Document:

CEO Compensation and Executive Officers' Incentive Plan

 Exhibit 10.17 
 CEO Compensation and Executive Officers’ Incentive Plan 
 October 3, 2006 
 CEO Compensation Recommendation: 
 Annual Base Salary: $400,000 (retroactive to June 1, 2006) 
 Annual Target Incentive
Compensation: 50% of base salary 
 Executive Officer Incentive Plan: 
 Executive officer’s will earn their respective target incentive compensation based on achievement of annual financial goals as follows: 

 

	 	•	 	In the event that the Company does not achieve 90% of the cash EPS for fiscal 2007 as included in the Board financial plan, no target incentive compensation will be earned.

  

	 	•	 	In the event that the Company achieves 90% of the cash EPS for fiscal 2007 as included in the Board financial plan, 50% of the target incentive compensation will be earned.

  

	 	•	 	In the event that the Company achieves between 90% and 100% of the cash EPS for fiscal 2007 as included in the Board financial plan, the percent of target incentive compensation
earned (beyond the 50% earned as a result of achieving 90% of plan) will be equal to the percent achievement of such additional 10%. For example, if the Company achieves 95% of the cash EPS for fiscal 2007 as included in the Board financial plan,
75% of the target incentive bonus will be earned (50% for achieving 90% of plan plus 25% (50% of the additional 10% multiplied by 50%)). 

  

	 	•	 	In the event that the Company achieves over 100% of the cash EPS for fiscal 2007 as included in the Board financial plan, 100% of the target incentive compensation will be earned
plus such additional percentage of the target incentive compensation (not to exceed an additional 100% for a potential payout of 200% in the aggregate) calculated as follows: 

  

	 	•	 	The additional target incentive compensation earned will be 100% in the event that the Company achieves 125% or more of the cash EPS for fiscal 2007 as included in the Board
financial plan. 

  

	 	•	 	In the event that the Company achieves between 100% and 125% of the cash EPS for fiscal 2007 as included in the Board financial plan, the percent of additional target incentive
compensation earned will be equal to the percent achievement of such additional 25%. 

 The Board and/or Compensation Committee
may in its discretion authorize the payment of the target incentive compensation or such other amount irrespective of the achievement of the foregoing financial objectives. 

 The Target Incentive Compensation for each of the Named Executive Officers is as follows: 
 CEO, Bobby Yazdani: $200,000 
 Chief Operating Officer, Mark Frost: $110,000 
 Chief Financial Officer, Peter Williams:
$110,000 
 To the extent the foregoing Executive Officer Incentive Plan provisions are not consistent with existing employment arrangements,
such provisions are intended to govern.Shared Facilities and Services Agreement

 Exhibit 10.3 
 SHARED FACILITIES AND SERVICES AGREEMENT 
 between 
 COHEN BROTHERS, LLC 
 and

 COHEN BROTHERS MANAGEMENT, LLC 
 Dated as of January 31, 2006 

 TABLE OF CONTENTS 
 Page 
  

					
	 ARTICLE I
	  	DEFINITIONS	  	1
	 Section 1.1
	  	        Definitions	  	1
	 ARTICLE II
	  	FACILITIES AND SERVICES	  	2
	 Section 2.1
	  	        Facilities and Services	  	2
	 Section 2.2
	  	        Standard of Care	  	2
	 Section 2.3
	  	        Modification of Services	  	2
	 Section 2.4
	  	        Cooperation	  	2
	 Section 2.5
	  	        Personnel and Subcontracting of Services	  	3
	 ARTICLE III
	  	TERM AND TERMINATION	  	3
	 Section 3.1
	  	        Term	  	3
	 Section 3.2
	  	        Effect of Termination	  	3
	 ARTICLE IV
	  	COMPENSATION	  	4
	 Section 4.1
	  	        Compensation	  	4
	 Section 4.2
	  	        Invoicing and Payment	  	4
	 Section 4.3
	  	        Disputed Amounts	  	4
	 ARTICLE V
	  	MISCELLANEOUS	  	4
	 Section 5.1
	  	        Representations and Warranties.	  	4
	 Section 5.2
	  	        Indemnification	  	5
	 Section 5.3
	  	        Notices	  	5
	 Section 5.4
	  	        Amendments and Waivers	  	6
	 Section 5.5
	  	        Headings	  	6
	 Section 5.6
	  	        Counterparts	  	6
	 Section 5.7
	  	        Entire Agreement	  	6
	 Section 5.8
	  	        Governing Law	  	6
	 Section 5.9
	  	        Resolution of Disputes	  	6
	 Section 5.10
	  	        Waiver of Jury Trial	  	8
	 Section 5.11
	  	        Assignment	  	8
	 Section 5.12
	  	        Binding Nature; Third-Party Beneficiaries	  	8
	 Section 5.13
	  	        Severability	  	8
	 Section 5.14
	  	        No Right of Setoff	  	8
	 Section 5.15
	  	        Specific Performance	  	8
	 Section 5.16
	  	        Construction	  	8
	 Section 5.17
	  	        Management Agreement	  	9
	 Section 5.18
	  	        Confidentiality	  	9
	 Section 5.19
	  	        Third Party Beneficiary	  	9
			
	 List of Schedules
	  		  	
			
	 SCHEDULE A
	  	FACILITIES AND SERVICES	  	A-1

 SHARED FACILITIES AND SERVICES AGREEMENT 
 This SHARED FACILITIES AND SERVICES AGREEMENT (this “Agreement”), dated as of January 31, 2006, is entered into by and between
COHEN BROTHERS, LLC, a Delaware limited liability company (“Cohen Bros.”), and COHEN BROTHERS MANAGEMENT, LLC, a Delaware limited liability company and subsidiary of Cohen Bros. (the “Manager”). 
 WHEREAS, Alesco Financial Trust, a Maryland real estate investment trust (“Alesco”), has retained the Manager to provide certain
investment advisory and management services pursuant to a Management Agreement, dated as of the date hereof, by and between Alesco and the Manager (the “Management Agreement”). 
 WHEREAS, the Manager is authorized under the Management Agreement to retain third parties to assist it in fulfilling its obligations under the Management
Agreement. 
 WHEREAS, the parties have agreed to enter into this Agreement in order to provide Alesco and its subsidiaries with access to
the expertise and resources of Cohen Bros. in certain areas and to assist the Manager in providing certain facilities, services and support to Alesco and its subsidiaries. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained in this Agreement, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the
following meanings: 
 “Agreement” shall have the meaning ascribed to such term in the preamble hereto. 
 “Alesco” shall have the meaning ascribed to such term in the preamble hereto. 
 “CDO” shall mean collateralized debt obligation. 
 “CLO” shall mean collateralized loan obligation. 
 “Cohen Bros.” shall
have the meaning ascribed to such term in the preamble hereto. 
 “Facility” or “Facilities” shall mean
each of the facilities described in Schedule A to be made available by Cohen Bros. pursuant to the terms and conditions of this Agreement. 
 “Facility/Service Description” shall mean the description of each individual Facility or Service respectively provided in Schedule A. 
 “Governmental Entity” shall mean any court, administrative or regulatory agency, entity, authority or commission or other governmental agency, entity, authority, commission or instrumentality (whether
local, municipal, state, federal, national, supra-national or otherwise). 
 “Location Services” shall mean the Services
designated as “Location Services” to be provided by Cohen Bros. provided in Schedule A. 
  

 “Location Services Fee” shall have the meaning ascribed to such term in
Section 4.1. 
 “Management Agreement” shall have the meaning ascribed to such term in the preamble hereto. 

“Management Services” shall mean the Services designated as “Management Services” to be provided by Cohen Bros. provided in
Schedule A. 
 “Manager” shall have the meaning ascribed to such term in the preamble hereto. 
 “Person” shall mean any individual, corporation, association, partnership, limited liability company, joint venture, unincorporated
organization, trust, trustee, executor, administrator or other legal representative, Governmental Entity, or other entity or organization. 
 “Personnel Services” shall mean the services to be provided by Cohen Bros. provided in Schedule A. 
 “Service” or “Services” shall mean each of the services described in Schedule A to be provided by Cohen Bros. pursuant to the terms and conditions of this Agreement. 
 “Term” shall have the meaning ascribed to such term in Section 3.1(a). 
 “TruPS” shall mean trust preferred securities. 
 ARTICLE II 
 FACILITIES AND SERVICES 
 Section 2.1 Facilities and Services. Subject to the terms of this Agreement, including, but not limited to Section 3.1, Cohen Bros. shall
provide, or shall cause a Cohen Bros. subsidiary to provide, to the Manager, the Facilities and Services together with any other services that may be requested by the Manager so as to perform and discharge its duties and obligations under the
Management Agreement during the Term. The parties have set forth on Schedule A, a summary of some of the Facilities and Services to be provided and a description of the Facilities and Services. 
 Section 2.2 Standard of Care. Cohen Bros. shall provide and shall cause its subsidiaries and affiliates to provide such Facilities and Services
exercising the same degree of care, priority and diligence as it exercises in performing the same or similar services for itself and its subsidiaries. 
 Section 2.3 Modification of Services. Schedule A identifies the Facilities and Services to be provided by Cohen Bros. and, subject to the mutual agreement of the parties hereto acting reasonably, it may be
amended from time to time, to add any additional Facilities and Services or to modify or delete Facilities or Services. During the Term, Facility or Service upgrades and improvements which Cohen Bros. provides to its own internal organizations shall
be made available to the extent that the parties mutually agree upon the fee, if any, for any such upgrade or improvement. 
 Section 2.4
Cooperation. The Manager shall, in a timely manner, take all such actions as may be reasonably necessary or desirable in order to enable or assist Cohen Bros. in the provision of the Facilities and Services, including providing necessary
information and specific written authorizations and consents, and Cohen Bros. shall be relieved of its obligations hereunder to the extent that the Manager’s 

  

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failure to take any such action renders performance by Cohen Bros. of such obligations unlawful or impracticable. 
 Section 2.5 Personnel and Subcontracting of Services. In providing the Facilities and Services, Cohen Bros., as it deems necessary or appropriate
in its sole discretion, may (a) use the personnel of Cohen Bros. or its affiliates and (b) employ on a short or long-term basis the services of third parties to the extent such third party services are reasonably necessary for the
efficient performance of any of such Services or provision of any Facilities. 
 ARTICLE III 
 TERM AND TERMINATION 
 Section 3.1
Term. 
 (a) This Agreement shall become effective on the date hereof and shall remain in force until the earlier to occur of
(1) the termination of the Management Agreement and (2) the expiration and non-renewal of the term of the Management Agreement (the “Term”). 
 (b) The Manager may discontinue using any Facility or Service and delete such Facility or Service that Cohen Bros. is providing from Schedule A by giving Cohen Bros. ninety (90) days notice thereof. In the
event any Facility or Service is terminated by the Manager, Schedule A shall be amended to reflect (i) the deletion of the Facility or Service and (ii) a reduction to the Facility/Service Fee, if any, corresponding to the deleted
Facility or Service. 
 Section 3.2 Effect of Termination. 
 (a) The Manager specifically agrees and acknowledges that all obligations of Cohen Bros. hereunder shall immediately cease upon the expiration of the Term
as described in Section 3.1(a) above, provided however, that Cohen Bros. shall continue to provide to the Manager any services necessary for Manager to discharge any of the Manager’s obligations to Alesco following termination of the
Management Agreement. Upon the cessation of Cohen Bros.’ obligation to provide any Facilities or Services, the Manager shall immediately cease using, directly or indirectly, such Facility or Service (including any and all software of Cohen
Bros. or third party software provided through Cohen Bros., telecommunications services or equipment, or computer systems or equipment). 
 (b) Upon termination of a Facility or Service with respect to which Cohen Bros. holds books, records or files, including current or archived copies of computer files, owned by Alesco, Cohen Bros. will return all of such books, records or
files to Alesco as soon as reasonably practicable as well as comply with any reasonable request for cooperation made by the Manager or Alesco for Cohen Bros. to assist it or a new manager of Alesco in accessing, understanding and utilizing such
books, records or files; provided, however, that Cohen Bros. may make a copy, at its expense, of such books, records or files for archival purposes only. 
 (c) Without prejudice to the survival of the other agreements of the parties, the following obligations shall survive the termination of this Agreement: the obligations of each party under Section 3.2(b) and
Articles IV and V. 
  

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 ARTICLE IV 
 COMPENSATION 
 Section 4.1 Compensation. 
 (a) Management Services: Other than compensation received by the Manager from Alesco pursuant to the Management Agreement, no additional compensation
shall be payable to Cohen Bros. for the performance of its obligations hereunder, other than the Location Services. The parties acknowledge that the consideration payable to the Manager under the Management Agreement together with the consideration
payable for the Location Services as described in subparagraph (b) is full and adequate consideration for the obligations of Cohen Bros. hereunder. 
 (b) Location Services: As consideration for the provision of the Location Services, the Manager shall pay Cohen Bros. the fee for the Location Services as set forth on Schedule A (the “Location Services
Fee”). 
 Section 4.2 Invoicing and Payment. 
 (a) Invoices. On the first business day of each month during the Term, Cohen Bros., together with its affiliates and/or subsidiaries providing Location Services, will submit one invoice to the Manager for all
Location Services to be provided by Cohen Bros. during such month (or, in the case of additional reimbursable expenses, for the immediately preceding month or the preceding month/s when such expenses were incurred). Each invoice shall include,
(i) a summary list of the previously agreed upon Location Services for which one-twelfth (1/12) of the Location Services Fee is due and payable (the “Fee Monthly Installment”) with respect to the preceding monthly period,
(ii) together with documentation supporting each of the invoiced amounts, if any, that are not covered by the Location Services Fee. The total amount set forth on such summary list, namely the Fee Monthly Installment, and the additional
invoiced amounts shall equal the invoice total, and shall be provided under separate cover apart from the invoice. All invoices shall be sent to the attention of the Manager at the address set forth in Section 5.3 or to such other address as
the Manager shall have specified by notice in writing to Cohen Bros. 
 (b) Payment. Payment of all invoices in respect of Location
Services Fees shall be made by check or electronic funds transmission in U.S. Dollars, without any offset or deduction of any nature whatsoever, within thirty (30) days of the invoice date. Invoices unpaid as of such date shall accrue interest
at an annual rate of 12%. All payments shall be made to Cohen Bros. at the account designated by Cohen Bros. or its affiliate or subsidiary. 
 Section 4.3 Disputed Amounts. In the event the Manager disputes the accuracy of any invoice, the Manager shall pay the undisputed portion of such invoice and the parties shall within five (5) business days meet and seek to
resolve the disputed amount of the invoice. If the Manager fails to pay any undisputed amount owed under this Agreement, the Manager shall correct such failure promptly following notice of the failure, and shall pay Cohen Bros. interest on the
amount paid late at an annual interest rate equal to 12% prorated for the number of days such overdue amounts are outstanding. 
 ARTICLE V

 MISCELLANEOUS 
 Section 5.1 Representations and Warranties. Each of the parties to this Agreement has the requisite limited liability company power and authority to enter into this Agreement and to 

  

 4 

 
consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by each party and the consummation by such party of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of such party. 
 Section 5.2
Indemnification. 
 (a) Indemnification by Cohen Bros. Cohen Bros. shall, to the full extent lawful, reimburse, indemnify and
hold the Manager, its officers, trustees, shareholders and employees harmless for and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and
disbursements), in respect of or arising out of Cohen Bros.’ or any of its shareholders’, directors’, officers’, employees’, subcontractors’ or other third party’s bad faith, willful misconduct or gross negligence
resulting in a material act, omission or other breach (beyond any applicable cure period) of Cohen Bros.’ obligations under this Agreement and not resulting from Cohen Bros.’ bad faith, willful misconduct, gross negligence or material
breach (beyond any applicable cure period) of Cohen Bros.’ duties under this Agreement. 
 (b) Indemnification by the Manager.
The Manager shall, to the full extent lawful, reimburse, indemnify and hold each of Cohen Bros., its shareholders, directors, officers and employees and each other Person, if any, controlling Cohen Bros. harmless for and from any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees and disbursements) in respect of or arising out of Cohen Bros.’ performance of the services for the Manager provided
hereunder provided that such loss was not caused by Cohen Bros.’ or any of its directors’, officers’ or employees’ bad faith, willful misconduct, gross negligence or material breach (beyond any applicable cure period) of its
duties under this Agreement. 
 Section 5.3 Notices. 
 All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission) and shall be given (i) by personal delivery to the appropriate address as set forth
below (or at such other address for the party as shall have been previously specified in writing to the other party), (ii) by reliable overnight courier service (with confirmation) to the appropriate address as set forth below (or at such other
address for the party as shall have been previously specified in writing to the other party), or (iii) by facsimile transmission (with confirmation) to the appropriate facsimile number set forth below (or at such other facsimile number for the
party as shall have been previously specified in writing to the other party) with follow-up copy by reliable overnight courier service the next business day: 
 If to Cohen Bros., to: 
 Cohen Brothers, LLC 
 1818 Market Street, 28th Floor 
 Philadelphia, PA 19103 
 Telephone: (215) 861-7800 
 Facsimile: (215) 861-7868 
 If to the Manager, to: 
 Cohen Brothers Management, LLC 
 1818 Market Street, 28th Floor 
 Philadelphia, PA 19103 
 Telephone: (215) 861-7800 
 Facsimile: (215) 861-7868 
  

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 All such notices, requests and other communications shall be deemed received on the date of receipt by
the recipient thereof if received prior to 5 p.m. (New York City time) and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next
succeeding business day in the place of receipt. 
 Section 5.4 Amendments and Waivers. Subject to the provisions of
Section 5.19, this Agreement may not be modified or amended except by an instrument or instruments in writing signed by an authorized officer of each party. Except as otherwise provided in this Agreement, any failure of any of the parties to
comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by an authorized officer of the party granting such waiver, but such waiver or
failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 Section 5.5 Headings. The table of contents and the article, section, paragraph and other headings contained in this Agreement are inserted for
convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 5.6
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. 
 Section 5.7 Entire Agreement. This Agreement and the Schedules hereto constitute the entire agreement between the parties hereto with respect to
the subject matter hereof, and supersede and cancel all prior agreements, negotiations, correspondence, undertakings, understandings and communications of the parties, oral and written, with respect to the subject matter hereof. 
 Section 5.8 Governing Law. THIS AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OR CHOICE OF LAWS. 
 Section 5.9 Resolution
of Disputes. All disputes arising out of or relating to this Agreement or the breach, termination or validity thereof or the parties’ performance hereunder (“Dispute”) shall be resolved as provided by this Section 5.9.

 (a) Negotiation of Disputes. 
 (i) Any party shall give the other party written notice of any Dispute. The parties shall attempt to resolve such Dispute promptly by negotiation between executive officers who have authority to settle the Dispute and
who are at a higher level of management than the persons with direct responsibilities for administration of this Agreement. 
 (ii) Within 15 days after delivery of the notice, the party receiving the notice shall submit to the other a written response. The notice and the response shall include: (A) a statement of each party’s position and a summary of
arguments supporting that position and (B) the name and title of the executive officer who will represent that party and of any other person who will accompany the executive officer during the negotiations. Within 30 days after delivery of the
disputing party’s notice, the executive officers of both parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to attempt to resolve the Dispute. 
  

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 (b) Arbitration. 
 (i) If the Dispute has not been resolved by executive officer negotiation within 45 days of the disputing party’s notice requesting
negotiation, or if the parties fail to meet within 30 days from delivery of said notice, such Dispute shall on the demand of any party, be finally settled under the Rules of Arbitration of the Center for Public Resources (“CPR”)
then in effect, except as modified herein or by mutual agreement of the parties. 
 (ii) The arbitration shall be held in New
York, New York. The arbitration proceedings shall be conducted, and the award shall be rendered, in the English language. 
 (iii) There shall be three arbitrators selected pursuant to the CPR rules from the CPR national and regional panels. All arbitrators shall be neutral, disinterested, independent and impartial. 
 (iv) In rendering an award, the arbitral tribunal shall be required to follow the substantive law of the jurisdiction designated by the
parties herein. This arbitration agreement and any award rendered thereunder shall be governed by the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958, and the Federal Arbitration Act, 9 USC (Section) 1
et seq. The arbitral tribunal shall not be empowered to award damages in excess of compensatory damages except in the case of fraud, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to
any dispute except in the case of fraud. 
 (v) The award shall be final and binding upon the parties and shall be the sole
and exclusive remedy between the parties with regard to any claim or counterclaim submitted to the arbitral tribunal. Judgment upon any award may be entered in any court having jurisdiction thereof. 
 (vi) By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction,
pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a national court, the arbitral tribunal shall
have full authority to grant provisional remedies or to order the parties to request that a court modify or vacate any temporary or preliminary relief issued by a such court, and to award damages for the failure of any party to respect the arbitral
tribunal’s orders to that effect. The parties hereby unconditionally and irrevocably submit to the non-exclusive jurisdiction of the state or federal courts located in New York, New York for the purpose of any preliminary relief in aid of
arbitration, or for enforcement of any award, and hereby waive any objection to such jurisdiction including without limitation objections by reason of lack of personal jurisdiction, improper venue, or inconvenient forum. 
 (c) Notwithstanding the foregoing, any Dispute regarding the following is not required to be negotiated or arbitrated prior to seeking relief from a
court of competent jurisdiction: breach of any obligation of confidentiality, infringement, misappropriation or misuse of any intellectual property right. The parties acknowledge that their remedies at law for such a breach or threatened breach
would be inadequate and, in recognition of this fact, upon such breach or threatened breach, either party, without posting any bond, and in addition to all other remedies which may be available, shall be entitled to immediately seek or obtain
equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. 
  

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 Section 5.10 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 5.11 Assignment. This Agreement may not be assigned by either party without the written consent of the other party and Alesco. No such assignment shall relieve either party of any of its rights and obligations hereunder.

 Section 5.12 Binding Nature; Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the
parties hereto and their respective successors and permitted assigns. Except as set forth in Section 5.19, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or Persons any rights, benefits or
remedies of any nature whatsoever under or by reason of this Agreement. 
 Section 5.13 Severability. This Agreement shall be deemed
severable; the invalidity or unenforceability of any term or provision of this Agreement shall not affect the validity or enforceability of this Agreement or of any other term hereof, which shall remain in full force and effect, for so long as the
economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. If it is ever held that any restriction hereunder is too broad to permit enforcement of such restriction to
its fullest extent, each party agrees that such restriction may be enforced to the maximum extent permitted by law, and each party hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce
such restriction. 
 Section 5.14 No Right of Setoff. Neither party hereto nor any affiliate thereof may deduct from, set off,
holdback or otherwise reduce in any manner whatsoever against any amounts such Persons may owe to the other party hereto or any of it affiliates any amounts owed by such other party or its affiliates to the first party or its affiliates. 

Section 5.15 Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any provision of this
Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 
 Section 5.16 Construction. 
 (a) For
the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other genders as the context requires, (ii) the words “hereof,”
“herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including the Schedules hereto and the Exhibits hereto) and not to any particular provision
of this Agreement, and article, section, paragraph, exhibit and Schedule references are to the articles, sections, paragraphs, and exhibits and schedules of this Agreement unless otherwise specified, (iii) the words “including”
and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) Cohen Bros. and the Manager will be
referred to herein individually as a “party” and collectively as “parties” (except where the context otherwise requires). 
 (b) The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
  

 8 

 (c) Any reference to any federal, state, local or non-U.S. statute or law shall be deemed also to refer
to all rules and regulations promulgated thereunder, unless the context otherwise requires. 
 Section 5.17 Management Agreement.
Cohen Bros. acknowledges that it has received and reviewed a copy of the Management Agreement and understands the services required of the Manager thereunder. 
 Section 5.18 Confidentiality. Cohen Bros. agrees to maintain in confidence any information received by Cohen Bros. regarding Alesco, its business and assets; provided, however, that Cohen Bros.’
confidentiality obligations do not apply to information which, (i) was or becomes generally available to the public on a non-confidential basis, (ii) was within Cohen Bros.’ possession, custody or control prior to it being furnished
to Cohen Bros. by or on behalf of Alesco, or (iv) Cohen Bros. is compelled to disclose by judicial or administrative requirements of law. 
 Section 5.19 Third Party Beneficiary. The parties agree that Alesco shall be a third-party beneficiary of this Agreement and shall be entitled to enforce the terms hereof as if a party hereto. No amendment or modification may be made
to this Agreement without the prior written consent of Alesco. 
  

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 IN WITNESS WHEREOF, the parties have caused this Shared Facilities and Services Agreement to be duly
executed as of the day and year first above written. 
  

			
	COHEN BROTHERS MANAGEMENT, LLC
		
	By:	 	/s/    Raphael Licht
		 	 Name: Raphael Licht
 Title: Chief Legal
Officer

  

			
	COHEN BROTHERS, LLC
		
	By:	 	/s/    Daniel G. Cohen
		 	 Name: Daniel G. Cohen
 Title: Chief Executive
Officer

  

 10 

 SCHEDULE A 
  

			
	 Facilities
	  	Summary Description of Services
		
	 Office Space at:
	  	 Location Services

	 1818 Market Street, 28th Floor
 Philadelphia, Pennsylvania 19103
	  	 – Fully furnished office space;
 – Access to file space, printers, copiers, kitchen and conference room facilities; and
 – Receptionist and secretarial services.
  
 Management Services
 – Identifying and originating assets within the target asset classes approved by Alesco and the Manager;
 – Credit analysis of prospective issuers and underlying collateral, including credit committee evaluation of target assets;
 – Risk management of target assets;
 – Monitoring services, including periodic review and evaluation of the performance of target assets and providing to the
Manager reports with respect thereto; and
 – Obtaining and structuring warehouse facilities and other financing
arrangements, including without limitation, structuring and managing collateralized debt obligation or collateralized loan obligation transactions comprised of target assets.
  
 Personnel Services
 – Providing sufficient personnel resources to enable the Manager to perform its obligations under the Management Agreement,
including the dedicated resources of one person to act as the Chief Financial Officer of the Manager and Alesco, as approved by a majority of the independent trustees of Alesco.

 Location Service Fees: 
 The annual base amount for Cohen Bros.’ Location Services shall be the actual costs incurred by Cohen Bros. in providing such Location Services plus an administrative charge of 10.00%. Cohen Bros. agrees that it shall not charge any
fees for providing Location Services prior to the time that Alesco’s common shares of beneficial interest become listed on a stock exchange or admitted for trading on an automated quotation system. Cohen Bros. shall have the right to commence
charging for its provision of Location Services from and after the time of such listing or inclusion. 
  

 A-1

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