in this Agreement are true and correct with the same force and effect as though expressly made at and as
of such date, (iii) the Company and the Manger have complied with all agreements and satisfied all conditions on their respective parts
to be performed or satisfied at or prior to Representation Date or the Expiration Date, as the case may be, and (iv) no stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto under the 1933 Act has been issued, no notice
of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto has been received by the
Company, no order preventing or suspending the use of the Prospectus or any amendment or supplement thereto has been issued and no proceedings
for any of those purposes have been instituted or are pending or, to their knowledge, contemplated.

 

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(e)             
 Accountant’s Comfort Letter. On the First Representation Date, the Dealer Managers shall have received from KPMG
LLP a letter, dated as of such date, in form and substance reasonably satisfactory to the Dealer Managers, containing statements and information
of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements
and other financial information contained in the Registration Statement and the Prospectus.

 

(f)              
Bring-down Comfort Letter. On the Second Representation Date and the Expiration Date, the Dealer Managers shall have received
from KPMG LLP a letter, dated as of such date, to the effect that they reaffirm the statements made in the letter furnished pursuant to
subsection (e) of this Section, except that the specified date referred to shall be a date not more than two business days prior to the
Second Representation Date and the Expiration Date, respectively.

 

(g)            
Back-up Certificate. On the date of any filing by the Company with the Commission of preliminary estimates of (1) net income
attributable to common stockholders for the three months and fiscal year ended December 31, 2021, (2) book value of the Company as of
December 31, 2021 or (3) any similar “flash” financials, the Dealer Managers shall have received a certificate of the Company’s
Chief Financial Officer, dated as of the date of such filing, to the effect such officer has reviewed such estimates and based on such
officer’s familiarity with the Company’s accounting, operations and records systems, such estimates were made in good faith,
are based on the most recently available records of the Company, and represent a reasonable estimate of such financial measures.

 

(h)            
 Approval of Listing. At the Record Date,
the Rights shall have been approved for inclusion in the NYSE, subject only to official notice of issuance. At the Expiration Date, the
Shares shall have been approved for inclusion in the NYSE, subject only to official notice of issuance.

 

(i)              
No Objection. FINRA has confirmed that
it has not raised any objection with respect to the fairness and reasonableness of the terms and arrangements of the Rights Offering.

 

(j)              
Lock-up Agreements. At the date of this
Agreement, the Dealer Managers shall have received an agreement substantially in the form of Exhibit B hereto signed by the persons listed
on Exhibit A hereto.

 

(k)            
Additional Documents. On each Representation Date and the Expiration Date, counsel for the Dealer Managers shall have been
furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to render the opinions or make
the statements requested by the Dealer Manager, or in order to evidence the accuracy of any of the representations or warranties, or the
fulfillment of any of the covenants, obligations or conditions, contained herein; and all proceedings taken by the Company in connection
with the distribution of the Rights and the issuance and sale of the Shares as contemplated herein shall be reasonably satisfactory in
form and substance to the Dealer Managers and counsel for the Dealer Managers.

 

(l)              
Termination of this Agreement. If any condition specified in this Section 6 shall not have been fulfilled when and as required
to be fulfilled, this Agreement, may be terminated by the Dealer Managers by notice to the Company at any time at or prior to Expiration
Date, and such termination shall be without liability of any party hereto to any other party hereto except as provided in Section 4 and
except that Sections 1, 7, 8, 9, 15, 16 and 17 hereof shall remain in full force and effect notwithstanding such termination.

 

SECTION 7.   
Indemnification.

 

(a)             
Indemnification of Dealer Managers. The Company agrees to indemnify and hold harmless the Dealer Managers, their affiliates
(as such term is defined in Rule 501(b) of the 1933 Act Regulations (each, an “Affiliate”)), and the selling agents,
officers and directors and each person, if any, who controls any Dealer Managers within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act as follows:

 

(1)              
against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any
information deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or
alleged untrue statement of a material fact included (A) in the Prospectus (or any amendment or supplement thereto), or (B) in any
Offering Materials, or the omission or alleged omission in the Prospectus or in any Offering Materials of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

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(2)             
against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid
in settlement of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section 7(d) below) any such settlement is effected with the written consent of the Company; and

 

(3)             
against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Dealer Managers),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental
Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;

 

provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including any information deemed
to be a part thereof pursuant to Rule 430B or in the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity
with written information furnished to the Company by the Dealer Managers expressly for use therein. For purposes of this Agreement, the
only information so furnished shall be the following information in the Prospectus: (i) the Dealer Managers’ names and respective
addresses, (ii) the first sentence of the first paragraph under the caption “The Offering—Dealer Manager Arrangements,”
(iii) the first sentence of the second paragraph under the caption “The Offering—Dealer Manager Arrangements,” (iv)
the fourth and fifth paragraphs under the caption “The Offering – Dealer Manager Arrangements” and (v) the first sentence
of the sixth paragraph under the caption “The Offering— Dealer Manager Arrangements” (collectively, the “Dealer
Manager Information”).

 

(b)            
Indemnification of Company, Directors and Officers. The Dealer Managers severally agree to indemnify and hold harmless the
Company, its directors, each of their respective officers who signed the Registration Statement, and each person, if any, who controls
the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim,
damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including
any information deemed to be a part thereof pursuant to Rule 430B, or in the Prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with the Dealer Manager Information.

 

(c)              Actions
against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so
notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than
on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 7(a) above, counsel to the
indemnified parties shall be selected by the Dealer Managers and, in the case of parties indemnified pursuant to Section 7(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the
defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the prior written
consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for
fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or
proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 7 or Section 8 hereof (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

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(d)            
Settlement without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for
any settlement of the nature contemplated by Section 7(a)(2) effected without its written consent if (i) such settlement is entered into
more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

 

SECTION 8.   
Contribution. If the indemnification provided for in Section 7 hereof is for any reason unavailable to or insufficient to
hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand,
and the Dealer Managers, on the other hand, from the Rights Offering or (ii) if the allocation provided by clause (i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company, on the one hand, and of the Dealer Managers on the other hand in connection with the statements
or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative benefits received
by the Company, on the one hand, and the Dealer Managers, on the other hand, in connection with the Rights Offering shall be deemed to
be in the same respective proportions as the total net proceeds from the Rights Offering (before deducting expenses) received by the Company
and the total fees received by the Dealer Managers from the Rights Offering.

 

The relative fault of the
Company, on the one hand, and the Dealer Managers, on the other hand, shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Dealer Managers and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

The Company and the Dealer
Managers agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 8.
The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this
Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

Notwithstanding the provisions
of this Section 8, the Dealer Managers shall not be required to contribute any amount in excess of the amount by which the total price
paid for Shares purchased upon exercise of the Rights exceeds the amount of any damages which the Dealer Managers has otherwise been required
to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

 

No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 8, each person, if any, who controls a Dealer Manager within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act shall have the same rights to contribution as such Dealer Manager, and each director of the Company, each officer of the
Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of
the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company. The Dealer Managers’
respective obligations to contribute shall be several in proportion to the Dealer Manager Fee received by each Dealer Manager.

 

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SECTION 9.   
Representations, Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained
in this Agreement or in certificates of officers of the Company or the Manager or any of the subsidiaries submitted pursuant hereto, shall
remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Dealer Managers or controlling
person, or by or on behalf of the Company or the Manager, and shall survive distribution of the Rights and delivery of and payment for
the Shares.

 

SECTION 10. Termination
of Agreement.

 

(a)             
Termination. The Dealer Managers may terminate this Agreement, by notice to the Company, at any time at or prior to the
Expiration Date (i) if there has been, in the judgment of the Dealer Managers, since the time of execution of this Agreement or since
the respective dates as of which information is given in the Registration Statement or the Prospectus, any material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse
change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Dealer Managers, impracticable
or inadvisable to proceed with the Rights Offering or the sale of the Shares on the terms and in the manner contemplated in the Prospectus,
or (iii) if trading in any securities of the Company has been suspended or materially limited by the Commission or the NYSE, or (iv) if
trading generally on the NYSE, the NYSE American LLC or the Nasdaq Global Market has been suspended or materially limited, or minimum
or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of
the Commission, FINRA or any other Governmental Authority, or (v) if a material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States or with respect to the systems of Clearstream Banking, S.A., or Euroclear Bank,
SA/NV, in Europe, or (vi) if a banking moratorium has been declared by either Federal or New York authorities, or (vii) if an outbreak
or escalation of hostilities involving the United States or a declaration by the United States of a national emergency or war has occurred
or (viii) if any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere
has occurred, if the effect of any such event specified in clause (vii) or (viii) in the judgment of the Dealer Managers makes it impracticable
or inadvisable to proceed with the Rights Offering or the sale of the Shares on the terms and in the manner contemplated in the Prospectus.

 

In addition, this Agreement
may be terminated by the Company with the consent of the Dealer Managers (such consent not to be unreasonably withheld) if, in the judgment
of the Company (upon consultation with the Dealer Managers), it is inadvisable to proceed with the Rights Offering.

 

(b)            
Liabilities. If this Agreement is terminated pursuant to this Section 10, such termination shall be without liability of
any party to any other party except as provided in Section 5 hereof, and except that, in the case of any termination of this Agreement,
Sections 1, 7, 8, 9, 15, 16 and 17 hereof shall survive such termination and remain in full force and effect.

 

SECTION 11. Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication. Notices to the Dealer Managers shall be directed to Wells Fargo Securities, LLC, 500 West 33rd
Street, New York, New York 10001, Attention: Equity Syndicate Department (fax no: (212) 214-5918) and JMP Securities LLC, 600 Montgomery
Street, Suite 1100, San Francisco, California 94111, Facsimile: (415) 835-8920, Attention: Equity Securities, with a copy to Prosakuer
Rose LLP, 1001 Pennsylvania Avenue NW, Suite 600 South, Washington, D.C. 20004, Attention: William J. Tuttle; notices to the Company or
the Manager shall be directed to it at 10 W Broad Street, 8th Floor, Columbus, OH 43215, Attention: James J. Henson, with a copy to Mayer
Brown LLP, 1221 Avenue of the Americas, New York, NY 10020, Facsimile: (212) 262-1910, Attention: David S. Freed.

 

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SECTION 12. No
Advisory or Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a)             
 the Dealer Managers are acting solely as a dealer managers in connection with the Rights Offering and no fiduciary, advisory or
agency relationship between the Company, on the one hand, and the Dealer Managers, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether or not the Dealer Managers have advised or are advising
the Company on other matters, and the Dealer Managers have no obligation to the Company with respect to the transactions contemplated
by this Agreement except the obligations expressly set forth in this Agreement;

 

(b)            
the formula for determination of the Subscription Price for the Shares was established by the Company following discussions and
arms’ length negotiations with the Dealer Managers;

 

(c)             
it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;

 

(d)            
in connection with each transaction contemplated by this Agreement and the process leading to such transactions, the Dealer Managers
are and have been acting solely as principal and not as fiduciary, adviser or agent of the Company or any of its affiliates, stockholders
(or other equity holders), creditors or employees or any other party;

 

(e)             
the Dealer Managers have not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisers to the extent it has deemed appropriate;

 

(f)              
it is aware that the Dealer Managers and their affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and that the Dealer Managers have no obligation to disclose such interests and transactions to the
Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

 

(g)            
it waives, to the fullest extent permitted by law, any claims it may have against the Dealer Managers for breach of fiduciary duty
or alleged breach of fiduciary duty and agrees that the Dealer Managers shall not have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or
in right of it or the Company or any stockholders, employees or creditors of the Company.

 

SECTION 13. Parties.
This Agreement shall each inure to the benefit of and be binding upon the Dealer Managers, the Company and the Manager and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation,
other than the Dealer Managers, the Company and the Manager and their respective successors and the controlling persons and officers and
directors referred to in Sections 6 and 7 hereof and their heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended
to be for the sole and exclusive benefit of the Dealer Managers, the Company and the Manager and their respective successors, and said
controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm
or corporation.

 

SECTION 14. Trial by Jury.
Each of the Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the
Manager (on its behalf and, to the extent permitted by applicable law, on behalf of its limited partners and affiliates) and Dealer Managers
hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

SECTION 15. GOVERNING
LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK.

 

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SECTION 16. Consent to
Jurisdiction; Waiver of Immunity. Each of the Company, the Manager and the Dealer Managers agree that any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) shall
be instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan
or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the “Specified
Courts”), and irrevocably submit to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement
of a judgment of any Specified Court (a “Related Judgment”), as to which such jurisdiction is non-exclusive) of the
Specified Courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to a party’s
address set forth in Section 11 hereof shall be effective service of process upon such party for any suit, action or proceeding brought
in any Specified Court. Each of the Company, the Manager and the Dealer Managers irrevocably and unconditionally waives any objection
to the laying of venue of any suit, action or proceeding in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any Specified Court that any such suit, action or proceeding brought in any Specified Court has been brought
in an inconvenient forum.

 

SECTION 17. TIME.
TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

 

SECTION 18. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement.  Counterparts may be delivered via facsimile, electronic mail (including any
electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and
Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

SECTION 19. Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

SECTION 20. Compliance
with USA PATRIOT Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), as amended, the Dealer Managers are required to obtain, verify and record information that identifies its clients, including
the Company and the Manager, which information may include the name and address of its clients, as well as other information that will
allow the Dealer Managers to properly identify their clients.

 

SECTION 21. Recognition
of the U.S. Special Resolution Regimes.

 

(a)             
In the event that any Dealer Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Dealer Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest
and obligation, were governed by the laws of the United States or a state of the United States.

 

(b)            
In the event that any Dealer Manager that is a Covered Entity or a BHC Act Affiliate of such Dealer Manager becomes subject to
a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Dealer Manager
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if this Agreement were governed by the laws of the United States or a state of the United States.

 

For purposes of this
Section 21: (A) a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall
be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) “Covered Entity” means any of the following: (i)
a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C)
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
 §§ 252.81, 47.2 or 382.1, as applicable; and (D) “U.S. Special Resolution Regime” means each of (i) the
Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and
Consumer Protection Act and the regulations promulgated thereunder.

 

    26

     

    

 

SECTION 22. Definitions.
As used in this Agreement, the following terms have the respective meanings set forth below:

 

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

 

“1933 Act Rules and
Regulations” means the rules and regulations of the Commission under the 1933 Act.

 

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

 

“1940 Act”
means the Investment Company Act of 1940, as amended.

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning as defined in the introductory paragraph of this Agreement.

 

“Company”
shall have the meaning as defined in the introductory paragraph of this Agreement.

 

“DTC” shall
mean The Depository Trust Company.

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval system.

 

“Execution Time”
shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 

“GAAP”
means generally accepted accounting principles in the United States.

 

“Lien”
means any security interests, liens, mortgages, encumbrances, pledges, equities, claims, restrictions or other defects of any kind.

 

“Management Agreement”
shall have the meaning as defined in the introductory paragraphs of this Agreement.

 

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

 

“Prospectus”
shall have the meaning as defined in the third introductory paragraph of this Agreement.

 

“Registration Statement”
shall have the meaning as defined in the third introductory paragraph of this Agreement.

 

“Repayment Event”
means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on
such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the
Company or any of the Subsidiaries.

 

“Rule 424(b)”
refers to Rule 424(b) under the 1933 Act, as applicable.

 

“Rule 430B”
refers to Rule 430B under the 1933 Act.

 

“Rule 430B Information”
shall mean information with respect to the Securities and the offering thereof permitted to be omitted from the Registration Statement
when it becomes effective pursuant to Rule 430B but that is deemed to be part of the Registration Statement at the time it becomes effective.

 

    27

     

    

 

“Rule 462(b) Registration
Statement” shall mean any registration statement filed to register the offer and sale of the Securities pursuant to Rule 462(b)
under the 1933 Act.

 

“Rules and Regulations”
shall mean the 1933 Act Rules and Regulations, the 1934 Act Regulations and the Advisers Act Rules and Regulations, as applicable.

 

“Sarbanes-Oxley Act”
means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof.

 

“Securities”
shall have the meaning as defined in the introductory paragraph of this Agreement.

 

“Subsidiary”
or “Subsidiaries” shall mean any “subsidiary” (as defined in Rule 405) or every “subsidiary”
(as defined in Rule 405), as applicable, of the Company.

 

All references in this Agreement
to the Registration Statement, any Rule 462(b) Registration Statement the Prospectus or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the Commission pursuant to EDGAR and all references in this Agreement to “supplements”
to the Prospectus shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection
with the offering of the Securities outside of the United States.

 

[Signature Page Follows]

 

    28

     

    

 

If the foregoing is in accordance
with your understanding of our agreement, please sign and return to us a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement by and among the Dealer Managers, the Company and the Manager in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	LUMENT FINANCE TRUST, INC.
	 	 
	 	By:	/s/ Michael P. Larsen
	 	 	Name: Michael P. Larsen
	 	 	Title: President
	 	 	 
	 	OREC INVESTMENT MANAGEMENT, LLC
	 	 	 
	 	By:	/s/ Michael P. Larsen
	 	 	Name: Michael P. Larsen
	 	 	Title: Chief Operating Officer

 

	CONFIRMED AND ACCEPTED, as of the

date first above written:	 
	 	 
	WELLS FARGO SECURITIES, LLC	 
	 	 
	By:	/s/ A Wedderburn Maxwell	 
	 	Name:  A WEDDERBURN MAXWELL	 
	 	Title: MANAGING DIRECTOR	 
	 	 	 
	JMP SECURITIES LLC	 
	 	 	 
	By:	/s/  Tosh Chandra	 
	 	Name: Tosh Chandra	 
	 	Title: Managing Director	 

 

[Signature Page to Dealer Manager Agreement]

 

     

     

    

 

EXHIBIT A

 

LIST OF DIRECTORS
AND SECTION 16 OFFICERS

 

	Name	Position
	James P. Flynn	Chairman of the Board and Chief Executive Officer
	Neil A. Cummins	Director
	James C. Hunt	Director
	William A. Houlihan	Director
	Walter C. Keenan	Director
	James A. Briggs	Chief Financial Officer
	Michael P. Larsen	President

 

    A-1

     

    

 

EXHIBIT B

 

FORM OF LOCK-UP
AGREEMENT

 

Lument Finance Trust, Inc.

Rights Offering

 

Dated as of __________, 2022

 

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

 

JMP Securities LLC

600 Montgomery Street, Suite 1100

San Francisco, California 94111

 

This agreement is being delivered
to you in connection with the proposed Dealer Manager Agreement (the “Dealer Manager Agreement” or “Agreement”)
by and among Lument Finance Trust, Inc., a Maryland corporation (the “Company”), OREC Investment Management, LLC, a
Delaware limited liability company (the “Manager”), and Wells Fargo Securities, LLC and JMP Securities LLC (each, a
 “Dealer Manager” and collectively, the “Dealer Managers”), relating to a proposed offering of transferable
rights (the “Rights” and such offering, the “Rights Offering”) to subscribe for up to 37,421,825
shares of common stock (the “Common Stock”) of the Company issuable upon the exercise of such Rights.

 

In order to induce you to
enter into the Dealer Manager Agreement, and in light of the benefits that the Rights Offering will confer upon the undersigned in its
capacity as a securityholder and/or an officer, director or employee of the Company, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Dealer Managers that, during the period beginning
on and including the date of the Dealer Manager Agreement through and including the date that is the 60th day after the date
of the Dealer Manager Agreement, the undersigned will not, without the prior written consent of Wells Fargo Securities, LLC directly or
indirectly:

 

(i)              
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of the Company’s Common Stock or Preferred
Stock or other capital stock (collectively, “Capital Stock”) or any securities convertible into or exercisable or exchangeable
for Common Stock or other Capital Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition, or

 

(ii)            
enter into any swap or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or
indirectly, any of the economic consequences of ownership of any Common Stock or other Capital Stock or any securities convertible into
or exercisable or exchangeable for any Common Stock or other Capital Stock.

 

The undersigned agrees that,
prior to engaging in any transaction or taking any other action that is subject to the terms of this agreement during the period from
and including the date of this agreement through and including the expiration of the 60-day restricted period, the undersigned will give
prior notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written
confirmation from the Company that such restricted period has expired.

 

Notwithstanding the provisions
set forth in the second preceding paragraph, the undersigned may, without the prior written consent of Wells Fargo Securities, LLC, transfer
any Common Stock or other Capital Stock or any securities convertible into or exchangeable or exercisable for Common Stock or other Capital
Stock

 

    B-1

     

    

 

(1)            
 if the undersigned is a natural person, as a bona fide gift or gifts, or by will or intestacy, or as may be required by court
order or by action of law, to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries
of which are exclusively the undersigned or members of the undersigned’s immediate family, or as a bona fide gift or gifts to a
charity or educational institution,

 

(2)            
if the undersigned is a partnership or a limited liability company, to a partner or member, as the case may be, of such partnership
or limited liability company if, in any such case, such transfer is not for value, and

 

(3)            
if the undersigned is a trust, to a beneficiary of such trust if such transfer is not for value, provided, however, that in the
case of any transfer described in clause (1) or (2) above, it shall be a condition to the transfer that (A) the transferee executes and
delivers to the Dealer Managers, not later than one business day prior to such transfer, a written agreement, in substantially the form
of this agreement (it being understood that any references to “immediate family” in the agreement executed by such transferee
shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise
satisfactory in form and substance to the Dealer Managers, and (B) such transfer is not reported or required to be reported in any public
report or filing with the Securities and Exchange Commission or otherwise, and the undersigned does not otherwise voluntarily effect any
public filing or report regarding such transfer during such 60-day restricted period. For purposes of this paragraph, “immediate
family” shall mean a spouse, child, grandchild or other lineal descendant (including by adoption), father, mother, brother or sister
of the undersigned.

 

The undersigned further agrees
that (i) it will not, during such 60-day restricted period (as the same may be extended as described above), make any demand or request
for or exercise any right with respect to the registration under the 1933 Act, of any Common Stock or other Capital Stock or any securities
convertible into or exercisable or exchangeable for Common Stock or other Capital Stock, and (ii) the Company may, with respect to any
Common Stock or other Capital Stock or any securities convertible into or exercisable or exchangeable for Common Stock or other Capital
Stock owned or held (of record or beneficially) by the undersigned, cause the transfer agent or other registrar to enter stop transfer
instructions and implement stop transfer procedures with respect to such securities during such 60-day restricted period (as the same
may be extended as described above).

 

Notwithstanding anything herein
to the contrary, this letter agreement shall not prohibit (i) the disposition of Common Stock by the undersigned to the Company or the
Manager upon the vesting of restricted shares of Common Stock in order to satisfy withholding and other income tax related obligations
of the undersigned [Include for officers only] and (ii) the distribution of the Rights and the issuance and sale of the Shares to the
undersigned pursuant to the Dealer Manager Agreement. In addition, the undersigned hereby waives any and all notice requirements and rights
with respect to the registration of any securities pursuant to any agreement, instrument, understanding or otherwise, including any registration
rights agreement or similar agreement, to which the undersigned is a party or under which the undersigned is entitled to any right or
benefit and any tag-along rights, co-sale rights or other rights to have any securities (debt or equity) included in or sold in connection
with the Rights Offering.

 

The undersigned hereby represents
and warrants that the undersigned has full power and authority to enter into this agreement and that this agreement has been duly authorized
(if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned.
This agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural
person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

 

The undersigned acknowledges
and agrees that whether or not the Rights Offering actually occurs depends on a number of factors, including market conditions.

 

[Signature Page Immediately Follows]

 

    B-2

     

    

 

IN WITNESS WHEREOF, the undersigned has executed and delivered this
agreement as of the date first set forth above.

 

	 	Yours very truly,
	 	 
	 	 
	 	Print Name:

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