Document:

Exhibit 10.1

 

ZAIS GROUP HOLDINGS, INC.

EMPLOYEE

RESTRICTED STOCK UNITS AGREEMENT

 

	Name of Participant:		 

	 	 	 
	No. of RSUs: 		 
	 	 	 
	Grant Date:	December 30, 2016	 
	 	 	 
	Vesting Date:	March 17, 2017	 

 

This Employee Restricted Stock Units Agreement
(this “Agreement”), dated as of the Grant Date first stated above, is delivered by ZAIS Group Holdings, Inc.,
a Delaware corporation (the “Company”), to the Participant named above (the “Participant”), who
is an employee of ZAIS Group, LLC or a subsidiary of ZAIS Group, LLC (ZAIS Group, LLC and its subsidiaries are collectively referred
to as “ZAIS Group”).

 

Recitals

 

A.       The
Company has agreed to grant to the Participant, under the ZAIS Group Holdings, Inc. 2015 Stock Incentive Plan (the “Plan”),
Restricted Stock Units (as defined under the Plan) (hereafter “RSUs”) as indicated above (the “Award”),
subject to the terms and conditions hereof and the Plan.

 

B.       This
Award has been approved under the terms of the Plan. A copy of the Plan can be reviewed at
https://www.sec.gov/Archives/edgar/data/1562214/000114420415002477/v398719_defm14a.htm#t73PRO.

 

Agreement

 

NOW, THEREFORE, the parties hereby agree
as follows:

 

1.       Definitions.
Except as expressly indicated herein, defined terms used in this Agreement have the meanings set forth in the Plan.

 

2.       Grant
of RSUs. Subject to the terms and conditions hereinafter set forth and the terms and conditions of the Plan, the Company, as
authorized by the Committee, hereby grants to the Participant the number of RSUs indicated above.

 

3.       Vesting
and Forfeiture of RSUs. 

 

(a)       Vesting
of RSUs. The RSUs subject to this Award shall be subject to the restrictions contained in this Agreement and subject to forfeiture
to the Company unless and until the RSUs have vested in accordance with the terms and conditions of this Agreement. Subject to
the terms and conditions of this Agreement, the RSUs will vest in full on the Vesting Date indicated above or upon the Accelerated
Vesting Date (as defined herein) provided the Participant remains in continuous service as an employee of ZAIS Group from the Grant
Date until the respective Vesting Date or Accelerated Vesting Date (as defined in Section 3(b) below). Subject to the terms and
conditions of this Agreement, the RSUs will vest in full on the Vesting Date provided the Participant remains in continuous service
as an employee of ZAIS Group from the Grant Date until the Vesting Date.

 

(b)       Acceleration
of Vesting. Notwithstanding the foregoing subparagraph (a), in the event that prior to the Vesting Date a Participant’s
employment is terminated due to death (or in other circumstances determined by the Committee in its sole discretion), then all
of the unvested RSUs will vest immediately upon the date such termination occurs, if any. The vesting date described in this Section
3(b) shall be referred to herein as the “Accelerated Vesting Date.”

 

     

     

    

 

(c)       Forfeiture.
In the event, in any case prior to the Vesting Date, of (1) a termination of Participant’s employment other than under circumstances
that would result in the Accelerated Vesting Date, (2) Participant attempting to sell, assign, transfer or otherwise dispose of,
or mortgage, pledge or otherwise encumber any unvested RSUs or (3) any unvested RSUs becoming subject to attachment or any similar
involuntary process, then such Participant’s unvested RSUs shall be forfeited by the Participant to the Company, and the
Participant shall thereafter have no right, title or interest whatever in such RSUs.

 

(d)       Effect
of Vesting; Issuance of Unrestricted Stock. The vested RSUs will be settled on the Vesting Date subject to the terms and conditions
set forth in this Agreement, The Company upon settlement will issue to the Participant a certificate or electronically transfer
by book-entry the number of shares of Common Stock of the Company equal to the number of vested RSUs which are to be settled, which
shares of Common Stock shall be free of any transfer or other restrictions arising under this Agreement.

 

(e)       No
Deferral Elections. A Participant may not elect to defer the issuance of shares later than March 17, 2017.

 

4.       Adjustment
of RSUs. The number of RSUs subject to this Award will automatically adjust to prevent accretion, or to protect against dilution,
in the event of a change to the Company’s Common Stock resulting from a recapitalization, stock split, consolidation, spin-off,
reorganization, or liquidation or other similar transactions and any transaction in which shares of Common Stock are changed into
or exchanged for a different number or kind of shares of stock or other securities of the Company or another corporation as provided
under Section 13 of the Plan. 

 

5.       No
Rights as a Stockholder. As of the Grant Date, the Participant shall have no rights as a stockholder of the Company with respect
to the RSUs (including voting rights and the right to receive dividends and other distributions).

 

6.       Non-Transferability
of Award. The RSUs shall not be assignable or transferable by the Participant. In addition, RSUs shall not be subject to attachment,
execution or other similar process prior to vesting. 

 

7.       No
Right to Continued Employment. The granting of the Award shall not be construed as granting to the Participant any right to
continued employment. The Participant acknowledges that his employment is “at will”, which affords the Participant
and any member of the ZAIS Group the right to terminate the employment relationship at any time for any reason or no reason not
otherwise prohibited by applicable law.

 

8.       Amendment
of RSUs Award. The provisions of this Agreement may be amended, modified or waived only with the prior written consent of the
Company and the Participant, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall be
construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this Agreement or any provision
hereof.

 

9.       Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of its Secretary at its executive
offices and any notice to the Participant shall be addressed to the Participant at the current address shown on the payroll records
of ZAIS Group. Any notice shall be deemed to be duly given if and when properly addressed and posted by registered or certified
mail, postage prepaid. 

 

10.       Beneficiary.
The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee
and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor
or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

 

11.       Tax
Consequences and Withholding. As of the Grant Date, or at any time thereafter as requested by the Company, the Participant
hereby authorizes minimum required withholding from payroll and any other amounts payable to the Participant, and otherwise agrees
to make adequate provision for, the minimum sums required to be withheld to satisfy the federal, state, local and foreign tax withholding
obligations, if any, of the Company ZAIS Group Parent, LLC (“ZGP”) or ZAIS Group, LLC, as applicable, which arise in
connection with the Award. Unless the tax withholding obligations of the Company, ZGP or ZAIS Group, LLC, if any, are satisfied,
the Company shall have no obligation to issue a certificate or book-entry transfer for such shares. The Participant acknowledges
that he is solely responsible for paying all taxes attributable to this Award.

 

     

     

    

 

12.       Representations
and Warranties of the Participant and the Company.

 

(a)       The
Participant represents and warrants to the Company and ZAIS Group as follows:

 

(i)       This
Agreement and the Plan constitute legal, valid and binding obligations of the Participant, enforceable against the Participant
with their respective terms, and that the execution, delivery and performance of this Agreement by the Participant do not and will
not conflict with, violate or cause a breach of any agreement, contract or instrument to which the Participant is a party or by
which the Participant is bound or any judgment, order or decree to which the Participant is subject.

 

(ii)       The
Participant has received all the information the Participant considers necessary in connection with the Participant’s execution
of this Agreement, the Participant has had an adequate opportunity to ask questions and receive answers from the Company and the
Participant’s independent counsel regarding the terms, conditions and limitations set forth in this Agreement and the business,
properties, prospects and financial condition of the Company and its subsidiaries and to obtain additional information (to the
extent the Company possesses such information or could acquire it without unreasonable effort or expense) necessary to verify the
accuracy of any information furnished to the Participant or to which the Participant had access.

 

(iii)       Neither
the Company nor any of its Affiliates nor any of their respective managers, directors, officers, employees or authorized representatives
(including attorneys, accountants, consultants, bankers, lenders, prospective lenders or financial representatives) has provided
any tax or legal advice to the Participant regarding this Agreement and the Participant has had an opportunity to receive sufficient
tax and legal advice from advisors of the Participant’s own choosing such that the Participant is entering into this Agreement
with full understanding of the tax and legal implications thereof.

 

(iv)       The
delivery of the RSUs to me is in substitution of certain Class B-0 Units of ZGP that I elected to cancel.

 

(v)       The
representations and warranties of the Participant set forth in this Agreement are true and correct.

 

(b)       The
Company represents and warrants to the Participant that this Agreement constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, and that the execution, delivery and performance of this
Agreement by the Company does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument
to which the Company is a party or by which the Company is bound or any judgment, order or decree to which the Company is subject.

 

13.       Governing
Plan Document. The Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this
Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated
and adopted pursuant to the Plan. In the event of any conflict between the provisions of the Award or this Agreement and those
of the Plan, the provisions of the Plan shall control. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Plan. 

 

14.       Applicable
Law. The parties hereto hereby agree that all questions concerning the construction, validity and interpretation of this Agreement
and the performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Delaware
without giving effect to any choice of law or conflict of law provision or rule, notwithstanding that public policy in Delaware
or any other forum jurisdiction might indicate that the Laws of that or any other jurisdiction should otherwise apply based on
contacts with such state or otherwise. Each of the parties hereto submits to the exclusive jurisdiction of the Court of Chancery
in the State of Delaware in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in
respect of the action or proceeding may be heard and determined in any such court. Each party hereto also agrees not to bring any
action or proceeding arising out of or relating to this Agreement in any other court. Each of the parties hereto waives any defense
of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that
might be required of any other party hereto with respect thereto. The parties hereto each agree that final judgment in any such
suit, action or proceeding brought to trial in such a court shall be conclusive and binding on it and may be enforced in any court
to the jurisdiction of which it is subject by a suit upon such judgment. 

 

     

     

    

 

15.       Integrated
Agreement. This Agreement and the Plan constitute the entire understanding and agreement between the Company and the Participant
with respect to the subject matter contained herein and supersedes any prior agreements, understandings, restrictions, representations,
or warranties between the Company and the Participant with respect to such subject matter other than those as set forth or provided
for herein.

 

16.       Securities
Matters. The Company shall not be required to deliver any shares of Common Stock, or any certificates therefore or book-entry
transfer notation thereof, until the requirements of any federal or state securities or other laws, rules or regulations (including
the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.

 

17.       Clawback
Provisions. This Award (including any proceeds, gains or other economic benefit actually or constructively received by the
Participant upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of
any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the
requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and
any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy. 

 

18.       Successors
and Permitted Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by and against the Participant
and the Company and their successors, permitted assigns and representatives and in the case of the Participant, his or her estate,
legal representatives and guardian. The rights and obligations of the Participant under this Agreement shall not be assignable.

 

19.       Rights
of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any
Person, other than the parties hereto and the estate, legal representative or guardian of any individual party hereto, any rights
or remedies under or by reason of this Agreement.

 

20.       Headings;
References; Interpretation. All Section headings in this Agreement are for convenience only and shall not be deemed to control
or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including
all Exhibits attached hereto, and not to any particular provision of this Agreement. All references herein to Sections shall be
deemed to be references to the Sections of this Agreement. The use herein of the word “including” following any general
statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth
immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”,
“but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer
to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or
matter. The word “or” as used herein is not exclusive and shall be deemed to have the meaning “and/or”.
Unless the context requires otherwise, all references herein to an agreement, instrument or other document shall be deemed to refer
to such agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent
permitted by the provisions thereof. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved
against any party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed
by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as
to fairly accomplish the purposes and intentions of the parties hereto.

 

21.       Survival of
Representations, Warranties and Agreements. All representations, warranties and agreements contained herein shall survive the
consummation of the transactions contemplated hereby and the termination of this Agreement.

 

 

     

     

    

 

22.       Specific
Performance. The Participant and the Company acknowledge and agree that a breach of this Agreement by the Participant would
cause irreparable harm to the Company and its subsidiaries, and that the damages relating to any such breach may be difficult to
calculate. As such, the Company shall be entitled to pursue specific performance and other equitable relief, including an injunction
to prevent a breach of this Agreement. The remedies described in this paragraph shall not be deemed to be the exclusive remedies
available to the Company for a breach by the Participant of this Agreement, but shall be in addition to all other remedies available
at law or equity.

 

23.       Gender
and Plurals. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

24.       Counterparts.
This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts),
each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

25.       Saving
Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall
in no manner affect the legality or enforceability of any other provision hereof.

 

Signature Page to
Follow

 

 

 

 

     

     

    

 

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the Grant Date specified above.

 

ZAIS Group Holdings, Inc.,

 

 

By: ________________________________

 

 

The undersigned accepts the right to receive the RSUs or other
securities covered hereby, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth.

 

 

ACCEPTED AND AGREED TO:

 

 

 

______________________________________

ParticipantExhibit 10.2

 

ZAIS GROUP, LLC

EMPLOYEE

RESTRICTIVE COVENANTS AGREEMENT

 

This Restrictive Covenants
Agreement (“Agreement”) is entered into effective this ______ day of December, 2016 (the “Effective Date”),
by and between ZAIS Group, LLC (“ZAIS”), on behalf of itself and its Affiliates and its and their respective successors
and assignees (collectively referred to herein as “ZAIS Group”), and _______________(the “Employee”). 
ZAIS and the Employee are collectively referred to herein as the “Parties.” Terms not otherwise defined herein are
defined in Appendix A.

 

In consideration of
receiving a grant of Restricted Stock Units under the ZAIS Group Holdings, Inc. 2015 Stock Incentive Plan in December 2016 (the
“Plan”), which the Employee acknowledges to be good and valuable consideration for the Employee's obligations hereunder,
the Parties hereby agree as follows:

 

1.        Confidential
Information of ZAIS Group. The Employee agrees, at all times, including after employment termination, to: (i) hold in the strictest
confidence, and shall neither use in any manner detrimental to any member of ZAIS Group nor disclose, publish, divulge or make
accessible, directly or indirectly, to any Person, any Confidential Information of ZAIS Group, without the prior written consent
of ZAIS Group Holdings, Inc. (“ZGH”);
(ii) exercise all reasonable efforts to prevent third parties from gaining access to such Confidential Information of ZAIS Group;
(iii) inform all other employees and agents to whom the Employee discloses Confidential Information, of the proprietary interest
and nature of such Confidential Information and of the recipient’s
obligations under ZAIS Group's policies to keep such information confidential; and (iv) take such other protective measures as
may be or become reasonably necessary to preserve the confidentiality of such Confidential Information.

 

Notwithstanding the preceding
paragraph, the Employee may divulge or communicate Confidential Information: (i) to officers, directors, partners, members and
employees and members of ZAIS Group, and to auditors, counsel and other professional advisors to such Persons and ZAIS Group; provided,
however, that such Persons have a need to know and have been informed of the confidential nature of the information, and,
in any event, the Person disclosing such information shall be liable for any failure by such Persons to abide by the provisions
of this Section 1; (ii) to the extent the disclosure of Confidential Information is required to be disclosed by order of a court
of competent jurisdiction, administrative agency or governmental body, or by any law, or by subpoena, summons or any other administrative
or legal process, or by applicable regulatory standards, in which case the disclosing Party will (except as prohibited by law)
provide ZAIS Group or the Person whose Confidential Information is required to be disclosed, as applicable, with prompt, prior
written notice of such compelled disclosure and the opportunity to prevent or limit such disclosure; provided, however,
that such Person either (x) agrees to keep such Confidential Information confidential in accordance with this Section 1 and the
Employee shall be liable for such Person’s compliance with
the provisions of this Section 1, or (y) signs a confidentiality agreement with ZGH with respect to any such Confidential Information.

 

     

     

    

 

The Employee agrees that
the performance records and financial results of ZAIS Group are the exclusive property of ZAIS Group, and the Employee shall have
no ownership, attribution or other rights with respect thereto. The Employee hereby assigns to ZAIS Group the performance and financial
results generated in connection with the Employee's employment by ZAIS Group.

 

The Employee understands
that nothing contained in this Agreement limits the Employee's ability to file a charge or complaint with the Equal Employment
Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and
Exchange Commission or any other federal, state or local governmental agency or commission (“Government
Agencies”). The Employee further understands that this Agreement
does not limit the Employee's ability to communicate with any Government Agencies or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice
to any member of ZAIS Group. This Agreement does not limit the Employee's right to receive an award for information provided to
any Government Agencies.

 

2.       Restrictive
Covenants.

 

(a)       During
the Non-Compete Restricted Period, the Employee shall not, directly or indirectly, without in each instance the prior written consent
of ZGH, invest in, own, manage, operate, finance, control, be employed by, or participate in the ownership, management, operations,
financing or control of, lend its name or a similar name to, lend its credit to, render services or advice to, or otherwise assist,
any Person (other than a member of ZAIS Group) that engages in, owns, invests in, operates, manages or controls, any venture, business,
or enterprise engaged in providing Competitive Investment Services in North America, Europe or Asia; provided, however,
that the Employee may (i) own no more than 3% of any class of securities of any Person traded on any national securities exchange
and no more than 5% of any class of securities of any Person whose securities are not traded on any national securities exchange
(so long as such securities do not constitute more than 5% of the overall equity or voting power of such Person) and (ii) provide
investment advice for managing the assets of himself or members of his Immediate Family; provided, further, that
in the event the Employee's employment is terminated by ZAIS Group other than because of a termination For Cause (as such term
is defined in the Amended and Restated Operating Agreement of ZAIS, as such is in effect from time to time), the provisions of
this Section 2(a) shall automatically terminate with respect to, and no longer be applicable to, the Employee.

 

(b)During the Restricted
Period, the Employee shall not, directly or indirectly, without in each instance the prior written consent of ZGH:

 

(i)       solicit,
hire or employ, or otherwise engage (or assist any other Person in soliciting, hiring, employing or otherwise engaging) as an employee,
independent contractor or otherwise, any employee of a member of ZAIS Group who was employed or engaged by ZAIS Group, or in any
way interferes with any such person’s contractual arrangements
or relationship with any members of ZAIS Group;

 

(ii)       solicit (or assist
any other Person in soliciting) the business of any current, former or prospective Client of a member of ZAIS Group (excluding
any Person that has not been a Client or prospective Client of a member ZAIS Group within one year prior to such solicitation);
provided, however, that the Employee shall not be deemed to be in violation of this Section 2(b)(ii) solely by virtue
of the Employee's employment by or association with a Person that the Employee does not control (even if such Person solicits any
such current former, or prospective Client of ZAIS Group), so long as the Employee is not engaged in, does not participate in or
encourage and is not directly or indirectly in any way responsible for such solicitation or persuasion efforts;

 

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(iii)       otherwise
induce or attempt to induce (or assist any other Person in inducing) any current, former or prospective Client to cease doing business
with any member of ZAIS Group, or in any way interfere with the relationship between any current, former or prospective Client
and ZAIS Group; or

 

(iv)       issue,
disseminate or otherwise make public any written or oral statements likely to disparage or harm the business or reputation of any
member of ZAIS Group or the reputation of any executive or employee of a member of ZAIS Group.

 

3.       Severability
of Covenants. If any of the covenants set forth in this Agreement is held by a court of competent jurisdiction to be unreasonable,
unenforceable, arbitrary or against public policy, such covenants will be interpreted or deemed to be reformed to provide for the
maximum activity, duration, geographical area or other limitations permitted by applicable law. The covenants set forth in this
Agreement and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of
any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof,
and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision
in any other.

 

4.       Remedies.
The Employee acknowledges that in the event of a breach of this Agreement by the Employee, money damages would be inadequate and
ZAIS Group would have no adequate remedy at law. Accordingly, the Employee agrees that each member of ZAIS Group shall have the
right, in addition to any other rights and remedies existing in its favor with respect to any such breach, to enforce their rights
and such Employee's obligations under this Agreement not only by a claim for damages but also by an action or actions for specific
performance, injunction or other equitable relief, without posting any bond or security. Without limiting the foregoing, in the
case of a breach or threatened breach of this Agreement, in addition to a claim for damages, ZAIS Group shall have the right to
obtain injunctive or other equitable relief to restrain any breach or threatened breach, or otherwise to enforce specifically the
provisions, of this Agreement. If the Employee breaches the provisions of this Agreement, in addition to any rights ZAIS Group
may have at law and in equity, ZAIS Group may redeem all shares obtained upon settlement of the Restricted Stock Unit for $.01
per share.

 

5.       Survival.
The covenants set forth in this Agreement shall survive the termination of the Employee's employment. The provisions of this Agreement
shall be subject to, and not in any way affect the enforceability of, any separate agreement entered into by any officer or employee
of ZAIS Group restricting or prohibiting certain business activities of such Person.

 

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6.       Applicable
Law; Venue; Waiver of Jury Trial.

 

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

 

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

 

(c)        EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH,
TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND
ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH
SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6(c).

 

7.       Acknowledgements.
As consideration for the grant of Restricted Stock Units under the Plan, the Employee acknowledges that: (1) he has knowledge
of confidential information, proprietary information and trade secrets relating to members of ZAIS Group, the Business and the
Clients; (2) the products and services comprising the Business are, or may be, marketed throughout the United States and internationally;
(3) the Business competes with other businesses that are or could be located in any part of the United States or internationally;
(4) ZAIS Group has required the covenants set forth in this Agreement as a condition to the grant of Restricted Stock Units; (5)
the covenants set forth in Section 2 are reasonable and necessary to protect and preserve the Business and to protect the goodwill
of ZAIS Group; and (6) ZAIS Group will be irreparably harmed and damaged if the covenants in Section 1 and/or Section 2 are breached.

 

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IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date first set forth above.

 

ZAIS Group, LLC 

 

 

By: ________________________________

 

 

ACCEPTED AND AGREED TO:

 

 

 

______________________________________

Employee

    5 

     

    

  

APPENDIX A

 

DEFINITIONS

 

“Affiliate” means
with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person or, with respect to any Person that is an individual, such Person’s Family
Member. For purposes of this definition, “control,” when used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of equity interests, by contract or otherwise; and the terms “controlling” and “controlled”
have correlative meanings to the foregoing. For purposes of the definition of “control,” a general partner, managing
member or trustee of a Person shall always be considered to control such Person.

 

“Business” means the
business of providing Investment Services.

 

“Clients” means Persons
to whom ZAIS Group provides Investment Services, including any institutional clients (including insurance companies, pension funds
and endowments, but expressly excluding any collateralized loan obligation transaction purchasers), on a managed account basis
or otherwise, hedge funds, fund of funds, and other pooled investment vehicles, real estate investment trusts or business development
companies.

 

“Competitive Investment Services”
means Investment Services with respect to mortgage, government, corporate or other credit products, including residential whole
loans, residential mortgage-based securities, asset-based securities, commercial real estate, commercial whole loans, commercial
mortgage-based securities, investment grade government or corporate credit, high yield government or corporate credit or structured
government or corporate credit vehicles or with respect to other products that compete with the Business in the United States,
Asia or Europe.

 

“Confidential Information”
means any confidential, non-public or proprietary information (whether transmitted orally or in writing or stored electronically)
relating to the business or the affairs of any member of ZAIS Group or its or their respective clients, officers, directors, members
or Principals of members and identified (orally or in writing), or otherwise known by (or should reasonably be known by) the recipient,
as being confidential. The following information (which list is not intended to be exhaustive) shall be considered “Confidential
Information” without the need for identification as such: the information provided to the Employee pursuant any review of
the books and records, budget, financial reports, tax records of any member of ZAIS Group or any other information provided to
the Employee pursuant to Article XI of the Parent Operating Agreement, future transactions (regardless of whether such transactions
are consummated), customer lists, employee lists, salary and other compensation or benefits of employees, financial data, financial
or strategic plans, forecasts, records and other business information, plans, reports or data, client lists, information encompassed
in drawings, designs, plans, proposals, reports, research, marketing and sales plans, costs, quotations, specification sheets,
recording media, information which relates, directly or indirectly, to the computer systems and computer technology, including
source codes, object codes, reports, flow charts, screens, algorithms, use manuals, installation or operation manuals, computer
software, spreadsheets, data computations, formulas, techniques, databases, and any other form or compilation of computer-related
information and other confidential, non-public or proprietary information relating to the business or the affairs of the Employee,
each member of ZAIS Group or its or their respective clients, directors, officers, members or Principals of members. Confidential
Information shall not, however, include any information that: (i) is or becomes generally available to the public other than as
a result of a disclosure by any member or officer in breach of this Agreement; (ii) was or becomes available on a non-confidential
basis from a source other than ZAIS Group, or any officer or director of a member of ZAIS Group; provided that such source
is not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to ZAIS
Group or any other Person with respect to such information; (iii) is or was developed by the receiving Person independently of,
or was known by the receiving Person prior to, any disclosure of such information made by the disclosing Person, other than disclosures
by any member or any Affiliate of a member in connection with his employment by or provision of services to ZAIS Group; (iv) to
the extent it is required to be disclosed by order of a court of competent jurisdiction, administrative agency or governmental
body, or by any law, or by subpoena, summons or any other administrative or legal process, or by applicable regulatory standards,
after notice of such requirement has been given to ZAIS Group or the disclosing Person (except as prohibited by law) and ZAIS
Group or the disclosing Person has had a reasonable opportunity to oppose such disclosure; or (v) is disclosed with the written
consent of the Person to which such Confidential Information relates or, with respect to any Confidential Information concerning
ZAIS Group, ZGH.

 

    6 

     

    

 

“Fund”
means any investment company, mutual fund, business development company, partnership, fund, closed-end fund, unit investment trust,
offshore fund, common or collective fund or collective trust, special purpose vehicle, hedge fund or other pooled investment vehicle,
including any pooled investment vehicle that invests in real estate or interests in real estate, whether or not registered, or,
as applicable, whether or not its shares are registered, under the Investment Company Act of 1940, as amended, the Securities Exchange
Act of 1934, as amended or the Securities Act (or similar provisions of applicable Law of any jurisdiction other than the United
States).

 

“Immediate Family” means,
with respect to any individual Person, (a) such Person’s spouse, parent, grandparent, children, grandchildren and siblings
(in each case, whether by

marriage or adoption), (b) such Person’s former
spouses and current spouses of the individuals described in clause (a), and (c) estates, trusts, partnerships and other
entities of which a material portion of the interest are held directly or indirectly by any of the foregoing individuals
described in clause (a) or (b).

 

“Investment Services”
means any investment advisory or subadvisory services, including (a) the management of an investment account or Fund (or portions
thereof or a group of investment accounts or Funds); (b) the giving of advice with respect to the investment or reinvestment of
assets or funds (or any group of assets or funds); (c) otherwise acting as an “investment adviser” within the meaning
of the Investment Advisers Act of 1940, as amended; (d) rendering investment advice for a fee or other compensation, directly or
indirectly, within the meaning of Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (or any
successor law), or Section 4975 of the United States Internal Revenue Code of 1986, as amended, or any corresponding provision
of any succeeding law; or (e) acting as a trustee, general partner, manager, or managing member of any Person that is an Affiliate
of the provider of the services described in items (a) through (d), including any institutional clients (including insurance companies,
pension funds and endowments), on a managed account basis or otherwise, hedge funds, fund of funds, and other pooled investment
vehicles, real estate investment trust or business development company.

 

    7 

     

    

 

“Non-Compete
Restricted Period” means, with respect to the Employee, the period starting from the Effective Date of this Agreement
and ending on the following date:

 

		(i)	if the Employee held 150,000 or fewer invested Class B-0 Units
(as defined in the Parent Operating Agreement) on December 1, 2016, the three-month anniversary of the date his employment with
ZAIS Group is terminated for any reason;

 

		(ii)	if the Employee held more than 150,000 and less than or equal to 300,000 invested Class B-0
Units on December 1, 2016, the six-month anniversary of the date his employment with ZAIS Group is terminated for any reason;
and

 

		(iii)	if the Employee held more than 300,000 invested Class B-0 Units
on December 1, 2016, the one-year anniversary of the date his employment with ZAIS Group is terminated for any reason.

 

"Parent Operating Agreement" means
the Second Amended and Restated Limited Liability Company Agreement of ZAIS Group Parent, LLC, dated as of March 17, 2015, as amended
on March 20, 2015 and as further amended on July 21, 2015.

 

“Person” means and includes
any individual, bank, savings association, corporation, partnership (limited, general, exempted or otherwise), limited liability
company, limited company, company, exempted company, société anonyme, unit trust, joint-stock company, trust or unincorporated
organization.

 

“Principal” means, with respect
to a specified Person that is not an entity whose securities are publicly traded, any manager, officer, partner or trustee of such
Person or any other Person that owns directly more than twenty percent (20%) of the equity of such specified Person. (including
warrants and options then-exercisable for equity).

 

“Restricted Period” means the
period starting from Effective Date of this Agreement and ending one year after such the Employee's employment with ZAIS Group
is terminated for any reason.

 

 

    8

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