Document:

Exhibit 10.2

 

RELEASE AGREEMENT

 

This Release Agreement
(“Agreement”) is made by and between ZAIS Group, LLC (“EMPLOYER” or “ZAIS”) and Michael F.
Szymanski (“EMPLOYEE”) as of January 4, 2018 (the “Effective Date”).

 

RECITALS

 

A.        For purposes
of this Agreement, “EMPLOYER” means ZAIS Group, LLC and includes each of its predecessors, successors in interest,
assigns, parent and subsidiary organizations, affiliates, and partners, and its past, present, and future officers, directors,
shareholders, agents, and employees, and their heirs and assigns.

 

B.        For and in consideration
of the mutual promises and covenants in this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

General Release, Waiver of Claims
and Covenant Not to Sue

 

EMPLOYEE, in consideration of EMPLOYER
making the remaining $500,000 payment (the “Final Retention Bonus Amount”) to EMPLOYEE under the terms of the letter
agreement with the Employee dated April 5, 2017 (as amended, the “Letter Agreement”), hereby knowingly and voluntarily
compromises, settles, and releases EMPLOYER from any and all past, present, or future claims, demands, obligations, or causes of
action, whether based on tort (including fraud), contract, statutory or other theories of recovery for anything that has occurred
up to and including the Effective Date of this Agreement. Such claims include any known and unknown claims EMPLOYEE may have or
has against EMPLOYER, or which may later accrue to or be acquired by EMPLOYEE before and through the Effective Date of this Agreement
against EMPLOYER and its predecessors, successors in interest, assigns, parent and subsidiary organizations, affiliates, and partners,
and its past, present, and future officers, directors, shareholders, agents, and employees, and their heirs and assigns (collectively,
the “Released Parties”), whether directly or indirectly related to the employment relationship between the parties
or not.

 

In addition, EMPLOYEE
specifically agrees to release and waive any and all claims arising under federal, state and local laws prohibiting any form of
employment discrimination, harassment or retaliation, claims arising under the common law, and any other claims arising in any
way from EMPLOYEE’s employment with EMPLOYER and the separation from employment, and any other conduct by EMPLOYER to the
fullest extent permitted by law. EMPLOYEE’s express waiver and release of all claims or rights includes, but is not limited
to, those arising under Title VII of The Civil Rights Act of 1964, 42 U.S.C. §2000 et seq.; Section 1981 of the Civil
Rights Act of 1866, as amended; The Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act
(ADEA); the Fair Labor Standards Act, 29 U.S.C. §201 et seq. (FLSA); the Lilly Ledbetter Fair Pay Act; the Family and
Medical Leave Act, 29 U.S.C. §2601 et seq. (FMLA); the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA);
the Americans with Disabilities Act of 1990, 42 U.S.C. §12101 et seq. (ADA); the Rehabilitation Act, 29 U.S.C. §701
et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq. (ERISA); the National
Labor Relations Act, 29 U.S.C. §151 et seq. (NLRA); the New Jersey Law Against Discrimination, N.J.S.A. 10:5-1 et
seq. (NJLAD); the Conscientious Employee Protection Act, N.J.S.A. 34:19-1 et seq. (CEPA); the New Jersey Family Leave
Act, N.J.S.A. 34:11B-1 et seq. (NJFLA); the New Jersey Workers’ Compensation Act, N.J.S.A. 34:15-1 et seq.;
the New Jersey Wage and Hour Laws, N.J.S.A. 34:11-56a et seq.; claims relating to the tax treatment of any compensation
provided to EMPLOYEE by EMPLOYER in any capacity and any and all claims for compensatory and punitive damages and attorneys' fees,
costs or other expenses, including the applicable laws of New York.

 

     

     

    

  

EMPLOYEE represents that
EMPLOYEE has not filed any lawsuits, claims or arbitrations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries
or any of their respective officers, directors, direct or indirect controlling shareholders or employees , or filed or caused to
be filed any charges, complaints or accusations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries or any of their
respective officers, directors, direct or indirect controlling shareholders or employees in any municipal, state or federal jurisdiction
or with any municipal, state or federal agency charged with the enforcement of any law or any self- regulatory organization. To
the extent not inconsistent with Equal Employment Opportunity Commission (“EEOC”) Enforcement Guidance or Non-Waivable
Employee Rights Under EEOC-Enforced Statutes dated April 11, 1997, and to the fullest extent permitted by law, EMPLOYEE shall not
sue in any jurisdiction or file a complaint, grievance or demand for arbitration against EMPLOYER or any of EMPLOYER’S parents
or subsidiaries or any of their respective officers, directors, direct or indirect controlling shareholders or employees in any
claim, arbitration, suit, action, investigation, or other proceeding that relates to any matter that involved EMPLOYER, and that
occurred up to and including the Effective Date of this Agreement, unless required to do so by court order, subpoena or other directive
by a court, administrative agency, arbitration panel or legislative body, or unless required to enforce this Agreement. Notwithstanding
the foregoing provisions, nothing in this Agreement shall prevent EMPLOYEE from commencing an action or proceeding to enforce this
Agreement or exercising his rights to challenge the validity of his waiver of ADEA claims set forth herein. This release, waiver
and covenant does not apply to: (i) any right or claim to payment or benefit provided for and set forth in this Agreement(ii) the
enforcement of any provision of this Agreement or (c) any rights and benefits under the Indemnification Agreement between EMPLOYEE
and ZAIS Group Holdings, Inc. dated March 17, 2015 (collectively, the “Excluded Claims”)

 

Waiver

 

EMPLOYER hereby agrees to waive Section
2(a)(i) of the Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement dated September 8, 2009 between
EMPLOYEE and EMPLOYER (the “Non-Compete Agreement”), effective on January 5, 2018. Further, in consideration of EMPLOYER
waiving the restrictions set forth in Section 2(a)(ii) of the Non-Compete Agreement, EMPLOYEE agrees that EMPLOYEE will not solicit
any prospective client or investor of ZAIS Group, LLC (as set forth in a separate letter to be provided by EMPLOYER to EMPLOYEE)
for any credit related fund, product or managed account during the Covenant Period (as defined in the Non-Compete Agreement) applicable
to Section 2(a)(ii) of the Non-Compete Agreement. Other than as set forth in this Section, all of the other terms of the Non-Compete
Agreement remain in full force and effect and will be adhered to by the EMPLOYEE.

 

    	 	2	 

     

    

  

Protected Rights

 

This Agreement, the Non-Compete Agreement
and any other agreement with EMPLOYER are not intended to, and shall not, in any way prohibit, limit or otherwise interfere with:
(a) EMPLOYEE’S protected rights under federal, state or local law to, without notice to EMPLOYER, (i) communicate or file
a charge with a government regulator; (ii) participate in an investigation or proceeding conducted by a government regulator; or
(iii) receive an award paid by a government regulator for providing information; (b) EMPLOYEE’S protected right to test in
any court, under the Older Workers Benefit Protection Act, or like statute or regulation, the validity of the waiver of rights
under ADEA in this Agreement; or (c) EMPLOYEE’S right to enforce to enforce the terms of this Agreement or to exercise your
rights relating to any other Excluded Claims.

 

Entire Agreement

 

This Agreement, together with the Letter
Agreement, the Non-Compete Agreement and any other employee covenants agreement EMPLOYEE has signed, contains the entire agreement
and understanding between the EMPLOYEE and the EMPLOYER concerning the subject matter of this Agreement and supersedes any and
all prior agreements or understandings (both written and oral) between the EMPLOYEE and the EMPLOYER concerning the subject matter
of this Agreement. This Agreement may only be modified by a written document signed by you and an authorized officer of the Company.

 

Severability

 

If a court finds any provision of this
Agreement invalid or unenforceable as applied to any circumstance, the remainder of this Agreement and the application of such
provision shall be interpreted so as best to effect the intent of the parties hereto. The parties further agree to replace any
such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent
possible, the economic, business, or other purposes of the void or unenforceable provision.

 

Governing Law

 

This Agreement shall be governed by
and construed in all respects in accordance with the laws of the State of New Jersey without regard to its conflict of law rules.
EMPLOYER and EMPLOYEE hereby agree that any dispute concerning this Agreement shall be subject to the exclusive jurisdiction of
the state courts and federal courts located in New Jersey.

 

Miscellaneous

 

EMPLOYEE acknowledges and agrees that
upon payment of the Final Retention Bonus Amount, EMPLOYEE will have been paid for all work performed including, without limitation,
all salary/wages, bonuses, overtime, commissions and any earned, but unused, vacation time due to EMPLOYEE up through and including
the last day of employment. EMPLOYEE acknowledges and agrees that, except for the EMPLOYER’s obligation to provide the payments
and extension of benefits specifically provided in this Agreement and under COBRA, EMPLOYEE is entitled to no other payments or
benefits whatsoever and the Released Parties have no further obligations to EMPLOYEE whatsoever, whether arising out of employment
with the EMPLOYER, EMPLOYEE’S separation from the EMPLOYER or otherwise.

 

    	 	3	 

     

    

 

EMPLOYEE further acknowledges that
he have no right to reinstatement or re- employment with the EMPLOYER and agrees that any application for re-employment may be
rejected without explanation or liability.

 

Nothing contained in this Agreement
will constitute or be treated as an admission by the EMPLOYEE, the EMPLOYER or any of the other Released Parties of any liability,
wrongdoing or violation of law.

 

This Agreement shall inure to the benefit
of the EMPLOYER and the other Released Parties and shall be binding upon EMPLOYER and its successors and assigns. For this purpose,
“successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger,
or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. This Agreement
also shall inure to the benefit of, and be binding upon, the EMPLOYEE and his heirs, executors, administrators, trustees and legal
representatives.

 

EMPLOYEE REPRESENTS AND WARRANTS:

 

		•	having had sufficient opportunity to consider this Agreement;

		•	having carefully read this Agreement and understand all of its terms;

		•	having entered into this Agreement of his own free will and volition and that, except for the promises
expressly made by the Company in this Agreement, no other promises or agreements of any kind have been made to him by any person
or entity whatsoever to cause you to sign this Agreement;

		•	he is responsible for his own attorneys’ fees and costs;

		•	having been advised and encouraged by ZAIS to consult with his own independent counsel before signing
this Agreement;

		•	having had the opportunity to review this Agreement with counsel of his choice or have chosen voluntarily
not to do so

		•	having been given twenty-one (21) days to review this Agreement before signing this Agreement and
understanding that he is free to use as much or as little of the 21-day period as he wishes or considers necessary before deciding
to sign it;

		•	having been advised of his right to revoke this Agreement within a period of seven (7) days from
his delivery of the executed Agreement to ZAIS, by delivering written notice of such revocation to Ann O’Dowd, at which point
the Agreement will become void and of no effect; and

		•	having been informed, and agreeing that this Agreement will not become effective unless and until
the seven (7) day revocation period has passed without revocation; and

		•	understanding that this Agreement is valid, binding, and enforceable against EMPLOYEE AND
EMPLOYER according to its terms.

 

If you wish to accept this Agreement, please sign, date
and return it to me no later than twenty- one (21) days after receiving it.

 

    	 	4	 

     

    

 

	Sworn and subscribed before me this _________ day of ___________, 2018	 	EMPLOYEE
	 	 	 /s/ Michael F. Szymanksi
	 	 	 
	 	 	 
	NOTARY PUBLIC	 	 ZAIS GROUP, LLC
	 	 	 /s/ Christian M. Zugel

 

    	 	5Exhibit 10.3

 

 

 

January 4, 2018

 

ZAIS Group, LLC

2 Bridge Ave Suite 322

Red Bank, NJ 07701

 

Mr. Daniel Curry

[ADDRESS REDACTED]

 

Dear Mr. Curry,

 

Please let this letter serve as confirmation
of your offer of employment by ZAIS Group, LLC (“ZAIS”) to commence full time work on January 8, 2018 in the position
of President of ZAIS, reporting to Christian Zugel, the Chief Investment Officer of ZAIS. Mr. Zugel will propose you as Chief Executive
Officer and President of ZAIS Group Holdings, Inc. (“ZGH”), a publicly held company whose shares are traded on NASDAQ
and to fill any vacancy on the Board of Directors of ZGH. Your appointment as Chief Executive Officer and President of ZGH, and
the effectiveness of this offer letter, is subject to your election by the Board of Directors of ZGH.

 

Employment with ZAIS is on an at-will basis.
That means that either you or ZAIS may end the employment relationship at any time, for any reason or no reason, with or without
notice. Termination of your employment by ZAIS for any reason or no reason will result in the contemporaneous termination of
your position as Chief Executive Officer and President of ZGH. Your position is a full time exempt position.

 

Your annual base salary will be $400,000, prorated
for the 2018 calendar year, payable in semimonthly installments of $16,667, and subject to all federal, state, and local withholdings,
and deductions for your participation in ZAIS’ employee benefit plans.

 

In addition to your base salary, you will be
eligible to receive additional incentive compensation. The payment, the amount, the timing, and character of incentive compensation,
if any, is at the sole discretion of ZAIS, and is further subject to approval by the Compensation Committee of the ZGH Board of
Directors, and will be determined by, among other factors, both ZAIS’s financial results and your individual performance,
No such additional incentive compensation has been promised to you and you are not relying on the prospect of additional incentive
compensation in accepting this offer of employment.

 

As a further condition to your employment by
ZAIS, you will be required to execute a non-competition agreement with ZAIS containing customary confidentiality, non-competition,
and non-solicitation provisions. This agreement will be provided separately from this offer of employment.

 

     

     

    

 

SEC Rule 206(4)-5 “Political Contributions
by Certain Investment Advisers” may place certain restrictions on ZAIS as a result of your past and future political contributions.
Therefore, as an additional condition of your employment, you will be required to provide a list of all political contributions
made by you and members of your household during the past 24 months by completing Attachment I of this letter - “Political
Contributions – Employment Candidate Disclosure”. Any misrepresentation of or omission of any contributions from this
information request, will be cause for your dismissal from employment.

 

We understand, and you confirm, that you (i)
are a citizen of the United States or are legally eligible to work here, (ii) are not registered as an investment advisor under
the Investment Advisors Act of 1940, (iii) do not maintain any other federal or state securities registrations or licenses, (iv)
are not subject to any order issued by the Securities and Exchange Commission or any other securities regulator, (v) have never
been convicted of, or plead guilty to, a crime, (vi) are not a defendant in any litigation, (vii) have never been accused in any
litigation or regulatory action of any violations of federal, state or foreign securities laws or breach of fiduciary duty, (viii)
are not aware of any investigation or examination commenced or contemplated to be commenced against you by any governmental agency,
regulatory authority or securities or commodities exchange in the United States or elsewhere, and (ix) are not subject to any employment
agreement or contract that would be violated by your employment with ZAIS.

 

This offer of employment, and your continued
employment, are contingent upon the accuracy of the foregoing as well as the results of your background check. If the background
check reveals any information that ZAIS may deem to represent a risk to ZAIS, we reserve the right to rescind this offer.

 

You will be entitled to five weeks of paid
time off per year (this is all inclusive of vacation, sick days, personal days, etc.), pro-rated for the first calendar year based
on your date of hire. As a full time employee, you will also be eligible to participate in ZAIS benefit programs which include:

 

Medical, dental, and vison insurance plans

401K (after three months continuous employment)

Life insurance

LTD disability coverage

 

If the above terms are agreeable to you, please
sign below, and return this letter to Ann O’Dowd within five business days.

 

Regards,

 

	/s/ Christian Zugel	 	/s/ Daniel Curry
	ZAIS Group LLC	 	 
	CC:  Ann O’Dowd	 	 

 

     

     

    

  

ATTACHMENT I

 

POLITICAL CONTRIBUTIONS – EMPLOYMENT
CANDIDATE DISCLOSURE

 

SEC Rule 206(4)-5 concerning “Political
Contributions by Certain Investment Advisers” may place certain restrictions on ZAIS as a result of your past and future
political contributions to candidates, successful candidates or holders of state or local public office in the U.S., or to candidates
for federal office if they currently hold a state or local political office in the U.S. (collectively, “Political Contributions”).

 

As a condition of your employment, please either
acknowledge your understanding of this requirement and state you have made no such contributions, or provide a list of all such
political contributions you and members of your household made during the past 24 months. Any misrepresentation or omission
about your contributions may be cause for your dismissal from employment.

 

	A.	x	I have made no Political Contributions, nor have any members of my household, during the past 24 months.  
	B.	 ̈	I (or members of my household) have made one or more Political Contributions during the past 24 months.

 

	/s/ Daniel Curry	 
	Daniel Curry	 
	(Name/Signature)	 

 

If you checked B., above, please provide
the following information for each political contribution that has been made. Attach additional pages, as needed.

 

	Public Office:	 
	 	 
	Jurisdiction:	 
	 	 
	Recipient:	 
	 	 
	Value:	 
	 	 
	Date of Contribution:	 

 

Attach additional pages if necessary

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