Document:

Form of Management Agreement

 Exhibit 10.1 

 
  
 FORM OF 
 MANAGEMENT AND ADVISORY AGREEMENT 

dated as of             , 2011 

by and between 

SPRINGLEAF REIT INC. 
 and 
 SPRINGLEAF REIT MANAGEMENT LLC 

 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE 1 DEFINITIONS; INTERPRETATION	  	 	1	  
	Section 1.1	  	Definitions	  	 	1	  
			
	Section 1.2	  	Interpretation	  	 	4	  
		
	ARTICLE 2 APPOINTMENT AND DUTIES OF THE MANAGER	  	 	5	  
	Section 2.1	  	Appointment	  	 	5	  
			
	Section 2.2	  	Board Supervision	  	 	5	  
			
	Section 2.3	  	Duties	  	 	5	  
			
	Section 2.4	  	Reports	  	 	8	  
			
	Section 2.5	  	Excess Funds	  	 	9	  
			
	Section 2.6	  	Reliance on Experts	  	 	9	  
		
	ARTICLE 3 DEVOTION OF TIME; ADDITIONAL ACTIVITIES	  	 	9	  
	Section 3.1	  	Management Team	  	 	9	  
			
	Section 3.2	  	Devotion of Time	  	 	9	  
			
	Section 3.3	  	Service by Affiliates	  	 	9	  
		
	ARTICLE 4 AGENCY	  	 	10	  
	ARTICLE 5 BANK ACCOUNTS	  	 	10	  
	ARTICLE 6 RECORDS; CONFIDENTIALITY	  	 	10	  
	Section 6.1	  	Records	  	 	10	  
			
	Section 6.2	  	Manager Confidentiality	  	 	10	  
			
	Section 6.3	  	Company Confidentiality	  	 	11	  
		
	ARTICLE 7 OBLIGATIONS OF MANAGER; RELATED PARTY TRANSACTIONS	  	 	12	  
	Section 7.1	  	Representations and Warranties	  	 	12	  
			
	Section 7.2	  	Compliance	  	 	13	  
			
	Section 7.3	  	Related Party Transactions	  	 	13	  
			
	Section 7.4	  	Non-compliance with Guidelines	  	 	13	  
			
	Section 7.5	  	Tangible Net Worth	  	 	13	  
			
	Section 7.6	  	Insurance	  	 	13	  
		
	ARTICLE 8 COMPENSATION	  	 	14	  
	Section 8.1	  	Management Fee	  	 	14	  
			
	Section 8.2	  	Incentive Fee	  	 	14	  
			
	Section 8.3	  	Payment in Stock	  	 	14	  
			
	Section 8.4	  	No Clawback	  	 	14	  
		
	ARTICLE 9 EXPENSES OF THE COMPANY; REIMBURSEMENT OF THE MANAGER	  	 	15	  

  
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	Section 9.1	  	Reimbursable Expenses	  	 	15	  
			
	Section 9.2	  	Expenses of the Manager	  	 	17	  
		
	ARTICLE 10 CALCULATIONS OF EXPENSES	  	 	17	  
	ARTICLE 11 LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION	  	 	17	  
	Section 11.1	  	Manager Responsibility	  	 	17	  
			
	Section 11.2	  	Indemnification of the Manager	  	 	18	  
			
	Section 11.3	  	Indemnification of the Company	  	 	18	  
			
	Section 11.4	  	Indemnification Procedures	  	 	18	  
			
	Section 11.5	  	Insurance Policies	  	 	19	  
			
	Section 11.6	  	Survival	  	 	19	  
		
	ARTICLE 12 NO JOINT VENTURE	  	 	19	  
	ARTICLE 13 TERM; TERMINATION; TERMINATION FEE	  	 	19	  
	Section 13.1	  	Term	  	 	19	  
			
	Section 13.2	  	Termination by the Company	  	 	19	  
			
	Section 13.3	  	Termination by the Manager	  	 	21	  
			
	Section 13.4	  	Automatic Termination	  	 	21	  
			
	Section 13.5	  	Termination Fee	  	 	21	  
			
	Section 13.6	  	Effect of Termination	  	 	21	  
		
	ARTICLE 14 ACTION UPON TERMINATION	  	 	22	  
	ARTICLE 15 ASSIGNMENT	  	 	22	  
	Section 15.1	  	Assignment by the Manager	  	 	22	  
			
	Section 15.2	  	Assignment by the Company	  	 	22	  
		
	ARTICLE 16 RELEASE OF MONEY OR OTHER PROPERTY	  	 	23	  
	ARTICLE 17 MISCELLANEOUS	  	 	23	  
	Section 17.1	  	Notices	  	 	23	  
			
	Section 17.2	  	Binding Nature of Agreement; Successors and Assigns	  	 	24	  
			
	Section 17.3	  	Entire Agreement	  	 	24	  
			
	Section 17.4	  	Controlling Law	  	 	24	  
			
	Section 17.5	  	Submission To Jurisdiction	  	 	24	  
			
	Section 17.6	  	Indulgences, Not Waivers	  	 	25	  
			
	Section 17.7	  	Headings Not to Affect Interpretation	  	 	25	  
			
	Section 17.8	  	Execution in Counterparts	  	 	25	  
			
	Section 17.9	  	Provisions Separable	  	 	25	  

  
 ii 

 MANAGEMENT AND ADVISORY AGREEMENT 

THIS MANAGEMENT AND ADVISORY AGREEMENT is made as of             , 2011 by
and between SPRINGLEAF REIT INC., a Delaware corporation (the “Company”), and SPRINGLEAF REIT MANAGEMENT LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 

W I T N E S S E T H : 
 WHEREAS, the Company has consummated an initial public offering (the “IPO”) of its common stock and, in connection therewith, the Company acquired a portfolio consisting of residential
real estate loans from certain subsidiaries of Springleaf Finance, Inc.; 
 WHEREAS, the Company intends to invest in other
loans originated by Springleaf Finance, Inc. and its subsidiaries, pursuant to a Strategic Alliance Agreement, and in similar assets offered by third parties; 
 WHEREAS, the Company does not intend to have any employees and, therefore, will require the assistance of an external manager; 
 WHEREAS, the Manager has been formed to act as the external manager of the Company; 
 WHEREAS, the Company and the Manager desire to enter into this Agreement to establish the terms and conditions upon which the Manager will manage and advise the Company. 

NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS; INTERPRETATION 
 Section 1.1 Definitions 
 The following terms have the meanings
assigned them: 
 (a) “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. 

(b) “Affiliate Stockholder” means any of the following Persons that own, directly or indirectly, shares of common stock
of the Company: (A) any director of the Company who may be deemed an Affiliate of the Manager, (B) any director or officer of the Manager and (C) any investment funds (including any managed accounts) managed directly or indirectly by
the Manager or its Affiliates. 

  
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 (c) “Agreement” means this Management and Advisory Agreement, as amended
from time to time. 
 (d) “Board of Directors” means the Board of Directors of the Company. 

(e) “Claim” has the meaning set forth in Section 11.4. 

(f) “Code” means the Internal Revenue Code of 1986, as amended, including the regulations thereunder. 

(g) “Company Confidential Information” has the meaning set forth in Section 6.2. 

(h) “Company Indemnified Party” has the meaning set forth in Section 11.3. 

(i) “Company Permitted Disclosure Parties” has the meaning set forth in Section 6.3. 

(j) “Conduct Policies” has the meaning set forth in Section 7.7. 

(k) “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities (other than
debt securities) convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person, or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other
interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination. 
 (l) “Fair Market Value” means fair market value as determined by
an appraisal, taking into account, among other things, the expected future value of the underlying investments. The appraisal shall be conducted by a nationally recognized appraisal firm mutually agreed upon by the Company and the Manager or, if the
Company and the Manager are unable to agree upon an appraisal firm, then each of the Company and the Manager shall choose an independent appraisal firm to conduct an appraisal. In such event, (i) if the appraisals prepared by the two appraisers
so selected are the same or differ by an amount that does not exceed 20% of the higher of the two appraisals, the Fair Market Value will be deemed to be the average of such appraisals, and (ii) if the two appraisals differ by more than 20% of
the higher of the two appraisals, the two appraisers together shall select a third nationally recognized appraisal firm to conduct an appraisal. If the two appraisers are unable to agree as to the identity of such third appraiser, either the Manager
or the Company may request that the American Arbitration Association select the third appraiser, which shall then be selected by the American Arbitration Association. The Fair Market Value will then be deemed to be the amount determined by such
third appraiser, but in no event less than the lower or more than the higher of the first two appraisals made. 
 (m)
“Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a
general or limited partnership or the 

  
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articles of formation and the operating agreement in the case of a limited liability company, in each case as may be amended from time to time. 

(n) “Guidelines” has the meaning set forth in Section 2.3(a). 

(o) “Identified Individual” means managers, members, partners, directors, officers, personnel or other agents of the
Manager, any Person controlling or controlled by the Manager, and any Person providing sub-advisory services to the Manager. 

(p) “Incentive Fee” means. 
 (q) “Incentive Fee Fair Value Amount” means an amount equal to the Incentive Fee determined as if our assets were sold for cash at their then current Fair Market Value. 

(r) “Indemnified Party” has the meaning set forth in Section 11.3. 

(s) “Independent Directors” means the members of the Board of Directors who have been determined to be “independent
directors” in accordance with the rules of the New York Stock Exchange or any other exchange on which shares of the Company’s common stock are listed. 
 (t) “Initial Term” has the meaning set forth in Section 13.1. 
 (u) “Investment Company Act” means the Investment Company Act of 1940, as amended, including the regulations thereunder. 

(v) “Investments” means actual or potential investments of the Company, as applicable. 

(w) “IPO” has the meaning set forth in the preamble. 

(x) “Losses” has the meaning set forth in Section 11.2. 

(y) “Manager Confidential Information” has the meaning set forth in Section 6.3. 

(z) “Manager Indemnified Party” has the meaning set forth in Section 11.2. 

(aa) “Manager Permitted Disclosure Parties” has the meaning set forth in Section 6.2. 

(bb) “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, governmental authority or other entity. 
 (cc) “REIT” means a real estate investment
trust. 
 (dd) “Renewal Term” has the meaning set forth in Section 13.1. 

(ee) “Starting Equity” means $        , which is the difference between the
unpaid principal balance of the loans and securities owned by the Company as of the end of the month immediately preceding the closing date of the IPO and the unpaid principal balance of 

  
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outstanding debt of the Company as of the end of the month immediately preceding the closing date of the IPO. 
 (ff) “Stockholders Agreement” means the stockholders agreement dated as of , 2011, by and among the Company, Springleaf REIT Holdings LLC and any other parties thereto, as such agreement
may be amended from time to time. 
 (gg) “Stockholders’ Equity” for any period means (A) the sum of
(i) Starting Equity, and (ii) the total net proceeds to the Company from any equity capital raised in connection with or after the date hereof by the Company or any Subsidiary (exclusive, with respect to any Subsidiary, of capital of such
Subsidiary consisting of a capital contribution or other form of capital investment made by the Company or by another Subsidiary), and (iii) the value of contributions made by Persons other than the Company, from time to time, to the capital of
any Subsidiary (reduced proportionately in the case of a Subsidiary to the extent that the Company owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary), less (B) the sum of (i) any tax basis capital
dividends or capital distributions made by the Company to its stockholders or, without duplication, by any Subsidiary to its stockholders or other equity holders (reduced proportionately in the case of a Subsidiary to the extent that the Company
owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary) and (ii) any repurchase, redemption, retirement or cancellation of any equity capital included in the foregoing clause (A)(ii). 

(hh) “Strategic Alliance Agreement” means the agreement dated as of
            , 2011, by and among the Company, Springleaf Finance Corporation and any other parties thereto, as such agreement may be amended from time to time. 

(ii) “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company, trust or other
business entity of which, at the time of determination, a majority of the shares of Voting Stock is beneficially owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such
Person. 
 (jj) “Termination Fee” means a fee equal to three times the sum of (i) the average annual
Management Fee earned by the Manager during the 24-month period immediately preceding the date of which termination is effective, calculated as of the end of the most recently completed fiscal quarter prior to such date, and (ii) the greater of
(x) the average annual Incentive Fee earned by the Manager during the 24-month period immediately preceding such date, calculated as of the end of the most recently completed fiscal quarter prior to such date, and (y) the Incentive Fee
Fair Value Amount. 
 (kk) “Voting Stock” means, with respect to any Person, Equity Interests issued by such
Person, the holders of which are ordinarily entitled to vote for the election of directors (or persons performing similar functions) of such Person. 
 Section 1.2 Interpretation 
 For the purposes of this Agreement:
(i) words (including capitalized terms defined herein) in the singular shall be held to include the plural and vice versa, and words (including capitalized terms defined herein) of one gender shall be held to include the other gender as the

  
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context requires, (ii) the terms “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this
Agreement as a whole and not to any particular provision of this Agreement, (iii) Article and Section references are to Articles and Sections of this Agreement, unless otherwise specified, (iv) the word “including” and words of
similar import when used in this Agreement shall mean “including, without limitation,” (v) all references to any period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified, and
(vi) all references herein to “$” or dollars shall refer to United States dollars, unless otherwise specified. 

ARTICLE 2 

APPOINTMENT AND DUTIES OF THE MANAGER 
 Section 2.1 Appointment 
 The Company hereby appoints the Manager to
manage the assets and day-to-day operations of the Company and its Subsidiaries subject to the further terms and conditions set forth in this Agreement, and to the supervision of the Board of Directors. The Manager hereby agrees to use its
commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except
to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties or Affiliates. 
 Section 2.2 Board Supervision 
 The Manager, in its capacity as manager
of the assets and the day-to-day operations of the Company, at all times will be subject to the supervision and direction of the Company’s Board of Directors and will have only such functions and authority as the Board of Directors may delegate
to it, including the functions and authority identified herein and delegated to the Manager hereby. 
 Section 2.3
Duties 
 The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be
performed) such services and activities relating to the assets and operations of the Company as may be appropriate, including (it being understood that, with respect to the duties of the Manager set forth in this Section 2.3, all references to
the Company shall include the Company and the Subsidiaries): 
 (a) serving as the Company’s consultant with respect to the
periodic review of the investment and borrowing criteria and parameters for Investments as set forth in the Company’s investment guidelines, any modifications to which shall be approved by a majority of the independent members of the Board of
Directors (such guidelines as are in effect on the date hereof, as the same may be modified with such approval, the “Guidelines”); 

  
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 (b) identifying, analyzing and selecting investment opportunities and negotiating,
evaluating, acquiring, financing, retaining, monitoring, selling, restructuring, hedging or disposing of Investments, in each case consistent with the Guidelines; 
 (c) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors or other parties that provide the following services: real estate, investment banking,
leasing, appraisal, mortgage brokerage, securities and other brokerage, underwriting, due diligence, insurance, legal, accounting, tax, auditing, financial, investor relations, administrative and all other services as may be required or deemed
appropriate by the Manager relating to the Company’s operations and Investments; provided that the Manager shall have the right to cause any such services to be rendered by its employees or Affiliates, in which case the Company will pay or
reimburse the Manager or its Affiliates performing such services in accordance with Article 9; 
 (d) arranging, negotiating,
executing and performing any type of financing arrangement, including credit facilities, securitizations, warehouse facilities, repurchase agreements and any other financing arrangement, that the Manager deems appropriate that is consistent with the
Guidelines; 
 (e) coordinating and managing operations of any joint venture or co-investment interests held by the Company, and
conducting all matters with the joint venture or co-investment partners; 
 (f) providing executive and administrative
personnel, office space and office services required in rendering services to the Company; 
 (g) administering the day-to-day
operations of the Company and performing and supervising the performance of such other administrative functions necessary in the management of the Company as may be agreed upon by the Manager and the Board of Directors, including the collection of
revenues and the payment of the Company’s debts and obligations and maintenance of appropriate information technology services to perform such administrative functions; 
 (h) communicating on behalf of the Company with the holders of any equity or debt securities of the Company as appropriate (a) to satisfy the reporting and other requirements of any governmental
bodies or agencies, stock exchanges or other trading markets and (b) to maintain effective relations with such holders; 

(i) counseling the Board of Directors in connection with decisions to be made by the Board of Directors; 

(j) developing and executing hedging strategies that are consistent with the Guidelines; 

(k) counseling the Company regarding the maintenance of its status as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code; 

  
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 (l) counseling the Company regarding the maintenance of its exemption from the Investment
Company Act and monitoring compliance with the requirements for maintaining an exemption from the Investment Company Act; 
 (m)
assisting the Company in developing criteria for Investment purchase commitments that are tailored to the Company’s investment objectives and strategies and making available to the Company its knowledge and experience with respect to
Investments; 
 (n) monitoring the operating performance of the Investments and providing periodic reports with respect thereto
to the Board of Directors, including, if requested, comparative information with respect to such operating and performance and budgeted or projected operating results; 
 (o) investing and re-investing any moneys and securities of the Company (including investing in short-term Investments pending investment in other assets, payment of fees, costs and expenses or payments
of dividends or distributions to stockholders and partners of the Company) and advising the Company as to its capital structure and capital raising; 
 (p) assisting the Company in retaining qualified accountants and legal counsel, as needed, to (i) assist in developing appropriate accounting systems and procedures, internal controls and other
compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs, and if applicable, taxable REIT subsidiaries and (ii) conduct quarterly compliance
reviews with respect thereto; 
 (q) assisting the Company in establishing subsidiaries, including one or more entities that
qualify as “taxable REIT subsidiaries” or “qualified REIT subsidiaries” under the Code; 
 (r) assisting the
Company in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 
 (s)
assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its business activities, including any federal or state licenses or authorizations necessary, appropriate or incidental to (i) owning
residential real estate loans or any other assets or (ii) conducting any other activity permitted by the Guidelines; 
 (t)
preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Exchange Act of 1934, as amended, or by stock
exchange requirements; 
 (u) assisting the Company in taking all necessary actions to enable the Company to make required tax
filings and reports, including soliciting stockholders for required information to the extent provided by the provisions of the Code applicable to REITs; 
 (v) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which
the Company or its assets may be subject; 

  
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 (w) using commercially reasonable efforts to cause expenses incurred by or on behalf of the
Company to be commercially reasonable or customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 
 (x) assisting the Company with all aspects of the Strategic Alliance Agreement, including: (i) using commercially reasonable efforts to cause the Company to perform its obligations under and
otherwise comply with the Strategic Alliance Agreement; (ii) assisting the Company in monitoring the Strategic Alliance Agreement; (iii) negotiating and executing any amendments, supplements or waivers to the Strategic Alliance Agreement;
and (iv) taking any action the Manager deems in good faith to be consistent with the terms of the Strategic Alliance Agreement; 
 (y) using commercially reasonable efforts to cause the Company to perform its obligations under and otherwise comply with the Stockholders Agreement; 

(z) assisting the Company in obtaining and maintaining director and officer insurance for the Company’s officers and directors and
any other insurance coverage that the Manager determines in good faith to be customarily carried by comparable companies; 

(aa) performing any other management services as may be required from time to time and other activities relating to Investments as the
Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; 
 (bb)
using commercially reasonable efforts to cause the Company to comply with all applicable laws; and 
 (cc) taking any action, or
causing the Company or another Person to take any action, that the Manager deems appropriate in accordance with the terms of this Agreement. 
 Section 2.4 Reports 
 (a) As frequently as the Manager may deem
reasonably necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment (i) an appraisal prepared by an
independent appraisal firm, (ii) reports and information on the Company’s operations and asset performance and (iii) other information reasonably requested by the Board of Directors. 

(b) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company, all reports, financial or otherwise,
with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any governmental body or agency, and shall prepare, at the
sole cost and expense of the Company, or cause to be prepared, all materials and data necessary to complete such reports and other materials, including an annual audit of the Company’s books of account by a nationally recognized independent
accounting firm. 

  
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 (c) The Manager shall prepare, upon request by the Board of Directors, at the sole cost and
expense to the Company, reports to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the Board
of Directors. 
 Section 2.5 Excess Funds 
 Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional moneys is proven by the Company to have been required as a direct result of the
Manager’s acts or omissions that result in the right of the Company to terminate this Agreement pursuant to Section 13.2(b), the Manager shall not be required to expend money (“Excess Funds”) in excess of amounts contained
in any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to
the right of the Company under Section 13.2(a) to terminate this Agreement due to the Manager’s unsatisfactory performance. 
 Section 2.6 Reliance on Experts 
 In performing its duties under this
Article 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense.

 ARTICLE 3 
 DEVOTION OF TIME; ADDITIONAL ACTIVITIES 
 Section 3.1 Management
Team 
 The Manager will provide a management team, consisting of a Chief Executive Officer and a Chief Financial Officer of
the Company, along with appropriate support personnel, to provide the management services to be provided by the Manager to the Company hereunder. The members of the management team shall devote such of their time to the management of the Company as
the Board of Directors reasonably deems necessary and appropriate, commensurate with the level of activity of the Company at the applicable time. The Company shall have the benefit of Manager’s business judgment and effort in rendering services

 Section 3.2 Devotion of Time 
 Except to the extent set forth in Section 3.1, nothing herein shall prevent the Manager or any of its Affiliates or any of the officers or employees of any of the foregoing (including any individuals
who serve as officers or agents of the Company) from engaging in other businesses or from rendering services of any kind to any other Person (including any Affiliates of the Company), such as investing, or providing advisory service to others
investing, in any type of real estate or real estate-related investment, including investments that meet the principal investment objectives of the Company. 
 Section 3.3 Service by Affiliates 

  
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 Identified Individuals or Affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or signatories for the Company or any Subsidiary to the extent permitted by the applicable Governing Instruments or by any resolutions duly adopted by the applicable board of directors or other governing body pursuant to
the Governing Instruments of the Company or such Subsidiary. When executing documents or otherwise acting in such capacities for the Company or the applicable Subsidiary, such persons shall use their respective titles in the Company or the
applicable Subsidiary. 
 ARTICLE 4 
 AGENCY 
 The Manager shall act as agent of the Company in providing any
service to the Company pursuant to the terms of this Agreement, including making, evaluating, acquiring, financing and disposing of Investments, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of
the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Directors, holders of the Company’s securities or the
Company’s representatives or properties. For the avoidance of doubt, the Manager shall act as agent of the Company when taking any action that the Manager is permitted to take on behalf of the Company in accordance with the terms of this
Agreement. 
 ARTICLE 5 
 BANK ACCOUNTS 
 The Manager may establish and maintain one or more bank
accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or
Company Accounts, under such terms and conditions as the Board of Directors may approve. The Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors
of the Company or any Subsidiary. 
 ARTICLE 6 
 RECORDS; CONFIDENTIALITY 
 Section 6.1 Records 

The Manager shall maintain appropriate books of accounts and records relating to services performed hereunder, and such books of account
and records shall be accessible for inspection by representatives of the Company or any Subsidiary with reasonable advance notice during normal business hours. 
 Section 6.2 Manager Confidentiality 
 The Manager shall keep
confidential any and all non-public information related to the Company or any of the Subsidiaries, written or oral, obtained by it in connection with the services rendered hereunder (“Company Confidential Information”) and shall not
use Company Confidential Information except in furtherance of its duties under this Agreement or disclose 

  
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Company Confidential Information, in whole or in part, to any Person other than (i) to its Affiliates, officers, directors, employees, agents, representatives or advisors who need to know
such Company Confidential Information for the purpose of rendering services hereunder or in accordance with the Strategic Alliance Agreement, (ii) to appraisers, financing sources and others in the ordinary course of the Company’s business
((i) and (ii) collectively, “Manager Permitted Disclosure Parties”), (iii) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors, (iv) to
governmental officials having jurisdiction over the Company, (v) as requested by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party, or (vi) with the consent of the Company. The
Manager agrees to inform each of its Manager Permitted Disclosure Parties of the non-public nature of the Company Confidential Information and to direct such Persons to treat such Company Confidential Information in accordance with the terms hereof.
Nothing herein shall prevent the Manager from disclosing Company Confidential Information (A) upon the order of any court or administrative agency, (B) upon the request or demand of, or pursuant to any law or regulation, any regulatory
agency or authority, (C) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (D) to its legal counsel or independent auditors; provided, however that with respect to clauses
(A) and (B) above, it is agreed that, so long as not legally prohibited, the Manager will provide the Company with prompt written notice of such order, request or demand so that the Company may seek, at its sole expense, an appropriate
protective order and/or waive the Manager’s compliance with the provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager is required to disclose Company Confidential
Information, the Manager may disclose only that portion of such information that is legally required without liability hereunder; provided, that the Manager agrees to exercise commercially reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Company Confidential Information that (A) is available
to the public from a source other than the Manager (not resulting from the Manager’s violation of this Section 6.2), (B) is released in writing by the Company to the public or to persons who are not under similar obligation of
confidentiality to the Company, or (C) is obtained by the Manager (not resulting from the Manager’s violation of this Section 6.2) from a third-party which, to the Manager’s knowledge, does not constitute a breach by such
third-party of an obligation of confidence with respect to the Company Confidential Information disclosed. For the avoidance of doubt, information about the systems, employees, policies, procedures and investment portfolio (other than investments in
which the Company and Manager have co-invested) shall be deemed to be included within the meaning of “Company Confidential Information” for purposes of the Company’s obligations pursuant to this Section 6.2. The provisions of
this Agreement shall survive the expiration or earlier termination of this Agreement for a period of one year. 

Section 6.3 Company Confidentiality 
 The Company shall keep confidential any and all non-public information related to the Manager, written or oral, obtained by the Company in connection with the services rendered hereunder (“Manager
Confidential Information”) and shall not use Manager Confidential Information except in furtherance of its duties under this Agreement or disclose Manager Confidential Information, in whole or in part, to any Person other than (i) to
its Affiliates, 

  
 11 

 
officers, directors, employees, agents, representatives or advisers who need to know such Manager Confidential Information for the purpose of rendering services hereunder or in accordance with
the Strategic Alliance Agreement, (ii) to appraisers, financing sources and others in the ordinary course of the Manager’s business ((i) and (ii) collectively, “Company Permitted Disclosure Parties”), (iii) in
connection with any governmental or regulatory filings of the Manager or disclosure presentations to Manager investors, (iv) to governmental officials having jurisdiction over the Manager, (v) as requested by law or legal process to which
the Company or any Person to whom disclosure is permitted hereunder is a party, or (vi) with the consent of the Manager. The Company agrees to inform each of its Company Permitted Disclosure Parties of the non-public nature of the Manager
Confidential Information and to direct such Persons to treat such Manager Confidential Information in accordance with the terms hereof. Nothing herein shall prevent the Company from disclosing Manager Confidential Information (A) upon the order
of any court or administrative agency, (B) upon the request or demand of, or pursuant to any law or regulation, any regulatory agency or authority, (C) to the extent reasonably required in connection with the exercise of any remedy
hereunder, or (D) to its legal counsel or independent auditors; provided, however that with respect to clauses (A) and (B) above, it is agreed that, so long as not legally prohibited, the Company will provide the Manager
with prompt written notice of such order, request or demand so that the Manager may seek, at its sole expense, an appropriate protective order and/or waive the Company’s compliance with the provisions of this Agreement. If, failing the entry of
a protective order or the receipt of a waiver hereunder, the Company is required to disclose Manager Confidential Information, the Company may disclose only that portion of such information that is legally required without liability hereunder;
provided, that the Company agrees to exercise commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be
deemed to be excluded from provisions hereof: any Manager Confidential Information that (A) is available to the public from a source other than the Company (not resulting from the Company’s violation of this Section 6.3), (B) is
released in writing by the Manager to the public or to persons who are not under similar obligation of confidentiality to the Manager, or (C) is obtained by the Company (not resulting from the Company’s violation of this Section 6.3)
from a third-party which, to the Company’s knowledge, does not constitute breach by such third-party of an obligation of confidence with respect to the Manager Confidential Information disclosed. For the avoidance of doubt, information about
the systems, employees, policies, procedures and investment portfolio (other than investments in which the Company and Manager have co-invested) shall be deemed to be included within the meaning of “Manager Confidential Information” for
purposes of the Company’s obligations pursuant to this Section 6.3. The provisions of this Agreement shall survive the expiration or earlier termination of this Agreement for a period of one year. 

ARTICLE 7 

OBLIGATIONS OF MANAGER; RELATED PARTY TRANSACTIONS 
 Section 7.1 Representations and Warranties 
 The Manager shall use
commercially reasonable efforts to require each seller or transferor of Investments acquired to make to the Company such representations and warranties regarding such Investments as may, in the judgment of the Manager, be appropriate. The

  
 12 

 
Manager and the Company hereby agree and acknowledge that the representations and warranties contained in the Strategic Alliance Agreement (including any amendments thereto) comply with this
Section 7.1. The Manager shall use commercially reasonable efforts to take such other action as it deems appropriate to protect the Company’s Investments. 
 Section 7.2 Compliance 
 The Manager shall refrain from any action
that, in its sole judgment made in good faith, is not in compliance with the Guidelines or that, in its sole judgment made in good faith, would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the
Company or any Subsidiary or that would otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of
the Manager’s judgment that such action would violate the Guidelines, any such law, rule or regulation, or the Governing Instruments. Notwithstanding the foregoing, neither the Manager nor Identified Individuals shall be liable to the Company
or any Subsidiary, the Board of Directors, or to the Company’s or any Subsidiary’s stockholders for any act or omission by the Manager or Identified Individuals, except as provided in Article 11. 

Section 7.3 Related Party Transactions 
 The Manager shall not consummate any transaction that would constitute a “related party transaction” pursuant to Item 404 of Regulation S-K of the Securities Act of 1933, as amended,
without the prior approval of a majority of the Independent Directors other than transactions effected in accordance with the terms of the Strategic Alliance Agreement, the Stockholders Agreement or any related party transaction policy adopted by
the Nominating, Corporate Governance and Conflicts Committee (or other committee performing a similar function) of the Board of Directors, which shall consist entirely of Independent Directors. 

Section 7.4 Non-compliance with Guidelines 
 The Board of Directors periodically reviews the Guidelines and the Company’s Investments. If a majority of the Independent Directors determine in their periodic review of transactions that a
particular transaction does not comply with the Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, should be taken. 
 Section 7.5 Tangible Net Worth 
 The Manager shall at all times during
the term of this Agreement (including the Initial Term and any Renewal Term) maintain a tangible net worth equal to or greater than $1,000,000. 
 Section 7.6 Insurance 
 The Manager shall at all times during the term
of this Agreement (including the Initial Term and any Renewal Term) maintain “errors and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers performing functions similar
to those of the Manager under this Agreement with respect to assets similar to 

  
 13 

 
the assets of the Company, in amounts that are comparable to that customarily maintained by other managers of similar assets. 

ARTICLE 8 

COMPENSATION 
 Section 8.1 Management Fee 
 During the term of this Agreement, as the
same may be extended from time to time, the Manager will receive an annual management fee (the “Management Fee”) equal to 1.50% of the Company’s Stockholders’ Equity. The Management Fee shall be calculated and paid in cash
monthly in arrears based upon the weighted daily average of the Stockholders’ Equity of the Company for such month. The Management Fee shall be fully earned as of the last day of each month (or, if the Management Fee is calculated as of any
other day of a month, then the Management Fee shall be fully earned as of such date), and the Management Fee shall be due and payable within eighteen (18) days after the end of each month. The Manager shall compute each installment of the
Management Fee within fifteen (15) days after the end of each month. The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13.2(a)(ii). 

Section 8.2 Incentive Fee 
 In addition to the Management Fee otherwise payable hereunder, the Company shall pay the Manager an Incentive Fee. 
 Section 8.3 Payment in Stock 
 The Board of Directors may, by written
notice to the Manager delivered ten (10) days prior to the date on which any payment of the Incentive Fee is payable, request that the Manager accept all or a portion of such payment in the form of issued shares of common stock of the Company,
which notice shall specify the amount of the payment of the Incentive Fee, the amount thereof that the Company intends to pay in cash, if any, and the amount thereof that the Company intends to pay in the form of such shares of common stock of the
Company in the number of such shares as determined by the Board of Directors. Within five (5) days following receipt of said notice, the Manager shall notify the Company in writing, such election to be made by the Manager in its sole
discretion, whether it will accept such portion of such payment in the form of such shares and in such number of such shares. 

Section 8.4 No Clawback 
 Neither the Management Fee nor the Incentive Fee shall be refundable once paid, shall be in addition to any other fees, costs and expenses payable to the Manager in accordance with the terms of this
Agreement and shall not be subject to any right of set-off or counterclaim by the Company. 

  
 14 

 ARTICLE 9 
 EXPENSES OF THE COMPANY; REIMBURSEMENT OF THE MANAGER 
 Section 9.1
Reimbursable Expenses 
 The Company shall pay all of its expenses and shall reimburse the Manager for documented expenses
of the Manager incurred on its behalf (collectively, the “Expenses”). Expenses include all costs and expenses that are expressly designated elsewhere in this Agreement as expenses to be paid by the Company, together with the
following: 
 (i) all costs and expenses associated with the formation and capital raising activities of the Company and its
Subsidiaries, if any, including the costs and expenses of (A) the preparation of the Company’s registration statements, (B) the initial public offering of the Company, (C) the original incorporation and initial organization of
the Company, and (D) any subsequent offerings and any filing fees and costs of being a public company, including filings with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, Inc. and the New York Stock
Exchange (and any other exchange or over-the-counter market), among other such entities; 
 (ii) expenses in connection with,
and transaction costs incident to, the acquisitions, disposition and financing of Investments; 
 (iii) travel and other
out-of-pocket expenses incurred by Identified Individuals in connection with the evaluation, purchase, financing, refinancing, sale or other disposition of an Investment; 
 (iv) costs of services performed by third parties retained by the Manager (including Affiliates of the Manager) to provide real estate, investment banking, leasing, appraisal, mortgage brokerage,
securities and other brokerage, underwriting, due diligence, insurance, legal, accounting, tax, auditing, financial, investor relations, administrative and all other services as may be required or deemed appropriate by the Manager; provided that if
the Manager’s employees or Affiliates provide such services, then the Company will pay or reimburse the Manager or its Affiliates performing such services for the cost thereof (it being understood that such reimbursement is in addition to any
fees or other reimbursements payable to the Manager under this Agreement), so long as, in the good faith determination of the Manager, such costs and reimbursements are no greater than those costs and reimbursements that would be payable to third
parties engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis; 
 (v) compensation
and expenses of the Directors and the cost of liability insurance to indemnify the Company’s directors and officers; 

(vi) compensation and expenses of the Company’s custodian and transfer agent, if any; 

(vii) the establishment and maintenance of any bank credit facilities (including term loans and revolving credit facilities),
securitizations, warehouse facilities, repurchase agreements or other indebtedness of the Company or its Subsidiaries (including commitment 

  
 15 

 
fees, arrangement fees, agent fees, transaction fees, accounting fees, legal fees, as well as closing and other related costs) or any securities offerings of the Company or its Subsidiaries;

 (viii) costs associated with any computer software or hardware to the extent that is used for the Company; 

(ix) costs and expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special
servicing of assets of the Company or its Subsidiaries; 
 (x) costs and expenses relating to the Company’s business and
investment operations, including the costs and expenses of evaluating, acquiring, financing, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 

(xi) all costs and expenses incurred in connection with assisting the Company in obtaining or maintaining insurance; 

(xii) expenses relating to any office or office facilities, including disaster backup recovery sites and facilities, maintained for the
Company or Investments separate from the office or offices of the Manager; 
 (xiii) expenses in connection with the payments of
interest, dividends or distributions in cash or any other form made or caused to be made by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including in connection with any dividend
reinvestment plan; 
 (xiv) expenses in connection with communications to holders of securities of the Company or its
Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of
preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing or trading of the Company’s stock on any exchange, the fees
payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its shareholders and proxy materials with respect to any meeting of the shareholders of the
Company; 
 (xv) accounting and legal fees incurred by the Company or its Subsidiaries; 

(xvi) costs and expenses incurred with respect to Bloomberg and other market data information systems and publications, research
publications and materials, and settlement, clearing and custodial fees and expenses; 
 (xvii) the cost of maintaining
compliance with all federal, state and local rules and regulations, licensing requirements and other requirements of any regulatory agency; 

  
 16 

 (xviii) any judgment or settlement of pending or threatened proceedings (whether civil,
criminal or otherwise) against the Company or any Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is required to indemnify such trustee,
director or officer by any court or governmental agency; 
 (xix) expenses incurred by the Manager in connection with obtaining
and maintaining “errors and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers performing functions similar to those of the Manager, in an amount that is comparable to
that customarily maintained by other managers or servicers of similar assets; and 
 (xx) all other expenses actually incurred
by the Manager that are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement. 
 Section 9.2 Expenses of the Manager 
 Without regard to the amount of
compensation received under this Agreement by the Manager, except as set forth in Section 9.1, the Manager shall bear the following expenses: (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable
to the space occupied by the Manager; (iii) expenses incurred by the Manager in connection with obtaining and maintaining “errors and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and
investment managers performing functions similar to those of the Manager, in an amount that is comparable to that customarily maintained by other managers of similar assets and (iv) all other “overhead” expenses of the Manager.

 ARTICLE 10 
 CALCULATIONS OF EXPENSES 
 The Manager shall prepare a statement
documenting the Expenses of the Company and the Expenses incurred by the Manager on behalf of the Company during each month, and shall deliver such statement to the Company within twenty (20) days after the end of each month. Expenses incurred
by the Manager on behalf of the Company shall be reimbursed to the Manager in cash on a monthly basis on the first business day of the month immediately following the date of delivery of such statement. 

ARTICLE 11 

LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION 
 Section 11.1 Manager Responsibility 
 The Manager assumes no
responsibility under this Agreement other than to render the services called for under this Agreement in good faith, and it shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or
recommendations of the Manager, including as set forth in Section 7.2. The Manager and Identified Individuals will not be liable to the Company or any Subsidiary, to the Board of Directors, or to the Company’s or any Subsidiary’s
stockholders or partners for any acts or omissions by the Manager or Identified Individuals, pursuant to or in accordance with this 

  
 17 

 
Agreement, except by reason of acts constituting bad faith, willful misconduct or gross negligence of the Manager’s duties under this Agreement, as determined by a final non-appealable order
of a court of competent jurisdiction. 
 Section 11.2 Indemnification of the Manager 

The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager and Identified Individuals (each, a
“Manager Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) (collectively,
“Losses”) in respect of or arising from any acts or omissions of such Manager Indemnified Party in the performance of the Manager’s duties under this Agreement and not constituting such Manager Indemnified Party’s bad
faith, willful misconduct or gross negligence of the Manager’s duties under this Agreement, as determined by a final non-appealable order of a court of competent jurisdiction. 

Section 11.3 Indemnification of the Company 
 The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its directors and officers (each, a “Company Indemnified Party”, a Manager Indemnified Party and a
Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”), harmless of and from any and all Losses in respect of or arising from (i) the Manager’s bad faith, willful misconduct or
gross negligence of its duties under this Agreement, as determined by a final non-appealable order of a court of competent jurisdiction, or (ii) claims by the Manager’s personnel relating to the terms and conditions of their employment by
the Manager. 
 Section 11.4 Indemnification Procedures. In case any such claim, suit, action or proceeding (a
“Claim”) is brought against any Indemnified Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written notice thereof to the indemnifying party,
which notice shall include all documents and information in the possession of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall specifically state that indemnification for
such Claim is being sought under this Article 11; provided, however, that the failure of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights to be indemnified
pursuant to this Article 11. Upon receipt of such notice of Claim (together with such documents and information from such Indemnified Party), the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with
counsel reasonably satisfactory to such Indemnified Party, which counsel may, the rights of such Indemnified Party pursuant to the next succeeding sentence of this Article 11, also represent the indemnifying party in such investigation, action or
proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably determines that the conduct of its defense by the indemnifying party could be materially prejudicial
to its interests, (ii) the indemnifying party refuses to defend (or fails to give written notice to the Indemnified Party within ten (10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or
(iii) the indemnifying party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party may settle any Claim against such Indemnified Party without such 

  
 18 

 
Indemnified Party’s consent, provided (i) such settlement is without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission
of liability or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for such Indemnified Party from the party to the Claim with whom such settlement is being made, which
release must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in connection with such Claim. The applicable Indemnified Party shall
reasonably cooperate with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof. If such Indemnified Party is entitled pursuant
to this Section to elect to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into by such Indemnified Party. Except as provided in
the immediately preceding sentence, no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Article 11. 
 Section 11.5 Insurance Policies. The Indemnified Party shall seek recovery under any insurance policies by which such Indemnified Party is covered, and if such Indemnified Party recovers any
amounts under any insurance policies, it shall be offset against the amount owed by the indemnifying party. If the Indemnified Party fails to seek such recovery, the indemnifying party shall be subrogated to the rights of the Indemnified Party under
any applicable insurance policy of the Indemnified Party, and shall be entitled to recover under such policy up to the amount owed or paid by the indemnifying party to the Indemnified Party. 

Section 11.6 Survival. The provisions of this Article 11 shall survive the expiration or earlier termination of this
Agreement. 
 ARTICLE 12 
 NO JOINT VENTURE 
 Nothing in this Agreement shall be construed to make the
Company and the Manager partners or joint venturers or impose any liability as such on either of them. 
 ARTICLE 13

 TERM; TERMINATION; TERMINATION FEE 
 Section 13.1 Term 
 Until this Agreement is terminated in accordance
with this Article 13, this Agreement shall be in effect from the date of this Agreement until the date that is three (3) years after the date of this Agreement (such period, the “Initial Term”), and thereafter, subject to this
Article 13, this Agreement shall be renewed automatically for consecutive one-year terms (each, a “Renewal Term”). 
 Section 13.2 Termination by the Company 
 (a) The Company shall have
the right to terminate this Agreement upon the expiration of the Initial Term or any Renewal Term if at least two-thirds of the Independent Directors determine that (x) there has been unsatisfactory performance that is materially

  
 19 

 
detrimental to the Company or (y) the Management Fee payable to the Manager is unfair; provided, that the Company shall not have the right to terminate this Agreement under clause
(y) above if the Manager agrees to continue to provide the services under this Agreement at a fee that at least two-thirds of the Independent Directors have determined to be fair. 

(i) If the Company elects to terminate this Agreement in accordance with Section 13.2(a), then subject to Section 13.2(a)(ii),
the Company shall deliver to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in Section 13.2(a) not less than one hundred
and eighty (180) days prior to the expiration of the then current term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than one hundred
and eighty (180) days from the date of the notice, on which the Manager shall cease to provide services under this Agreement, and this Agreement shall terminate on such date. 

(ii) In the event that a Termination Notice is given in connection with a determination that the compensation payable to the Manager is
unfair, the Manager shall have the right to renegotiate the Management Fee by delivering to the Company, no fewer than forty-five (45) days prior to the prospective Effective Termination Date, written notice (a “Notice of Proposal to
Negotiate”) of its intention to renegotiate its compensation under this Agreement. Thereupon, the Company and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement.
Provided that the Manager and the Company agree to a revised Management Fee (or other compensation structure) within forty-five (45) days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no
force and effect, and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the Management Fee shall be the revised Management Fee (or other compensation structure) then agreed upon by the parties
to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised Management Fee promptly upon reaching an agreement regarding such revised Management Fee. In the event that the
Company and the Manager are unable to agree to a revised Management Fee during such forty-five (45) day period, this Agreement shall terminate, such termination to be effective on the date that is the later of ten (10) days following the
end of such forty-five (45) day period and the Effective Termination Date originally set forth in the Termination Notice. 

(b) The Company shall also have the right to terminate this Agreement effective upon sixty (60) days prior written notice of
termination from the Company to the Manager in the event that the Manager, in its corporate capacity (as distinguished from the acts of any employees of the Manager that are taken without the complicity of senior management of the Manager):
(i) commits fraud, misappropriates or embezzles funds of the Company; (ii) commits any other willful material violation of this Agreement that continues for a period of thirty (30) days after the Company delivers written notice
thereof; (iii) acts grossly negligent in the performance of its 

  
 20 

 
duties under this Agreement; (iv) is subject to an order for relief in an involuntary bankruptcy case or authorizes or files a voluntary bankruptcy petition; or (v) dissolves.

 Section 13.3 Termination by the Manager 
 (a) The Manager shall have the right to terminate this Agreement upon the expiration of the Initial Term or any Renewal Term by delivering to the Company prior written notice not less than one hundred and
eighty (180) days prior to the expiration of the then current term. If the Manager so elects not to renew this Agreement, the Manager shall designate a termination date not less than one hundred and eighty (180) days from the date of the
notice on which the Manager shall cease to provide services under this Agreement, and this Agreement shall terminate on such date. 
 (b) The Manager shall have the right to immediately terminate this Agreement in the event that the Company is required to register as an investment company under the Investment Company Act, by delivering
written notice to the Company, and any such termination shall be effective immediately prior to the occurrence of such event. 

(c) The Manager shall have the right to terminate this Agreement effective upon sixty (60) days prior written notice of termination
to the Company in the event that the Company defaults in the performance or observance of any material term, condition or covenant contained in this Agreement and such default continues for a period of thirty (30) days after the Manager
delivers written notice thereof specifying such default and requesting that the same be remedied in such thirty (30) day period. 
 Section 13.4 Automatic Termination 
 This Agreement shall terminate
automatically in the event that the Manager assigns this Agreement, in whole or in part, in contravention of Article 15. 

Section 13.5 Termination Fee 
 The Company shall pay the Manager a Termination Fee on the date on which a termination pursuant to Section 13.2(a) or Section 13.3(c) is effective, provided that the Termination Fee shall become
immediately due and payable in the event that the Company is required to register as an investment company under the Investment Company Act after the Manager has delivered notice of termination pursuant to Section 13.3(b) and the default with
respect to which such notice was delivered has not been remedied as of the date that the Company is required to so register. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

Section 13.6 Effect of Termination 
 In the event that this Agreement is terminated, such termination shall be without any further liability or obligation of either party to the other party, except as provided in Section 13.5 and
Article 14. In addition, Article 11 shall survive the termination of this Agreement. 

  
 21 

 ARTICLE 14 
 ACTION UPON TERMINATION 
 From and after the effective date of termination
of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be immediately paid all compensation accruing to the effective date of termination and, if applicable, the Termination Fee. As
soon as practicable after the effective date of termination, the Manager shall: 
 (i) after deducting any accrued compensation
and reimbursement for its expenses to which it is then entitled, pay the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 
 (iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

ARTICLE 15 

ASSIGNMENT 

Section 15.1 Assignment by the Manager 
 (a) Except as set forth in Section 15.1(b), the Manager shall not assign this Agreement in whole or in part without the prior written consent of a majority of the Independent Directors; provided,
however, that for so long as the Company and the Manager are Affiliates, no such consent shall be required in the case of an assignment by the Manager to an entity whose day-to-day business and operations are managed and supervised by an Affiliate
of the Manager. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such
assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under Article 2 to any of its Affiliates in accordance with the terms of this
Agreement applicable to any such subcontract or assignment and provided such assignment does not require the Company’s approval under the Investment Advisors Act of 1940, and the Company hereby consents to any such assignment and
subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts
payable to the Manager under this Agreement. 
 Section 15.2 Assignment by the Company 

  
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 The Company shall not assign this Agreement without the prior written consent of the
Manager, except in the case of assignment by the Company to another REIT or other organization that is a successor (by merger, consolidation or purchase of assets) to the Company, in which case such successor organization shall be bound under this
Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. Any such assignment attempted or effected without obtaining the necessary prior written consent of the Manager shall be null and void.

 ARTICLE 16 
 RELEASE OF MONEY OR OTHER PROPERTY 
 The Manager agrees that any money or
other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the
ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary
any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time,
but in no event later than sixty (60) days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts
performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the first sentence of this Article 16. The Company and any Subsidiary shall
indemnify the Manager and Identified Individuals against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever that arise in connection with the Manager’s release of such money or other
property to the Company or any Subsidiary in accordance with the terms of this Article 16. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Article 11. 

ARTICLE 17 

MISCELLANEOUS 
 Section 17.1 Notices 
 Unless expressly provided otherwise in this
Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of
(i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission, (iv) delivery by electronic mail, or (v) delivery by registered or certified mail, postage prepaid, return
receipt requested, addressed to the applicable party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties: 

 

	 	(a)	If to the Company: 

  
 23 

 Springleaf REIT Inc. 

c/o Springleaf Finance, Inc. 
 601 N.W. Second Street 
 Evansville, IN 47708 

Attention: General Counsel 
  

	 	(b)	If to the Manager: 

 c/o
Springleaf REIT Management LLC 
 c/o Springleaf Finance, Inc. 

601 N.W. Second Street 
 Evansville, IN 47708 
 Attention: General Counsel 

Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in
conformity with the provisions of this Section 17.1 for the giving of notice. 
 Section 17.2 Binding Nature of
Agreement; Successors and Assigns 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

Section 17.3 Entire Agreement 
 This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance or
usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing. 
 Section 17.4 Controlling Law 
 This Agreement and all questions
relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of Delaware, notwithstanding any Delaware or other conflict-of-law provisions
to the contrary. THE PARTIES HERETO WAIVE THEIR RIGHT TO A JURY TRY WITH RESPECT TO DISPUTES HEREUNDER. 
 Section 17.5
Submission To Jurisdiction 
 ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND ANY ACTION FOR ENFORCEMENT
OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH PARTY 

  
 24 

 
HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND THE APPELLATE COURTS THEREOF. EACH PARTY
HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THE ADDRESS FOR
NOTICES SET FORTH HEREIN. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT
IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 17.6 Indulgences, Not Waivers 
 Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed
as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

Section 17.7 Headings Not to Affect Interpretation 
 The section headings contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement.

 Section 17.8 Execution in Counterparts 
 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 Section 17.9 Provisions Separable 
 The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any
other or others of them may be invalid or unenforceable in whole or in part. The parties hereto shall endeavor in good faith negotiations to replace any invalid or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the invalid or unenforceable provision, as applicable. 

  
 25 

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

			
	 COMPANY:
  

	 SPRINGLEAF REIT INC.,
 a Delaware corporation
  

	By:	 	  

		 	Name:
		 	Title:
	  
 MANAGER:

 

	 SPRINGLEAF REIT MANAGEMENT
 LLC, a Delaware limited liability company
  

	By:	 	  

		 	Name:
		 	Title:

  
 26Form of Stockholders Agreement

 Exhibit 10.3 
 FORM OF 
 STOCKHOLDERS AGREEMENT 

BY AND BETWEEN 
 SPRINGLEAF REIT INC. 
 AND 

SPRINGLEAF REIT HOLDINGS LLC 
  

 
 Dated as of
            , 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.1
	  	Certain Defined Terms	  	 	1	  
	 Section 1.2
	  	Construction	  	 	5	  
	
	ARTICLE II	  
	
	TRANSFER	  
			
	 Section 2.1
	  	Binding Effect on Transferees	  	 	6	  
	 Section 2.2
	  	Additional Purchases	  	 	6	  
	 Section 2.3
	  	Charter Provisions	  	 	6	  
	 Section 2.4
	  	Legend	  	 	6	  
	 Section 2.5
	  	Share Certificates.	  	 	6	  
	
	ARTICLE III	  
	
	BOARD OF DIRECTORS	  
			
	 Section 3.1
	  	Board	  	 	7	  
	
	ARTICLE IV	  
	
	REGISTRATION RIGHTS	  
			
	 Section 4.1
	  	Demand Registration	  	 	9	  
	 Section 4.2
	  	Piggyback Registrations	  	 	11	  
	 Section 4.3
	  	Shelf Registration	  	 	12	  
	 Section 4.4
	  	Withdrawal Rights	  	 	14	  
	 Section 4.5
	  	Registration and Offering Procedures	  	 	14	  
	 Section 4.6
	  	Registration and Offering Expenses	  	 	20	  
	 Section 4.7
	  	Indemnification	  	 	21	  
	
	ARTICLE V	  
	
	MISCELLANEOUS	  
			
	 Section 5.1
	  	Headings	  	 	23	  
	 Section 5.2
	  	Entire Agreement	  	 	23	  
		  		  			

  
 i 

					
	Section 5.3	  	Further Actions; Cooperation	  	23
	Section 5.4	  	Notices	  	24
	Section 5.5	  	Applicable Law	  	25
	Section 5.6	  	Severability	  	25
	Section 5.7	  	Successors and Assigns	  	25
	Section 5.8	  	Amendments	  	26
	Section 5.9	  	Waiver	  	26
	Section 5.10	  	Counterparts	  	26
	Section 5.11	  	Submission to Jurisdiction	  	26
	Section 5.12	  	Injunctive Relief	  	27
	Section 5.13	  	Recapitalizations, Exchanges, Etc. Affecting the Shares of Common Stock; New Issuance	  	27
	Section 5.14	  	Termination	  	27
	Section 5.15	  	Third Party Beneficiary.	  	27
	Section 5.16	  	Rule 144	  	27
	Section 5.17	  	Information	  	28

  
 ii 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (this “Agreement”) is made as of , 2011, by and between Springleaf REIT Holdings LLC (the
“Initial Stockholder”) and Springleaf REIT Inc., a Delaware corporation (the “Company”). 

WHEREAS, the Initial Stockholder is a holder of shares of Common Stock (as hereinafter defined); and 

WHEREAS, the Company has agreed to provide the registration rights and other rights set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1 Certain Defined Terms. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act; provided that no
Stockholder shall be deemed an Affiliate of any other Stockholder solely by reason of any investment in the Company. 
 (b)
“AGF Affiliate Stockholder” shall mean any of the following Persons that own shares of Common Stock: (A) any director of the Company who may be deemed an Affiliate of AGF Holding, (B) any director or officer of AGF Holding
and (C) any investment funds (including any managed accounts) managed directly or indirectly by AGF Holding or its Affiliates; provided that no person who is an AGF Affiliate Stockholder pursuant to the foregoing clauses (A) or
(B) shall be required to take any action under this Agreement (including voting any Company Securities) that would cause such person to be deemed a member of a “group” under Section 13(d) of the Exchange Act (but, for the
avoidance of doubt, any Company Securities Beneficially Owned by such persons shall be counted towards the thresholds in Section 3.1(a)(i)-(iv)). 
 (c) “AGF Holding” shall mean AGF Holding Inc., a Delaware corporation or its successors, or such other Person designated as “AGF Holding” by AGF Holding in a notice to the
Company. 
 (d) “Agreement” shall have the meaning assigned to it in the preamble. 

 (e) A Person shall be deemed to “Beneficially Own” securities if such
Person is deemed to be a “beneficial owner” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date of this Agreement. 
 (f) “Board” shall mean the board of directors of the Company. 

(g) “Bylaws” shall mean the bylaws of the Company, as may be amended and/or restated from time to time. 

(h) “Certificate of Incorporation” shall mean the certificate of incorporation of the Company, as may be amended and/or
restated from time to time. 
 (i) “Commission” shall mean the United States Securities and Exchange
Commission or any successor agency. 
 (j) “Common Stock” shall mean the Company’s common stock, par
value $0.01 per share, and any and all securities of any kind whatsoever of the Company which may be issued and outstanding on or after the date hereof in respect of, in exchange for, or upon conversion of shares of Common Stock pursuant to a
merger, consolidation, stock split, stock dividend, recapitalization of the Company or otherwise. 
 (k)
“Company” shall have the meaning assigned to it in preamble. 
 (l) “Company Securities”
shall mean (i) any Common Stock and (ii) any other securities of the Company entitled to vote generally in the election of directors of the Company. 
 (m) “Demand” shall have the meaning assigned to it in Section 4.1(a). 
 (n) “Demand Registration” shall have the meaning assigned to it in Section 4.1(a). 
 (o) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

(p) “FINRA” means the Financial Industry Regulatory Authority. 

(q) “Form S-3” shall have the meaning assigned to it in Section 4.3(a). 

(r) “Free Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405 under the Securities Act.

 (s) “Identified Director” shall have the meaning assigned to it in Section 3.1(e)(i). 

(t) “Initial Public Offering” shall mean the initial public offering of Common Stock pursuant to an effective
registration statement under the Securities Act. 

  
 2 

 (u) “Initial Stockholder” shall have the meaning assigned to it in
preamble. 
 (v) “Inspectors” shall have the meaning assigned to it in Section 4.5(a)(viii). 

(w) “IPO Underwriting Agreement” shall mean the underwriting agreement, dated , 2011, by and among the Company, the
Initial Stockholder and the underwriters named therein. 
 (x) “Issuer Free Writing Prospectus” shall mean an
issuer free writing prospectus, as defined in Rule 433 under the Securities Act. 
 (y) “Losses” shall have
the meaning assigned to it in Section 4.8(a). 
 (z) “Notice” shall have the meaning assigned to it in
Section 3.1(e)(i). 
 (aa) “Notification Event” shall have the meaning assigned to it in
Section 3.1(e). 
 (bb) “Offering Expenses” shall have the meaning assigned to it in Section 4.6(a).

 (cc) “Other Demanding Sellers” shall have the meaning assigned to it in Section 4.2(b). 

(dd) “Other Proposed Sellers” shall have the meaning assigned to it in Section 4.2(b). 

(ee) “Permitted Transferee” shall mean, with respect to each Stockholder, (i) any other Stockholder,
(ii) such Stockholder’s Affiliates, (iii) in the case of any Stockholder, (A) any member or general or limited partner of such Stockholder (including any member of the Initial Stockholder), (B) any corporation, partnership,
limited liability company or other entity that is an Affiliate of such Stockholder or any member, general or limited partner of such Stockholder (collectively, “Stockholder Affiliates”), (C) any investment funds managed
directly or indirectly by such Stockholder or any Stockholder Affiliate (a “Stockholder Fund”), (D) any general or limited partner of any Stockholder Fund, (E) any managing director, general partner, director, limited
partner, officer or employee of any Stockholder Affiliate, or any spouse, lineal descendant, sibling, parent, heir, executor, administrator, testamentary trustee, legatee or beneficiary of any of the foregoing persons described in this clause
(E) (collectively, “Stockholder Associates”) or (F) any trust, the beneficiaries of which, or any corporation, limited liability company or partnership, the stockholders, members or general or limited partners of which,
consist solely of any one or more of such Stockholder, any general or limited partner of such Stockholder, any Stockholder Affiliates, any Stockholder Fund, any Stockholder Associates, their spouses or their lineal descendants, and (iv) any
other Person that acquires shares of Common Stock from such Stockholder other than pursuant to a Public Offering that agrees to become party to this Agreement. 

  
 3 

 (ff) “Person” shall mean any individual, firm, corporation, partnership,
limited liability company or other entity, and shall include any successor (by merger or otherwise) of such entity. 
 (gg)
“Piggyback Notice” shall have the meaning assigned to it in Section 4.2(a). 
 (hh) “Piggyback
Registration” shall have the meaning assigned to it in Section 4.2(a). 
 (ii) “Piggyback
Seller” shall have the meaning assigned to it in Section 4.2(a). 
 (jj) “Public Offering” shall
mean an offering of equity securities of the Company pursuant to an effective registration statement under the Securities Act, including an offering in which Stockholders are entitled to sell Common Stock pursuant to the terms of this Agreement.

 (kk) “Records” shall have the meaning assigned to it in Section 4.5(a)(viii). 

(ll) “Registrable Amount” shall mean a number of shares of Common Stock equal to 1% of the Common Stock issued and
outstanding immediately after the consummation of the Initial Public Offering. 
 (mm) “Registrable
Securities” shall mean any Common Stock currently owned or hereafter acquired by any Stockholder. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a registration statement
registering such securities under the Securities Act has been declared effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement or (y) such securities are sold
in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act. 
 (nn) “Registration
Expenses” shall have the meaning assigned to it in Section 4.6(a). 
 (oo) “Requesting
Stockholder” shall have the meaning assigned to it in Section 4.1(a). 
 (pp) “Securities Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 (qq)
“Selling Holders” shall have the meaning assigned to it in Section 4.5(a)(i). 
 (rr) “Shelf
Notice” shall have the meaning assigned to it in Section 4.3(a). 

  
 4 

 (ss) “Shelf Registration Effectiveness Period” shall have the meaning
assigned to it in Section 4.3(c). 
 (tt) “Shelf Registration Statement” shall have the meaning assigned
to it in Section 4.3(a). 
 (uu) “Shelf Underwritten Offering” shall have the meaning assigned to it in
Section 4.3(f). 
 (vv) “Stockholders” shall mean (i) the Initial Stockholder, (ii) each AGF
Affiliate Stockholder and (iii) each Permitted Transferee who becomes a party to or bound by the provisions of this Agreement in accordance with the terms hereof or a Permitted Transferee thereof who is entitled to enforce the provisions of
this Agreement in accordance with the terms hereof, in each case of clauses (i), (ii) and (iii) to the extent that the Initial Stockholder, AGF Affiliate Stockholders and Permitted Transferees, together, hold at least a Registrable Amount.

 (ww) “Suspension Period” shall have the meaning assigned to it in Section 4.3(e). 

(xx) “Underwritten Offering” shall mean a sale of securities of the Company to an underwriter or underwriters for
reoffering to the public. 
 (yy) “Voting Power of the Company” shall mean the total number of votes that may
be cast in the election of directors of the Company if all issued and outstanding Company Securities entitled to vote for the election of directors were present and voted at a meeting held for such purpose. 

Section 1.2 Construction. For the purposes of this Agreement (i) words (including capitalized terms defined herein) in
the singular shall be held to include the plural and vice versa and words (including capitalized terms defined herein) of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,”
“herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references are
to Articles and Sections of this Agreement, unless otherwise specified, (iii) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” (iv) all references
to any period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified, and (v) all references herein to “$” or dollars shall refer to United States dollars, unless otherwise specified.

 ARTICLE II 
 TRANSFER 
 Section 2.1 Binding Effect on Transferees. A
Permitted Transferee shall become a Stockholder hereunder, without any further action by the Company, following a transfer by a Stockholder of Company Securities to such Permitted Transferee upon the execution by such Permitted Transferee of a
joinder providing that such Person shall be bound 

  
 5 

 
by and shall fully comply with the terms of this Agreement (including the provisions of Article IV with respect to the Company Securities being transferred to such transferee). For the avoidance
of doubt, a AGF Affiliate Stockholder shall be deemed to be a Stockholder following a transfer by a Stockholder of Company Securities to such AGF Affiliate Stockholder and without any further action. 

Section 2.2 Additional Purchases. Any Company Securities owned by a Stockholder on or after the date of this Agreement shall
have the benefit of and be subject to the terms and conditions of this Agreement. 
 Section 2.3 Charter Provisions.
The parties hereto shall use their respective reasonable efforts (including voting or causing to be voted all of the Company Securities held of record by such party or Beneficially Owned by such party by virtue of having voting power over such
Company Securities) so as to cause no amendment to be made to the Certificate of Incorporation or Bylaws as in effect as of the date of this Agreement in a manner that would (a) add restrictions to the transferability of the Company Securities
(other than any restrictions related to the Company’s status as a real estate investment trust) by the Initial Stockholder, any AGF Affiliate Stockholder or their Permitted Transferees who remain a Stockholder at the time of such an amendment,
which restrictions are beyond those then provided for in the Certificate of Incorporation, this Agreement or applicable securities laws or (b) nullify any of the rights of the Initial Stockholder, any AGF Affiliate Stockholder or their
Permitted Transferees who remain a Stockholder at the time of such amendment, which rights are explicitly provided for in this Agreement, unless, in each such case, such amendment shall have been approved by such Stockholder. 

Section 2.4 Legend. Any certificate representing Company Securities issued to a Stockholder shall be stamped, imprinted or
otherwise labeled with a legend in substantially the following form: 
 “The shares represented by this certificate are
subject to the provisions contained in the Stockholders Agreement, dated as of , 2011, by and among Springleaf REIT Inc. and the Stockholders party thereto.” 
 The Company shall make customary arrangements to cause any Company Securities issued in uncertificated form to be identified on the books of the Company in a substantially similar manner. 

Section 2.5 Share Certificates. Upon request by a Stockholder, the Company shall take all necessary actions to promptly issue
or reissue, as the case may be, Company Securities in certificated or uncertificated form. 
 ARTICLE III 

BOARD OF DIRECTORS 
 Section 3.1 Board. 

  
 6 

 (a) For so long as this Agreement is in effect, the Company and each Stockholder shall take
all reasonable actions within their respective control (including voting or causing to be voted all of the Company Securities held of record by such Stockholder or Beneficially Owned by such Stockholder by virtue of having voting power over such
Company Securities, and, with respect to the Company, as provided in Sections 3.1(c) and (d)) so as to cause to be elected to the Board, and to cause to continue in office,
                 directors (or such other number of directors as AGF Holding may agree to in writing), at any given time. For so long as the Stockholders, together, have
Beneficial Ownership of: 
 (i) at least 40% of the Voting Power of the Company, AGF Holding shall have the
right to designate a number of directors equal to a majority of the Board plus one director; 
 (ii) at least
20% but less than 40% of the Voting Power of the Company, AGF Holding shall have the right to designate at least                  directors; provided that if the Board
consists of more than                  directors, then AGF Holding shall have the right to designate a number of directors (rounded up to the nearest whole number) that
would be required to maintain the proportion of Board representation that AGF Holding would have under this clause (ii) if the Board consisted of [seven] directors; 

(iii) at least 10% but less than 20% of the Voting Power of the Company, AGF Holding shall have the right to designate at
least                  directors; provided that if the Board consists of more than
                 directors, then AGF Holding shall have the right to designate a number of directors (rounded up to the nearest whole number) that would be required to
maintain the proportion of Board representation that AGF Holding would have under this clause (iii) if the Board consisted of [seven] directors; and 
 (iv) at least 5% but less than 10% of the Voting Power of the Company, AGF Holding shall have the right to designate at least
                 director; provided that if the Board consists of more than
                 directors, then AGF Holding shall have the right to designate a number of directors (rounded up to the nearest whole number) that would be required to
maintain the proportion of Board representation that AGF Holding would have under this clause (iv) if the Board consisted of [seven] directors. 
 (b) If AGF Holding notifies the Stockholders of its desire to remove, with or without cause, any director previously designated by it, then the Stockholders shall vote or cause to be voted all of the
shares of Company Securities held of record by such Stockholders or Beneficially Owned by such Stockholders by virtue of having voting power over such Company Securities and take all other reasonable actions within its control to cause the removal
of such director. 

  
 7 

 (c) The Company agrees to include in the slate of nominees recommended by the Board those
persons designated by AGF Holding in accordance with Section 3.1(a) and to use its reasonable best efforts to cause the election of each such designee to the Board, including nominating such designees to be elected as directors, in each case
subject to applicable law. 
 (d) In the event that a vacancy is created at any time by the death, disability, retirement,
resignation or removal of any director who is designated by AGF Holding in accordance with Section 3.1(a), the Company agrees to take at any time and from time to time all actions necessary to cause the vacancy created thereby to be filled as
promptly as practicable by a new designee of AGF Holding. In the event that the size of the Board is expanded to more than                  directors, Company agrees to
take at any time and from time to time all actions necessary to cause the Board to continue to have the number of AGF Holding designees that corresponds to the requirements of Section 3.1(a). 

(e) In the event that at any time the number of directors entitled to be designated by AGF Holding pursuant to Section 3.1(a)
decreases (a “Notification Event”), AGF Holding, the Initial Stockholder and its Permitted Transferees and the Company will take the following steps: 

(i) AGF Holding will notify (the “Notice”) the Company which directors previously designated by AGF
Holding to serve as directors will be de-designated by AGF Holding (each director, an “Identified Director”). AGF Holding will provide such notification to the Company either orally or in writing by the date that is forty-five days
prior to the date on which the Company is required to file its next annual proxy statement with the Commission. For the avoidance of doubt, AGF Holding has the sole right to (a) determine which designated director(s) will be an Identified
Director and (b) select any of its designated directors to be an Identified Director. 
 (ii) Within thirty
days of the Company’s receipt of the Notice, the nominating committee of the Company may elect to require the Initial Stockholder to take reasonable actions to cause each Identified Director to resign from the Board at or prior to the end of
such Identified Director’s term such that the number of directors designated by AGF Holding after such resignation(s) equals the number of directors AGF Holding would have been entitled to designate pursuant to Section 3.1(a) as of the
date of the applicable Notification Event. Any vacancies created by such resignation may remain vacant until the next annual meeting of shareholders or filled by a majority vote of the Board. 

(iii) If the nominating committee does not make the election described in clause (ii) above, then (a) the
Initial Stockholder will not be required to cause such Identified Director to resign from the Board at or prior to the end of such Identified Director’s term and (b) such Identified Director shall no longer be considered a designee of AGF
Holding as of the thirty-first day of the Company’s receipt of the Notice. 

  
 8 

 ARTICLE IV 
 REGISTRATION RIGHTS 
 Section 4.1 Demand Registration.

 (a) At any time after the date that is 180 days after the date hereof (or such earlier date (i) as
would permit the Company to cause any filings required hereunder to be filed on the 180th day after the date hereof or (ii) as is permitted by waiver of the IPO Underwriting Agreement), any Person that is a Stockholder (a “Requesting Stockholder”) on the date a Demand is
made shall be entitled to make a written request of the Company (a “Demand”) for registration under the Securities Act of a number of Registrable Securities that, when taken together with the number of Registrable Securities
requested to be registered under the Securities Act by such Requesting Stockholder’s Affiliates, equals or is greater than the Registrable Amount (a “Demand Registration”), and thereupon the Company will, subject to the terms
of this Agreement, use its commercially reasonable efforts to effect the registration under the Securities Act of: 
 (i) the Registrable Securities that the Company has been so requested to register by the Requesting Stockholders for disposition in accordance with the intended method of disposition stated in such
Demand, which may be an Underwritten Offering; 
 (ii) all other Registrable Securities that the Company has
been requested to register by the Requesting Stockholder pursuant to Section 4.1(b); and 
 (iii) all
shares of Common Stock that the Company may elect to register in connection with any offering of Registrable Securities pursuant to this Section 4.1, but subject to Section 4.1(f); 

all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable Securities and
the additional Common Stock, if any, to be so registered. 
 (b) A Demand shall specify: (i) the aggregate number of
Registrable Securities requested to be registered in such Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known and (iii) the identity of the Requesting
Stockholder (or Requesting Stockholders). Within five days after receipt of a Demand, the Company shall give notice of such Demand to any other Persons that on the date a Demand is delivered to the Company is a Stockholder. Subject to
Section 4.1(f), the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion therein within five days after such notice by
the Company has been given. Such written request shall comply with the requirements of a Demand as set forth in this Section 4.1(b). 

  
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 (c) Each Stockholder shall be entitled to an unlimited number of Demand Registrations until
such time as the Stockholders, together, Beneficially Own less than a Registrable Amount. 
 (d) Demand Registrations shall be
on such appropriate registration form of the Commission as shall be selected by the Requesting Stockholders whose shares represent a majority of the Registrable Securities that the Company has been requested to register, including, to the extent
permissible, an existing effective registration statement filed by the Company with the Commission, and shall be reasonably acceptable to the Company. 
 (e) The Company shall not be obligated to effect any Demand Registration (A) within three months of a “firm commitment” Underwritten Offering in which all Stockholders were given
“piggyback” rights pursuant to Section 4.2 (subject to Section 4.1(f) and provided that at least 50% of the number of Registrable Securities requested by such Stockholders to be included in such Demand Registration were included)
or (B) within three months of any other Underwritten Offering pursuant to Section 4.3(e). In addition, the Company shall be entitled to postpone (upon notice to all Stockholders) for a reasonable period of time not to exceed 60 days in
succession the filing or the effectiveness of a registration statement for any Demand Registration (but no more than twice, or for more than 90 days in the aggregate, in any period of 12 consecutive months) if the Board determines in good faith and
in its reasonable judgment that the filing or effectiveness of the registration statement relating to such Demand Registration would cause the disclosure of material, non-public information that the Company has a bona fide business purpose for
preserving as confidential. In the event of a postponement by the Company of the filing or effectiveness of a registration statement for a Demand Registration, the holders of a majority of Registrable Securities held by the Requesting Stockholder(s)
shall have the right to withdraw such Demand in accordance with Section 4.4. 
 (f) The Company shall not include any
securities other than Registrable Securities in a Demand Registration, except with the written consent of Stockholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration.
If, in connection with a Demand Registration, any managing underwriter (or, if such Demand Registration is not an Underwritten Offering, a nationally recognized investment bank engaged in connection with such Demand Registration) advises the Company
that, in its opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in connection with such Demand Registration would adversely affect the marketability of
the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such registration statement only such securities as the Company is advised by such underwriter or investment bank can be sold without such adverse
effect as follows and in the following order of priority: (i) first, up to the number of Registrable Securities requested to be included in such Demand Registration by the Stockholders, which, in the opinion of the underwriter can be sold
without adversely affecting the marketability of the offering, pro rata among such Stockholders requesting such Demand Registration on the basis of the number of such securities held by such Stockholders and such Stockholders that are Piggyback
Sellers; (ii) second, securities the Company proposes to sell; and (iii) third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the number of such other securities
requested to be included or such other method determined by the Company. 

  
 10 

 (g) Any investment bank(s) that will serve as an underwriter with respect to such Demand
Registration or, if such Demand Registration is not an Underwritten Offering, any investment bank engaged in connection therewith, shall be selected (i) by AGF Holding, for so long as a majority of the Common Stock of the Company is owned by
the Initial Stockholder, its Permitted Transferees and any AGF Affiliate Stockholder, and thereafter (ii) by the Stockholder participating in such Demand Registration that holds (together with its Permitted Transferees) a number of Registrable
Securities included in such Demand Registration constituting a plurality of all Registrable Securities included in such Demand Registration. 
 Section 4.2 Piggyback Registrations. 
 (a) Subject to the terms and
conditions hereof, whenever the Company proposes to register any of its equity securities under the Securities Act (other than a registration by the Company on a registration statement on Form S-4 or a registration statement on Form S-8 or any
successor forms thereto) (each, a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give the Stockholders prompt notice thereof (but not less than five days prior to the filing by
the Company with the Commission of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed date of
filing of such registration statement with the Commission, the proposed means of distribution and the proposed managing underwriter or underwriters (if any and if known). Upon the written request of any Person that on the date of such Piggyback
Notice is a Stockholder, given within five days after such Piggyback Notice is received by such Person (any such Person, a “Piggyback Seller”) (which written request shall specify the number of Registrable Securities then presently
intended to be disposed of by such Piggyback Seller), the Company, subject to the terms and conditions of this Agreement, shall use its commercially reasonable efforts to cause all such Registrable Securities held by Piggyback Sellers with respect
to which the Company has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration. 

(b) If, in connection with a Piggyback Registration, any managing underwriter (or, if such Piggyback Registration is not an Underwritten
Offering, a nationally recognized investment bank engaged in connection with such Demand Registration) advises the Company that, in its opinion, the inclusion of all the equity securities sought to be included in such Piggyback Registration by
(i) the Company, (ii) others who have sought to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called “piggyback” or other incidental or
participation registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers and (iv) any other proposed sellers of equity securities of the Company (such Persons being
“Other Proposed Sellers”), as the case may be, would adversely affect the marketability of the equity securities sought to be sold pursuant thereto, then the Company shall include in the registration statement applicable to such
Piggyback Registration only such equity securities as the Company is so advised by such underwriter or investment bank can be sold without such an effect, as follows and in the following order of priority: 

(i) if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such
number of equity securities to be sold by the Company as the Company, in its reasonable judgment and acting in 

  
 11 

 
good faith and in accordance with sound financial practice, shall have determined to sell, (B) second, Registrable Securities of Piggyback Sellers and securities sought to be registered by
Other Demanding Sellers (if any), pro rata on the basis of the number of shares of Common Stock held by such Piggyback Sellers and Other Demanding Sellers and (C) third, other equity securities held by any Other Proposed Sellers; or 

(ii) if the Piggyback Registration relates to an offering other than for the Company’s own account, then
(A) first, such number of equity securities sought to be registered by each Other Demanding Seller and the Piggyback Sellers (if any), pro rata in proportion to the number of shares of Common Stock held by all such Other Demanding Sellers and
Piggyback Sellers and (B) second, other equity securities held by any Other Proposed Sellers or to be sold by the Company as determined by the Company and with such priorities among them as may from time to time be determined or agreed to by
the Company. 
 (c) In connection with any Underwritten Offering under this Section 4.2 for the Company’s account,
the Company shall not be required to include a holder’s Registrable Securities in the Underwritten Offering unless such holder accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by the
Company; provided, that any applicable underwriting agreement includes only customary terms and conditions. 
 (d) If, at any
time after giving notice of its intention to register any of its equity securities as set forth in this Section 4.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the
Company shall determine for any reason not to register such equity securities, the Company may, at its election, give notice of such determination to each Stockholder and thereupon shall be relieved of its obligation to register any Registrable
Securities in connection with such particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Stockholders may continue the
registration as a Demand Registration pursuant to the terms of Section 4.1. 
 Section 4.3 Shelf Registration.

 (a) Subject to Section 4.3(e), and further subject to the availability of a Registration Statement on Form S-3 or a
successor form (“Form S-3”) to the Company, the Initial Stockholder or any of its Permitted Transferees (in each case to the extent a Stockholder hereunder) may by notice delivered (which notice can be delivered at any time after
the eleven month anniversary of the date hereof) to the Company (the “Shelf Notice”) require the Company to (i) file as promptly as practicable (but no later than 30 days after the date the Shelf Notice is delivered), and to
use commercially reasonable efforts to cause to be declared effective by the Commission at the earliest possible date permitted under the rules and regulations of the Commission (but no later than 60 days after such filing date), a Form S-3, or
(ii) use an existing Form S-3 filed with the Commission, in each case providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time, of the Registrable
Securities owned by the Initial Stockholder or the AGF Affiliate Stockholders (or any of their Permitted Transferees), as the case may be, and any other Persons 

  
 12 

 
that at the time of the Shelf Notice meet the definition of a Stockholder who elect to participate therein as provided in Section 4.3(b) (a “Shelf Registration Statement”).

 (b) The Initial Stockholder and its Permitted Transferees shall be entitled to require the Company to file an unlimited
number of Shelf Registration Statements until such time as the Stockholders, together, Beneficially Own less than a Registrable Amount. 
 (c) Within five business days after receipt of a Shelf Notice pursuant to Section 4.3(a), the Company will deliver notice thereof to each Stockholder. Each Stockholder may elect to participate in the
Shelf Registration Statement by delivering to the Company a written request to so participate. 
 (d) Subject to
Section 4.3(e), the Company will use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold
thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the “Shelf Registration Effectiveness Period”). 

(e) Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing
notice to the Stockholders who elected to participate in the Shelf Registration Statement, to require such Stockholders to suspend the use of the prospectus for sales of Registrable Securities under the Shelf Registration Statement for a reasonable
period of time not to exceed 60 days in succession or 90 days in the aggregate in any 12 month period (a “Suspension Period”) if the Board determines in good faith and in its reasonable judgment that it is required to disclose in
the Shelf Registration Statement material, non-public information that the Company has a bona fide business purpose for preserving as confidential. Immediately upon receipt of such notice, the Stockholders covered by the Shelf Registration Statement
shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension Period shall terminate at such time as the public disclosure of such information is made. After the expiration of
any Suspension Period and without any further request from a Stockholder, the Company shall as promptly as practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document
incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (f) At any time, and from time-to-time, during the Shelf Registration Effectiveness Period (except during a Suspension Period), each of the Initial Stockholder, the AGF Affiliate Stockholders or any of
their Permitted Transferees (in each case to the extent a Stockholder hereunder) may notify the Company of their intent to sell Registrable Securities covered by the Shelf Registration Statement (in whole or in part) in an Underwritten Offering (a
“Shelf Underwritten Offering”); provided that the Company shall not be obligated to participate in more than four underwritten offerings during any twelve-month period. Such notice, which may be oral or written, shall specify
(x) the aggregate number of Registrable Securities requested to be registered in such Shelf Underwritten Offering and (y) the identity of the Stockholder(s) 

  
 13 

 
requesting such Shelf Underwritten Offering. Upon receipt by the Company of such notice, the Company shall promptly comply with the applicable provisions of this Agreement, including those
provisions of Section 4.5 relating the Company’s obligation to make filings with the Commission, assist in the preparation and filing with the Commission of prospectus supplements and amendments to the Shelf Registration Statement,
participate in “road shows,” agree to customary “lock-up” agreements with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other actions as necessary or appropriate
to permit the consummation of such Shelf Underwritten Offering as promptly as practicable. Each Shelf Underwritten Offering shall be for the sale of a number of Registrable Securities equal to or greater than the Registrable Amount. In any Shelf
Underwritten Offering, AGF Holding shall select the investment bank(s) that will serve as lead or co-managing underwriters with respect to the offering of such Registrable Securities. 

Section 4.4 Withdrawal Rights. Any Stockholder having notified or directed the Company to include any or all of its
Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving notice to
such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities
shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a
Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each holder of Registrable
Securities sought to be registered notice to such effect and, within ten days following the mailing of such notice, such holder(s) of Registrable Securities still seeking registration shall, by notice to the Company, elect to register additional
Registrable Securities, when taken together with elections to register Registrable Securities by its Permitted Transferees, to satisfy the Registrable Amount or elect that such registration statement not be filed or, if previously filed, be
withdrawn. During such ten day period, the Company shall not file such registration statement if not previously filed or, if such registration statement has been previously filed, the Company shall not seek, and shall use commercially reasonable
efforts to prevent, the effectiveness of such registration statement. 
 Section 4.5 Registration and Offering
Procedures. 
 (a) If and whenever the Company is required to use commercially reasonable efforts to effect the registration
of any Registrable Securities under the Securities Act as provided in Sections 4.1, 4.2 and 4.3, the Company shall as promptly as practicable (in each case, to the extent applicable): 

(i) prepare and file with the Commission a registration statement to effect such registration, cause such registration
statement to become effective at the earliest possible date permitted under the rules and regulations of the Commission, and thereafter use commercially reasonable efforts to cause such registration statement to remain effective pursuant to the
terms of this Agreement; provided, however, that the Company may discontinue any registration of its securities that are not Registrable Securities at any time prior to the effective date 

  
 14 

 
of the registration statement relating to such securities; provided, further, that before filing such registration statement or any amendments or supplements thereto, the Company will furnish to
the counsel selected by the holders of Registrable Securities that are to be included in such registration (“Selling Holders”) copies of all such documents proposed to be filed, which documents will be subject to the review of and
comment by such counsel (it being understood that counsel to the Selling Holders will conduct its review and provide any comments promptly); 
 (ii) prepare and file with the Commission such amendments (including post-effective amendments) and supplements to such registration statement and the prospectus used in connection therewith and any
Exchange Act reports incorporated by reference therein as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement until the earlier of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the Selling Holder(s) set forth in such registration statement or (i) in the case of
a Demand Registration pursuant to Section 4.1, the expiration of 60 days after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 4.2, the expiration of 60 days after such
registration statement becomes effective or (iii) in the case of a Shelf Registration pursuant to Section 4.3, the Shelf Registration Effectiveness Period; 

(iii) furnish to each Selling Holder and each underwriter, if any, of the securities being sold by such Selling Holder
such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each
preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and any Issuer Free Writing Prospectus and such other documents as
such Selling Holder and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Holder; 

(iv) use commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration
statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Holder and any underwriter of the securities being sold by such Selling Holder shall reasonably request, and take any other action which may be
reasonably necessary or advisable to enable such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv)

  
 15 

 
be obligated to be so qualified, to subject itself to taxation in any such jurisdiction or to file a general consent to service of process in any such jurisdiction; 

(v) use best efforts to cause such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on The New York Stock Exchange or the Nasdaq Stock Market; 

(vi) use commercially reasonable efforts to cause such Registrable Securities covered by such registration statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Holder(s) thereof to consummate the disposition of such Registrable Securities; 

(vii) in connection with an Underwritten Offering, obtain for each Selling Holder and underwriter: 

(1) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such Selling Holder and underwriters, and 

(2) a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of
a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent registered public accountants who have certified the Company’s financial
statements included in such registration statement (and, if necessary, any other independent registered public accountant of any subsidiary of the Company or any business acquired by the Company from which financial statements and financial data
are, or are required to be, included in the registration statement); 
 (viii) promptly make available for
inspection by any Selling Holder, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Holder or underwriter
(collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable such Selling
Holder or underwriter to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement promptly;
provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, the Company shall not be required to provide any information under this clause (viii) if (i) the Company believes, after consultation 

  
 16 

 
with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the Company has
requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that
such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such holder of Registrable Securities requesting such information agrees, and causes each
of its Inspectors, to enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each holder of Registrable Securities agrees that it will, upon learning that disclosure of such Records is
sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

(ix) promptly notify in writing each Selling Holder and the underwriters, if any, of the following events: 

(1) the filing of the registration statement, the prospectus or any prospectus supplement related thereto, any Issuer
Free Writing Prospectus or post-effective amendment to the registration statement, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 

(2) any request by the Commission for amendments or supplements to the registration statement or the prospectus or for
additional information; 
 (3) the issuance by the Commission of any stop order suspending the effectiveness of
the registration statement or the initiation of any proceedings by any Person for that purpose; 
 (4) when any
Issuer Free Writing Prospectus includes information that may conflict with the information contained in the registration statement; and 
 (5) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or
the initiation or threat of any proceeding for such purpose; 
 (x) notify each Selling Holder, at any time when
a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, 

  
 17 

 
at the request of any Selling Holder, promptly prepare and furnish to such Selling Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary
so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; 
 (xi) use reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of such registration statement; 
 (xii) use commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make available to Selling Holders, as promptly as practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the
first day of the Company’s first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) use reasonable best efforts to assist Stockholders who made a request to the Company to provide for a third party
“market maker” for the Common Stock; provided, however, that the Company shall not be required to serve as such “market maker”; 
 (xiv) cooperate with any Selling Holder and any underwriter to facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable
law), if necessary or appropriate, representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter or such Selling Holder may request and
keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates as necessary or appropriate; 

(xv) have appropriate officers of the Company prepare and make presentations at any “road shows” and before
analysts and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated); 
 (xvi) have appropriate officers of the Company, and cause representatives of the Company’s independent registered public accountants, to participate in any due diligence discussions reasonably
requested by any Selling Holder or any underwriter; 
 (xvii) if requested by any underwriter, agree, and cause
and any directors or officers of the Company to agree, to be bound by customary “lock-up” agreements restricting the ability to dispose of Company securities; 

  
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 (xviii) if requested by any Selling Holders or any underwriter, promptly
incorporate in the registration statement or any prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Holders may reasonably request to have included therein, including, without limitation,
information relating to the “Plan of Distribution” of the Registrable Securities; 
 (xix) cooperate
and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of the FINRA; 

(xx) otherwise use reasonable best efforts to cooperate as reasonably requested by the Selling Holders and the
underwriters in the offering, marketing or selling of the Registrable Securities 
 (xxi) otherwise use
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and all reporting requirements under the rules and regulations of the Exchange Act; and 

(xxii) use reasonable best efforts to take any action requested by the Selling Holders, including any action described in
clauses (i) through (xxi) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited timeframe. 
 The Company may require each Selling Holder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Holder or underwriter and the distribution of such
Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement. 
 (b) Without limiting any of the foregoing, in the event that the offering of Registrable Securities is to be made by or through an underwriter, the Company shall enter into an underwriting agreement with
a managing underwriter or underwriters containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in
underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers. In connection with any offering of Registrable Securities registered pursuant to this Agreement, the Company shall furnish to the
underwriter, if any (or, if no underwriter, the Selling Holders), unlegended certificates representing ownership of the Registrable Securities being sold (unless, in the Company’s sole discretion, such Registrable Securities are to be issued in
uncertificated form pursuant to the customary arrangements for issuing shares in such form), in such denominations as requested and instruct any transfer agent and registrar of the Registrable Securities to release any stop transfer order with
respect thereto. 
 (c) Each Selling Holder agrees that upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 4.5(a)(ix), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating
thereto until such Selling 

  
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Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.5(a)(ix) and, if so directed by the Company, deliver to the Company, at the
Company’s expense, all copies, other than permanent file copies, then in such Selling Holder’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company
shall give such notice, any applicable 60-day period during which such registration statement must remain effective pursuant to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding
the happening of an event of the kind described in Section 4.5(a)(ix) to the date when all such Selling Holders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the Commission. 

Section 4.6 Registration and Offering Expenses. 
 (a) All expenses incident to the Company’s performance of, or compliance with, its obligations under this Agreement including (a) (1) all registration and filing fees, all fees and expenses
of compliance with securities and “blue sky” laws, (2) all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter”
as such term is defined in NASD Rule 2720 or the equivalent rule incorporated into the FINRA rulebook), (3) all fees and expenses of compliance with securities and “blue sky” laws, (4) all printing (including expenses of printing
certificates, if any, for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses and Issuer Free Writing Prospectuses is requested by a holder of
Registrable Securities) and copying expenses, (5) all messenger and delivery expenses, (6) all fees and expenses of the Company’s independent certified public accountants and counsel (including with respect to “comfort”
letters, “agreed-upon procedures” letter and opinions), (7) fees and expenses of one counsel to the Stockholders selling in such registration (which firm shall be selected by the Stockholders selling in such registration that hold a
majority of the Registrable Securities included in such registration), (8) except as provided in clause (b) below, the fees and expenses (including underwriting discounts and commissions and transfer taxes) of every nationally recognized
investment bank engaged in connection with a Demand Registration or a Piggyback Registration that is not an Underwritten Offering, (collectively, the “Registration Expenses”) and (b) any expenses described in clauses (a)(1)
through (8) above incurred in connection with the marketing and sale of Registrable Securities (“Offering Expenses”) shall be borne by the Company, regardless of whether a registration is effected, marketing is commenced or
sale is made. The Company will pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the
expenses and fees for listing the securities to be registered on each securities exchange and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded. 

(b) Each Selling Holder shall pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the
sale of such Selling Holder’s Registrable Securities pursuant to any registration. 

  
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 Section 4.7 Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Holder, its officers,
directors, employees, managers, members, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Selling Holder or such other indemnified Person from
and against all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (collectively, the “Losses”) caused by, resulting from or relating
to any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, any Issuer Free Writing Prospectus, any prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as the same are caused by any
information furnished in writing to the Company by such Selling Holder expressly for use therein. In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under this Agreement, the Company shall
also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters or such other
indemnified Person to the same extent as provided above with respect to the indemnification (and exceptions thereto) of the holders of Registrable Securities being sold. Reimbursements payable pursuant to the indemnification contemplated by this
Section 4.7(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses are incurred. 
 (b) In connection with any registration statement, each such Selling Holder will furnish to the Company in writing information regarding such Selling Holder’s ownership of Registrable Securities and
its intended method of distribution thereof and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors, officers, employees and agents and each Person who controls (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company or such other indemnified Person against all Losses caused by any untrue statement of material fact contained in the registration statement, any Issuer Free
Writing Prospectus, any prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, but only to the extent that such untrue statement or omission is caused by and contained in such information so furnished in writing by such Selling Holder expressly for use therein; provided, however,
that each Selling Holder’s obligation to indemnify the Company hereunder shall, to the extent more than one Selling Holder is subject to the same indemnification obligation, be apportioned between each Selling Holder based upon the net amount
received by each Selling Holder from the sale of Registrable Securities, as compared to the total net amount received by all of the Selling Holders of Registrable Securities sold pursuant to such registration statement. Notwithstanding the
foregoing, no Selling Holder shall be liable to the Company for amounts in excess of the lesser of (i) such apportionment and (ii) the net amount received by such holder in the offering giving rise to such liability. 

  
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 (c) Any Person entitled to indemnification hereunder shall give prompt notice to the
indemnifying party of any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has
been materially prejudiced by such failure to provide such notice on a timely basis. 
 (d) In any case in which any such
action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or
other expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such
assumption on the grounds that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party or (ii) the indemnifying party shall have failed within a reasonable period of
time to assume such defense and the indemnified party is or is reasonably likely to be prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection
with retaining separate legal counsel). An indemnifying party shall not be liable for any settlement of an action or claim effected without its consent. The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if
it shall fail to diligently contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not
be unreasonably withheld, it being understood that the indemnified party shall not be deemed to be unreasonable in withholding its consent if the proposed settlement imposes any obligation on the indemnified party other than the payment of money or
if the proposed settlement does not include an unconditional release of such indemnified party for all claims relating to such matter). 
 (e) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified Person and will survive the transfer
of the Registrable Securities and the termination of this Agreement. 
 (f) If recovery is not available under the foregoing
indemnification provisions for any reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with
respect to which such Person would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative
knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is
hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per 

  
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capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Holder or transferee thereof shall be required to make a contribution in excess of the net amount received by such holder from its sale of Registrable
Securities in connection with the offering that gave rise to the contribution obligation. 
 (g) Not less than three days
before the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify each Stockholder who has timely provided the requisite notice hereunder entitling the Stockholder to register Registrable Securities
in such registration statement of the information, documents and instruments from such Stockholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a questionnaire,
custody agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the day before the expected filing date, the Requested Information from
such Stockholder, the Company may file the Registration Statement without including Registrable Securities of such Stockholder. The failure to so include in any registration statement the Registrable Securities of a Stockholder (with regard to that
registration statement) shall not in and of itself result in any liability on the part of the Company to such Stockholder. 

ARTICLE V 

MISCELLANEOUS 
 Section 5.1 Headings. The headings in this Agreement are for convenience of reference only and shall not control or effect the meaning or construction of any provisions hereof. 

Section 5.2 Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto in
respect of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, conditions or undertakings with respect to the subject matter hereof, other than those expressly set forth or referred
to herein. This Agreement supersedes all prior agreements and understandings between the parties hereto with respect to the subject matter hereof. 
 Section 5.3 Further Actions; Cooperation. Each of the Stockholders agrees to use its reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist
and cooperate with the other parties in doing, all things necessary, proper or advisable to give effect to the transactions contemplated by this Agreement. Without limiting the generality of the foregoing, each of the Stockholders
(a) acknowledges that such Stockholder will prepare and file with the Commission filings under the Exchange Act, including under Section 13(d) of the Exchange Act, relating to its Beneficial Ownership of the Common Stock and
(b) agrees to use its reasonable efforts to assist and cooperate with the other parties in promptly preparing, reviewing and executing any such filings under the Exchange Act, including any amendments thereto. 

  
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 Section 5.4 Notices. All notices, requests, consents and other communications
hereunder to any party shall be deemed to be sufficient if (a) delivered orally where expressly allowed under this Agreement or, otherwise (b) contained in a written instrument delivered in person or sent by email, facsimile, nationally
recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages
of this Agreement or in writing by such party to the other parties: 
 If to the Initial Stockholder, to: 

Springleaf REIT Holdings LLC 
 c/o Springleaf Finance, Inc. 
 601 N.W. Second St. 

Evansville, IN 47708 
 Attn: General Counsel 
 with a copy (which shall not constitute notice) to:

 Skadden, Arps, Slate, Meagher & Flom LLP 
 4 Times Square 
 New York, NY 10036-6522 

Fax: (212) 735-2000 
 Attn:    Joseph A. Coco, Esq. 

     Richard B. Aftanas, Esq 
 Email:   Joseph.Coco@skadden.com 

     Richard.Aftanas@skadden.com 
 If to any AGF Affiliate Stockholders, to: 
 c/o Springleaf REIT Management LLC

 Attn: 
 Email: 
 with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 
 4 Times Square 
 New York, NY 10036-6522 

Fax: (212) 735-2000 
 Attn:    Joseph A. Coco, Esq. 

  
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      Richard B. Aftanas, Esq. 

Email:    Joseph.Coco@skadden.com 
      Richard.Aftanas@skadden.com 
 If to the Company, to:

 Springleaf REIT Inc. 
 c/o Springleaf Finance, Inc. 
 601 N.W. Second St. 

Evansville, IN 47708 
 Attention: General Counsel 
 If to a Stockholder that is not the Initial
Stockholder, then to the address set forth in the written agreement of such Stockholder provided for in Section 2.1 hereof. 
 All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses or sent
by email, facsimile, with confirmation received, to the email addresses or facsimile numbers specified above (or at such other address or facsimile number for a party as shall be specified by like notice). Any notice delivered by any party hereto to
any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice. 
 Section 5.5 Applicable Law. The substantive laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement, without regard to conflicts
of law doctrines. THE PARTIES HERETO WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO DISPUTES HEREUNDER. 
 Section 5.6
Severability. The provisions of this Agreement are independent of and separable from each other. The invalidity, illegality or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the
validity, legality or enforceability of the remainder of this Agreement, including any such provisions, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent
permitted by law. The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provision, as applicable. 
 Section 5.7 Successors and Assigns. Except as otherwise provided
herein, all the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. No Stockholder may assign any of its
rights hereunder to any Person other than a Permitted Transferee. Each Permitted Transferee of any Stockholder shall be subject to all of the terms of this Agreement, and by taking and holding such shares such Person shall be entitled to receive the
benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement; provided, however, no transfer of rights permitted hereunder shall be binding upon or obligate the Company
unless and until (a) if required under Section 2.1 hereof, the Company shall have received notice of such transfer and the joinder of 

  
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the transferee provided for in Section 2.1 hereof, and (b) such transferee can establish Beneficial Ownership or ownership of record of a Registrable Amount (whether individually or
together with its Affiliates that are Stockholders or transferees of Stockholders and, if applicable, its other Permitted Transferees that are Stockholders or transferees of Stockholders). The Company may not assign any of its rights or obligations
hereunder without the prior written consent of each of the Stockholders, and any assignment attempted or effected without obtaining such required consent shall be null and void. Notwithstanding the foregoing, no successor or assignee of the Company
shall have any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such Person’s acceptance of such rights and obligations. 

Section 5.8 Amendments. This Agreement may not be amended, modified or supplemented unless such amendment, modification or
supplement is in writing and signed by each of the Stockholders and the Company. 
 Section 5.9 Waiver. The failure
of a party hereto at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant,
representation or warranty contained in this Agreement shall be effective unless in a writing signed by the party against whom the waiver is to be effective, and no waiver in any one or more instances shall be deemed to be a further or continuing
waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty. 
 Section 5.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same Agreement.

 Section 5.11 Submission to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND ANY
ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND THE APPELLATE COURTS THEREOF. EACH PARTY HERETO
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THE ADDRESS FOR NOTICES SET
FORTH HEREIN. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE
COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH 

  
 26 

 
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 Section 5.12 Injunctive Relief. Each party hereto acknowledges and agrees that a violation of any of the terms of this Agreement will cause the other parties irreparable injury for which an
adequate remedy at law is not available. Therefore, the Stockholders agree that each party shall be entitled to, an injunction, restraining order, specific performance or other equitable relief from any court of competent jurisdiction, restraining
any party from committing any violations of the provisions of this Agreement, without the need to post a bond or prove the inadequacy of monetary damages. 
 Section 5.13 Recapitalizations, Exchanges, Etc. Affecting the Shares of Common Stock; New Issuance. The provisions of this Agreement shall apply, to the full extent set forth herein, with
respect to Company Securities and to any and all equity or debt securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets, or otherwise) that may be issued in respect of, in exchange for,
or in substitution of, such Company Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

 Section 5.14 Termination. Upon the mutual consent of all of the parties hereto or, with respect to each
Stockholder, at such earlier time as such Stockholder and its Affiliates and Permitted Transferees ceases to Beneficially Own a Registrable Amount, the terms of this Agreement shall terminate, and be of no further force and effect; provided,
however, that the following shall survive the termination of this Agreement: (a) the provisions of Sections 4.2 (which shall terminate, and be of no further force and effect, with respect to each Stockholder, at such time as such Stockholder
and its Affiliates and Permitted Transferees ceases to Beneficially Own a Registrable Amount), 4.6, 4.7, 5.5, 5.11, this Section 5.14 and Section 5.15; (b) the rights with respect to the breach of any provision hereof by the Company
and (c) any registration rights vested or obligations accrued as of the date of termination of this Agreement to the extent, in the case of registration rights so vested, if such Stockholder ceases to meet the definition of a Stockholder under
this Agreement subsequent to the vesting of such registration rights as a result of action taken by the Company. 

Section 5.15 Third Party Beneficiary. AGF Holding shall be a third party beneficiary to the agreements made hereunder between
the Company and the Initial Stockholder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder. 

Section 5.16 Rule 144. The Company covenants and agrees that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if it is not required to file such reports, it will, upon the request of any holder of Registrable Securities, make publicly available other
information so long as necessary to permit sales in compliance with Rule 144 under the Securities Act), and it will take such further reasonable action, to the extent required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule 144 may be amended from time to time, or any similar rule or regulation hereafter 

  
 27 

 
adopted by the Commission. Upon the reasonable request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such
information and filing requirements. 
 Section 5.17 Information. The Company covenants and agrees that for so long
as the Stockholders, together, have Beneficial Ownership of at least 1% of the Voting Power of the Company, it will provide or cause to be provided, upon request, to persons affiliated with AGF Holding who are covered by applicable AGF Holding
confidentiality policies, all information about the Company and its operations as the Company would ordinarily provide to a director upon his or her request. 
 [Remainder of page left blank intentionally] 

  
 28 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by
their respective officers thereunto duly as of the date first above written. 
  

			
	SPRINGLEAF REIT INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SPRINGLEAF REIT HOLDINGS LLC
	
	By: Springleaf Finance Corporation, its Managing Member
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to
the Stockholder Agreement]

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