Document:

INDEMNIFICATION
AGREEMENT 

     THIS INDEMNIFICATION AGREEMENT
(“Agreement”) is made and entered into as of the 20th day of March, 2013,
by and between ZAIS Financial Corp., a Maryland corporation (the
“Company”),
and Nisha Motani (“Indemnitee”). 

     WHEREAS, at the request of the
Company, Indemnitee currently serves as a director and/or officer of the Company
and may, therefore, be subjected to claims, suits or proceedings arising as a
result of her service; and 

     WHEREAS, as an inducement to
Indemnitee to continue to serve as such director and/or officer, the Company has
agreed to indemnify and to advance expenses and costs incurred by Indemnitee in
connection with any such claims, suits or proceedings, to the maximum extent
permitted by law; and 

     WHEREAS, the parties by this
Agreement desire to set forth their agreement regarding indemnification and
advance of expenses; and 

     NOW, THEREFORE, in consideration of
the premises and the covenants contained herein, the Company and Indemnitee do
hereby covenant and agree as follows: 

     Section 1. Definitions. For purposes of this
Agreement: 

     (a) “Change
in Control” means a change in control of the
Company occurring after the Effective Date of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item on any similar schedule or form) promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such
reporting requirement; provided, however, that, without limitation, such a
Change in Control shall be deemed to have occurred if, after the Effective Date
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 15% or more of the combined voting power of all of the Company’s
then-outstanding securities entitled to vote generally in the election of
directors without the prior approval of at least two-thirds of the members of
the Board of Directors in office immediately prior to such person’s attaining
such percentage interest; (ii) the Company is a party to a merger,
consolidation, sale of assets, plan of liquidation or other reorganization not
approved by at least two-thirds of the members of the Board of Directors then in
office, as a consequence of which members of the Board of Directors in office
immediately prior to such transaction or event constitute less than a majority
of the Board of Directors thereafter; or (iii) at any time, a majority of the
members of the Board of Directors are not individuals (A) who were directors as
of the Effective Date or (B) whose election by the Board of Directors or
nomination for election by the Company’s stockholders was approved by the
affirmative vote of at least two-thirds of the directors then in office who were
directors as of the Effective Date or whose election or nomination for election
was previously so approved. 

     (b) “Corporate Status” means the status of
a person as a present or former director, officer, employee or agent of the
Company or as a director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that such person is or was serving in such capacity at
the request of the Company. As a clarification and without limiting the
circumstances in which Indemnitee may be serving at the request of the Company,
service by Indemnitee shall be deemed to be at the request of the Company if
Indemnitee serves or served as a director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other
enterprise (i) of which a majority of the voting power or equity interest is
owned directly or indirectly by the Company or (ii) the management of which is
controlled directly or indirectly by the Company. 

     (c) “Disinterested Director” means a
director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification and/or advance of Expenses is sought by
Indemnitee. 

     (d) “Effective Date” means the date set
forth in the first paragraph of this Agreement. 

     (e) “Expenses” means any and all reasonable
and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees,
federal, state, local or foreign taxes imposed on Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, ERISA excise
taxes and penalties and any other disbursements or expenses incurred in
connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in or otherwise participating
in a Proceeding. Expenses shall also include Expenses incurred in connection
with any appeal resulting from any Proceeding including, without limitation, the
premium, security for and other costs relating to any cost bond, supersedes bond
or other appeal bond or its equivalent.

     (f) “Independent Counsel” means a law firm,
or a member of a law firm, that is experienced in matters of corporation law and
neither is, nor in the past five years has been, retained to represent: (i) the
Company or Indemnitee in any matter material to either such party (other than
with respect to matters concerning Indemnitee under this Agreement or of other
indemnitees under similar indemnification agreements), or (ii) any other party
to or participant or witness in the Proceeding giving rise to a claim for
indemnification or advance of Expenses hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement.

     (g) “Proceeding” means any threatened,
pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other
proceeding, whether brought by or in the right of the Company or otherwise and
whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative (formal or informal) nature, including
any appeal therefrom, except one pending or completed on or before the Effective
Date, unless otherwise specifically agreed in writing by the Company and
Indemnitee. If Indemnitee reasonably believes that a given situation may lead to
or culminate in the institution of a Proceeding, such situation shall also be
considered a Proceeding.

- 2 -

     Section 2. Services by
Indemnitee. Indemnitee will serve as a
director and/or officer of the Company. However, this Agreement shall not impose
any independent obligation on Indemnitee or the Company to continue Indemnitee’s
service to the Company. This Agreement shall not be deemed an employment
contract between the Company (or any other entity) and Indemnitee. 

     Section 3. General. The Company shall indemnify,
and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b)
otherwise to the maximum extent permitted by the laws of the State of Maryland
in effect on the Effective Date and as amended from time to time; provided,
however, that no change in the laws of the State of Maryland shall have the
effect of reducing the benefits available to Indemnitee hereunder based on the
laws of the State of Maryland as in effect on the Effective Date. The rights of
Indemnitee provided in this Section 3 shall include, without limitation, the
rights set forth in the other sections of this Agreement, including any
additional indemnification permitted by Section 2-418(g) of the Maryland General
Corporation Law (the “MGCL”). 

     Section 4. Standard for
Indemnification. If, by reason of
Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a
party to any Proceeding, Indemnitee shall be indemnified against all judgments,
penalties, fines and amounts paid in settlement and all Expenses actually and
reasonably incurred by her or on her behalf in connection with any such
Proceeding unless it is established that (a) the act or omission of Indemnitee
was material to the matter giving rise to the Proceeding and (i) was committed
in bad faith or (ii) was the result of active and deliberate dishonesty, (b)
Indemnitee actually received an improper personal benefit in money, property or
services or (c) in the case of any criminal Proceeding, Indemnitee had
reasonable cause to believe that her conduct was unlawful. 

     Section 5. Certain Limits on
Indemnification. Notwithstanding any other
provision of this Agreement (other than Section 6), Indemnitee shall not be
entitled to: 

     (a) indemnification hereunder if the
Proceeding was one by or in the right of the Company and Indemnitee is adjudged
to be liable to the Company;

     (b) indemnification hereunder if Indemnitee
is adjudged to be liable on the basis that personal benefit was improperly
received in any Proceeding charging improper personal benefit to Indemnitee,
whether or not involving action in the Indemnitee’s Corporate Status; or

     (c) indemnification or advance of Expenses
hereunder if the Proceeding was brought by Indemnitee unless: (i) the Proceeding
was brought to enforce indemnification under this Agreement, and then only to
the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders
entitled to vote generally in the election of directors or of the Board of
Directors or an agreement approved by the Board of Directors to which the
Company is a party expressly provide otherwise.

- 3 -

     Section 6. Court-Ordered
Indemnification. Notwithstanding any other
provision of this Agreement, a court of appropriate jurisdiction, upon
application of Indemnitee and such notice as the court shall require, may order
indemnification in the following circumstances: 

     (a) if it determines Indemnitee is entitled
to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the
Expenses of securing such reimbursement; or 

     (b) if it determines that Indemnitee is
fairly and reasonably entitled to indemnification in view of all the relevant
circumstances, whether or not Indemnitee (i) has met the standards of conduct
set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for
receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the
court may order such indemnification as the court shall deem proper. However,
indemnification with respect to any Proceeding by or in the right of the Company
or in which liability shall have been adjudged in the circumstances described in
Section 2-418(c) of the MGCL shall be limited to Expenses. 

     Section 7. Indemnification for
Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, and without limiting any
such provision, to the extent that Indemnitee was or is, by reason of her
Corporate Status, made a party to (or otherwise becomes a participant in) any
Proceeding and is successful, on the merits or otherwise, in the defense of such
Proceeding, Indemnitee shall be indemnified for all Expenses actually and
reasonably incurred by her or on her behalf in connection therewith. If
Indemnitee is not wholly successful in such Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or
matters in such Proceeding, the Company shall indemnify Indemnitee under this
Section 7 for all Expenses actually and reasonably incurred by her or on her
behalf in connection with each such claim, issue or matter, allocated on a
reasonable and proportionate basis. For purposes of this Section 7 and, without
limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter. 

     Section 8. Advance of Expenses
for a Party. If, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be, made a party to any
Proceeding, the Company shall, without requiring a preliminary determination of
Indemnitee’s ultimate entitlement to indemnification hereunder, advance all
reasonable Expenses incurred by or on behalf of Indemnitee in connection with
such Proceeding within ten days after the receipt by the Company of a statement
or statements requesting such advance or advances from time to time, whether
prior to or after final disposition of such Proceeding. Such statement or
statements shall reasonably evidence the Expenses incurred by Indemnitee and
shall include or be preceded or accompanied by a written affirmation by
Indemnitee of Indemnitee’s good faith belief that the standard of conduct
necessary for indemnification by the Company as authorized by law and by this
Agreement has been met and a written undertaking by or on behalf of Indemnitee,
in substantially the form attached hereto as Exhibit A or in such form as may be
required under applicable law as in effect at the time of the execution thereof,
to reimburse the portion of any Expenses advanced to Indemnitee relating to
claims, issues or matters in the Proceeding as to which it shall ultimately be
established that the standard of conduct has not been met by Indemnitee and
which have not been successfully resolved as described in Section 7 of this
Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a
specific claim, issue or matter in the Proceeding, such Expenses shall be
allocated on a reasonable and proportionate basis. The undertaking required by
this Section 8 shall be an unlimited general obligation by or on behalf of
Indemnitee and shall be accepted without reference to Indemnitee’s financial
ability to repay such advanced Expenses and without any requirement to post
security therefor.

- 4 -

     Section 9. Indemnification and
Advance of Expenses of a Witness.
Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is or may be, by reason of her Corporate Status, made a witness or
otherwise asked to participate in any Proceeding, whether instituted by the
Company or any other party, and to which Indemnitee is not a party, she shall be
advanced all reasonable Expenses and indemnified against all Expenses actually
and reasonably incurred by her or on her behalf in connection therewith within
ten days after the receipt by the Company of a statement or statements
requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee. 

     Section 10. Procedure for
Determination of Entitlement to Indemnification. 

     (a) To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to
what extent Indemnitee is entitled to indemnification. Indemnitee may submit one
or more such requests from time to time and at such time(s) as Indemnitee deems
appropriate in her sole discretion. The officer of the Company receiving any
such request from Indemnitee shall, promptly upon receipt of such a request for
indemnification, advise the Board of Directors in writing that Indemnitee has
requested indemnification. 

     (b) Upon written request by Indemnitee for
indemnification pursuant to Section 10(a) above, a determination, if required by
applicable law, with respect to Indemnitee’s entitlement thereto shall promptly
be made in the specific case: (i) if a Change in Control shall have occurred, by
Independent Counsel, in a written opinion to the Board of Directors, a copy of
which shall be delivered to Indemnitee, which Independent Counsel shall be
selected by the Indemnitee and approved by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL, which approval will not be
unreasonably withheld; or (ii) if a Change in Control shall not have occurred,
(A) by the Board of Directors by a majority vote of a quorum consisting of
Disinterested Directors or, if such a quorum cannot be obtained, then by a
majority vote of a duly authorized committee of the Board of Directors
consisting solely of one or more Disinterested Directors, (B) if Independent
Counsel has been selected by the Board of Directors in accordance with Section
2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall
not be unreasonably withheld, by Independent Counsel, in a written opinion to
the Board of Directors, a copy of which shall be delivered to Indemnitee or (C)
if so directed by a majority of the members of the Board of Directors, by the
stockholders of the Company. If it is so determined that Indemnitee is entitled
to indemnification, payment to Indemnitee shall be made within ten days after
such determination. Indemnitee shall cooperate with the person, persons or
entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination in the
discretion of the Board of Directors or Independent Counsel if retained pursuant
to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in
so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification) and the Company shall indemnify and
hold Indemnitee harmless therefrom.

- 5 -

     (c) The Company shall pay the reasonable fees
and expenses of Independent Counsel, if one is appointed. 

     Section 11. Presumptions and
Effect of Certain Proceedings. 

     (a) In making any determination with respect
to entitlement to indemnification hereunder, the person or persons or entity
making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 10(a) of this Agreement, and the
Company shall have the burden of proof to overcome that presumption in
connection with the making of any determination contrary to that
presumption.

     (b) The termination of any Proceeding or of
any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo
contendere or its equivalent, or entry of an
order of probation prior to judgment, does not create a presumption that
Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 

     (c) The knowledge and/or actions, or failure
to act, of any other director, officer, employee or agent of the Company or any
other director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other
enterprise shall not be imputed to Indemnitee for purposes of determining any
other right to indemnification under this Agreement. 

     Section 12. Remedies of
Indemnitee. 

     (a) If (i) a determination is made pursuant
to Section 10(b) of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advance of Expenses is not timely
made pursuant to Section 8 of this Agreement, (iii) no determination of
entitlement to indemnification shall have been made pursuant to Section 10(b) of
this Agreement within 60 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to Section
7 of this Agreement within ten days after receipt by the Company of a written
request therefor, or (v) payment of indemnification pursuant to any other
section of this Agreement or the charter or Bylaws of the Company is not made
within ten days after a determination has been made that Indemnitee is entitled
to indemnification, Indemnitee shall be entitled to an adjudication in an
appropriate court located in the State of Maryland, or in any other court of
competent jurisdiction, of her entitlement to such indemnification or advance of
Expenses. Alternatively, Indemnitee, at her option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall
commence a proceeding seeking an adjudication or an award in arbitration within
180 days following the date on which Indemnitee first has the right to commence
such proceeding pursuant to this Section 12(a); provided, however, that the
foregoing clause shall not apply to a proceeding brought by Indemnitee to
enforce her rights under Section 7 of this Agreement. Except as set forth
herein, the provisions of the laws of the State of Maryland (without regard to
its conflicts of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration.

- 6 -

     (b) In any judicial proceeding or arbitration
commenced pursuant to this Section 12, Indemnitee shall be presumed to be
entitled to indemnification or advance of Expenses, as the case may be, under
this Agreement and the Company shall have the burden of proving that Indemnitee
is not entitled to indemnification or advance of Expenses, as the case may be.
If Indemnitee commences a judicial proceeding or arbitration pursuant to this
Section 12, Indemnitee shall not be required to reimburse the Company for any
advances pursuant to Section 8 of this Agreement until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which
all rights of appeal have been exhausted or lapsed). The Company shall, to the
fullest extent not prohibited by law, be precluded from asserting in any
judicial proceeding or arbitration commenced pursuant to this Section 12 that
the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all of the provisions of this Agreement.

     (c) If a determination shall have been made
pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 12, absent
a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification. 

     (d) In the event that Indemnitee, pursuant to
this Section 12, seeks a judicial adjudication of or an award in arbitration to
enforce her rights under, or to recover damages for breach of, this Agreement,
Indemnitee shall be entitled to recover from the Company, and shall be
indemnified by the Company for, any and all Expenses actually and reasonably
incurred by her in such judicial adjudication or arbitration. If it shall be
determined in such judicial adjudication or arbitration that Indemnitee is
entitled to receive part but not all of the indemnification or advance of
Expenses sought, the Expenses incurred by Indemnitee in connection with such
judicial adjudication or arbitration shall be appropriately prorated.

     (e) Interest shall be paid by the Company to
Indemnitee at the maximum rate allowed to be charged for judgments under the
Courts and Judicial Proceedings Article of the Annotated Code of Maryland for
amounts which the Company pays or is obligated to pay for the period commencing
with the date on which the Company was requested to advance expenses in
accordance with Section 8 of this Agreement or to make the determination of
entitlement to indemnification under Section 12(a) above. Indemnitee requests
indemnification, reimbursement or advance of any Expenses and ending on the date
such payment is made to Indemnitee by the Company.

- 7 -

     Section 13. Defense of the
Underlying Proceeding. 

     (a) Indemnitee shall notify the Company
promptly in writing upon being served with any summons, citation, subpoena,
complaint, indictment, request or other document relating to any Proceeding
which may result in the right to indemnification or the advance of Expenses
hereunder and shall include with such notice a description of the nature of the
Proceeding and a summary of the facts underlying the Proceeding. The failure to
give any such notice shall not disqualify Indemnitee from the right, or
otherwise affect in any manner any right of Indemnitee, to indemnification or
the advance of Expenses under this Agreement unless the Company’s ability to
defend in such Proceeding or to obtain proceeds under any insurance policy is
materially and adversely prejudiced thereby, and then only to the extent the
Company is thereby actually so prejudiced. 

     (b) Subject to the provisions of the last
sentence of this Section 13(b) and of Section 13(c) below, the Company shall
have the right to defend Indemnitee in any Proceeding which may give rise to
indemnification hereunder; provided, however, that the Company shall notify
Indemnitee of any such decision to defend within 15 calendar days following
receipt of notice of any such Proceeding under Section 13(a) above. The Company
shall not, without the prior written consent of Indemnitee, which shall not be
unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an
admission of fault of Indemnitee, (ii) does not include, as an unconditional
term thereof, the full release of Indemnitee from all liability in respect of
such Proceeding, which release shall be in form and substance reasonably
satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a
Proceeding brought by Indemnitee under Section 12 of this Agreement. 

     (c) Notwithstanding the provisions of Section
13(b) above, if in a Proceeding to which Indemnitee is a party by reason of
Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon
an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that she may have separate defenses or counterclaims to
assert with respect to any issue which may not be consistent with other
defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon
an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that an actual or apparent conflict of interest or
potential conflict of interest exists between Indemnitee and the Company, or
(iii) if the Company fails to assume the defense of such Proceeding in a timely
manner, Indemnitee shall be entitled to be represented by separate legal counsel
of Indemnitee’s choice, subject to the prior approval of the Company, which
shall not be unreasonably withheld, at the expense of the Company. In addition,
if the Company fails to comply with any of its obligations under this Agreement
or in the event that the Company or any other person takes any action to declare
this Agreement void or unenforceable, or institutes any Proceeding to deny or to
recover from Indemnitee the benefits intended to be provided to Indemnitee
hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which shall not be
unreasonably withheld, at the expense of the Company (subject to Section 12(d)
of this Agreement), to represent Indemnitee in connection with any such
matter.

- 8 -

     Section 14. Non-Exclusivity;
Survival of Rights; Subrogation. 

     (a) The rights of indemnification and advance
of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable
law, the charter or Bylaws of the Company, any agreement or a resolution of the
stockholders entitled to vote generally in the election of directors or of the
Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
no amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in her Corporate Status prior
to such amendment, alteration or repeal, regardless of whether a claim with
respect to such action or inaction is raised prior or subsequent to such
amendment, alteration or repeal. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right or remedy
shall be cumulative and in addition to every other right or remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion of any right or remedy hereunder, or otherwise, shall not prohibit the
concurrent assertion or employment of any other right or remedy. 

     (b) In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee, who shall execute all papers required
and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such
rights. 

     Section 15. Insurance. The Company will use its
reasonable best efforts to acquire directors and officers liability insurance,
on terms and conditions deemed appropriate by the Board of Directors, with the
advice of counsel, covering Indemnitee or any claim made against Indemnitee by
reason of her Corporate Status and covering the Company for any indemnification
or advance of Expenses made by the Company to Indemnitee for any claims made
against Indemnitee by reason of her Corporate Status. Without in any way
limiting any other obligation under this Agreement, the Company shall indemnify
Indemnitee for any payment by Indemnitee arising out of the amount of any
deductible or retention and the amount of any excess of the aggregate of all
judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in
connection with a Proceeding over the coverage of any insurance referred to in
the previous sentence. The purchase, establishment and maintenance of any such
insurance shall not in any way limit or affect the rights or obligations of the
Company or Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and the
Indemnitee shall not in any way limit or affect the rights or obligations of the
Company under any such insurance policies. If, at the time the Company receives
notice from any source of a Proceeding to which Indemnitee is a party or a
participant (as a witness or otherwise) the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of such
Proceeding to the insurers in accordance with the procedures set forth in the
respective policies. 

- 9 -

     Section 16. Coordination of
Payments. The Company shall not be liable
under this Agreement to make any payment of amounts otherwise indemnifiable or
payable or reimbursable as Expenses hereunder if and to the extent that
Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise. 

     Section 17. Reports to
Stockholders. To the extent required by the
MGCL, the Company shall report in writing to its stockholders the payment of any
amounts for indemnification of, or advance of Expenses to, Indemnitee under this
Agreement arising out of a Proceeding by or in the right of the Company with the
notice of the meeting of stockholders of the Company next following the date of
the payment of any such indemnification or advance of Expenses or prior to such
meeting. 

     Section 18. Duration of Agreement;
Binding Effect. 

     (a) This Agreement shall continue until and
terminate on the later of (i) ten years after the date that Indemnitee shall
have ceased to serve as a director, officer, employee or agent of the Company or
as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate
investment trust, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise that such person is or was serving in
such capacity at the request of the Company and (ii) the date that Indemnitee is
no longer subject to any actual or possible Proceeding due to the lapse of all
applicable statutes of limitations or otherwise (including any rights of appeal
thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of
this Agreement).

     (b) The indemnification and advance of
Expenses provided by, or granted pursuant to, this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors
and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets
of the Company), shall continue as to an Indemnitee who has ceased to be a
director, officer, employee or agent of the Company or a director, trustee,
officer, partner, manager, managing member, fiduciary, employee or agent of any
other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person
is or was serving in such capacity at the request of the Company, and shall
inure to the benefit of Indemnitee and her spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives. 

     (c) The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. 

     (d) The Company and Indemnitee agree herein
that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such
breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual
damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any
other relief to which she may be entitled. Indemnitee shall further be entitled
to such specific performance and injunctive relief, including temporary
restraining orders, preliminary injunctions and permanent injunctions, without
the necessity of posting bonds or other undertakings in connection therewith.
The Company acknowledges that, in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court, and the Company hereby waives any such
requirement of such a bond or undertaking.

- 10 -

     Section 19. Severability. If any provision or
provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable that
is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions shall be deemed reformed to
the extent necessary to conform to applicable law and to give the maximum effect
to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. 

     Section 20. Identical
Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same
Agreement. One such counterpart signed by the party against whom enforceability
is sought shall be sufficient to evidence the existence of this Agreement.

     Section 21. Headings. The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be
deemed to constitute part of this Agreement or to affect the construction
thereof. 

     Section 22. Modification and
Waiver. No supplement, modification or
amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     Section 23. Notices. All notices, requests,
demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given if (i) delivered by hand and receipted for by the
party to whom said notice or other communication shall have been directed or
(ii) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed: 

     (a) If to Indemnitee, to the address set
forth on the signature page hereto. 

- 11 -

     (b) If to the Company, to: 

                    General
Counsel
                    Two
Bridge Avenue, Suite 322
                    Red
Bank, New Jersey 07701-1106
                    Facsimile:
(732) 978-7507

or to such other address as may have been
furnished in writing to Indemnitee by the Company or to the Company by
Indemnitee, as the case may be. 

     Section 24. Governing
Law. The parties agree that this Agreement
shall be governed by, and construed and enforced in accordance with, the laws of
the State of Maryland, without regard to its conflicts of laws rules.

     Section 25. Miscellaneous. Use of the masculine
pronoun shall be deemed to include usage of the feminine pronoun where
appropriate. 

[SIGNATURE PAGE FOLLOWS]

- 12 -

     IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

	
      ZAIS FINANCIAL
CORP.

		 
		 
	By:  	   /s/ Michael Szymanski
	Name:     	Michael
      Szymanski
	Title:	Chief Executive Officer and
      President	
		 	
		 	
	
      INDEMNITEE

		 	
		 	
	          /s/
      Nisha Motani
	
      Name:
	Nisha
      Motani
	
	Address:     	
      

[Signature Page to Nisha Motani Indemnification Agreement] 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES
ADVANCED

The Board of Directors of ZAIS Financial
Corp. 

Re: Undertaking to Repay Expenses Advanced

Ladies and Gentlemen: 

     This undertaking is being provided
pursuant to that certain Indemnification Agreement dated the ___ day of _______,
by and between ZAIS Financial Corp., a Maryland corporation (the “Company”), and
the undersigned Indemnitee (the “Indemnification Agreement”), pursuant
to which I am entitled to advance of Expenses in connection with [Description of Proceeding]
(the “Proceeding”). 

     Terms used herein and not otherwise
defined shall have the meanings specified in the Indemnification
Agreement.

     I am subject to the Proceeding by
reason of my Corporate Status or by reason of alleged actions or omissions by me
in such capacity. I hereby affirm my good belief that at all times, insofar as I
was involved as [a director] [an officer]
of the Company, in any of the facts or events
giving rise to the Proceeding, I (1) did not act with bad faith or active or
deliberate dishonesty, (2) did not receive any improper personal benefit in
money, property or services and (3) in the case of any criminal proceeding, had
no reasonable cause to believe that any act or omission by me was unlawful.

     In consideration of the advance of
Expenses by the Company for reasonable attorneys’ fees and related Expenses
incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the
Proceeding, it is established that (1) an act or omission by me was material to
the matter giving rise to the Proceeding and (a) was committed in bad faith or
(b) was the result of active and deliberate dishonesty or (2) I actually
received an improper personal benefit in money, property or services or (3) in
the case of any criminal proceeding, I had reasonable cause to believe that the
act or omission was unlawful, then I shall promptly reimburse the portion of the
Advanced Expenses relating to the claims, issues or matters in the Proceeding as
to which the foregoing findings have been established.

     IN WITNESS WHEREOF, I
have executed this Affirmation and Undertaking on this ___ day of
____________________, 20____.

	 	

A-1Zais Group/Zais Financial Trademark License Agreement 

       This Zais Group/Zais Financial
Trademark License Agreement (“Agreement”), is entered into as of the 5th day of February, 2013
(“Effective Date”), by and between the Parties, 

       ZAIS Group, LLC, a Delaware limited
liability company, having a principal place of business at Two Bridge Avenue,
Suite 322, Red Bank, New Jersey 07701-1106 (“ZAIS Group”), and 

       ZAIS Financial Corp., a Maryland
corporation with offices at Two Bridge Avenue, Suite 322, Red Bank, New Jersey
07701-1106 (“ZFC”), 

and the Parties agree as follows:

A R T I C L E 1 
BACKGROUND AND
DEFINITIONS

      
1.1 ZAIS Group has
adopted, is using, and is the owner of the Licensed Mark (as defined in Article
1.6) in the United States for financial services. 

      
1.2 ZFC is a Real
Estate Investment Trust managed by a subsidiary of ZAIS Group. 

      
1.3 ZFC desires to
use the Licensed Mark as part of the trade name ZAIS Financial Corp. and in
connection with the Licensed Services (as defined in Article 1.8) . 

      
1.4 ZAIS Group
desires to license the Licensed Mark on a limited purpose, fully revocable basis
to ZFC to be used as part of the trade name ZAIS Financial Corp. and in
connection with the Licensed Services subject to the terms and conditions set
forth in this Agreement.

      
1.5 “Control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a person or entity, whether
through the ownership of voting securities, by contract or otherwise.

      
1.6 “Licensed
Mark” means the mark ZAIS. 

      
1.7 “Licensed
Trade Name” means the corporate name ZAIS Financial Corp. and any variation
thereof including the term ZAIS that is used by Licensed Users, including in
relation to the website addresses zaisfinancial.com and zaisfinancialcorp.com.

      
1.8 “Licensed
Services” means real estate finance products and services offered in the United
States by Licensed Users. 

      
1.9 “Licensed
User” and “Licensed Users” means ZFC and ZFC’s Subsidiaries. 

      
1.10 “Subsidiary”
means any corporation, company or other legal entity: 

       1.10.1 more than fifty percent (50%) of whose
shares or outstanding securities (representing the right to vote for the
election of directors or other managing authority) are, now or hereafter,
Controlled, directly or indirectly by a party hereto, but such entity shall be
deemed to be a Subsidiary for the purposes of this Agreement only so long as
such Control exists; or 

       1.10.2 which does not have outstanding shares or
securities, as may be the case in a partnership, joint venture, or
unincorporated association, but more than fifty percent (50%) of whose ownership
interest representing the right to make decisions for such entity is now or
hereafter, Controlled, directly or indirectly by a party hereto, but such entity
shall be deemed to be a Subsidiary for the purposes of this Agreement only so
long as such Control exists.

- 1 - 

A R T I C L E 2 
LICENSE GRANT AND
CONDITIONS OF LICENSED USE 

      
2.1 ZAIS Group
hereby grants Licensed Users a nonexclusive, nontransferable, nonsublicensable,
fully revocable, royalty-free limited purpose license to use and display the
Licensed Trade Name and the Licensed Mark in the United States solely in
connection with the Licensed Services. 

      
2.2 All use of the
Licensed Mark by Licensed Users, and all goodwill associated with such use,
shall inure to the benefit of ZAIS Group. 

      
2.3 Licensed Users
shall use the Licensed Mark in a form which is in accordance with sound
trademark practice so as not to weaken the value of the Licensed Mark. Licensed
Users shall use the Licensed Mark in a manner that does not derogate, based on
an objective business standard, ZAIS Group’s rights in the Licensed Mark or the
value of the Licensed Mark, and shall take no action that would, based on an
objective standard, interfere with, diminish or tarnish those rights or
value.

      
2.4 The Licensed
Mark shall remain the exclusive property of ZAIS Group and nothing in this
Agreement shall give Licensed Users any right or interest in the Licensed Mark
except the licenses expressly granted in this Agreement. 

      
2.5 All of ZAIS
Group’s rights in and to the Licensed Mark, including, but not limited to, the
right to use and to grant others the right to use the Licensed Mark, are
reserved by ZAIS Group. 

      
2.6 No license,
right, or immunity is granted by either party to the other, either expressly or
by implication, or by estoppel, or otherwise with respect to any trademarks,
copyrights, or trade dress, or other property right, other than with respect to
the Licensed Trade Name and the Licensed Mark in accordance with Article 2.1 of
this Agreement. 

      
2.7 Licensed Users
acknowledge that ZAIS Group is the sole owner of all right, title and interest
in and to the Licensed Mark, and that Licensed Users have not acquired, and
shall not acquire, any right, title or interest in or to the Licensed Mark
except the right to use the Licensed Mark in accordance with the terms of this
Agreement. 

      
2.8 Licensed Users
shall not register the Licensed Mark in any jurisdiction without ZAIS Group’s
express prior written consent, and ZAIS Group shall retain the exclusive right
to apply for and obtain registrations for the Licensed Mark throughout the
world. 

      
2.9 Licensed Users
shall not challenge the validity of the Licensed Mark, nor shall Licensed Users
challenge ZAIS Group’s ownership of the Licensed Mark or the enforceability of
ZAIS Group’s rights therein.

- 2 - 

      
2.10 Licensed
Users shall designate the first or a prominent use of the Licensed Mark in all
promotional materials, documents, brochures, and/or manuals with the symbol
“SM”. 

      
2.11 Licensed
Users agree to cooperate with ZAIS Group’s preparation and filing of any
applications, renewals or other documentation necessary or useful to protect
and/or enforce ZAIS Group’s intellectual property rights in the Licensed Mark.

       2.11.1 Licensed Users shall notify ZAIS Group
promptly of any actual or threatened infringements, imitations or unauthorized
uses of the Licensed Mark of which Licensed Users become aware. 

       2.11.2 ZAIS Group shall have the sole right,
though it is under no obligation, to bring any action for any past, present and
future infringements of its intellectual property rights in the Licensed
Mark. 

       2.11.3 Licensed Users shall cooperate with ZAIS
Group, at ZAIS Group’s expense for any out-of-pocket costs incurred by Licensed
Users, in any efforts by ZAIS Group to enforce its rights in the Licensed Mark
or to prosecute third party infringers of the Licensed Mark.

       2.11.4 ZAIS Group shall be entitled to retain
any and all damages and other monies awarded or otherwise paid in connection
with any such action.

      
2.12 Quality
Control. In order to promote the goodwill
symbolized by the Licensed Mark, Licensed Users will insure that the Licensed
Services shall be of the same high quality as the services marketed or otherwise
provided by ZAIS Group. 

       2.12.1 Licensed Users shall use the Licensed
Mark only in connection with services that meet or exceed generally accepted
industry standards of quality and performance. 

       2.12.2 ZAIS Group shall have the right to
monitor the quality of the services provided and promotional materials used by
Licensed Users, and Licensed Users shall use reasonable efforts to assist ZAIS
Group in monitoring the quality of the services provided and promotional
materials used by Licensed Users. 

       2.12.3 From time to time and upon ZAIS Group’s
request, Licensed Users shall submit to ZAIS Group samples of all materials
bearing the Licensed Mark, including, without limitation, any advertising,
packaging and other publicly disseminated materials. 

       2.12.4 If ZAIS Group discovers any improper use
of the Licensed Mark on any such submission and delivers a writing describing in
detail the improper use to ZFC, Licensed Users shall remedy the improper use
immediately.

A R T I C L E 3 
TERM AND TERMINATION 

      
3.1 Either party
may terminate this Agreement by giving the other party thirty (30) days’ prior
written notice. 

- 3 - 

      
3.2 This Agreement
and all rights and licenses granted under this Agreement shall terminate as soon
as practicable, but no longer than thirty (30) days, after: 

       3.2.1
A third party acquires Control of ZFC;
or 

       3.2.2
ZAIS Group or any Subsidiary of ZAIS Group ceases
to manage ZFC. 

      
3.3 In the event
that ZFC loses Control of a Subsidiary, all rights and licenses granted to the
former Subsidiary under this Agreement shall immediately terminate. 

      
3.4 Upon
termination of this agreement, Licensed Users shall immediately cease use of the
Licensed Trade Name and Licensed Mark as soon as practicable, but no longer than
thirty (30) days, after termination. 

A R T I C L E 4 
GENERAL PROVISIONS 

      
4.1 Indemnification. Licensed Users, at
Licensed Users’ own expense, shall indemnify, hold harmless and defend ZAIS
Group, its affiliates, successors and assigns, and its and their directors,
officers, employees and agents, against any claim, demand, cause of action,
debt, expense or liability (including attorneys’ fees and costs), to the extent
that the foregoing (a) is based on a claim resulting solely from any service
provided or offered by Licensed Users, (b) results from a material breach, or is
based on a claim that, if true, would be a material breach, of this Agreement by
Licensed Users, or (c) is based upon Licensed Users’ unauthorized or improper
use of the Licensed Mark. 

      
4.2 LIMITATION
OF WARRANTY AND LIABILITY. ZAIS GROUP DOES
NOT MAKE WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, RELATED TO OR ARISING
OUT OF THE LICENSED MARK OR THIS AGREEMENT. 

       4.2.1
ZAIS GROUP SPECIFICALLY DISCLAIMS ANY IMPLIED
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT, AND/OR TITLE, AND ALL OTHER WARRANTIES THAT MAY OTHERWISE
ARISE FROM COURSE OF DEALING, USAGE OF TRADE OR CUSTOM. 

       4.2.2
IN NO EVENT SHALL ZAIS GROUP OR ANY OF ITS
DIRECTORS, OFFICERS, EMPLOYEES, LICENSORS, SUPPLIERS OR OTHER REPRESENTATIVES BE
LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS
OF PROFITS, BUSINESS INTERRUPTION, LOSS OF GOODWILL, COMPUTER FAILURE OR
MALFUNCTION OR OTHERWISE, ARISING FROM OR RELATING TO THIS AGREEMENT OR THE
LICENSED MARK, EVEN IF ZAIS GROUP IS EXPRESSLY ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY AND EXCLUSION OF CERTAIN
DAMAGES SHALL APPLY REGARDLESS OF THE FAILURE OF ESSENTIAL PURPOSE OF ANY
REMEDIES AVAILABLE TO EITHER PARTY. 

      
4.3 Non-Transferable Agreement. Licensed
Users may not assign this Agreement and/or any rights and/or obligations
hereunder without the prior written consent of ZAIS Group and any such attempted
assignment shall be void.

      
4.4 Remedies. Licensed Users acknowledge
that a material breach of Licensed Users’ obligations under this Agreement would
cause ZAIS Group irreparable damage. Accordingly, Licensed Users agree that in
the event of such breach or threatened breach, in addition to remedies at law,
ZAIS Group shall have the right to enjoin Licensed Users from the unlawful
and/or unauthorized use of the Licensed Trade Name and/or the Licensed Mark and
other equitable relief to protect ZAIS Group’s rights in the Licensed
Mark.

- 4 - 

     
4.5 Integration. This Agreement contains
the entire agreement of the parties. No promise, inducement, representation or
agreement, other than as expressly set forth herein, has been made to or by the
Parties hereto. All prior agreements and understandings related to the subject
matter hereof, whether written or oral, are expressly superseded hereby and are
of no further force or effect. 

     
4.6 Binding
Agreement. This Agreement shall be binding
upon the Parties’ permitted assigns and successors and references to each party
shall include such assigns and successors. 

     
4.7 Amendment. This Agreement cannot be
altered, amended or modified in any respect, except by a writing duly signed by
both Parties. 

     
4.8 No Strict
Construction. The normal rule of construction
to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Agreement. Headings are for
reference and shall not affect the meaning of any of the provisions of this
Agreement. 

     
4.9 Waiver. At no time shall any failure
or delay by either party in enforcing any provisions, exercising any option, or
requiring performance of any provisions, be construed to be a waiver of same.

     
4.10 Governing
Law and Jurisdiction. The provisions of this
Agreement shall be governed by and construed in accordance with the laws of the
State of New York (excluding any conflict of law rule or principle that would
refer to the laws of another jurisdiction). Each party hereto irrevocably
submits to the jurisdiction of the state and federal courts located in New York,
in any action or proceeding arising out of or relating to this Agreement, and
each party hereby irrevocably agrees that all claims in respect of any such
action or proceeding must be brought and/or defended in any such court;
provided, however, that matters which are under the exclusive jurisdiction of
the federal courts shall be brought in the Federal District Court for the
District of New York. Each party hereto consents to service of process by any
means authorized by the applicable law of the forum in any action brought under
or arising out of this Agreement, and each party irrevocably waives, to the
fullest extent each may effectively do so, the defense of an inconvenient forum
to the maintenance of such action or proceeding in any such court. 

     
4.11 Attorney’s
Fees. In the event any suit or other legal
proceeding is brought for the enforcement of any of the provisions of this
Agreement, the Parties hereto agree that the prevailing party shall be entitled
to recover from the other party upon final judgment on the merits reasonable
attorneys’ fees (and sales taxes thereon, if any), including attorneys’ fees for
any appeal, and costs incurred in bringing such suit or proceeding. 

     
4.12 Relationship of the Parties. Nothing
in this Agreement will be construed as creating a joint venture, partnership, or
employment relationship between ZAIS Group and ZFC or any of ZFC’s Subsidiaries.
Neither party will have the right, power or implied authority to create any
obligation or duty on behalf of the other party. 

     
4.13 Notices. Unless otherwise specified in
this Agreement, all notices shall be in writing and delivered personally,
mailed, first class mail, postage prepaid, or delivered by confirmed electronic
or digital means, to the addresses set forth at the beginning of this Agreement
and to the attention of the undersigned. Either party may change the addresses
or addressees for notice by giving notice to the other. All notices shall be deemed given on
the date personally delivered, when placed in the mail as specified or when
electronic or digital confirmation is received.

- 5 - 

      
4.14 Counterparts. This Agreement may be
executed in counterparts, by manual or facsimile signature, each of which will
be deemed an original and all of which together will constitute one and the same
instrument. 

[SIGNATURE PAGES FOLLOW] 

- 6 - 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first written above.

		ZAIS
      FINANCIAL CORP. 

			 
 
	 	By:	       /s/ Michael
      Szymanski
			Name: Michael Szymanski
			Title: Chief Executive Officer
		 
 

		
      ZAIS GROUP, LLC
      

			 
 
	 	By:   	       /s/ Michael
      Szymanski
			Name: Michael Szymanski
			Title:
President

[Signature Page to License Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]