Document:

Exhibit 10.4

 

FORM OF INDEMNIFICATION
AGREEMENT

 

This INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into this ____ day of _______, 2014 (the “Effective Date”) by and between Great Ajax Corp., a Maryland
corporation (the “Company”), and the undersigned (the “Indemnitee”).

 

WHEREAS, the bylaws of the Company (the “Bylaws”)
and the Articles of Amendment and Restatement of the Company (the “Articles”) provide for the indemnification of the
Company’s directors and officers to the maximum extent permitted from time to time under applicable law, and contemplate
that the Company may enter into agreements with respect to such indemnification; and

 

WHEREAS, at the request of the Company, Indemnitee
currently serves as a [director] [officer] of the Company; and

 

[WHEREAS, Indemnitee also serves as an [employee]
of Thetis Asset Management LLC, a Delaware limited liability company (the “Manager”) which provides investment
advisory services to the Company pursuant to a Management Agreement between the Company and the Manager (the “Management
Agreement”); and]

 

WHEREAS, Indemnitee may be subjected to claims,
suits or proceeding arising as a result of his service as a [director] [officer] of the Company [and an employee of the Manager];
and

 

WHEREAS, as an inducement [(i)] to Indemnitee
to continue to serve as a [director] [officer] of the Company [ and (ii) to Indemnitee to continue to serve as an employee of the
Manager,] 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 fullest extent permitted by law; and

 

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

 

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

 

1.        Certain
Definitions.

 

(a)          A
“Change in Control” shall be deemed to have occurred if:

 

(i)        any
“person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder (the “Exchange Act”), other than (a) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current
beneficial stockholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof,
of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50%

 

    	1

    	 

    

 

of the total combined voting power of the Company’s
outstanding securities; hereafter becomes the “beneficial owner,” as defined in Rule 13d-3 of the Exchange Act,
directly or indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by
the Company’s then outstanding Voting Securities;

 

(ii)        the
individuals comprising the Board of Directors of the Company (the “Board”) immediately prior to any annual or
special meeting of stockholders do not comprise a majority of the Board following such annual or special meeting of stockholders;
or

 

(iii)        the
stockholders of the Company approve a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting
power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the
sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company’s
assets.

 

(b)        “Expense”
shall mean reasonable attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding
relating to any Indemnifiable Event.

 

(c)        “Indemnifiable
Event” shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement,
related to the fact that the Indemnitee is or was a [director] [or] [officer] of the Company, [or provides or provided investment
advisory services to the Company pursuant to the Management Agreement in his capacity as an employee of the Manager,] or is or
was serving at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership,
joint venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done
or not done by the Indemnitee in any such capacity.

 

(d)        “Proceeding”
shall mean any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation,
administrative hearing or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any
inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee in good faith believes might
lead to the institution of any such action.

 

(e)        “Reviewing
Party” shall mean any appropriate person or body consisting of a member or members of the Company’s Board or any
other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is not
a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

 

(f)        “Voting
Securities” shall mean any securities of the Company which vote generally in the election of directors.

 

    	2

    	 

    

 

2.        Indemnification.   In the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason
of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee’s alleged action
in an official capacity as a director or officer or in any other capacity while serving as a director or officer [or in his capacity
as an employee of the Manager pursuant to the Management Agreement], the Company shall indemnify the Indemnitee to the fullest
extent permitted by Maryland law against any and all Expenses, liability, and loss (including judgments, fines, ERISA excise taxes
or penalties, and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and
any federal, state, local, or foreign taxes imposed on any director or officer as a result of the actual or deemed receipt of any
payments under this Agreement) (collectively, “Liabilities”) reasonably incurred or suffered by such person
in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable,
but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement
to the contrary, and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant
to this Agreement (i) in connection with any Proceeding initiated by the Indemnitee against the Company or any director or
officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding or (ii) on account
of any suit in which judgment is rendered against the Indemnitee pursuant to Section 16(b) of the Exchange Act for an accounting
of profits made from the purchase or sale by the Indemnitee of securities of the Company.

 

3.        Advancement
of Expenses.   To obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the Company a written request
therefor, a written affirmation of the Indemnitee’s good faith belief that he has met the standard of conduct necessary for
indemnification by the Company as authorized by this Agreement, and an unsecured written undertaking to repay amounts advanced
if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company. The Company shall advance
Expenses to the Indemnitee within 30 business days of such request (an “Expense Advance”); provided, however,
that the Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting
in his/her capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such
terms and conditions as the Board, in its sole discretion, deems appropriate.

 

4.        Review
Procedure for Indemnification.   Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2
and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any
case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be
permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an Expense Advance pursuant
to Section 3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines
that the Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed
by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if
the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure
a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that
the Indemnitee would not be permitted to be

 

    	3

    	 

    

 

indemnified under applicable law shall
not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The
Indemnitee’s obligation to reimburse the Company for Expense Advances pursuant to this Section 4 shall be unsecured
and no interest shall be charged thereon. The Reviewing Party shall be selected by the Board, unless there has been a Change in
Control, other than a Change in Control which has been approved by a majority of the Company’s Board who were directors immediately
prior to such Change in Control, in which case the Reviewing Party shall be the special independent counsel referred to in Section 6
hereof.

 

5.        Enforcement
of Indemnification Rights.   If the Reviewing Party determines that the Indemnitee substantively would not be permitted to be
indemnified, in whole or in part, under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections
2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence
litigation in the Circuit Court for the State of Maryland in the jurisdiction in which the principal office (as defined in the
Maryland General Corporation Law) of the Company is located (“Court of Competent Jurisdiction”) to recover the
unpaid amount of the demand (an “Enforcement Proceeding”) and, if successful in whole or in part, the Indemnitee
shall be entitled to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company and Indemnitee hereby
consent to service of process for such Enforcement Proceeding and to personal jurisdiction in the State of Maryland for such Enforcement
Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the Indemnitee
unless such determination shall be set aside by a Court of Competent Jurisdiction.

 

6.        Change
in Control.   The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has
been approved by a majority of the Company’s Board who were directors immediately prior to such Change in Control, then with
respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under
this Agreement or any other agreement or under applicable law or the Articles or Bylaws now or hereafter in effect relating to
indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by
the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special independent counsel
shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within
the last five years. Such 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 the Indemnitee in an action to
determine the Indemnitee’s rights under this Agreement. Such counsel, among other things, shall render its written opinion
to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable
law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to indemnify fully
such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or
relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

 

    	4

    	 

    

 

7.        Partial
Indemnity.   If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision
of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Proceedings
relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without
prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination
by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall
be on the Company to establish that the Indemnitee is not so entitled.

 

8.        Non-exclusivity.   The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision
of the Articles or the Bylaws, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity
and as to action in another capacity while holding such office. To the extent that a change in Maryland law permits greater indemnification
by agreement than would be afforded currently under the Articles and the Bylaws and this Agreement, it is the intent of the parties
hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.

 

9.        Liability
Insurance.   To the extent the Company maintains an insurance policy or policies providing directors’ and officers’
liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any director or officer of the Company.

 

10.        Settlement
of Claims.   The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in
settlement of any action or claim effected without the Company’s written consent, which consent shall not be unreasonably
withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense,
to participate in the defense of such action.

 

11.        No
Presumption.   For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action,
suit or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere,
or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by applicable law.

 

12.        Period
of Limitations.   No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or
any affiliate of the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives
after the expiration of two years from the date of accrual of such cause of action, or such longer period as may be required by
state law under the circumstances, and any claim or cause of action of the Company or its affiliate shall be extinguished and deemed
released unless asserted by the timely filing of a legal action within such period; provided, however, that if any

 

    	5

    	 

    

 

shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

 

13.        Amendment
of this Agreement.   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. Except as specifically
provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

14.        Primacy
of Indemnification.   Notwithstanding that the Indemnitee may have certain rights to indemnification, advancement of expenses
and/or insurance provided by other persons (collectively, the “Other Indemnitors”), the Company: (i) shall
be the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Other Indemnitors
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary);
(ii) shall required to advance the full amount of expenses incurred by the Indemnitee and shall be liable for the full amount
of all Expenses, without regard to any rights the Indemnitee may have against any of the Other Indemnitors. No advancement or payment
by the Other Indemnitors on behalf of the Indemnitee with respect to any claim for which the Indemnitee has sought indemnification
from the corporation shall affect the immediately preceding sentence, and the Other Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the
Company. The Company and the Indemnitee agree that the Other Indemnitors are express third party beneficiaries of the terms of
this Section 15.

 

15.        Subrogation.   In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee (other than against the Other Indemnitors), who shall execute all papers required and shall do everything
that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively
to bring suit to enforce such rights.

 

16.        No
Duplication of Payments.   Except as otherwise set forth in Section 15 above, the Company shall not be liable under this
Agreement to make any payment in connection with any claim made against Indemnitee to the extent that the Indemnitee has otherwise
actually received payment (under any insurance policy, Bylaw, vote, agreement or otherwise) of the amounts otherwise indemnifiable
hereunder.

 

17.        Binding
Effect.   This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all
or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. 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 the 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

 

    	6

    	 

    

 

perform if no such succession had taken
place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer
of the Company or of any other enterprise at the Company’s request.

 

18.        Severability.   The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

19.        Governing
Law.   This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland applicable
to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws.

 

20.        Counterparts.   This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

21.        Notices.   All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to
have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt
requested, and addressed to the Company at:

 

Great Ajax Corp.

9400 SW Beaverton-Hillsdale Hwy

Suite 131

Beaverton, OR 97005

 

and to the Indemnitee at:

 

The address set forth on the signature page hereto.

 

Notice of change of address shall be effective
only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on
the date of delivery or on the third business day after mailing.

 

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

 

IN WITNESS WHEREOF, the parties hereto have
duly executed and delivered this Agreement as of the day first set forth above.

 

    	7

    	 

    

 

	 	THE COMPANY:
	 	 
	 	Great Ajax Corp.
	 	 
	 	By:	 

 

	 	Name:	 

 

	 	Title:	 
	 	 
	 	INDEMNITEE:

 

	 	 
	 	Signature
	 	 	 
	 	Print Name:	 

	 	Address:	 
	 	 

 

    	8Exhibit 10.5

 

AGREEMENT FOR ASSIGNMENT OF A MEMBERSHIP
INTEREST IN

 

LITTLE AJAX II LLC

 

THIS ASSIGNMENT AGREEMENT (this “Agreement”)
is made this 8th day of July, 2014, by and between the entities identified on Exhibit “A” (collectively the “Sellers”
and each individually a “Seller”), and Great Ajax Corp., a Maryland corporation (“Great Ajax”).

 

Each of the Sellers is a member of Little
Ajax II LLC, a Delaware limited liability company, (“Little Ajax”). Each of the Sellers currently holds the
percentage membership interest in Little Ajax set forth opposite such Seller’s name on Exhibit “A” (each Seller’s
membership interest in Little Ajax is referred to as its “Membership Interest” and all of the membership interests
held by the Sellers, collectively, are referred to herein as the “Membership Interests”).

 

Other than the Sellers, the only other member
of Little Ajax is AS Ajax D LLC, a Delaware limited liability company (“AS Ajax”). AS Ajax has agreed to execute
a copy of this Agreement to acknowledge its consent to the assignments described in this Agreement and its acceptance of Great
Ajax as a substitute member of Little Ajax.

 

Great Ajax has offered to sell 8,666,667
shares of its common stock pursuant to the certain terms and conditions set forth in an Offering Memorandum dated as of June 30,
2014 (the “Offering Memorandum”). The date upon which the sale of the shares offered pursuant to the Offering
Memorandum closes is referred to herein as the Closing Date.

 

Each of the Sellers has agreed to sell such
Seller’s Membership Interest to Great Ajax and Great Ajax has agreed to purchase the Membership Interests from the Sellers
upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
as set forth herein, intending to be legally bound hereby, the Sellers and Great Ajax agree as follows:

 

1.           Interests
Assigned. Each of the Sellers hereby agrees to sell, assign, transfer and convey the entirety of the such Seller’s Membership
Interest to Great Ajax effective as of the Closing Date hereof. Each of the Sellers shall execute and deliver to Great Ajax an
assignment of such Seller’s Membership Interest (the “Assignment”) in the form attached hereto as Exhibit
“B.”

 

2.           Consideration.

 

2.1        As
consideration for the assignment of the Membership Interests to Great Ajax, Great Ajax shall pay to each Seller an amount equal
to the product of (a) such Seller’s percentage ownership interest in Little Ajax, as set forth on Exhibit “A”,
multiplied by (b) the “Adjusted Ownership Interest Amount” of the Membership Interests as of the Closing Date,
as determined pursuant to the formula set forth in Section 2.2 of this Agreement (the “Consideration”).

 

    	Page 1

    	 

    

 

2.2        The
“Adjusted Ownership Interest Amount” is an amount equal to (a) the original capital contributions of all of
the members of Little Ajax, minus (b) all cash distributions to the members of Little Ajax paid out prior to the Closing
Date, plus (c) all interest income received by Little Ajax on its loans from the date of acquisition of the loan through
the Closing Date plus (d) all earned discount received by Little Ajax on its loans from the date of acquisition of the loan
through the Closing Date, plus (e) all accrued but unpaid interest on loans owned directly by Little Ajax or in which Little
Ajax owns a participation interest that are not more than sixty (60) days delinquent on a contractual basis, up to a maximum of
fifty-nine (59) days of interest, minus (f) all servicing fees paid or owed in connection with its loans from the date of
acquisition of the loan through the Closing Date.

 

3.           Payment
of Consideration.

 

3.1        On
the Closing Date, Great Ajax shall pay to each Seller, by wire transfer, an amount equal to the product of (a) such Seller’s
percentage ownership interest in Little Ajax, as set forth on Exhibit “A”, multiplied by (b) (i) the original capital
contributions of all of the members of Little Ajax, minus (ii) all cash distributions to the members of Little Ajax paid out prior
to the Closing Date.

 

3.2        Within
ninety (90) days after the Closing Date, Great Ajax shall deliver to each Seller a schedule setting forth its computation of the
actual Consideration calculated pursuant to Section 2 of this Agreement. If such computation indicates a balance is due to the
Sellers, Great Ajax shall, within five (5) business days thereafter, pay to each Seller, by wire transfer, such Seller’s
portion of the balance of the of the Consideration owed. If the computation indicates that the Consideration is less than the amount
paid pursuant to Section 3.1 of this Agreement, each Seller shall repay to Great Ajax, within five (5) business days after delivery
of the computation, an amount equal to such Seller’s overpayment.

 

4.           Consent
to Transactions.

 

4.1        Solely
in its capacity as a member of Little Ajax, AS Ajax hereby acknowledges its consent to the assignments described in this Agreement
and its acceptance of Great Ajax as a substitute member of Little Ajax.

 

4.2        As
a condition precedent to the obligations of Great Ajax, Great Ajax shall have received a certificate from the Manager of Little
Ajax in the form of Exhibit “C” to this Agreement.

 

5.           Representations
and Warranties of Sellers.  Each Seller, severally, and not jointly hereby represents and warrants to Great Ajax, which representations
and warranties set forth herein shall survive the close of the assignment and assumption set forth herein for a period of one (1)
year from the date hereof:

 

5.1        Such
Seller is the owner of the Membership Interest set forth opposite its name on Exhibit A, subject to no liens, encumbrances, claims
or charges of any kind.

 

5.2        Such
Seller is an entity duly organized, validly existing and in good standing under the laws of the state of its organization.

 

    	Page 2

    	 

    

 

5.3        Such
Seller has the full power and authority to enter into this Agreement and consummate all transactions contemplated by this Agreement.
Such Seller has duly authorized the execution, delivery and performance of this Agreement, has duly executed and delivered this
Agreement, and this Agreement constitutes the legal, valid and binding obligations of it, enforceable against it in accordance
with its terms, subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject
to the application of the rules of equity, including those respecting the availability of specific performance.

 

5.4        Neither
the execution and delivery of this Agreement will result in the breach of any term or provision of the charter or by-laws or governing
documents of such Seller or result in the breach of any material term or provision of, or conflict with any material agreement
to which such Seller is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which such
Seller or its property is subject, which breach, conflict, acceleration or violation would have a material adverse effect on the
ability of such Seller to perform its obligations under this Agreement.

 

5.5        There
is no action, suit or proceeding pending or, to the best of Sellers’ knowledge, threatened against such Seller in any court
or by or before any other governmental agency or instrumentality which would prohibit its entering into this Agreement or performing
any of its obligations under or pursuant to this Agreement.

 

6.           Representations
and Warranties of Great Ajax.  Great Ajax hereby represents and warrants to the Sellers, which representations and warranties
set forth herein shall survive the close of the assignment and assumption set forth herein for a period of one (1) year from the
date hereof, except that the representation set forth in Section 6.4 shall survive indefinitely:

 

6.1        Great
Ajax is an entity duly organized, validly existing and in good standing under the laws of Maryland.

 

6.2        Great
Ajax has the full power and authority to enter into this Agreement and consummate all transactions contemplated by this Agreement.
Great Ajax has duly authorized the execution, delivery and performance of this Agreement, has duly executed and delivered this
Agreement, and this Agreement constitutes the legal, valid and binding obligations of it, enforceable against it in accordance
with its terms, subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject
to the application of the rules of equity, including those respecting the availability of specific performance.

 

6.3        Neither
the execution and delivery of this Agreement will result in the breach of any term or provision of the charter or by-laws or governing
documents of Great Ajax or result in the breach of any material term or provision of, or conflict with any material agreement to
which Great Ajax is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Great
Ajax or its property is subject, which breach, conflict, acceleration or violation would have a material adverse effect on the
ability of Great Ajax to perform its obligations under this Agreement.

 

6.4        Great
Ajax acknowledges that it is a sophisticated investor and its decision to purchase the Membership Interests is based upon its own
independent evaluations of the value

 

    	Page 3

    	 

    

 

 

of the Membership Interests. Great Ajax acknowledges
that, except as specifically set forth in this Agreement, none of the Sellers nor its, manager, agents or representatives, have
made any representations or warranties to Great Ajax as to the value of the Membership Interests or the value of the assets of
Little Ajax.

 

7.           Attorney
Fees, Costs and other Expenses.  In the event suit or action is instituted in connection with any controversy arising out of
this Agreement, or in the enforcement of any right hereunder, the prevailing party shall be entitled to its actual, reasonable
costs and reasonable attorney fees in such suit or action, trial, arbitration, interpleader, bankruptcy, hearing or any other judicial
proceeding and on appeal taken there from.

 

8.           Entire
Agreement.  This Agreement constitutes the entire agreement between the parties relating to the sale and purchase of the Membership
Interests. There are no other agreements with respect to this subject, written or oral between the parties except as expressly
set forth herein. Any amendment or modification of this Agreement or of any other agreement relating to the Membership Interests,
or any waiver of any of the provisions thereof shall be valid only when reduced to writing and executed by all of the parties affected
thereby.

 

9.           Duplicate
Originals, Counterparts.  This Agreement may be executed in two or more counterparts each of which shall be deemed to be an
original and all of which together shall constitute a single agreement. An electronic copy or facsimile showing the signature of
a party shall be considered an original signature for all purposes.

 

10.         Place
of Delivery and Governing Law.  This Agreement shall be deemed to have been made in the State of New York. This Agreement shall
be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with the laws of the State of New York, without regard to principles of conflicts of law (other
than Section 5-1401 of the New York General Obligations Law which shall govern). The parties hereby agree that all disputes arising
hereunder shall be submitted to and hereby subject themselves to the jurisdiction of the courts of competent jurisdiction, state
and federal, in the State of New York.

 

11.         Further
Assurances.  Each party to this Agreement agrees to execute and deliver such instruments and take such actions as the other
party may, from time to time, reasonably request to effect the purpose and carry out the terms of this Agreement.

 

12.         Amendments.
 Neither this Agreement, nor any provision hereof may be changed, waived, discharged or terminated orally, but only by a written
instrument signed by all of the parties to this Agreement.

 

13.         Survival.
 This Agreement includes provisions which the parties hereto intend will remain in effect after the closing of the transaction contemplated
by this Agreement. Accordingly, this Agreement shall survive and remain in effect after the closing in accordance with the limitations
on survivability set forth herein.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	Page 4

    	 

    

 

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

 

SELLERS

 

FLEXPOINT MORTGAGE-ASSET HOLDINGS, LLC

 

	 	By:	/s/ Michael Vostrizansky	 
	 	Name:	Michael Vostrizansky	 
	 	Title:	Vice President	 

 

BAY POND BMD USB VIII, INC.

By: Wellington Management Company, LLC,

As investment advisor

 

	 	By: 	/s/ Steven M. Hoffman	 
	 	Name: Steven M. Hoffman	 
	 	Vice President and Counsel	 

 

BAY POND USB III, INC.

By: Wellington Management Company, LLC,

As investment advisor

 

	 	By: 	/s/ Steven M. Hoffman	 
	 	Name: Steven M. Hoffman	 
	 	Vice President and Counsel	 

 

ITHAN CREEK MASTER INVESTORS CAYB USB
VII, INC.

By: Wellington Management Company, LLC,

As investment advisor

 

	 	By: 	/s/ Steven M. Hoffman	 
	 	Name: Steven M. Hoffman	 
	 	Vice President and Counsel	 

 

    	Page 5

    	 

    

 

PURCHASER

 

GREAT AJAX CORP.

 

	 	By	/s/ Lawrence Mendelsohn	 
	 	Name:	 Lawrence Mendelsohn	 
	 	Its:	Chief Executive Officer	 

 

CONSENT TO ADMISSION OF SUBSTITUTE MEMBER

 

AS AJAX D LLC

By its Manager Gregory Funding LLC

 

	 	By	/s/ Irving Potter	 
	 	Name:	Irving Potter	 
	 	Its:	Authorized Agent	 

 

    	Page 6

    	 

    

 

Exhibit “A”

 

LITTLE
AJAX II LLC MEMBERSHIP INTERESTS

 

	MEMBER’S NAME	 	OWNERSHIP INTEREST	 
	 	 	 	 
	FLEXPOINT MORTGAGE ASSETS HOLDINGS, LLC	 	 	41.00	%
	 	 	 	 	 
	BAY POND BMD USB VIII, INC.	 	 	13.71	%
	 	 	 	 	 
	BAY POND USB III, INC.	 	 	20.25	%
	 	 	 	 	 
	ITHAN CREEK MASTER INVESTORS CAYB USB VII, INC.	 	 	7.04	%

 

    	Page 7

    	 

    

 

Exhibit “B”

 

Form of Assignment of the ACM Membership
Interests

ASSIGNMENT OF MEMBERSHIP INTEREST IN

LITTLE AJAX II LLC

 

_____________________ (“Assignor”)
is a member of Little Ajax II LLC, a Delaware limited liability company (the "LLC"). Pursuant to the terms of the agreement
entitled Agreement for Assignment of a Membership Interest in Little Ajax II LLC dated as of July ___, 2014 (the “Membership
Assignment Agreement”) by and among Assignor and certain other members of the LLC identified in the Membership Assignment
Agreement as Sellers and Great Ajax Corp., and for the consideration described in the Membership Assignment Agreement, Assignor
herby assigns to Great Ajax Corp. (“Assignee”) all of its membership interest in the LLC, including but not limited
to all financial, governance and voting rights with respect to the assigned interests.

 

Further, the parties hereby agree as follows.

 

1. Acceptance of Membership.  Assignee
has read the Operating Agreement of the LLC and the Amendment to Operating Agreement and agrees that, by execution of this Assignment,,
it accepts membership in the LLC and agrees to be bound by all of the terms and conditions of the LLC’s Operating Agreement
as amended. Notwithstanding the foregoing, nothing herein shall prohibit Assignee from subsequently agreeing to any modification
or amendment to the Operating Agreement.

 

2. Representations and Warranties.
 Assignor represents and warrants to Assignee:

 

2.1 Assignor is the owner of a ________% membership
interest in the LLC (the “Membership Interest”), free and clear of all liens and encumbrances and has the full authority
to assign the membership interest to Assignee.

 

2.2 Each of the representations and warranties
of Assignor set forth in the Membership Assignment Agreement is true and correct, as of the effective date of this Assignment,
except for such representations and warranties that were made as of a specific date which shall speak only as of such date.

 

This Assignment is effective as of the Closing
Date set forth in the Membership Assignment Agreement.

 

[Assignor]

 

	 	By	 	 
	 	Name:	 	 
	 	Its:	 	 

 

GREAT AJAX CORP.

 

	 	By  	 	 
	 	             Its President	 

 

    	Page 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]