Document:

Exhibit 10.15

 

INCENTIVE AGREEMENT

 

THIS INCENTIVE AGREEMENT is dated
as of December 19, 2013, and is between ZAIS Group, LLC, a Delaware limited liability company (the “Company”), and,
Christian Zugel an individual residing 35 Middletown Road Holmdel, NJ 07733 (the “Employee”).

 

RECITALS:

 

The Employee is currently employed
as a full time employee by the Company.

 

The Company considers the Employee
to be a valuable employee and desires to provide the Employee with certain additional compensation for the services to be rendered
by the Employee to the Company in the future, above and beyond the compensation that is otherwise paid to the Employee, as an
incentive for the Employee’s continuing to remain in the employ of the Company.

 

In consideration of the agreements
set forth below, the Company and the Employee agree as follows:

 

1.  The Company agrees, subject
to the terms and conditions set forth herein, to pay the following amounts of incentive compensation to the Employee on the following
dates:

 

	$	164,000	 	 	February 27, 2015
	$	164,000	 	 	February 29, 2016
	$	164,000	 	 	February 28, 2017

 

2.  (a) The incentive compensation
under paragraph 1 payable on February 27, 2015 will be paid to the Employee only if the Employee has been in the continuous employ
of the Company or one of its designated affiliates from the date of this Incentive Agreement up to and including February 27,
2015 (subject to paragraph 2(b) below). The incentive compensation payable on February 29, 2016 under paragraph 1 will be paid
to the Employee only if the Employee has been in the continuous employ of the Company or one of its designated affiliates from
the date of this Incentive Agreement up to and including February 29, 2016 (subject to paragraph 2(b) below). The incentive compensation
payable on February 28, 2017 under paragraph 1 will be paid to the Employee only if the Employee has been in the continuous employ
of the Company or one of its designated affiliates from the date of this Incentive Agreement up to and including February 28,
2017 (subject to paragraph 2(b) below).

 

    	 

    	 

    

 

(b)If the Employee’s
employment is terminated, either unilaterally by the Company other than “For Cause” (as defined in the Amended and
Restated Operating Agreement of the Company, as from time to time in effect) or because of disability or death of the Employee,
before February 27, 2015 with respect to the amount payable on February 27, 2015, or before February 29, 2016 with respect to
the amount payable on February 29, 2016, or before February 28, 2017 with respect to the amount payable on February 28, 2017 the
Company shall nevertheless pay to the Employee or the Employee’s estate (in the event of death) on February 27, 2015, February
29, 2016, or February 28, 2017 the amount of compensation set forth in paragraph 1 respectively.

 

(c)The Employee shall be deemed
to have become disabled for purposes of paragraph 2(b) above if the Managing Member of the Company (the “Managing Member”)
shall find on the basis of medical evidence satisfactory to the Managing Member in his or her sole and absolute judgment that
the Employee is disabled, mentally or physically, within the meaning of Section 409A (a)(2)(C) of the Internal Revenue Code of
1986, as amended (the “IRC”).

 

(d)All amounts payable by the
Company to the Employee hereunder will be reported to federal and state taxing authorities as additional wages and will be subjected
to federal and state payroll tax withholding in accordance with the various requirements in effect at the time of payment.

 

3. Nothing contained in this
Incentive Agreement and no action taken pursuant to this Incentive Agreement shall create or be construed to create a trust of
any kind, or a fiduciary relationship between the Company and the Employee. Any funds which may be invested under the provisions
of this Incentive Agreement shall continue for all purposes to be a part of the general funds of the Company and no person other
than the Company shall by virtue of the provisions of this Incentive Agreement have any interest in such funds. To the extent
that any person acquires a right to receive payments from the Company under this Incentive Agreement, such right shall be no greater
than the right of any unsecured general creditor of the Company.

 

4. Notwithstanding anything
in this Incentive Agreement the contrary, no payment of any compensation shall be made to the Employee and all rights under this
Incentive Agreement of the Employee, his or her executors or administrators, or any other person, shall be forfeited if the Employee
ceases to be employed by the Company, except in the case of the unilateral termination of the Employee’s employment by the
Company other than “For Cause”, or the death or disability of the Employee, as provided in paragraph 2.

 

5. The right of the Employee
to the payment of compensation under this Incentive Agreement shall not be assigned, transferred, pledged or encumbered except
by will or by the laws of descent and distribution.

 

    	 

    	 

    

 

6. Nothing contained herein
shall be construed as conferring upon the Employee the right to continue in the employ of the Company in any capacity. Unless
otherwise established by a separate written employment agreement signed by the Company and the Employee, the Employee shall remain
an employee-at-will of the Company.

 

7. The Managing Member shall
have full power and authority to interpret, construe, and administer this Incentive Agreement and the Managing Member’s
interpretations and construction hereof, and actions hereunder, shall be binding and conclusive on all persons for all purposes.
The Managing Member shall not be liable to any person for any action taken or omitted in connection with the interpretation and
administration of this Incentive Agreement.

 

8. This Incentive Agreement
shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Employee and his heirs, executors,
administrators, and legal representatives.

 

9. This Incentive Agreement
is intended to comply with the provisions of Section 409A of the IRC.

 

10. It is expressly understood
and agreed by the Employee and the Company that the compensation payable hereunder has been granted in respect of services to
be performed by the Employee in the future and as an incentive for the Employee’s continuing to remain in the employ of
the Company. Solely if and to the extent required by IRC Section 409A(a)(4)(B)(iii), by his execution of this Incentive Agreement,
the Employee elects to defer the compensation amounts as determined in paragraph 1 hereof in accordance with IRC Section 409A(a)(4)(B)(iii).

 

11. Notwithstanding any language
to the contrary herein, in no event will the Company make distributions hereunder at any time prior to the earliest occurrence
of any of the events set forth at IRC Section 409A(a)(2)(A) as that provision may from time to time be amended or interpreted
by regulations issued by the U.S. Treasury Secretary.

 

12. This Incentive Agreement
shall be construed in accordance with and governed by the law of the State of New Jersey.

 

13. The Employee acknowledges
that he/she has read and understands this Incentive Agreement and has been given the opportunity to consult with his/her advisors
with respect to its meaning.

 

    	 

    	 

    

 

This Incentive Agreement is being
duly executed and delivered by the Employee and the Company as of December 19, 2013:

 

ZAIS Group, LLC

 

	By	/s/ Michael F. Szymanski	 

 

	Employee:
	 
	/s/ Christian Zugel	 
	Christian ZugelExhibit
10.16

 

NON COMPETITION,
NON-SOLICITATION, CONFIDENTIALITY AND

INTELLECTUAL PROPERTY
AGREEMENT

 

September 8, 2009                

 

Mr. Michael Szymanski

253 Phelps Drive

Ridgewood, NJ 07450

 

Dear Michael:

 

In consideration
of your becoming employed on the date hereof by ZAIS Group, LLC (“ZAIS”) to work for Z Asset Advisors Group LLC (“ZAA”;
collectively with ZAIS, the “Company”) and the payment to you of a sign-on bonus in the amount of $25,000, receipt
of which is hereby acknowledged, you hereby agree with the Company as follows:

 

1.           Confidentiality.

 

(a)          During
the term of your employment by the Company and thereafter, you shall retain in strict confidence, and not use for any
purpose, except as permitted by this Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement
(this “Agreement”), all Confidential Information (as defined below). You may disclose or communicate only such
Confidential Information as is reasonably required in the good faith performance of your duties as an employee of the Company
or as otherwise specifically approved by the Company. You may disclose Confidential Information to the extent required
pursuant to a valid order of a court or other governmental authority or under applicable law, provided
that you shall give the Company written notice of such requirement to disclose Confidential Information as far in advance as
possible prior to disclosure, and shall cooperate with the Company if the Company seeks to obtain a protective order with
respect to such Confidential Information.

 

(b)          You
acknowledge and agree that all materials relating to the Company and its business and operations that shall become known to you,
whether or not created by you, as a consequence of your relationship with the Company shall be and remain the property of the
Company, whether or not such materials constitute or contain Confidential Information, and that you shall return all copies of
such materials to the Company immediately upon the termination of your employment with the Company. You further agree to comply
with all provisions, to the extent applicable to you, of any confidentiality, non-disclosure or similar agreement entered into
by the Company with or for the benefit of any other person or entity.

 

(c)          “Confidential
Information” means and includes (i) all knowledge, information and material concerning the Company or any of its affliates
or it or their business, operations, affairs, plans and financial condition, and (ii) all information that has been or may be
disclosed to the Company by any third party under an agreement or circumstances requiring such information to be kept confidential.
Confidential Information shall not include information (x) that is in the public domain other than by your breach of this Agreement
or (y) is in your rightful possession from third parties having no obligation of confidentiality to the Company.

 

    	 

    	 

    

  

2.           Non-competition
and Non-solicitation.

 

(a)          You
acknowledge that your position with the Company places you in a special relationship and position of confidence and trust with
the Company and its employees and clients, and allows you access to the Company’s proprietary trading strategies and methods.
In recognition of the fact that the Company’s clients, strategies and methods were developed by the Company using its resources,
and were not brought by you to the Company, you agree that during the period of your employment with the Company and thereafter
for the Covenant Period (as defined below), you shall not, directly or indirectly, either for your benefit or the benefit of any
other third person or entity:

 

(i)          engage
in business as, own an interest in or provide services to, directly or indirectly, any individual proprietorship, partnership,
limited liability company, corporation, joint venture, or any other form of business entity, whether as an individual proprietor,
partner, shareholder, joint venturer, surety, officer, director, consultant, investment adviser, finder, broker, employee, or
in any other manner whatsoever, (A) if such person or entity is engaged in whole or in part in any business in North America or
Europe of the type and character engaged in and competitive with that conducted by the Company as of the date the undersigned
ceases to be employed by the Company, and (B) if you are to be directly or indirectly providing services in any capacity, the
services to be so provided by you are in whole or in part comparable to the services you provided to the Company; provided,
however, that if your employment with the Company is terminated by the Company other than a termination “For
Cause” (as defined in the Amended and Restated Operating Agreement of the Company, as from time to time in effect), the
provisions of this paragraph 2(a)(i) shall not thereafter be applicable to you;

 

(ii)         solicit
any Non-Solicitable Client (as defined below) for the purpose of selling or recommending any business or service which is competitive
with the business or services of the Company, or attempt to persuade any Non-Solicitable Client to discontinue or reduce its relationship
with the Company or any investment fund managed by the Company, provided
that you shall not be deemed to be in violation of this clause (i) solely by virtue of your employment by or association
with a person or entity that you have not established and do not control (even if such entity solicits Non-Solicitable Clients
or attempts to persuade Non-Solicitable Clients to discontinue or reduce their relationship with the Company), so long as you
are not engaged in or directly or indirectly in any way responsible for such solicitation or persuasion efforts; or

 

(iii)        employ,
retain or hire or offer to employ, retain or hire any Non-Solicitable Person (as defined below), or otherwise solicit, recruit
or otherwise induce or encourage a Non-Solicitable Person to discontinue his or her relationship with the Company (other than
by way of a general solicitation that is not targeted at the Company or Non-Solicitable Persons.)

 

    	 

    	 

    

  

(b)          For
purposes of this Paragraph 2:

 

(i)          A
“Non- Solicitable Client” means any person or entity who (or whose affiliate), at the time of the relevant conduct
by you referred to in clause (i) above, is a partner or investor in any investment fund managed by the Company, or was a partner
or investor at any time during the immediately preceding twelve months.

 

(ii)         A
“Non-Solicitable Person” is any person who, at the time of the relevant conduct by you referred to in clause (ii)
above, is an employee of the Company or was an employee of the Company at any time during the immediately preceding twelve months.

 

(iii)        “Covenant
Period” means the period commencing with the termination of your employment with the Company for any reason and
continuing thereafter for (a) in the case of paragraph 2(a)(i) above, six months, and (b) in the case of paragraphs 2(a)(ii)
and (iii) above, twelve months.

 

(c)          You
acknowledge and agree that (i) the provisions of this Paragraph 2, including, without limitation, the duration and scope of the
limitations set forth therein, are entirely reasonable and are necessary to protect the business, goodwill, clients, trading strategies
and methods, trade secrets and other Confidential Information of the Company and its affiliates, (ii) that your compensation from
the Company from and after the date hereof is, in part, consideration for your agreement hereunder, (iii) that you are able to
support yourself during the period you are restricted under this Paragraph 2, and (iv) it is the desire and intent of you and
the Company that the provisions of this Paragraph 2 shall be enforced to the fullest extent permissible under the laws and public
policies applied in any jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Paragraph
2 shall be adjudicated to be invalid or unenforceable by a court of competent jurisdiction,, the provisions of this Paragraph
2 shall be deemed amended to delete therefrom the portion thus adjudicated to be invalid or unenforceable, or to modify any scope
or time limitations so as to make the scope and time periods of Paragraph 2 as said court shall deem reasonable, and all other
terms hereof shall remain in full force and effect, and any deletion or modification to terms as described in this paragraph shall
apply only with respect to the operation of this Paragraph 2 in the particular jurisdiction in which such adjudication is made.

 

3.          Intellectual
Property. You acknowledge and agree that all Materials (as defined below) that have been or shall be created, conceived
or made by you during your employment with the Company shall be the sole and absolute property of the Company and shall be deemed
“works made for hire” (as such term is defined in Section 101 of the United States Copyright Act of 1976). “Materials”
means all inventions, designs, writings, suggestions, developments, discoveries, business plans, proposals, processes, formats,
formulae, algorithms, computer programs and methodologies created, conceived or made by you, either solely or jointly with others
and whether or not patentable or copyrightable, eligible for protection as a trademark or servicemark or otherwise entitled to
protection under applicable law as intellectual property, that: (i) relate to any subject matter with which your work for Company
may be concerned; (ii) relate to the business or services, or anticipated business or services, of the Company; (iii) involve
the use of the time, equipment, materials or facilities of the Company; or (iv) relate to or are applicable to any phase of the
Company’s business. Without limiting the foregoing, you hereby irrevocably assign to the Company all right, title and interest
in and to all of the Materials. You agree that the Company shall have the unencumbered right to use and allow others to use the
Materials in any manner or media now or hereafter known or invented, throughout the world in perpetuity without any obligation
to you. You agree that you will execute and deliver all documents, do all things and supply all information that the Company may
deem necessary or desirable to enable the Company to obtain copyright, patent, or trademark protection for any Materials anywhere
in the world. To effectuate the foregoing, you hereby irrevocably appoint the Company as your agent and attorney-in-fact to execute
such documents in its name and to make appropriate disposition of the Materials in accordance with this Agreement, such agency
and power being an agency and power coupled with an interest.

 

    	 

    	 

    

  

4.          Extraordinary
Relief. You acknowledge and agree that the provisions of Paragraphs 1, 2 and 3 of this Agreement are of a special and
unique nature, the breach of which would cause the Company irreparable injury, and cannot adequately be compensated for in damages
by an action at law. In the event of a breach or threatened breach by you of any provision of such Paragraphs, the Company shall
be entitled to obtain an injunction restraining you from such actual or threatened breach, without the requirement to post a bond
or other security. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies (including,
without limitation, an action for damages) available for any actual or threatened breach of this Agreement, and the pursuit of
any injunction or any other remedy shall not be deemed an exclusive election of such remedy. The failure of the Company at any
time to require your performance of any provision of this Agreement shall in no way affect the right of the Company thereafter
to enforce the same; and the waiver by the Company of a breach of any provision of Paragraphs 1, 2 or 3 hereof shall not operate
or be construed as a waiver of any subsequent breach by you thereof.

 

5.          Choice
of Law; Enforceability; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New Jersey, without giving effect to principles of conflicts of law. Any action with respect to this
Agreement shall be brought and maintained in a state or federal court of competent jurisdiction located in New Jersey. Each party
hereto irrevocably consents to the personal jurisdiction of and venue in such court. EACH OF YOU AND THE COMPANY EXPRESSLY WAIVES
ANY RIGHT YOU OR IT MAY HAVE TO A TRIAL BY JURY. The prevailing party in any action with respect to this Agreement shall be entitled
to reimbursement from the other party for all reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees and expenses) incurred by such prevailing party.

 

6.          Acknowledgements;
Representation. In additional to the foregoing, you acknowledge and agree that: (i) this Agreement is not, and shall
not be construed as, an employment contract and (ii) that you understand that this Agreement does not create any obligation on
the part of the Company to continue to employ you, and that your employment with the Company will be “at-will, “ and
(iii) that the Company does not desire to acquire from you any trade secrets, know-how or confidential business information that
you may have previously acquired from third parties. You represent to the Company that you are not subject to any written or oral
contract or agreement with any third person or entity that prohibits or conflicts with your employment with the Company.

 

    	 

    	 

    

  

7.          Miscellaneous.

 

(a)          Your
obligations under this Agreement shall survive termination of your employment by the Company and shall be binding upon your
heirs, executors and personal representatives and shall inure to the benefit of the Company and its successors and assigns.
The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all
of the Company’s business or that aspect of the Company’s business in which you are principally involved. Your
rights and obligations under this Agreement are personal in nature and may not be assigned or transferred by you.

 

(b)           This
Agreement constitutes the entire agreement between you and the Company with respect to the matters set forth herein. The provisions
of this Agreement may not be waived, except pursuant to a writing executed by the person against whom enforcement of such waiver
would be sought. This Agreement may not be modified or amended without the written consent of you and the Company. The restrictions
and limitations herein regarding non-competition, non-disclosure, non-solicitation and intellectual property are in addition to
and not in derogation of applicable law with respect to non-competition, non-disclosure, non-solicitation and intellectual property
in general.

 

(c)          This
Agreement may be executed in counterparts and by facsimile, each of which such counterpart shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

[remainder of page intentionally
left blank]

 

    	 

    	 

    

  

If you are in agreement with the forgoing,
please sign and date this Agreement in the space provided below and return it to me.

 

	 	 	Sincerely,
	 	 	 
	 	 	ZAIS GROUP, LLC
	 	 	 
	 	 	By:	/s/ Christian Zugel
	 	 	 
	 	 	Name: Christian Zugel
	 	 	 
	 	 	Title: Managing Member
	 	 	 
	ACCEPTED AND AGREED, this 8th day of September, 2009	 	 
	 	 	 
	/s/ Michael
    Szymanski	 	 
	Michael Szymanski

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