Document:

EX-10.1

 Exhibit 10.1 

DEFERRED COMPENSATION AGREEMENT 

THIS DEFERRED COMPENSATION AGREEMENT (this “Agreement”), adopted this 27th day of February, 2015, by and among Lakeland Bancorp,
Inc., a New Jersey corporation (the “Corporation”), Lakeland Bank, a New Jersey state chartered bank (the “Bank” and, collectively with the Corporation, the “Employer”), and Thomas J. Shara (the “Executive”),
intending to be legally bound hereby. 
 WITNESSETH: 

WHEREAS, the Executive is employed by the Employer; 

WHEREAS, the Employer recognizes the valuable services the Executive has performed for the Employer and wishes to encourage the
Executive’s continued employment and to provide the Executive with additional incentive to achieve corporate objectives; 
 WHEREAS,
the Employer wishes to provide the terms and conditions upon which the Employer shall pay additional retirement benefits to the Executive; 

WHEREAS, the Employer and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code
Section 409A; and 
 WHEREAS, the Employer intends this Agreement shall at all times be administered and interpreted in such a manner
as to constitute an unfunded nonqualified deferred compensation arrangement, maintained primarily to provide supplemental retirement benefits for the Executive, a member of select group of management or highly compensated employee of the Employer;

 NOW THEREFORE, in consideration of the premises and of the mutual promises herein contained, the Employer and the Executive agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 For the
purpose of this Agreement, the following phrases or terms shall have the indicated meanings: 
 1.1 “Administrator” means
the Board or its designee. 
 1.2 “Affiliate” means any business entity with whom the Employer would be considered a single
employer under Section 414(b) and 414(c) of the Code. Such term shall be interpreted in a manner consistent with the definition of “service recipient” contained in Code Section 409A. 

 1.3 “Beneficiary” means the person or persons designated in writing by the
Executive to receive benefits hereunder in the event of the Executive’s death. 
 1.4 “Board” means the Board of
Directors of the Corporation. 
 1.5 “Change in Control” means a “Change in Control Event” as defined in the
Employment Agreement; provided, however, that no event or occurrence shall constitute a Change in Control unless, with respect to the Corporation, such event or occurrence also constitutes a “change in the ownership of a corporation,” a
“change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets” (each within the meaning of Treasury regulation Section 1.409A-3(i)(5) but applying,
for purposes thereof, the lowest thresholds permitted thereunder to determine whether any of such events or occurrences have occurred). 

1.6 “Contribution” means the amount the Employer credits to the Deferral Account, calculated according to the provisions of
Article 2. 
 1.7 “Claimant” means a person who believes that he is being denied a benefit to which he is entitled
hereunder. 
 1.8 “Code” means the Internal Revenue Code of 1986, as amended. 

1.9 “Deferral Account” means the Employer’s accounting of the accumulated Contributions plus accrued interest. 

1.10 “Disability” has the meaning set forth in the Employment Agreement. 

1.11 “Distribution Period Crediting Rate” means, with respect to any date, the interest rate equal to Moody’s 20 year Aa
corporate bond index as of the first business day of the year in which such date occurs. 
 1.12 “Early Involuntary
Termination” means that the Executive, prior to Normal Retirement Age, has experienced a Separation from Service with Good Reason or following receipt of a written notification from the Employer that such Separation from Service has
occurred for reasons other than Termination for Cause, Disability, Early Voluntary Termination or following a Change in Control. 
 1.13
“Early Voluntary Termination” means that the Executive, prior to Normal Retirement Age, experiences a Separation from Service for reasons other than Termination for Cause, Disability, Early Involuntary Termination or following a
Change in Control. 
 1.14 “Effective Date” means February 1, 2015. 

1.15 “Employment Agreement” means that certain Employment Agreement, by and among the Executive, the Corporation and the
Bank, dated April 2, 2008, as amended. 

  
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 1.16 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 1.17 “Good Reason” has the meaning set forth in the Employment Agreement. 

1.18 “Involuntary Termination” means the termination of the Executive’s employment either (i) by the Employer other
than for “Cause” (as defined in the Employment Agreement), or (ii) as a result of the Executive’s resignation for Good Reason. 

1.19 “Normal Retirement Age” means the Executive attaining age sixty-five (65). 

1.20 “Plan Year” means each twelve (12) month period commencing on January 1 and ending on December 31 of each
year. The initial Plan Year shall commence on the Effective Date and end on the following December 31. 
 1.21 “Projected
Deferral Account Balance” means the amount equal to the Deferral Account balance as of the date of Early Involuntary Termination, Change in Control or death, plus interest and projected Contributions credited thereon until Normal Retirement
Age. For purposes of determining the Projected Deferral Account Balance, Contributions shall be assumed to be credited from the date of Early Involuntary Termination, Change in Control or death until Normal Retirement Age and interest shall be
assumed to be credited from the date of Early Involuntary Termination, Change in Control or death until Normal Retirement Age at an annual rate equal to the average Return on Equity, calculated from the Effective Date until the date of Early
Involuntary Termination, Change in Control or death, compounded monthly. 
 1.22 “Return on Equity” means the
Corporation’s annual return on equity as determined under Generally Accepted Accounting Principles. 
 1.23 “Separation from
Service” means a termination of the Executive’s employment with the Employer and its Affiliates for reasons other than death or Disability. A Separation from Service may occur as of a specified date for purposes of the Agreement even
if the Executive continues to provide some services for the Employer or its Affiliates after that date, provided that the facts and circumstances indicate that the Employer and the Executive reasonably anticipated at that date that either no further
services would be performed after that date, or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent
(20%) of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period (or the full period during which the Executive performed services for the Employer, if that is less than thirty-six
(36) months). A Separation from Service will not be deemed to have occurred while the Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six (6) months or, if longer,
the period for which a statute or contract provides the Executive with the right to reemployment with the Employer. If the Executive’s leave exceeds six (6) months but the Executive is not entitled to reemployment under a statute or
contract, the Executive incurs a Separation of Service on the next day following the expiration of such six (6) month period. In 

  
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determining whether a Separation of Service occurs the Administrator shall take into account, among other things, the definition of “service recipient” and “employer” set
forth in Treasury regulation §1.409A-1(h)(3). The Administrator shall have full and final authority, to determine conclusively whether a Separation from Service occurs, and the date of such Separation from Service. 

1.24 “Specified Employee” means an individual that satisfies the definition of a “key employee” of the Employer as
such term is defined in Code §416(i) (without regard to Code §416(i)(5)), provided that the stock of the Employer is publicly traded on an established securities market or otherwise, as defined in Code §1.897-1(m). If the Executive is
a key employee at any time during the twelve (12) months ending on December 31, the Executive is a Specified Employee for the twelve (12) month period commencing on the first day of the following April. 

1.25 “Termination for Cause” means a termination of the Executive’s employment with the Employer for “Cause”
(as defined in the Employment Agreement). 
 1.26 “Unforeseeable Emergency” means a severe financial hardship to the
Executive resulting from an illness or accident of the Executive, the Executive’s spouse, the Beneficiary, or the Executive’s dependent (as defined in Section 152(a) of the Code), loss of the Executive’s property due to casualty,
or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Executive. 

ARTICLE 2 
 CONTRIBUTIONS

 For each calendar month from the Effective Date through and including December, 2022 that the Executive is actively employed by the
Employer as of the last business day of the month, the Employer shall make a Contribution to the Deferral Account in the amount of Sixteen Thousand Five Hundred Dollars ($16,500). 

ARTICLE 3 
 DEFFERAL
ACCOUNT 
 3.1 Establishing and Crediting. The Employer shall establish a Deferral Account on its books for the Executive and
shall credit to the Deferral Account the following amounts: 
 (a) Contributions hereunder; and 

(b) Interest as follows: 

(i) on the first day of each calendar month (commencing with March 1, 2015) until the earlier of Separation from Service
or the Executive’s death, interest shall be credited on the Deferral Account at an annual rate equal to Return on Equity from the prior calendar year (provided however that the minimum such rate shall be zero percent (0%) and the maximum shall
be fifteen percent (15%)), compounded monthly; 
 (ii) on the first day of each calendar month during any payment term
hereunder, interest shall be credited at an annual rate equal to the Distribution Period Crediting Rate, compounded monthly. 

  
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 3.2 Recordkeeping Device Only. The Deferral Account is solely a device for measuring
amounts to be paid under this Agreement and is not a trust fund of any kind. 
 ARTICLE 4 

PAYMENT OF BENEFITS 
 4.1
Normal Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive the Deferral Account balance calculated at Separation from Service in lieu of any other benefit hereunder. This benefit
shall be paid in one hundred eighty (180) consecutive monthly installments commencing the month following Separation from Service. Effective the first day of each Plan Year during payout, the monthly installments for such Plan Year shall be
re-amortized to take into account changes in the Distribution Period Crediting Rate and the remaining number of monthly installments. 
 4.2
Early Voluntary Termination Benefit. If Early Voluntary Termination occurs, the Employer shall pay the Executive the Deferral Account balance in lieu of any other benefit hereunder. This benefit shall be paid in one hundred eighty
(180) consecutive equal monthly installments commencing the month following Normal Retirement Age. During the period between Separation from Service and Normal Retirement Age, no interest shall be credited on the Deferral Account balance.
During the payout period, the Deferral Account balance shall be credited with interest at the Distribution Period Crediting Rate in accordance with Section 3.1(b)(ii) hereof, and each Plan Year during the payout period, the installments for
such Plan Year shall be re-amortized based on the value of the Deferral Account balance as of the last day of the preceding Plan Year and the remaining number of monthly installments. 

4.3 Early Involuntary Termination Benefit. If Early Involuntary Termination occurs, the Employer shall, in lieu of any other benefit
hereunder, pay the Executive an annual benefit equal to the greater of (i) Two Hundred Thousand Dollars ($200,000) or (ii) an annual amount payable over fifteen (15) years commencing at Normal Retirement Age based on the Projected
Deferral Account Balance at Normal Retirement Age and calculated using the Distribution Period Crediting Rate as of the date of Separation from Service. Such annual benefit shall be paid to the Executive for fifteen (15) years in equal monthly
installments commencing the month following Normal Retirement Age and shall not be subject to adjustment for subsequent changes in the Distribution Period Crediting Rate or for any other reason. 

4.4 Disability Benefit. If the Executive experiences a Disability followed by Separation from Service prior to Normal Retirement Age,
the Employer shall pay the Executive the Deferral Account balance calculated as of the date of Separation from Service, 

  
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in lieu of any other benefit hereunder. This benefit shall be paid in one hundred eighty (180) consecutive monthly installments commencing the month following Normal Retirement Age. During
the period between Separation from Service and Normal Retirement Age, interest shall be credited on the Deferral Account balance at the Distribution Period Crediting Rate. During the payout period, the Deferral Account balance shall be credited with
interest at the Distribution Period Crediting Rate in accordance with Section 3.1(b)(ii) hereof, and each Plan Year during the payout period, the installments for such Plan Year shall be re-amortized based on the value of the Deferral Account
balance as of the last day of the preceding Plan Year and the remaining number of monthly installments. 
 4.5 Change in Control
Benefit. If a Change in Control occurs, followed by Separation from Service, provided, however, that such Separation from Service occurs prior to Normal Retirement Age, the Employer shall, in lieu of any other benefit hereunder, pay the
Executive an annual benefit equal to the greater of (i) Two Hundred Thousand Dollars ($200,000) or (ii) an annual amount payable over fifteen (15) years commencing at Normal Retirement Age based on the Projected Deferral Account
Balance at Normal Retirement Age and calculated using the Distribution Period Crediting Rate as of the date of date of the Change in Control. Such annual benefit shall be paid to the Executive for fifteen (15) years in equal monthly
installments commencing the month following Normal Retirement Age and shall not be subject to adjustment for subsequent changes in the Distribution Period Crediting Rate or for any other reason. 

4.6 Death Prior to Separation From Service or Disability. In the event the Executive dies prior to Separation from Service or
Disability, the Employer shall pay the Beneficiary an annual benefit equal to the greater of (i) Two Hundred Thousand Dollars ($200,000) or (ii) the Projected Deferral Account Balance distributed over fifteen (15) years, calculated
using the Distribution Period Crediting Rate as of the date of the Executive’s death, in lieu of any other benefit hereunder. This annual benefit shall be paid to the Executive for fifteen (15) years in equal monthly installments
commencing the month following the Executive’s death and shall not be re-amortized to reflect any Distribution Period Crediting Rate changes. 

4.7 Death Subsequent to Commencement of Benefit Payments. In the event the Executive dies while receiving payments, but prior to
receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived. 

4.8 Death Subsequent to Separation from Service or Disability and Prior to Commencement of Benefit Payments. In the event the Executive
dies after Separation from Service or Disability but before receiving any payments hereunder, the Employer shall pay the Beneficiary the same amounts as the Employer would have paid the Executive had the Executive lived until Normal Retirement Age
and died immediately after payments to Executive had begun, but the payments shall commence the month following the Executive’s death and the annual benefit shall not be re-amortized to reflect any Distribution Period Crediting Rate changes.

  
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 4.9 Benefits Exclusive. The Executive and the Employer intend that the benefits described
in Sections 4.1 to 4.6 be exclusive of one another. The Executive shall not receive benefits arising out of more than one of those Sections. 

4.10 Hardship Distribution. If an Unforeseeable Emergency occurs, the Executive may petition the Board to receive a distribution from
the Agreement (a “Hardship Distribution”). The Board in its sole discretion may grant such petition. If granted, the Executive shall receive, within sixty (60) days, a distribution from the Agreement only to the extent deemed
necessary by the Board to remedy the Unforeseeable Emergency, plus an amount necessary to pay taxes reasonably anticipated as a result of the distribution. In any event, the maximum amount which may be paid out as a Hardship Distribution is the
Deferral Account balance as of the day the Executive petitioned the Board to receive a Hardship Distribution. A Hardship Distribution shall reduce the Deferral Account balance. In the event of a Hardship Distribution, an appropriate adjustment shall
be made to the minimum benefit payment under the Agreement. 
 4.11 Termination for Cause. If Termination for Cause occurs the
Executive shall forfeit all payments and benefits hereunder. 
 4.12 Restriction on Commencement of
Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions
hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid
to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions
shall be paid as they would have had this Section not applied. 
 4.13 Acceleration of Payments. Except as specifically permitted
herein, no acceleration of the time or schedule of any payment may be made hereunder. Notwithstanding the foregoing, payments may be accelerated, in accordance with the provisions of Treasury Regulation §1.409A-3(j)(4) in the following
circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements with the federal government; (iii) in compliance with the ethics laws or conflicts of interest laws; (iv) in limited
cashouts (but not in excess of the limit under Code §402(g)(1)(B)); (v) to pay employment-related taxes; or (vi) to pay any taxes that may become due at any time that the Agreement fails to meet the requirements of Code
Section 409A. 

  
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 4.14 Delays in Payment by Employer. A payment may be delayed to a date after the
designated payment date under any of the circumstances described below, and the provision will not fail to meet the requirements of establishing a permissible payment event. The delay in the payment will not constitute a subsequent deferral
election, so long as the Employer treats all payments to similarly situated Participants on a reasonably consistent basis. 

(a) Payments that would violate Federal securities laws or other applicable law. A payment may be delayed where the
Employer reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law provided that the payment is made at the earliest date at which the Employer reasonably anticipates that the making of the
payment will not cause such violation. The making of a payment that would cause inclusion in gross income or the application of any penalty provision of the Internal Revenue Code is not treated as a violation of law. 

(b) Solvency. Notwithstanding the above, a payment may be delayed where the payment would jeopardize the ability of the
Employer to continue as a going concern. 
 4.15 Treatment of Payment as Made on Designated Payment Date. Solely for purposes of
determining compliance with Code Section 409A, any payment under this Agreement made after the required payment date shall be deemed made on the required payment date provided that such payment is made by the latest of: (i) the end of the
calendar year in which the payment is due; (ii) the 15th day of the third calendar month following the payment due date; (iii) if Employer cannot calculate the payment amount on account
of administrative impracticality which is beyond the Executive’s control, the end of the first calendar year which payment calculation is practicable; and (iv) if Employer does not have sufficient funds to make the payment without
jeopardizing the Employer’s solvency, in the first calendar year in which the Employer’s funds are sufficient to make the payment. 

4.16 Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the
Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his residence; or (ii) to the conservator or administrator or, if none, to the person having
custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof. 

4.17 Changes in Form or Timing of Benefit Payments. The Employer and the Executive may, subject to the terms hereof, amend this
Agreement to delay the timing or change the form of payments. Any such amendment: 
 (a) must take effect not less than
twelve (12) months after the amendment is made; 
 (b) must, for benefits distributable due solely to the arrival of a
specified date, or on account of Separation from Service or Change in Control, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; 

(c) must, for benefits distributable due solely to the arrival of a specified date, be made not less than twelve
(12) months before distribution is scheduled to begin; and 
 (d) may not accelerate the time or schedule of any
distribution. 

  
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 ARTICLE 5 

BENEFICIARIES 
 5.1
Designation of Beneficiaries. The Executive may designate any person or trust to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing
a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s
lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary (including a trust with respect to which the Executive’s spouse is not the sole Beneficiary), the Administrator may, in its sole discretion,
determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed
automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. 

5.2 Absence of Beneficiary Designation. In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is
due to a Beneficiary, there is no living Beneficiary validly named by the Executive, the Employer shall pay the benefit payment to the Executive’s spouse. If the spouse is not living then the Employer shall pay the benefit payment to the
Executive’s living descendants per stirpes, and if there are no living descendants to the Executive’s estate. In determining the existence or identity of anyone entitled to a benefit payment, the Employer may rely conclusively upon
information supplied by the Executive’s personal representative, executor, or administrator. 
 ARTICLE 6 

ADMINISTRATION 
 6.1
Administrator Duties. The Administrator shall be responsible for the management, operation, and administration of the Agreement. When making a determination or calculation, the Administrator shall be entitled to rely on information furnished
by the Employer, Executive or Beneficiary. No provision of this Agreement shall be construed as imposing on the Administrator any fiduciary duty under ERISA or other law, or any duty similar to any fiduciary duty under ERISA or other law. 

6.2 Administrator Authority. The Administrator shall enforce this Agreement in accordance with its terms, shall be charged with the
general administration of this Agreement, and shall have all powers necessary to accomplish its purposes. 
 6.3 Binding Effect of
Decision. The decision or action of the Administrator with respect to any question arising out of or in connection with the administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall
be final, conclusive and binding upon all persons having any interest in this Agreement. 

  
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 6.4 Compensation, Expenses and Indemnity. The Administrator shall serve without
compensation for services rendered hereunder. The Administrator is authorized at the expense of the Employer to employ such legal counsel and recordkeeper as it may deem advisable to assist in the performance of its duties hereunder. Expense and
fees in connection with the administration of this Agreement shall be paid by the Employer. 
 6.5 Employer Information. The Employer
shall supply full and timely information to the Administrator on all matters relating to the Executive’s compensation, death, Disability or Separation from Service, and such other information as the Administrator reasonably requires. 

6.6 Compliance with Code Section 409A. The Employer and the Executive intend that the Agreement comply with the provisions of Code
Section 409A to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year prior to the year in which amounts are actually paid to the Executive or Beneficiary. This Agreement shall be construed, administered and
governed in a manner that affects such intent, and the Administrator shall not take any action that would be inconsistent therewith. In no event may Executive or Beneficiary, directly or indirectly, designate the calendar year of any payment. 

ARTICLE 7 
 CLAIMS AND
REVIEW PROCEDURES 
 7.1 Claims Procedure. A Claimant who has not received benefits under this Agreement that he believes should
be distributed shall make a claim for such benefits as follows. 
 (a) Initiation – Written Claim. The Claimant
initiates a claim by submitting to the Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by
the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 

(b) Timing of Administrator Response. The Administrator shall respond to such Claimant within ninety
(90) days after receiving the claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the response period by an additional ninety (90) days by
notifying the Claimant in writing, prior to the end of the initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Administrator expects
to render its decision. 
 (c) Notice of Decision. If the Administrator denies part or all of the claim, the
Administrator shall notify the Claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: (i) the specific reasons for the
denial; (ii) a reference to the specific provisions of this Agreement on which the denial is based; (iii) a description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it
is needed; (iv) an explanation of this Agreement’s review procedures and the time limits applicable to such procedures; and (v) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review. 

  
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 7.2 Review Procedure. If the Administrator denies part or all of the claim, the Claimant
shall have the opportunity for a full and fair review by the Administrator of the denial as follows. 
 (a) Initiation
– Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Administrator’s notice of denial, must file with the Administrator a written request for review. 

(b) Additional Submissions – Information Access. The Claimant shall then have the opportunity to submit written
comments, documents, records and other information relating to the claim. The Administrator shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant
(as defined in applicable ERISA regulations) to the Claimant’s claim for benefits. 
 (c) Considerations on
Review. In considering the review, the Administrator shall take into account all materials and information the Claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. 
 (d) Timing of Administrator Response. The Administrator shall respond in writing to such Claimant
within sixty (60) days after receiving the request for review. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the response period by an additional sixty
(60) days by notifying the Claimant in writing, prior to the end of the initial sixty (60) day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the
Administrator expects to render its decision. 
 (e) Notice of Decision. The Administrator shall notify the Claimant
in writing of its decision on review. The Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: (a) the specific reasons for the denial; (b) a reference to the
specific 

  
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provisions of this Agreement on which the denial is based; (c) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and (d) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).
Nothing contained herein is intended to limit the Executive’s right to bring a civil action under ERISA following exhaustion of the claims procedures set forth herein. 

ARTICLE 8 
 AMENDMENT AND
TERMINATION 
 8.1 Agreement Amendment Generally. Except as provided in Section 8.2, this Agreement may be amended only by a
written agreement signed by both the Employer and the Executive. 
 8.2 Amendment to Insure Proper Characterization of Agreement.
Notwithstanding anything in this Agreement to the contrary, the Agreement may be amended by the Employer at any time, if found necessary in the opinion of the Employer, i) to ensure that the Agreement is characterized as plan of deferred
compensation maintained for a select group of management or highly compensated employees as described under ERISA, ii) to conform the Agreement to the requirements of any applicable law or iii) to comply with the written instructions of the
Employer’s auditors or banking regulators. 
 8.3 Agreement Termination Generally. Except as provided in Section 8.4, this
Agreement may be terminated only by a written agreement signed by the Employer and the Executive. Such termination shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at
the earliest distribution event permitted under Article 4. 
 8.4 Effect of Complete Termination. Notwithstanding anything to
the contrary in Section 8.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of a
complete termination described below and occurring prior to the Executive’s death and either prior to Normal Retirement Age, or subsequent to Normal Retirement Age but prior to Separation from Service, the Employer shall pay the Executive an
amount equal to the excess of (A) the greater of (i) the Projected Deferral Account Balance or (ii) Two Million One Hundred Ninety-Two Thousand Nine Hundred Fifty-One Dollars ($2,192,951), over (B) the amount of any Hardship
Distributions theretofore made to the Executive under this Agreement. In the event of a complete termination described below and occurring after the Executive’s death, or after Normal Retirement Age and Separation from Service, the Employer
shall pay the Executive an amount equal to the present value of the remaining payments owed to the Executive, calculated using a discount rate of four and one-half percent (4.5%). Such complete termination of the Agreement shall occur only under the
following circumstances and conditions. 
 (a) Corporate Dissolution or Bankruptcy. The Employer may terminate and
liquidate this Agreement within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that all benefits paid under the
Agreement are included in the Executive’s gross income in the latest of: (i) the calendar year which the termination occurs; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
(iii) the first calendar year in which the payment is administratively practicable. 

  
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 (b) Change in Control. The Employer may terminate and liquidate this
Agreement by taking irrevocable action to terminate and liquidate within the thirty (30) days preceding or the twelve (12) months following a Change in Control. This Agreement will then be treated as terminated only if all substantially
similar arrangements sponsored by the Employer which are treated as deferred under a single plan under Treasury Regulations §1.409A-1(c)(2) are terminated and liquidated with respect to each participant who experienced the Change in Control so
that the Executive and any participants in any such similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date the Employer takes the irrevocable
action to terminate the arrangements. 
 (c) Discretionary Termination. The Employer may terminate and liquidate this
Agreement provided that: (i) the termination does not occur proximate to a downturn in the financial health of the Employer; (ii) all arrangements sponsored by the Employer and Affiliates that would be aggregated with any terminated
arrangements under Treasury Regulations §1.409A-1(c) are terminated; (iii) no payments, other than payments that would be payable under the terms of this Agreement if the termination had not occurred, are made within twelve
(12) months of the date the Employer takes the irrevocable action to terminate this Agreement; (iv) all payments are made within twenty-four (24) months following the date the Employer takes the irrevocable action to terminate and
liquidate this Agreement; and (v) neither the Employer nor any of its Affiliates adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulations §1.409A-1(c) if the Executive participated in both
arrangements, at any time within three (3) years following the date the Employer takes the irrevocable action to terminate this Agreement. 

ARTICLE 9 
 MISCELLANEOUS

 9.1 No Effect on Other Rights. This Agreement constitutes the entire agreement between the Employer and the Executive as to
the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. Nothing contained herein will confer upon the Executive the right to be retained in the service of the
Employer nor limit the right of the Employer to discharge or otherwise deal with the Executive without regard to the existence hereof. 

  
 12 

 9.2 State Law. To the extent not governed by ERISA, the provisions of this Agreement shall
be construed and interpreted according to the internal law of the State of New Jersey without regard to its conflicts of laws principles. 

9.3 Validity. In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall
not affect the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

9.4 Nonassignability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any
manner. 
 9.5 Unsecured General Creditor Status. Payment to the Executive or any Beneficiary hereunder shall be made from assets
which shall continue, for all purposes, to be part of the general, unrestricted assets of the Employer and no person shall have any interest in any such asset by virtue of any provision of this Agreement. The Employer’s obligation hereunder
shall be an unfunded and unsecured promise to pay money in the future. In the event that the Employer purchases an insurance policy insuring the life of the Executive to recover the cost of providing benefits hereunder, neither the Executive nor the
Beneficiary shall have any rights whatsoever in said policy or the proceeds therefrom. 
 9.6 Life Insurance. If the Employer chooses
to obtain insurance on the life of the Executive in connection with its obligations under this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by
the Employer or the insurance company designated by the Employer. 
 9.7 Unclaimed Benefits. The Executive shall keep the Employer
informed of the Executive’s current address and the current address of the Beneficiary. If the location of the Executive is not made known to the Employer within three years after the date upon which any payment of any benefits may first be
made, the Employer shall delay payment of the Executive’s benefit payment(s) until the location of the Executive is made known to the Employer; however, the Employer shall only be obligated to hold such benefit payment(s) for the Executive
until the expiration of three (3) years. Upon expiration of the three (3) year period, the Employer may discharge its obligation by payment to the Beneficiary. If the location of the Beneficiary is not made known to the Employer by the end
of an additional two (2) month period following expiration of the three (3) year period, the Employer may discharge its obligation by payment to the Executive’s estate. If there is no estate in existence at such time or if such fact
cannot be determined by the Employer, the Executive and Beneficiary shall thereupon forfeit all rights to any benefits provided under this Agreement. 

9.8 Suicide or Misstatement. No benefit shall be distributed hereunder if an insurance company which issued a life insurance policy
covering the Executive and owned by the Employer denies coverage (i) for material misstatements of fact made by the Executive on an application for life insurance, or (ii) due to the Executive’s suicide within two (2) years after
the Effective Date. 

  
 13 

 9.9 Removal. Notwithstanding anything in this Agreement to the contrary, the Employer
shall not distribute any benefit under this Agreement if the Executive is subject to a final removal or prohibition order issued pursuant to Section 8(e) of the Federal Deposit Insurance Act. Furthermore, any payments made to the Executive
pursuant to this Agreement shall, if required, comply with 12 U.S.C. 1828, FDIC Regulation 12 CFR Part 359 and any other regulations or guidance promulgated thereunder. 

9.10 Forfeiture Provision. The Executive shall forfeit any non-distributed benefits under this Agreement if within the “Applicable
Restriction Period” (as defined below), the Executive, directly or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant or independent contractor of any individual,
partnership, corporation or other entity (excluding an ownership interest of three percent (3%) or less in the stock of a publicly-traded company): 

(i) becomes employed by, participates in, or becomes connected in any manner with the ownership, management, operation or
control of any bank, savings and loan or other similar financial institution if the Executive’s responsibilities will include providing banking or other financial services within fifty (50) miles of any offices (branches or otherwise)
maintained by the Employer as of the date of the termination of the Executive’s employment; 
 (ii) participates in any
way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary, part-time or permanent basis, any individual who was employed by the Employer as of the date of termination of the
Executive’s employment; 
 (iii) assists, advises, or serves in any capacity, representative or otherwise, any third
party in any action against the Employer or transaction involving the Employer, unless the Executive is compelled to do so by a court of law or by any governmental agency or administrative or legislative body having jurisdiction to order the
Executive to do so, provided that the Executive shall, to the extent lawfully permitted, give prompt written notice to the Company of such compulsion; 

(iv) sells, offers to sell, provides banking or other financial services, assists any other person in selling or providing
banking or other financial services, or solicits or otherwise competes for, either directly or indirectly, any orders, contract, or accounts for services of a kind or nature like or substantially similar to the financial services performed or
financial products sold by the Employer (the preceding hereinafter referred to as “Services”), to or from any person or entity from whom the Executive or the Employer, to the knowledge of the Executive provided banking or other financial
services, sold, offered to sell or solicited orders, contracts or accounts for Services during the three (3) year period immediately prior to the termination of the Executive’s employment; or 

(v) divulges, discloses, or communicates to others in any manner whatsoever, any confidential information of the Employer, to
the knowledge of the Executive, including, but not limited to, the names and addresses of customers or prospective customers, of the Employer, as they may have existed from time to time, of work performed or services rendered for any customer, any
method and/or procedures relating to projects or other work developed for the Employer, earnings or other information concerning the Employer. The restrictions contained in this subparagraph (v) apply to all information regarding the Employer,
regardless of the source who provided or compiled such information. Notwithstanding anything to the contrary, all information referred to herein shall not be disclosed unless and until it becomes known to the general public from sources other than
the Executive. 

  
 14 

 For purposes of the foregoing, the “Applicable Restriction Period” means: 

(A) for purposes of clause (i) of this Section 9.10, (x) in the event of the Executive’s Involuntary
Termination prior to a Change in Control, the twelve (12) month period following the Executive’s Separation from Service, (y) in the event of the Executive’s Separation from Service on or after a Change in Control, the eighteen
(18) month period following the Executive’s Separation from Service, and (z) in any other situation not covered by clauses (x) or (y), the twenty-four (24) month period following the Executive’s Separation from Service.

 (B) for purposes of clauses (ii), (iii), (iv) and (v) of this Section 9.10, the twenty-four (24) month
period following the Executive’s Separation from Service. 
 9.11 Notice. Any notice, consent or demand required or permitted to
be given to the Employer or Administrator under this Agreement shall be sufficient if in writing and hand-delivered or sent by registered or certified mail to the Employer’s principal business office. Any notice or filing required or permitted
to be given to the Executive or Beneficiary under this Agreement shall be sufficient if in writing and hand-delivered or sent by mail to the last known address of the Executive or Beneficiary, as appropriate. Any notice shall be deemed given as of
the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or on the receipt for registration or certification. 

9.12 Headings and Interpretation. Headings and sub-headings in this Agreement are inserted for reference and convenience only and shall
not be deemed part of this Agreement. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural. 

9.13 Alternative Action. In the event it becomes impossible for the Employer or the Administrator to perform any act required by this
Agreement due to regulatory or other constraints, the Employer or Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Employer, provided that such
alternative act does not violate Code Section 409A. 

  
 15 

 9.14 Coordination with Other Benefits. The benefits provided for the Executive or the
Beneficiary under this Agreement are in addition to any other benefits available to the Executive under any other plan or program for employees of the Employer. This Agreement shall supplement and shall not supersede, modify, or amend any other such
plan or program except as may otherwise be expressly provided herein. 
 9.15 Inurement. This Agreement shall be binding upon and
shall inure to the benefit of the Employer, its successor and assigns, and the Executive, the Executive’s successors, heirs, executors, administrators, and the Beneficiary. 

9.16 Tax Withholding. The Employer may make such provisions and take such action as it deems necessary or appropriate for the
withholding of any taxes which the Employer is required by any law or regulation to withhold in connection with any benefits under the Agreement. The Executive shall be responsible for the payment of all individual tax liabilities relating to any
benefits paid hereunder. 
 9.17 Aggregation of Agreement. If the Employer offers other account balance deferred compensation plans
in addition to this Agreement, this Agreement and those plans shall be treated as a single plan to the extent required under Code Section 409A. 

9.18 280G Gross-Up Payment Inapplicable. Notwithstanding anything contained in this Agreement or the Employment Agreement to the
contrary, the Employer and the Executive hereby agree that, for purposes of Section 5(c)(3) of the Employment Agreement (the “280G Gross-Up Provisions”) , in no event shall any “Gross-Up Payment” thereunder be paid with
respect to the payments or benefits provided under this Agreement. Accordingly, if and to the extent that the value of the payments or benefits payable under this Agreement comprise all or a portion of the “Total Payments” referred to
under the 280G Gross-Up Provisions, the value of the payments and benefits payable under this Agreement shall nonetheless be reduced from the amount of such Total Payments in determining the Gross-Up Payment under 280G Gross-Up Provisions. 

IN WITNESS WHEREOF, the Executive and a representative of the Employer have executed this Agreement document as indicated below: 

 

							
	Executive:				Employer:
				
	 /s/ Thomas J. Shara
				By:		 /s/ Mary Ann Deacon

					Its:		 Chairman of the Board

  
 16Exhibit1022-MRAAnnexARNS

Exhibit 10.22

Master Repurchase Agreement

September 1996 Version 
Dated as of     December 22, 2014                            
Between:     Credit Suisse Securities (USA) LLC                        
and         ARNS, Inc.                                 
		
	1.
	Applicability 

From time to time the parties hereto may enter into transactions in which one party ("Seller") agrees to transfer to the other ("Buyer") securities or other assets ("Securities") against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a "Transaction" and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in Annex I hereto and in any other annexes identified herein or therein as applicable hereunder. 

		
	2.
	Definitions 

		
	(a) 
	"Act of Insolvency", with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment or election, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (Iii) the making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party's inability to pay such party's debts as they become due; 

		
	(b) 
	"Additional Purchased Securities", Securities provided by Seller to Buyer pursuant to Paragraph 4(a) hereof; 

1 ▪ September 1996 ▪ Master Repurchase Agreement

		
	(c) 
	"Buyer's Margin Amount", with respect to any Transaction as of any date, the amount obtained by application of the Buyer's Margin Percentage to the Repurchase Price for such Transaction as of such dale; 

		
	(d) 
	"Buyer's Margin Percentage", with respect to any Transaction as of any date, a percentage (which may be equal to the Seller's Margin Percentage) agreed to by Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction; 

		
	(e) 
	"Confirmation", the meaning specified in Paragraph 3(b) hereof; 

		
	(f) 
	"Income", with respect to any Security at any time, any principal thereof and all interest, dividends or other distributions thereon; 

		
	(g) 
	"Margin Deficit", the meaning specified in Paragraph 4(a) hereof; 

		
	(h) 
	"Margin Excess", the meaning specified in Paragraph 4(b) hereof: 

		
	(i)
	"Margin Notice Deadline", the time agreed to by the parties in the relevant Confirmation, Annex 1 hereto or otherwise as the deadline for giving notice requiring same-day satisfaction of margin maintenance obligations as provided in Paragraph 4 hereof (or, In the absence of any such agreement, the deadline for such purposes established in accordance with market practice); 

		
	(j)
	"Market Value", with respect to any Securities as of any date. the price for such Securities on such date obtained from a generally recognized source agreed to by the parties or the most recent closing bid quotation from such a source, plus accrued Income to the extent not Included therein (other than any Income credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to market practice for such Securities);

 
		
	(k) 
	"Price Differential", with respect to any Transaction as of any date, the aggregate amount obtained by dally application of the Pricing Rate for such Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction); 

		
	(1) 
	"Pricing Rate", the per annum percentage rate for determination of the Price Differential; 

		
	(m)
	"Prime Rate", the prime rate of U.S. commercial banks as published in The Wall Street Journal (or, if more than one such rate is published, the average of such rates);

		
	(n) 
	"Purchase Date", the date on which Purchased Securities are Lo be transferred by Seller to Buyer; 

2 ▪ September 1996 ▪ Master Repurchase Agreement

		
	(o) 
	"Purchase Price", (1) on the Purchase Date, the price at which Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter, except where Buyer and Seller agree otherwise, such price increased by the amount of any cash transferred by Buyer to Seller pursuant to Paragraph 4 (b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to Paragraph 4(a) hereof or applied to reduce Seller's obligations under clause (ii) of Paragraph 5 hereof; 

		
	(p) 
	"Purchased Securities", the Securities transferred by Seller to Buyer in a Transaction hereunder, and any Securities substituted therefor in accordance with Paragraph 9 hereof. The term "Purchased Securities" with respect to any Transaction at any time also shall include Additional Purchased Securities delivered pursuant to Paragraph 4(a) hereof and shall exclude Securities returned pursuant to Paragraph 4(b) hereof;

		
	(q) 
	"Repurchase Date", the date on which Seller is to repurchase the Purchased Securities from Buyer, including any date determined by application of the provisions of Paragraph 3(c) or 11 hereof; 

		
	(r) 
	"Repurchase Price", the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be determined in each case (including Transactions terminable upon demand) as the sum of the Purchase Price and the Price Differential as of the date of such determination; 

		
	(s) 
	"Seller's Margin Amount", with respect to any Transaction as of any date, the amount obtained by application of the Seller's Margin Percentage to the Repurchase Price for such Transaction as of such date; 

		
	(t) 
	"Seller's Margin Percentage", with respect to any Transaction as of any date, a percentage (which may be equal to the Buyer's Margin Percentage) agreed to by Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction. 

		
	3.
	Initiation; Confirmation; Termination 

		
	(a) 
	An agreement to enter into a Transaction may be made orally or in writing at the initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the Purchased Securities shall be transferred to Buyer or its agent against the transfer of the Purchase Price to an account of Seller. 

		
	(b) 
	Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shall be agreed, shall promptly deliver to the other party a written confirmation of each Transaction (a “Confirmation"). The Confirmation shall describe the Purchased Securities (including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on demand, (Iv) the Pricing Rate or Repurchase Price applicable to the Transaction, and (v) any additional terms or conditions of the Transaction not inconsistent with this Agreement. The Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation relates, unless with respect to the Confirmation specific objection is made promptly after receipt 

3 ▪ September 1996 ▪ Master Repurchase Agreement

thereof. In the event of any conflict between the terms of such Confirmation and this Agreement, this Agreement shall prevail. 

		
	(c) 
	In the case of Transactions terminable upon demand, such demand shall be made by Buyer or Seller, no later than such time as is customary in accordance with market practice, by telephone or otherwise on or prior to the business day on which such termination will be effective. On the date specified in such demand, or on the date fixed for termination in the case of Transactions having a fixed term, termination of the Transaction will be effected by transfer to Seller or its agent of the Purchased Securities and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof) against the transfer of the Repurchase Price to an account of Buyer. 

4.     Margin Maintenance 
		
	(a) 
	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Buyer is less than the aggregate Buyer's Margin Amount for all such Transactions (a "Margin Deficit"), then Buyer may by notice to Seller require Seller in such Transactions, at Seller's option, to transfer to Buyer cash or additional Securities reasonably acceptable to Buyer ("Additional Purchased Securities"), so that the cash and aggregate Market Value of the Purchased Securities, including any such Additional Purchased Securities, will thereupon equal or exceed such aggregate Buyer's Margin Amount (decreased by the amount of any Margin Deficit as of such date arising from any Transactions In which such Buyer Is acting as Seller) . 

		
	(b) 
	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto Is acting as Seller exceeds the aggregate Seller's Margin Amount for all such Transactions at such time (a "Margin Excess"), then Seller may by notice to Buyer require Buyer In such Transactions, at Buyer's option, to transfer cash or Purchased Securities to Seller, so that the aggregate Market Value of the Purchased Securities, after deduction of any such cash or any Purchased Securities so transferred, will thereupon not exceed such aggregate Seller's Margin Amount (increased by the amount of any Margin Excess as of such date arising from any Transactions in which such Seller is acting as Buyer). 

		
	(c) 
	If any notice is given by Buyer or Seller under subparagraph (a) or (b) of this Paragraph at or before the Margin Notice Deadline on any business day, the party receiving such notice shall transfer cash or Additional Purchased Securities as provided in such subparagraph no later than the close of business in the relevant market on such day. If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such cash or Securities no later than the close of business in the relevant market on the next business day following such notice. 

		
	(d) 
	Any cash transferred pursuant to this Paragraph shall be attributed to such Transactions as shall be agreed upon by Buyer and Seller.  

		
	(e) 
	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of this Paragraph may be exercised only where a Margin Deficit or Margin Excess, as the 

4 ▪ September 1996 ▪ Master Repurchase Agreement

case may be, exceeds a specified dollar amount or a specified percentage of the Repurchase Prices for such Transactions (which amount or percentage shall be agreed to by Buyer and Seller prior to entering into any such Transactions). 
		
	(f) 
	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer and Seller under subparagraphs (a) and (b) of this Paragraph to require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised whenever such a Margin Deficit or Margin Excess exists with respect to any single Transaction hereunder (calculated without regard to any other Transaction outstanding under this Agreement). 

		
	5.
	Income Payments 

Seller shall be entitled to receive an amount equal to all Income paid or distributed on or in respect of the Securities that is not otherwise received by Seller, to the full extent it would be so entitled if the Securities had not been sold to Buyer. Buyer shall, as the parties may agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall reasonably determine in its discretion). on the date such Income is paid or distributed either (i) transfer to or credit to the account of Seller such Income with respect to any Purchased Securities subject to such Transaction or (ii) with respect to Income paid in cash, apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of such Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence (A) to the extent that such action would result in the creation of a Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if an Event of Default with respect to Seller has occurred and is then continuing at the time such Income is paid or distributed. 

		
	6.
	Security Interest 

Although the parties intend that all Transactions hereunder be sales and purchases and not loans. in the event any such Transactions are deemed to be loans, Seller shall be deemed to have pledged to Buyer as security for the performance by Seller of its obligations under each such Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the Purchased Securities with respect to all Transactions hereunder and all Income thereon and other proceeds thereof. 

		
	7.
	Payment and Transfer 

Unless otherwise mutually agreed, all transfers of funds hereunder shall be in immediately available funds. All Securities transferred by one party hereto to the other party (i) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as the party receiving possession may reasonably request, (ii) shall be transferred on the book-entry system of a Federal Reserve Bank or (iii) shall be transferred by any other method mutually acceptable to Seller and Buyer. 

		
	8.
	Segregation of Purchased Securities 

To the extent required by applicable law, all Purchased Securities in the possession of Seller shall be segregated from other securities in its possession and shall be identified as subject to this Agreement. Segregation may be accomplished by appropriate identification 

5 ▪ September 1996 ▪ Master Repurchase Agreement

on the books and records of the holder, including a financial or securities Intermediary or a clearing corporation. All of Seller's interest in the Purchased Securities shall pass to Buyer on the Purchase Date and, unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Securities or otherwise selling, transferring, pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to Paragraph 3, 4 or 11 hereof, or of Buyer's obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof. 

	
	
	Required Disclosure for Transactions in Which the Seller Retains Custody of the Purchased Securities 
Seller is not permitted to substitute other securities for those subject to this Agreement and therefore must keep Buyer's securities segregated at all times, unless in this Agreement Buyer grants Seller the right to substitute other securities. If Buyer grants the right to substitute, this means that Buyer's securities will likely be commingled with Seller's own securities during the trading day. Buyer is advised that, during any trading day that Buyer's securities are commingled with Seller's securities, they [will]* be subject to liens granted by Seller to [its clearing bank]* and may be used by Seller for deliveries on other securities transactions. Whenever the securities are commingled, Seller's ability to resegregate substitute securities for Buyer will be subject to Seller's ability to satisfy [the clearing]* lien or to obtain substitute securities. 

* Language to be used under 17 C.F.R. B403.4 (e) if Seller is a government securities broker or dealer other than a financial institution. 
** Language to be used under 17 C.F.R. B403.5(d) if Seller is a financial institution. 

		
	9. 
	Substitution 

		
	(a) 
	Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities for any Purchased Securities. Such substitution shall be made by transfer to Buyer of such other Securities and transfer to Seller of such Purchased Securities. After substitution, the substituted Securities shall be deemed to be Purchased Securities. 

		
	(b) 
	In Transactions in which Seller retains custody of Purchased Securities, the parties expressly agree that Buyer shall be deemed, for purposes of subparagraph (a) of this Paragraph, to have agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased Securities; provided, however, that such other Securities shall have a Market Value at least equal to the Market Value of the Purchased Securities for which they are substituted. 

		
	10.
	Representations

Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as principal (or, if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such 

6 ▪ September 1996 ▪ Master Repurchase Agreement

authorizations are in full force and effect and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance, charter, bylaw or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Buyer and Seller shall each be deemed to repeat all the foregoing representations made by it. 

		
	11.
	Events of Default 

In the event that (i) Seller fails to transfer or Buyer fails to purchase Purchased Securities upon the applicable Purchase Date, (ii) Seller fails to repurchase or Buyer fails to transfer Purchased Securities upon the applicable Repurchase Date, (iii) Seller or Buyer fails to comply with Paragraph 4 hereof, (iv) Buyer fails, after one business day's notice, to comply with Paragraph 5 hereof, (v) an Act of Insolvency occurs with respect to Seller or Buyer, (vi) any representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, or (vii) Seller or Buyer shall admit to the other its inability to, or its intention not to, perform any of its obligations hereunder (each an “Event of Default"):
 
		
	(a)
	The nondefaulting party may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence of an Act of Insolvency), declare an Event of Default to have occurred hereunder and. upon the exercise or deemed exercise of such option. the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (except that. in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise. such Transaction shall be deemed immediately canceled). The nondefaulting party shall (except upon the occurrence of an Act of Insolvency) give notice to the defaulting party of the exercise of such option as promptly as practicable. 

		
	(b)
	In all Transactions in which the defaulting party is acting as Seller, jf the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, (i) the defaulting party's obligations in such Transactions to repurchase all Purchased Securities, at the Repurchase Price therefor on the Repurchase Date determined in accordance with subparagraph (a) of this Paragraph, shall thereupon become immediately due and payable. (ii) all Income paid after such exercise or deemed exercise shall be retained by the nondefaulting party and applied to the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder, and (iii) the defaulting party shall immediately deliver to the nondefaulting party any Purchased Securities subject to such Transactions then in the defaulting party's possession or control. 

		
	(c)
	In all Transactions in which the defaulting party is acting as Buyer, upon tender by the nondefaulting party of payment of the aggregate Repurchase Prices for all such Transactions, all right, title and interest in and entitlement to all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party, and the defaulting party shall deliver all such Purchased Securities to the nondefaulting party. 

		
	(d)
	If the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, the nondefaulting party, without prior notice to the defaulting party, may:

7 ▪ September 1996 ▪ Master Repurchase Agreement

		
	(i)
	    as to Transactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market (or otherwise in a commercially reasonable manner) at such price or prices as the nondefaulting party may reasonably deem satisfactory, any or all Purchased Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the defaulting party credit for such Purchased Securities in an amount equal to the price therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder; and

		
	(ii)
	    as to Transactions in which the defaulting party is acting as Buyer, (A) immediately purchase, in a recognized market (or otherwise in a commercially reasonable manner) at such price or prices as the nondefaulting party may reasonably deem satisfactory. securities ("Replacement Securities") of the same class and amount as any Purchased Securities that are not delivered by the defaulting party to the nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities, to be deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a generally recognized source or the most recent closing offer quotation from such a source. 

Unless otherwise provided in Annex I. the parties acknowledge and agree that (1) the Securities subject to any Transaction hereunder are instruments traded in a recognized market, (2) in the absence of a generally recognized source for prices or bid or offer quotations for any Security, the nondefaultlng party may establish the source therefor in its sole discretion and (3) all prices, bids and offers shall be determined together with accrued Income (except to the extent contrary to market practice with respect to the relevant Securities). 

		
	(e)
	As to Transactions in which the defaulting party is acting as Buyer, the defaulting party shall be liable to the nondefaulting party for any excess of the price paid (or deemed paid) by the nondefaulting party for Replacement Securities over the Repurchase Price for the Purchased Securities replaced thereby and for any amounts payable by the defaulting party under Paragraph 5 hereof or otherwise hereunder. 

		
	(f)
	For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in respect of which the defaulting party is acting as Buyer shall not increase above the amount of such Repurchase Price for such Transaction determined as of the date of the exercise or deemed exercise by the nondefaulting party of the option referred to in subparagraph (a) of this Paragraph.

		
	(g)
	The defaulting party shall be liable to the nondefaulting party for (i) the amount of all reasonable legal or other expenses Incurred by the nondefaulting party in connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions In connection with or as a result of an Event of Default, and (iii) any other loss, 

8 ▪ September 1996 ▪ Master Repurchase Agreement

damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction. 
		
	(h)
	To the extent permitted by applicable law, the defaulting party shall be liable to the nondefaulting party for interest on any amounts owing by the defaulting party hereunder, from the date the defaulting party becomes liable for such amounts hereunder until such amounts are (i) paid in full by the defaulting party or (ii) satisfied in full by the exercise of the nondefaulting party's rights hereunder. Interest on any sum payable by the defaulting party to the nondefaulting party under this Paragraph 11(h) shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate. 

		
	(i)
	The nondefaulting party shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or applicable law. 

		
	12.
	Single Agreement 

Agreement Buyer and Seller acknowledge that, and have entered herein to and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made In consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted. 

		
	13.
	Notices and Other Communications 

Any and all notices, statements, demands or other communications hereunder may be given by a party to the other by mail, facsimile, telegraph, messenger or otherwise to the address specified in Annex II hereto, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other. All notices, demands and requests hereunder may be made orally, to be confirmed promptly in writing, or by other communication as specified in the preceding sentence.
 
		
	14.
	Entire Agreement; Severability 

This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 

		
	15.
	Non-assignability; Termination 

		
	(a) 
	The rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by either party without the prior written consent of the other party, and any such assignment without the prior written consent of the other 

9 ▪ September 1996 ▪ Master Repurchase Agreement

party shall be null and void. Subject to the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. This Agreement may be terminated by either party upon giving written notice to the other, except that this Agreement shall, notwithstanding such notice, remain applicable to any Transactions then outstanding. 

		
	(b)
	Subparagraph (a) of this Paragraph 15 shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it under Paragraph 11 hereof. 

		
	16.
	Governing Law

This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof. 

		
	17.
	No Waivers, Etc. 

No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant to Paragraph 4 (a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date. 

		
	18.
	Use of Employee Plan Assets

		
	(a)
	If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 ("ERISA") are intended to be used by either party hereto (the "Plan Party") in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.

		
	(b)
	Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only If Seller furnishes or has furnished to Buyer its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition.

		
	(c)
	By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller's latest such financial statements, there has been no material adverse change In Seller's financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party. 

		
	19.
	Intent 

		
	(a)
	The parties recognize that each Transaction is a "repurchase agreement" as that term is defined in Section 101 of Title 11 of the United States Code, as amended (except Insofar as the type of Securities subject to such Transaction or the term of such 

10 ▪ September 1996 ▪ Master Repurchase Agreement

Transaction would render such definition inapplicable), and a "securities contract" as that term is defined in Section 741 of Title 11 of the United States Code, as amended (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

		
	(b)
	It is understood that either party's right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Paragraph 11 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended. 

		
	(c)
	The parties agree and acknowledge that if a party hereto Is an "insured depository institution," as such term is defined in the Federal Deposit Insurance Act, as amended ("FDIA"), then each Transaction hereunder is a "qualified financial contract," as that term is defined in FDIA and any rules. orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable).

		
	(d)
	It is understood that this Agreement constitutes a "netting contract" as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA") and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a "covered contractual payment entitlement" or "covered contractual payment obligation", respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a "financial institution" as that term is defined in FDICIA). 

		
	20.
	Disclosure Relating to Certain Federal Protections 

The parties acknowledge that they have been advised that: 

		
	(a)
	in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission ("SEC") under Section 15 of the Securities Exchange Act of 1934 (“1934 Act"), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 ("SIPA") do not protect the other party with respect to any Transaction hereunder; 

		
	(b)
	in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and

		
	(c)
	in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 

11 ▪ September 1996 ▪ Master Repurchase Agreement

	
			
	Credit Suisse Securities (USA) LLC
	 
	ARNS, Inc.

	

By:  /s/ Louis J. Impellizeri      
	 
	

By:  /s/ Stephen H. Gray      

	Title:   Director         
	 
	Title:   Director         

	Date:  12/22/14         
	 
	Date:  12/22/14         

12 ▪ September 1996 ▪ Master Repurchase Agreement

ANNEX I

Supplemental Terms and Conditions

This Annex I forms a part of the Master Repurchase Agreement dated as of December 22, 2014 (the "Agreement") between Credit Suisse Securities (USA) LLC (“Party A”) and ARNS, Inc. a corporation organized under the laws of Delaware (“Party B”), the obligations of which are to be guaranteed by Altisource Residential Corporation ( “Guarantor”). Capitalized terms used but not defined in this Annex I shall have the meaning ascribed to them in the Agreement.

1.    Other Applicable Annexes.  In addition to this Annex I and Annex II, the following Annexes and any Schedules thereto shall form part of the Agreement and shall be applicable thereunder:  

None

2.    Additional Definition.  In addition to the definitions set forth in Paragraph 2, the following definition shall apply to the Agreement.

“"business day" shall mean any day on which the Federal Reserve System is open to transact business and in no event shall include a Saturday or a Sunday.”

3.    Paragraph 2(j) of the Agreement is hereby amended by adding the following at the end thereof:
“provided that, where there is no generally recognized pricing source acceptable to Party A, Party A shall determine the Market Value for the Securities acting in a commercially reasonable manner and in good faith, and such valuation shall be binding on Party B;"

4.    Paragraph 11 of the agreement is hereby amended by deleting the word “or” before “(vii)” in the first paragraph thereof and by adding the following additional Events of Default before the words “(each an “Event of Default”)”:

“(viii) Guarantor shall breach any of the financial covenants set forth in Section 2 of the Pricing Side Letter, (ix) a Change in Control occurs (as defined in the Master Repurchase Agreement) without the prior written consent of Credit Suisse First Boston Mortgage Capital LLC (“CSMC”), or (x) Party A or Party B, as the case may be, fails to comply with or perform any agreement or obligation (other than those agreements or obligations under Paragraphs 11(i) to 11(ix) above) to be complied with or performed by such party in accordance with this Agreement if such failure is not remedied on or before the thirtieth (30th) day after notice of such failure is given to such party.

“Master Repurchase Agreement” means the Master Repurchase Agreement dated March 22, 2013 among CSMC, as Buyer, Altisource Residential, L.P. as Seller, ARLP Trust and ARLP Trust 4, each as a Trust Subsidiary, and Guarantor, as such Master Repurchase Agreement may be amended, supplemented and otherwise modified from time to time.

“Pricing Side Letter” means the Pricing Side Letter dated March 22, 2013 CSMC, as Buyer, Altisource Residential, L.P. as Seller, ARLP Trust and ARLP Trust 4, each as a Trust Subsidiary, and Guarantor, as such Pricing Side Letter may be amended, supplemented and otherwise modified from time to time.

Capitalized terms used in this Paragraph 4 but not defined in the Agreement or this Annex I shall have the meaning ascribed to them in the Master Repurchase Agreement or Pricing Side Letter.

5.    (b) For the purposes of Paragraph 11 of the Agreement, the following provisions shall be added at the end of Paragraph 11:

“(j)  For the avoidance of doubt, the parties hereto agree that if Party B and/or Guarantor and CSMC agree to amend the Master Repurchase Agreement and/or Pricing Side Letter to amend an event of default or any other financial test or trigger which corresponds to any of the Events of Default 

referenced in this Paragraph 11, then such corresponding Event of Default in this Agreement will be automatically amended to reflect such amendment in the Master Repurchase Agreement and/or Pricing Side Letter, as applicable.

(k)    The parties hereto agree that to the extent the Master Repurchase Agreement and/or the Pricing Side Letter is terminated, (i) the Events of Default referenced in this Paragraph 11 (as such Events of Default may have been amended pursuant to Paragraph 4 of Annex I) at the time of termination shall survive the termination of the Master Repurchase Agreement and/or the Pricing Side Letter, as applicable, for the purposes of this Agreement and (ii) any financial reporting obligations of Party B set forth in the Master Repurchase Agreement and/or the Pricing Side Letter, as applicable, shall no longer apply; provided; however, that Party B agrees in such circumstances to thereafter provide Party A, to the extent not publicly available, with Party B’s quarterly financial statements (which may be on a consolidated basis) for the most recently ended financial quarter within 45 days after the end of the relevant quarter.”

6.    Paragraph 4 of the Agreement is hereby amended to include the following:

"(g)  Unless the parties otherwise agree, the parties shall with respect to any or all Transactions hereunder, exercise the respective rights of the parties under Paragraphs 4(a) and 4(b), only where the Margin Deficit or Margin Excess, respectively, exceeds $250,000 for such Transactions."

7.    Paragraph 12 of the Agreement shall be deleted in its entirety and the following paragraph shall be inserted in lieu thereof:

“12.    Single Agreement

Buyer and Seller hereby acknowledge that they consider all transactions and agreements between Credit Suisse Securities (USA) LLC and ARNS, Inc. (each an “Applicable Party” and collectively, the “Applicable Parties”) to constitute a single business and contractual relationship and to have been made in consideration of each other and this Agreement. Therefore, (a) each party hereby agrees (i) to perform all of its obligations to the other party with respect to all transactions or agreements between the Applicable Parties, (ii) that a default in the performance of any such obligations ("Obligations") shall constitute an Event of Default hereunder and (iii) that any Event of Default hereunder shall constitute a default in respect of all such other transactions and agreements between the Applicable Parties, (b) each Applicable Party shall have a right of setoff against the other Applicable Party for amounts owing hereunder and any other Obligations owing in respect of any other agreement or transaction whatsoever between the Applicable Parties, and (c) payments, deliveries, and other transfers made by either Applicable Party hereunder shall be considered to have been made in consideration of payments, deliveries, and other transfers made by the other Applicable Party with respect to all other agreements or transactions between them, and the Obligations to make any such payments, deliveries, and other transfers may be applied against each other and netted.  As security for the performance by each Applicable Party of all of its Obligations, each Applicable Party hereby grants to the other a security interest in all securities, instruments, money, and other property (and all proceeds thereof) transferred by such Applicable Party to the other pursuant to this Agreement or otherwise.  With respect to defaulted Obligations which did not arise under this Agreement, such security interest may be enforced in accordance with the provisions of applicable law or Paragraph 11(d)(i) hereof (applying such Paragraph as if such defaulted Obligations were owed hereunder in respect of a Transaction in which the defaulting party is acting as Seller).  Buyer and Seller further agree that a default by Party B or Guarantor in the performance of any obligation, which, after giving effect to the defenses or cure periods contained in any transaction or agreement between Party B and/or Guarantor and CSMC, results in an event of default occurring and continuing under any master agreement under which multiple transactions may be entered into by Party B and/or Guarantor and CSMC, including, but not limited, to the Master Repurchase Agreement and Pricing Side Letter (or in the case of any transaction with respect to which no master agreement is in place, such transaction or agreement) shall constitute an Event of Default hereunder.”

8.      Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

(a)     Non-Reliance.  It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary.  It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction.  No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction.

(b)    Assessment and Understanding.  It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction.  It is also capable of assuming, and assumes, the risks of that Transaction.

(c)     Status of Parties.  The other party is not acting as a fiduciary for, or an adviser to, it in respect of that Transaction.

(d)     No Agency.  It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity."

9.    EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY, AND ANY APPELLATE COURT FROM ANY SUCH COURT, SOLELY FOR THE PURPOSE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT TO ENFORCE ITS OBLIGATIONS HEREUNDER OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREUNDER AND (B) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE.

EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Service of Process.  Party B irrevocably appoints the Process Agent specified below to receive, for it and on its behalf, service of process in any Proceedings.

ARNS, Inc.
c/o Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808

Party B agrees that service upon itself or its Process Agent by certified mail or air courier constitutes effective service as if personally served pursuant to Section 311 of the New York Civil Practice Law and Rules or Rule 4 of the U.S. Federal Rules of Civil Procedure, or any successor section or rule thereof.  Party B waives any right to contest the effectiveness of the service if done in accordance with the previous sentence.
10.    UNDER NO CIRCUMSTANCES WILL EITHER PARTY BE LIABLE FOR PUNITIVE DAMAGES IN ANY WAY RELATED TO THIS AGREEMENT AND EXCEPT AS PROVIDED IN PARAGRAPH 11(g) OF THE AGREEMENT, UNDER NO CIRCUMSTANCES WILL EITHER PARTY, BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL LOSS OR DAMAGES SUFFERED OR INCURRED BY THE OTHER, OR ANY OTHER PARTY, IN EACH CASE ARISING UNDER THIS 

AGREEMENT, REGARDLESS OF WHETHER SUCH DAMAGES COULD HAVE BEEN FORESEEN OR PREVENTED.

11.    This Agreement and all Transactions hereunder shall be governed by the laws of the State of New York.

	
		
	CREDIT SUISSE SECURITIES (USA) LLC
	ARNS, INC.

	 
	 

	

By_/s/ Louis J. Impellizari__________________
Name: Louis J. Impellizari
Title: Director
	

By_/s/ Stephen H. Gray_____________________
Name: Stephen Gray
Title: Director

ANNEX II

Names and Addresses for Communications Between Parties

FOR ALL NOTICES (OTHER THAN LEGAL NOTICES):

CREDIT SUISSE SECURITIES (USA) LLC
Eleven Madison Avenue
New York, NY 10010-3629

Attn:    Head of Credit Risk Management
Fax:    (212) 325-8170

FOR LEGAL NOTICES ONLY:

CREDIT SUISSE SECURITIES (USA) LLC
Eleven Madison Avenue, 26th Floor
New York, NY 10010-3629

Attn:      Head of Documentation Group
Fax:     (917) 326-7930

COUNTERPARTY:

ARNS, Inc.
c/o Altisource Asset Management Corporation
402 Strand Street
Frederiksted, VI 00840
Attn:      General Counsel
Fax:    (340) 692-1046

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