Document:

Exhibit
10.34

 

SS&C TECHNOLOGIES, INC.

Processing Services Agreement

 

This Processing Services Agreement
(“Agreement”) is made by and between Five Oaks Investment Corp., a Maryland corporation whose principal place of business
is 540 Madison Avenue, 19th Floor, New York, NY 10022 (“Client”), and SS&C Technologies, Inc., a Delaware
corporation whose principal place of business is 80 Lamberton Road, Windsor, CT 06095 (“SS&C”). Capitalized terms
are defined in Article 21 unless otherwise indicated.

 

WHEREAS, Client is in the business
of providing investment services and desires that SS&C provide certain Processing Services as set forth below.

 

NOW, THEREFORE, in consideration
of the mutual promises and upon the terms and conditions set forth below, the Parties agree as follows:

 

1.                  
Processing Services

 

1.1During the Initial Term and any Renewal
Term, SS&C shall provide Client with the investment accounting and data processing services set forth on Attachment A
hereto (collectively, the “Processing Services ”). As part of the Processing Services, SS&C shall
provide:

 

1.1.1Data Access as set forth in Article 5 hereof;

 

1.1.2 All
Equipment that is part of the SS&C Environment deemed necessary or desirable by SS&C from time to time to perform the Processing
Services and to enable Data Access;

 

1.1.3Computer
operating system software (“Operating System Software”) and database software (“Database Software”),
and such other software systems as it deems desirable from time to time pursuant to SS&C’s licenses with Third
Party Software licensors;

 

1.1.4 Connectivity between the SS&C Environment
and Client’s computing systems; and

 

1.1.5Such ancillary services as set forth in
Work Requests that may be executed by SS&C and Client from time to time.

 

1.2The Processing Services are for the benefit
of Client only.

 

2.                  
Additional Services 

 

2.1SS&C will undertake to perform the tasks
described on any Work Request agreed to from time to time by SS&C and Client.

 

2.2Each Work Request shall set forth the
fees estimated for the services that SS&C will perform under such Work Request. Such fees shall be based upon certain
assumptions set forth in the Work Request, and unless otherwise expressly provided therein, are estimates only and not fixed
fees.

 

3.                  
Connectivity 

 

3.1A means of connectivity between
Client’s computing systems and the SS&C Environment (“Connectivity”) must be established in order for
Client to have Data Access, to provide Client Data to SS&C, and for SS&C to provide the Processing Services
hereunder.

 

3.2If Client chooses Connectivity via the
Internet, Client understands that the Internet is an unregulated, public network over which SS&C exerts no control.
SS&C assumes no obligation or liability with respect to Connectivity, including without limitation, the availability,
performance, accuracy, dependability, privacy, security, authenticity or completeness of data transmitted over or obtained
using the Internet, or any intrusion, virus, disruption, loss of communication, loss or corruption of data, or other error
caused or permitted by or introduced through Client’s use of the Internet. SS&C has implemented security measures
associated with Client’s Internet access including use of a firewall, multi-level password protection, and acceptance
of only authorized protocols. Notwithstanding these security measures provided by SS&C at its Internet site, Client is
responsible for implementing adequate firewall, password and other security measures to protect its systems, data and
applications from unwanted intrusion, whether over the Internet or by other means.

 

     

     

    

 

3.3If Client chooses Connectivity via
data communication lines, SS&C shall, at Client’s expense, be responsible for obtaining telecommunications
connectivity between the SS&C Environment and the facilities and computing systems of Client. SS&C or Client shall
lease such data transmission lines from a third party vendor (the “Data Lines”). SS&C shall obtain the Data
Lines and coordinate with such vendor to resolve any problems with the Data Lines; however, SS&C shall have no obligation
to maintain them (other than to obtain and maintain leases thereof and to manage the relationship with such vendor or any
replacement telecommunications carrier with respect to the Data Lines) or any obligation or liability with respect to the
availability, performance, maintenance or other matters involving the Data Lines and not arising as a result of a material
breach of SS&C’s obligations under this Processing Services Agreement. SS&C and Client may agree to change the
means of telecommunications connectivity or service providers.

 

3.4All interconnectivity to each
Party’s computing systems and/or networks shall be only through each Party’s security gateways/firewalls; (ii)
neither Party will access nor try to access, nor permit any unauthorized employees, representatives or agents to access nor
try to access, the other’s computing systems and/or networks without express written authorization; (iii) each Party
will prior to any attempt to access the other’s computing systems and/or networks, use the latest available version of
a commercially available Virus detection/scanning program; (iv) upon detecting a Virus, each Party shall not try to access
the other’s computing systems and/or networks until any Virus has been eliminated.

 

3.5Client may require certain software
interfaces between service providers of Client and the SS&C Environment for the delivery of certain Client Data. Such
Client Data shall be delivered to SS&C directly by Client or through Client’s agents, asset managers, custodians or
other third parties designated to SS&C in writing (“Client Agent”), in an electronic form to be agreed to by
Client and SS&C. SS&C shall not serve as a Client Agent. SS&C is not responsible for and makes no representations
or warranties regarding (i) the compatibility or performance of interfaces not developed and provided by SS&C, or (ii)
the accuracy, completeness, timeliness or integrity of any Client Data provided to the SS&C Environment via any
interfaces, whether or not developed by SS&C.

 

4.                  
Exclusions and Limitations

 

4.1Client may identify certain third
party entities that Client desires to provide services to Client in connection with the Processing Services (but not in place
thereof), such as prime brokers that provide certain securities trade services for Client, market data providers and
custodians. SS&C shall coordinate appropriate data communications with such third parties as Client shall direct in
connection with the provision of the Processing Services. Such communications may involve SS&C sending and receiving
electronic data files, providing limited access to the Processing Software, and establishing connectivity from such third
parties to the SS&C Environment, as Client may reasonably direct. Client will pay any fees or expenses of such third
parties. Such fees and expenses are not included in the Monthly Charge (as defined in Section 8.1). Any expenses to provide
connectivity from such third parties to the SS&C Environment shall be borne by Client. SS&C shall not have any
obligation or liability with respect to the data provided, its timeliness, accuracy or otherwise, or with respect to any
other matter related to such third parties’ provision of services to Client.

 

4.2Client is responsible for providing
and maintaining: (i) its own computing systems, including personal computers and workstations, and (ii) data and other
networks to enable Client to have Data Access to the SS&C Environment via the Connectivity chosen by Client.

 

     

     

    

 

4.3SS&C shall not be responsible for any
failure to provide Processing Services, including any failure to meet a Service Level, that is directly attributable to (i) a
Force Majeure Event; (ii) breaches of this Agreement by Client; (iii) any act or omission by Client (even if it does not constitute
a breach of this Agreement), provided that such act or omission adversely impacts SS&C's performance of the Processing Services
and SS&C has used all Commercially Reasonable Efforts to perform notwithstanding such act or omission; (iv) a failure of,
or defect in, Equipment (including telecommunications Data Lines and related Equipment) or Software (other than SS&C Software),
or a vendor’s failure to deliver Equipment used by SS&C in providing the Processing Services (and any related repeated
instances pending SS&C's correction of the failure or defect) if such failure or defect was not preventable or discoverable
through normal testing or maintenance procedures; (v) malfunctions within Client’s computing systems and/or data networks
not in any way attributable to viruses received from SS&C; or (vi) problems with Data Lines. The foregoing are referred to
herein collectively as "Excused Performance.” None of (i) through (vi) causing SS&C fail to provide Processing
Services shall constitute a Termination Event.

 

5.                  
Data Access

 

5.1Subject to the terms and conditions
of this Agreement, SS&C hereby grants to Client Data Access, via remote access Connectivity to the SS&C Environment,
during the Term of this Agreement. Client may access the SS&C Environment solely to view Client’s Data through the
use of the Processing Software’s Web Portal, but not to use the Processing Software to process or manipulate any data,
including Client Data (“Use”). Data Access transfers to Client neither title nor any proprietary or intellectual
property rights to the Processing Software nor any copyrights, patents, or trademarks, embodied or used in connection
therewith, except for the rights expressly granted herein. Client may not copy the Processing Software.

 

5.2Client’s Data Access requires
that SS&C separately license and have installed on its computing system certain software owned by certain third party
software licensors (“Third Party Software”) or such other Third Party Software as SS&C identifies to Client
from time to time as reasonably required. SS&C hereby grants Client the right to use such Third Party Software on
SS&C’s computing system.

 

6.                  
Term 

 

6.1This Agreement shall be effective
and binding upon Client and SS&C as of the Effective Date and shall continue in full force and effect for a period of
three (3) years (the “Initial Term”) unless sooner terminated in accordance with its terms. Unless either Party
provides the other with a written notice of termination at least ninety (90) days prior to the commencement of any Renewal
Term, after the Initial Term, this Agreement will automatically renew for additional successive terms of one (1) year each
(each such additional three-year term a “Renewal Term”). The Term of this Agreement shall run from the Effective
Date through the Initial Term, and any Renewal Term, until and unless terminated in accordance with its terms.

 

7.                  
Termination 

 

7.1Termination by SS&C for
Cause. SS&C may, by written notice to Client, terminate this Agreement if any of the following events
("Termination Events") occur: (a) Client is in breach of any material term, condition or provision of this
Agreement, or of any other agreement between SS&C (or any affiliate of SS&C) and Client (or any affiliate of Client),
which breach, if capable of being cured, is not cured within thirty (30) days after SS&C gives Client written notice of
such breach; or (b) Client (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability
to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a
trustee, receiver or similar authority, or (iii) becomes subject to any bankruptcy or insolvency proceeding under federal or
state statutes. If any Termination Event occurs, termination will become effective immediately or on the date set forth in
the written notice of termination.

 

     

     

    

 

7.2Termination by Client for
Cause. Client may, by written notice to SS&C, terminate this Agreement if any of the following events ("Client
Termination Events") occur: (a) SS&C is in breach of any material term, condition or provision of this Processing
Services Agreement, which breach, if capable of being cured, is not cured within thirty (30) days after Client gives SS&C
written notice of such breach; or (b) SS&C (i) terminates or suspends its business, (ii) becomes insolvent, admits in
writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject
to direct control of a trustee, receiver or similar authority, or (iii) becomes subject to any bankruptcy or insolvency
proceeding under federal or state statutes. If any Client Termination Event occurs, termination will become effective
immediately or on the date set forth in the written notice of termination.

 

7.3Within thirty (30) days after the
date of termination of this Agreement for any reason whatsoever, each Party shall return to the other any tangible
Confidential Information in its possession.

 

7.4Termination of this Agreement for any reason
under this Section 7 shall not affect (i) any liabilities or obligations of

either Party arising before
such termination (including payment of Charges) or (ii) any damages or other remedies to which a Party may be entitled for breach
of this Agreement.

 

7.5Articles
7, 8, 11, 13, 14, 16, 18, 19, 20, 21, and 22 and shall survive the expiration or termination of this Processing Services
Agreement.

 

8.                  
Charges 

 

8.1In
consideration for the Processing Services, Client shall pay to SS&C, on a monthly basis, the fee set forth in Attachment
B (the “Monthly Charge”). Monthly Charges shall commence for the month in which the Processing Services commence
for Client and thereafter throughout the Initial Term and any Renewal Term. Prior to the end of the Initial Term or any
Renewal Term, SS&C may propose changes to the rates/charges set forth in Attachment B by giving the Client written notice
at least one hundred twenty (120) days prior to the renewal date. Notwithstanding the above, in the absence of such
notification of revised rates/charges from SS&C to Client prior to the end of the Initial Term or any Renewal Term, the
basis points used to calculate the monthly charges for the next Renewal Term will increase from the basis points used to
calculate the monthly charges then in effect by the percentage change in the United States Consumer Price Index plus three
(3) percent. The United States Consumer Price Index referred to in the preceding sentence is the United States Consumer Price
Index (All Urban Consumers (“CPI”) published by the United States Department of Labor, Bureau of Labor
Statistics. In no event will the basis points used to calculate the monthly charges for any year be less than the previous
year’s basis points used to calculate the monthly charges.

 

8.2In addition to the Monthly Charges,
Client shall pay any charges and expenses for services performed from time to time pursuant to Work Requests as and when due
based on SS&C’s then current rates unless otherwise agreed upon in the Work Request.

 

8.3Payment shall be made to SS&C at the
address on the fee statement or such other address as SS&C may specify. A late payment charge of one and one-half percent
(11/2%) per month (annual rate of 18%), or the maximum rate allowed by law, whichever is less, will be
added to all amounts due under this Agreement if not paid within thirty (30) days of the due date. If it should become
necessary to turn this account over for collection, Client is responsible for all of SS&C's collection costs, including
reasonable attorney's fees. SS&C reserves the right, in its sole and absolute discretion, to discontinue the Processing
Services provided hereunder within ten (10) days of receipt by Client of a discontinuation notice without any liability to
Client or any other third party if Client is more than thirty (30) days past due on any amounts owed to SS&C under this
Agreement.

 

8.4All amounts payable to SS&C as
specified herein are in United States dollars and are net of all sales, use, property and related taxes and customs duties.
Client shall pay sums equal to all taxes and customs duties paid or payable by SS&C hereunder, but exclusive of United
States Federal, State and Local taxes based upon the net income of SS&C. All taxes due by Client hereunder shall become
due and payable when billed by SS&C to Client, or when assessed, levied or billed by the appropriate tax authority, even
if such billing occurs subsequent to expiration or termination of this Agreement.

 

     

     

    

 

8.5Expenses incurred by SS&C in connection
with Work Requests for travel, lodging, meals, telephone, shipping,duplicating and other direct expenses are billed to Client
at actual cost, and are in addition to the estimated fees set forth therein, unless otherwise provided for in a Work Request.

 

8.6Fees
and expenses incurred in connection with Work Requests will be billed to Client monthly. They are due and payable by Client
upon receipt of SS&C’s invoice.

 

8.7Client
may desire, or the Processing Services may require Client to use, certain third party services or products, including without
limitation, Third Party Software, Data Lines, securities market pricing services and other services or products. Such
services or products are not included in the Monthly Charges. Client shall pay for such services or products in the amounts
invoiced to it (the foregoing are referred to as “Pass-Through Expenses”).

 

9.                  
Client Data

 

9.1Client shall provide SS&C with
Client Data to enable SS&C to provide the Processing Services. SS&C shall not be responsible or liable for the
accuracy, completeness, integrity or timeliness of any Client Data provided to SS&C by Client or any Client Agent.

 

9.2All Client Data shall remain the
property of Client. The Client Data shall not be (i) used by SS&C other than in connection with providing the Processing
Services, (ii) disclosed, sold, assigned, leased or otherwise provided to third parties by SS&C, or (iii) commercially
exploited by or on behalf of SS&C, its employees or agents.

 

9.3Subject to Section 13.8, at
Client’s expense, SS&C shall upon written request, promptly return to Client, in the format and on the media in use
as of the date of request, all, or any requested portion of, the Client Data.

 

9.4Subject to Section 13.8, SS&C will provide
data backup and archiving in accordance with industry standards andshall maintain and store Client Data for a rolling period of
three (3) years starting from the date Processing Services commenced for Client, after which SS&C will return such Client
Data to Client. SS&C will not delete or destroy any Client Data or media on which Client Data resides during such three (3)
year rolling period.

 

9.5SS&C shall not disclose or use any Client
Data except for the purpose of carrying out its obligations under thisAgreement. SS&C shall not disclose Client Data to its
third party service providers without the consent of Client. SS&C shall ensure that each person or entity to whom or to which
SS&C may disclose Client Data in connection with SS&C’s performance of its obligations under this Agreement shall,
prior to any such disclosure of information, agree to use or disclose such Client Data only for the purpose of carrying out SS&C’s
obligations under this Agreement. SS&C shall maintain effective information security measures to protect Client Data from
unauthorized disclosure or use.

 

10.                 
Personal Information

 

10.1From time to time SS&C may obtain
access to certain Personal Information from Client. "Personal Information" shall include customer personal
information provided to, and maintained by, Client in confidence, including but not limited to: personally identifiable
financial information as defined by Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801, et seq., and
its implementing regulations (the “Gramm-Leach-Bliley Act”). Personal Information shall not include any personal
information not required by law to be kept confidential.

 

     

     

    

 

10.2To the extent applicable, SS&C
shall comply with the provisions of the Gramm-Leach-Bliley Act regarding the restrictions on the use, disclosure and
safeguarding of Personal Information.

 

11.                 
Work Product

 

11.1SS&C shall be the sole and
exclusive owner of all work product owned by it as of, during and after the Term, and of all modifications, upgrades and
enhancements to such work product created by SS&C or on its behalf. Client shall be the sole and exclusive owner of any
manuals, output and other work product prepared by SS&C specifically for Client and paid for by Client as part of the
Processing Services. The Processing Software and any modification, enhancement, upgrade or other work done with respect to
the Processing Software (including software interfaces), whether or not done specifically for Client, shall not be work for
hire and shall remain the property of SS&C.

 

11.2Except for the limited license to Use
the Processing Software granted to Client herein, nothing in this Agreement is intended to grant a license or any other
intellectual property right to Client, and no such license is granted. Client acknowledges that SS&C retains all right,
title and interest (including, without limitation, all copyright, trade secret and other proprietary rights) in and to the
Equipment owned by SS&C, software (including the Processing Software, and all versions, releases, enhancements and
additions), and processes used in connection with or for the provision of the Processing Services, including without
limitation all such right, title and interest in and to any and all copies, modifications, translations and other derivative
works that duplicate or are based in any way on the Processing Services provided under this Agreement.

 

12.                 
Security 

 

12.1SS&C shall maintain and enforce at
all of its locations where Client Data is received, accessed, stored, processed, or transmitted, security procedures that
provide reasonable and necessary security designed to prevent infiltration of or unauthorized access to any and all systems,
databases and networks which receive, access, store, process or transmit Client Data, including firewall-based protections,
Virus testing and scanning, intrusion detection and access control with appropriate password and other authentication
protections.

 

13.                 
Confidentiality 

 

13.1"Disclosing
Party" means the Party furnishing Confidential Information and "Receiving Party" means the Party receiving the
Confidential Information disclosed by the Disclosing Party. "Confidential Information" means information designated
as confidential or which ought to be considered as confidential from its nature or from the circumstances surrounding its
disclosure. "Confidential Materials" means the part of any tangible media upon or within which any part of the
Confidential Information is recorded or reproduced in any form, excluding any storage device that forms a part of computer
hardware.

 

13.2Confidential Information includes,
without limiting the generality of the foregoing, the terms of this Agreement, schedules, and all information in any medium:
(i) relating to the Disclosing Party's software or hardware products or services, or to its research and development projects
or plans; (ii) relating to the Disclosing Party's business, policies, strategies, operations, finances, plans or
opportunities, including the identity of, or particulars about, the Disclosing Party's clients; and (iii) marked or otherwise
identified as confidential, restricted, secret or proprietary, including, information acquired by inspection.

 

     

     

    

 

13.3Except for Client Data,
Confidential Information does not include information that the Receiving Party can establish: (i) has become generally
available to the public or commonly known in either Party's business other than as a result of a breach by the Receiving
Party of any obligation to the Disclosing Party; (ii) was known to the Receiving Party prior to disclosure to the Receiving
Party by the Disclosing Party by reason other than having been previously disclosed in confidence to the Receiving Party;
(iii) was disclosed to the Receiving Party on a non-confidential basis by a third party who did not owe an obligation of
confidence to the Disclosing Party with respect to the disclosed information; (iv) was independently developed by the
Receiving Party without any reference to, or use of, any part of the Confidential Information; or (v) is required to be
disclosed by law, regulation, or court order (provided that the Party subject to such law, regulation or court order shall
notify the other Party of any such use or requirement prior to disclosure in order to afford such other Party an opportunity
to seek a protective order to prevent or limit disclosure of the information to third parties)

 

13.4During the Term, the Receiving
Party may: (i) disclose Confidential Information received from the Disclosing Party only to its subcontractors, agents,
representatives, advisors, employees, officers and directors and affiliates who have a need to know such information
exclusively for the purpose of executing its obligations or exercising its rights under this Agreement; (ii) reproduce the
Confidential Information received from the Disclosing Party only as required to execute its obligations or exercise its
rights under this Agreement; or (iii) disclose Confidential Information as required by law, provided the Receiving Party
gives the Disclosing Party prompt notice prior to such disclosure to allow the Disclosing Party to make a reasonable effort
to obtain a protective order or otherwise protect the confidentiality of such information.

 

13.5Except as otherwise specifically provided
in this Agreement, the Receiving Party shall not during the Term, andafter expiration or earlier termination hereof: (i) disclose,
in whole or in part, any Confidential Information received directly or indirectly from the Disclosing Party; or (ii) sell, rent,
lease, transfer, encumber, pledge, reproduce, publish, transmit, translate, modify, reverse engineer, compile, disassemble or
otherwise use the Confidential Information in whole or in part.

 

13.6The Receiving Party shall exercise
the same care in preventing unauthorized disclosure or use of the Confidential Information that it takes to protect its own
information of a similar nature, but in no event less than reasonable care. The Receiving Party shall notify the Disclosing
Party immediately upon discovery of any loss, unauthorized disclosure or use of Confidential Information, or any other breach
of this Article by the Receiving Party, and assisting the Disclosing Party in every reasonable way to help the Disclosing
Party regain possession of the Confidential Information and to prevent further unauthorized disclosure or use.

 

13.7The Receiving Party acknowledges that:
(i) the Disclosing Party possesses and will continue to possess Confidential Information that has been created, discovered or
developed by or on behalf of the Disclosing Party, or otherwise provided to the Disclosing Party by third parties, which
information has commercial value and is not in the public domain; (ii) unauthorized use or disclosure of Confidential
Information is likely to cause injury not readily measurable in monetary damages, and therefore irreparable; (iii) in the
event of an unauthorized use or disclosure of Confidential Information, the Disclosing Party shall be entitled, without
waiving any other rights or remedies, to such injunctive or equitable relief as may be deemed proper by a court of competent
jurisdiction; (iv) subject to the rights expressly granted to the Receiving Party in this Agreement, the Disclosing Party and
its licensors retain all right, title and interest in and to the Confidential Information, including without limiting the
generality of the foregoing, title to all Confidential Materials regardless of whether provided by or on behalf of the
Disclosing Party or created by the Receiving Party; and (v) any disclosure by the directors, officers, employees, and agents
of the Receiving Party shall be deemed to be disclosure by the Receiving Party and the Receiving Party shall be liable for
any such disclosure as if the Receiving Party had disclosed the Confidential Information.

 

13.8All Confidential Information disclosed
by the Disclosing Party shall be and shall remain the property of the Disclosing Party. Within five days after being so
requested by the Disclosing Party, except to the extent the Receiving Party is advised in writing by counsel such destruction
is prohibited by law, it shall return or destroy all documents thereof furnished to it by the Disclosing Party and it shall
also destroy all written material, memoranda, notes, copies, excerpts and other writings or recordings whatsoever prepared by
it or its employees based upon, containing or otherwise reflecting any Confidential Information, Confidential Materials, or
Client Data. Any destruction of materials shall be confirmed by the receiving party in writing; provided, however,
that any party may retain (i) one copy of the Confidential Information, Confidential Materials, or Client Data that it deems
necessary to comply with any obligations under all applicable laws, rules, regulations and (ii) any Confidential Information,
Confidential Materials, or Client Data it believes cannot reasonably be destroyed (such as oral communications reflecting
Confidential Information or Confidential Materials, firm electronic mail back-up records, back-up server tapes and any
similar such automated record-keeping or other retention systems), which shall remain in perpetuity subject to the
confidentiality terms of this Agreement. Any Confidential Information, Confidential Materials, or Client Data that are not
returned or destroyed, including without limitation any oral Confidential Information, Confidential Materials, or Client
Data, shall remain in perpetuity subject to the confidentiality obligations set forth in this Agreement.

 

     

     

    

 

14.               
Representations and Warranties 

 

14.1Mutual
Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date:

 

14.1.1 It is a legal entity duly
created, validly existing and is in good standing under the laws of the state in which it is created, and is in good standing in
each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability
to perform its obligations under this Agreement;

 

14.1.2 It has all necessary legal
power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be
conducted pursuant to this Agreement;

 

14.1.3 It has all necessary legal
power and authority to enter into this Agreement and to perform its obligations hereunder, and the execution and delivery of this
Agreement and the consummation of the transactions contemplated thereby have been duly authorized by all necessary actions on its
part;

 

14.1.4 This Agreement constitutes
a legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms;

 

14.1.5 It is not a party to,
and is not bound or affected by or subject to, any instrument, agreement, charter or by-law provision, law, rule, regulation, judgment
or order which would be contravened or breached as a result of the execution of this Processing Services Agreement or the consummation
of the transactions contemplated by this Agreement;

 

14.1.6 It is not the subject
of any pending or threatened litigation (including claims subject to arbitration) that would prevent SS&C from performing its
obligations under this Agreement; and

 

14.1.7 Each is in compliance
with all applicable laws, rules, orders, regulations and other legal requirements in effect as the same may relate in a material
way to each of its respective businesses and provision or use of the Processing Services.

 

14.2Disclaimer. Except as
expressly set forth herein, SS&C makes no warranties, whether express, implied, or statutory regarding or relating to the
Processing Services furnished or provided to Client under this Agreement. SS&C specifically disclaims all implied
warranties of merchantability and fitness for a particular purpose with respect to the Processing Services.

 

15.               
Indemnification 

 

15.1Intellectual Property
Indemnification. SS&C shall defend and/or handle at its own cost and expense any and all claims, suits, actions or
proceedings at law or in equity against Client (“Proceedings”), or its directors, officers, employees, and agents
for actual or alleged infringement of any patent, copyright or other property right (including, but not limited to,
misappropriation of trade secrets) based on or in connection with the Processing Software or the Processing Services.

 

     

     

    

 

Client shall give to SS&C,
in reasonable detail, prompt written notice of any threat, warning, or notice of any such claim or action against Client or SS&C
of which it is aware and which would be expected to have an adverse impact on Client's use of the Processing Services and the Processing
Software.

 

15.2Remedy for Loss of Right to
Use. If Client is enjoined from using the Processing Software or the Processing Services is enjoined, SS&C shall (i)
obtain, at no expense to Client, the right to continue to use them, (ii) provide Client with substitute or modified software
or services that are qualitatively and functionally equivalent to the Processing Software or Processing Services or (iii) if
either (i) or (ii) is not commercially practicable, terminate this Agreement.

 

15.3Indemnification Procedures.
With respect to each Party’s indemnification obligation under this Section 15, the indemnifying Party shall have the
exclusive right to defend any claim, action or allegation and make settlements thereof so long as such settlements do not
increase the indemnified Party’s costs or adversely affect its rights under this Agreement. The indemnified Party may
not settle or compromise such claim, action or allegation, except with prior written consent of the indemnifying Party. The
indemnified Party shall give such assistance and information as the indemnifying Party may reasonably require to settle or
oppose such claims; provided that any assistance above a de minimis level shall be given at the indemnifying Party’s
expense.

 

16.               
Limitations of Liability

 

16.1Exclusion of Consequential and other
Damages. In no event shall either Party shall be liable to the other for any claim for any indirect, incidental,
consequential, exemplary or punitive damages in connection with or arising out of this Processing Services Agreement,
including without limitation cost of cover, loss of income or profit or business losses resulting from interruption of
business, regardless of the form of action, whether in contract, tort or otherwise, and even if such Party has been advised
of the possibility of such damages.

 

16.2Limit
on Amount of Direct Damages Recoverable. SS&C’s liability to Client for direct damages in connection with or
arising out of this Agreement shall be limited to the actual Monthly Charges paid by Client for Processing Services provided
during the six (6) months immediately prior to a claim for such liability.

 

16.3Force
Majeure. Subject to section 16.4 below, neither Party shall be liable for any failure or delay in the performance of its
obligations under this Processing Services Agreement, if any, to the extent such failure or delay is caused, directly or
indirectly, by: blackouts, fire, flood, earthquake, elements of nature or acts of God; labor disruptions or strikes; acts of
war, terrorism, cyber-terrorism, riots, civil disorders, rebellions or revolutions; quarantines, embargoes and other similar
governmental action; or any other cause beyond the reasonable control of such party ("Force Majeure Events").

 

16.4Effect of Force Majeure. Upon
the occurrence of a Force Majeure Event, the non-performing Party shall be excused from any further performance or observance
of the affected obligation(s) for as long as such circumstances prevail and such Party continues to attempt to recommence
performance or observance whenever and to whatever extent possible without delay. Any Party so delayed in its performance
will immediately notify the other by telephone or by the most timely means otherwise available (to be confirmed in writing
within five (5) Business Days of the inception of such delay) and describe in reasonable detail the circumstances causing
such delay.

 

17.               
Assignment 

 

17.1Neither this Agreement nor any rights
under this Agreement may be assigned or otherwise transferred by Client, in whole or in part, whether directly or by
operation of law, without the prior written consent of SS&C. Any such consent may be conditioned upon the payment of
additional fees to SS&C in such amounts as SS&C may determine. For purposes of this Agreement: (i) a change of
control of Client, sale of substantially all of the assets of Client and/or a merger or consolidation involving Client or any
affiliate of Client effecting, directly or indirectly, a change of control of Client, shall be deemed to be an assignment or
transfer of this Agreement and the rights under it by operation of law requiring the written consent of SS&C; (ii) a
“change of control” shall be deemed to have occurred if any person or entity not in control of the Client before
the Effective Date, acquires, after the Effective Date, the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of the Client, whether through the ownership of voting securities, by contract
or otherwise; (iii) an affiliate of a person or entity is a person or entity that controls, is under common control with or
is controlled by such other person or entity; (iv) control means the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of a person or entity, whether through the ownership of voting
securities, by contract or otherwise; (v) the terms “person” and “entity” include an individual, a
corporation, partnership, association, trust, fund or any organized group of persons, whether incorporated or not and any
receiver, bankruptcy trustee or similar official.

 

     

     

    

 

17.2Any assignment or other transfer of
this Agreement by Client without the prior written consent of SS&C as required above shall constitute a material breach
of this Agreement. SS&C may assign this Agreement to a successor to its business in connection with a change of control
of SS&C or sale of substantially all of its assets.

 

17.3Subject to the foregoing, this
Agreement will be binding upon and will inure to the benefit of the parties and their respective successors and assigns. Any
attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void.

 

18.               
Independent Contractors

 

18.1The relationship of SS&C and Client
established by this Agreement is that of independent contractors. Nothing in this Agreement shall be construed to create any
agency or employment relationship between SS&C and Client. Neither Party shall have any right, power or authority to
assume, create or incur any expense, liability or obligation, express or implied, on behalf of the other.

 

19.               
Subcontracting 

 

19.1SS&C may subcontract
Processing Services as long as such services are not subcontracted in their entirety without Client’s written consent.
All subcontractors shall be required to execute documents binding the subcontractor to confidentiality and non-disclosure
agreements that are at least as protective as this Agreement with respect to confidentiality of Confidential Information
under Section 13.

 

19.2SS&C is responsible for work performed
by SS&C subcontractors under this Agreement.

 

20.               
Notices 

 

20.1Any
notice required or permitted under the terms of this Agreement or required by law must be in writing and must be (a)
delivered in person, (b) sent by first class certified or registered mail, (c) sent by overnight courier, in each case
properly posted and fully prepaid to the appropriate address set forth below, or (d) sent by facsimile. Either Party may
change its facsimile number or its address for notice by notice to the other Party given in accordance with this section.
Notices will be considered to have been given at the time of actual delivery in person, three (3) business days after deposit
in the mail as set forth above, or one (1) day after delivery to an overnight courier service, or if sent by facsimile,
notice will be considered delivered upon confirmation that the facsimile transmission has been successful by the transmission
report denoting “OK” or any similar notation.

 

     

     

    

 

If to SS&C, to:

Mr. Normand A. Boulanger

President and C.O.O. SS&C Technologies, Inc.

80 Lamberton Road
Windsor, CT 06095

860-298-4969 (facsimile)

E-mail:
nboulanger@sscinc.com

 

With a Copy to:

Mr. Paul Igoe

Senior Vice President
and General Counsel

SS&C Technologies,
Inc.

80 Lamberton Road

Windsor, CT 06095

Facsimile: 860-298-4969

E-mail: PIgoe@sscinc.com

 

If to Client:

David Oston

Chief Financial Officer

Five Oaks Investment
Corp.

540 Madison Avenue, 19th
Floor

New York, NY 10022

Phone: 212-257-5073

Facsimile: 212-257-5099

E-mail: doston@oakcirclecapital.com

 

Client’s Billing
Address

Sean Quinn

Chief Financial Officer

Five Oaks Investment
Corp.

540 Madison Avenue, 19th
Floor

New York, NY 10022

Phone: 212-257-5078

Facsimile: 212-257-5088

E-mail: squinn@oakcirclecapital.com

 

     

     

    

 

21.Certain Definitions

 

In this Agreement, in addition to other defined terms
herein, the following terms shall have the indicated meanings: “Business Day” means any day when the New York
Stock Exchange is open for business.

 

"Client Data" means all data of
Client provided to SS&C by Client related to SS&C’s providing Processing Services, including but not limited to data
related to securities trades and other transaction data, investment returns, issue descriptive data, market data and the like,
and all output and derivatives thereof.

 

"Commercially Reasonable Efforts"
means the level of effort that a reasonable information technology outsourcing vendor would, in good faith and consistent with
industry standards, undertake to provide the Processing Services pursuant to this Agreement in a professional and workmanlike manner.

 

"Data Access" means Client’s
access to the Client Data via Connectivity to the SS&C Environment solely to allow viewing of Client Data, and not for the
purpose of the use of SS&C’s Processing Software or the entry or manipulation of Client Data. Data Access shall be available
during those hours of any day during which the SS&C Environment is available for Data Access.

 

"Effective Date" means the later of the dates
on which both Parties execute this Agreement.

 

"Equipment" means the computer,
communications and other equipment owned or leased by SS&C and used by SS&C in connection with providing the Processing
Services. Equipment includes, without limitation, all associated accessories and peripheral devices used in the provision of Processing
Services.

 

"Losses" means all losses, liabilities,
damages and claims, and all related costs and expenses (including any and all reasonable legal fees and reasonable costs of investigation,
litigation, settlement, judgment, appeal, interest and penalties) incurred by an indemnified Party hereunder in connection with
an indemnified claim.

 

"Parties" means Client and SS&C,
and "Party" means either one of them.

 

"Pass-Through Expenses" has the meaning set forth in Section
8.7.

 

"Processing Software" means
SS&C’s proprietary off-the-shelf base software, and associated software modules, used in providing the Processing Services.

 

"Software" means any computer software
that relates to the Processing Services, and includes any software of Client, the Processing Software and Third Party Software.

 

“SS&C Environment" means the
SS&C configuration of systems, Equipment, Software and operations in support of SS&C’s provision of Processing Services.

 

"SS&C Facilities" means the facilities
owned or leased by SS&C and from which the SS&C will provide the Processing Services.

 

"Third Party Software" means any
Software that is owned by a person other than SS&C or Client and used to provide the Processing Services.

 

"Third Party Software License" means a license
agreement that authorizes Client or SS&C to use Third Party Software.

 

"Virus" means
files, programs or program code, computer instructions, devices or techniques designed to affix themselves to, bury themselves
within or send instructions to, other files, programs or program code in order to cause malfunctions, errors or destruction or
corruption of data when affixed or at a later time or that can or were designed to threaten, infect, assault, vandalize, defraud,
disrupt damage, disable, alter, inhibit or shut down the Software and/or Client’s processing environment, including, but
not limited to, other programs, data storage and computer libraries or otherwise prevent Client from using the Software as intended.

 

     

     

    

 

"Work Request"
refers to the written agreement between Client and SS&C for SS&C’s performing additional services that are related
to the Processing Services but for which SS&C shall be paid in addition to the Charges set forth on Attachment B hereto.

 

22.Miscellaneous 

 

22.1Waiver. Any waiver of the
provisions of this Agreement or of a Party's rights or remedies under this Agreement must be in writing to be effective.
Failure, neglect, or delay by a Party to enforce the provisions of this Agreement or its rights or remedies at any time, will
not be construed and will not be deemed to be a waiver of such Party's rights under this Agreement and will not in any way
affect the validity of the whole or any part of this Agreement or prejudice such Party's right to take subsequent action.

 

22.2Severability. If any term,
condition, or provision in this Agreement is found to be invalid, unlawful or unenforceable to any extent, the Parties shall
endeavor in good faith to agree to such amendments that will preserve, as far as possible, the intentions expressed in this
Agreement. If the Parties fail to agree on such an amendment, such invalid term, condition or provision will be severed from
the remaining terms, conditions and provisions, which will continue to be valid and enforceable to the fullest extent
permitted by law.

 

22.3Entire Agreement. This Agreement
(including any attachments, schedules, Work Requests and addenda hereto) contains the entire agreement of the parties with
respect to the subject matter hereof and supersedes all previous communications, representations, understandings and
agreements, either oral or written, between the Parties with respect thereto.

 

22.4Modification. This Agreement may not
be amended or modified except by a writing signed by both Parties.

 

22.5USA Export Control. Client may
not use any SS&C or Third Party Software outside of the United States, or otherwise export or re-export the Software
without the prior written consent of SS&C and only in accordance with applicable United States and non-U.S. export laws
and regulations.

 

22.6Use of Client’s Name.
SS&C is subject to federal and state securities laws. SS&C may make disclosures required by such laws. Subject to the
confidentiality provisions of Section 13, SS&C may (i) refer to Client in generic client lists, new client announcements
and product brochures and marketing materials indicating that Client is a client of SS&C; and (ii) issue a press release,
subject to Client's prior reasonable review and consent, announcing that Client has engaged SS&C to provide software.
SS&C may disclose to third party vendors (including software vendors) that provide products and/or services that may be
used by Client, or that are used in conjunction with SS&C's products or services, that Client is a client of SS&C and
such other information that is reasonably needed by such third party vendors.

 

22.7No Waiver of Rights. No exercise
or enforcement by either Party of any right or remedy under this Agreement, including termination, will preclude the
enforcement by such Party of any other right or remedy under this Agreement or under applicable law.

 

22.8Counterparts. This Agreement may
be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will
constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and the parties hereto agree that
signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

 

     

     

    

 

22.9Choice of Law; Choice of Forum.
This Agreement shall be interpreted, construed and in all respects governed under the laws of the State of Connecticut
without regard to conflicts of law principles. Any action, suit or proceeding related to any dispute, claim or controversy or
otherwise related to the rights and obligations of the parties under this Processing Services Agreement shall be brought in
the Superior Court of the State of Connecticut, Hartford County or in the United States District Court for the District of
Connecticut. The parties hereto submit to the exclusive jurisdiction of such courts.

 

22.10 No Oral Representations
or Warranty. No employee or agent of SS&C has authority to bind SS&C to any oral representations or warranty concerning
the Processing Software or the Processing Services. Any oral or written representation or warranty not expressly contained in this
Agreement (or in any written amendment hereto) will not be enforceable.

 

22.11 No Solicitation.
Each Party shall not directly or indirectly solicit any officer or employee of the other to leave the employ of the other.

 

22.15 Voidability at SS&C’s
Option. This Agreement shall be voidable at SS&C’s option if Client does not enter into and deliver it on or before
April 30, 2015.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
as of the dates set forth below.

 

	Five Oaks Investment Corp.	 	SS&C Technologies Inc.
	 	 	 
	By	
        /s/ David Oston
	 	By	
        /s/ Paul Igoe

	Name	
        David Oston
	 	Name	
        Paul Igoe

	Title	
        Chief Financial Officer
	 	Title	
        SVP, General Counsel &
        Secretary

	Date	
        May 7, 2015
	 	Date	
        May 14, 2015

	Address   	
        540 Madison Avenue, 19th Floor
	 	Address   	
        80 Lamberton Road

	 	
        New York, NY 10016
	 	 	
        Windsor, CT 06095

 

     

     

    

 

ATTACHMENT A: PROCESSING SERVICES

 

The following Processing
Services will be performed for Client in accordance with prevailing US GAAP accounting and reporting requirements.

 

Residential Mortgage Loan Accounting Services

		1.	Residential Mortgage Loan Transaction Processing

Processing of daily loan transactions including:

		n	Loan setup based on terms provided via legal loan purchase documentation in agreed upon electronic
format provided by Client

		n	Process new loan purchases

		n	Process interest accruals

		n	Fee tracking

		n	Amortization of deferred revenues, premiums and discounts

		n	Recording of loan payments and reconciliation based on remittance reports provided by the master servicer

 

		2.	Wire Processing –
Loan Purchases

SS&C will setup the wire to settle the loan
purchase and verify financing haircut per terms of warehouse line and notify Client of amount required to complete the loan purchase.

 

		3.	Warehouse Financing Transaction Processing

		n	Establish appropriate financing structure for each loan as directed by Client

		n	Identify appropriate warehouse provider and maintain the haircut percentage

		n	Reconcile net payments to each warehouse line on a loan-by-loan basis

 

		4.	Data Management

Tracking and maintenance of loan specific information
such as:

		n	Reference data as provided by Client in a mutually agreed upon format

		n	Scheduled interest rate adjustments for floating, adjustable, and rate reset loans, where applicable

		n	Appropriate index rate tables

		n	Ownership structure (e.g. warehouse lender) of each loan

 

		5.	Mortgage Loan and MSR Valuation

		n	Value loans based on Client provided market values

		n	SS&C will book changes in fair market value through realized gains and losses

		n	SS&C will provide MountainView with the loan details required to value the mortgage servicing rights

 

		6.	Reconciliation and Exception Resolution

SS&C assumes the lead role in managing the exception
process.

		n	Custodian

		o	Daily reconciliation of cash activity between SS&C and Client’s custodian(s)

		o	Reconciliation of loan closings

		n	Master Servicer

		o	Monthly reconciliation of loan level cash activity between SS&C and the third party servicer data inclusive of principal,
interest and servicing fees.

		o	Reconciliation of unpaid principal balances

		o	Reconciliation of expected vs. actual principal and interest payments

		n	Warehouse Lines

		o	Monthly reconciliation of net payment between master servicer, warehouse lender and SS&C

		o	Reconciliation of financing balances

 

     

     

    

 

		7.	Loan Accounting

		n	Track portfolio investments at the loan, investor and portfolio level

		n	Calculate income accruals and process coupon interest

		n	Calculate book value and amortization

		n	Calculate realized gain / loss on sales

		n	Maintain unrealized gain / loss information on active holdings

		n	Creation of monthly general ledger entries in accordance with Client’s GL requirements

		n	Book the mark-to-market accounting entries based on client provided market values

 

		8.	Financing Accounting

		n	Warehouse lines

		o	Track and record interest expense

		o	Record pay down of repo balance

		n	FHLB loans

		o	Record loan amount and calculate interest expense

		o	Record pay down of financing balance

 

		9.	Reporting

The reports listed below are representative of
the types of reports we would typically provide in support of the accounting and reporting services.

 

Loan Reports

		n	Loan Amortization Schedule

		n	Loan Maturity

		n	Due vs. Paid Reconciliation

		n	Loan Delinquency

		n	Aged Receivables

 

Accounting

		n	General Ledger Entries

		n	Transactions

		n	Mortgage Loan and Financing Trial Balance

 

Financial Reporting

		n	Supporting Schedules for Footnote 5 – Mortgage Loans Held-For-Sale, at Fair Value

		n	Mortgage Loans Section of Footnote 13 – Financial Instruments

		n	Mortgage Loan and Associated Repurchase Agreements Section of Footnote 10 – Repurchase Agreements.

 

Securities Accounting Services – Owned Investments

		1.	Securities Transaction Processing

SS&C will process daily securities transactions
received from Client on trade date inclusive of:

		n	Processing securities transactions (buys/sells/cancels/corrects)

		n	Research trade breaks with Client’s traders and retain all necessary information regarding
trade corrections for audit trail purposes

 

		2.	Derivatives Processing

SS&C will process daily derivatives transactions
as directed by Client

		n	Tracking and amortization of fees, premium and discount

		n	Payment processing

		n	Confirmation tracking

		n	Counterparty reconciliation

		n	Upcoming Payments report

 

		3.	Data Management

SS&C will maintain the following from each identified
source:

		n	Securities

		o	Security Master reference and analytic data

		o	Track and monitor corporate action notices (voluntary
and involuntary)

		o	Tracking of RMBS analytic information provided by Client

		o	Monthly pricing from Client identified sources

		o	Cash flow schedules or prepayment speeds as directed
by Client

 

     

     

    

 

		n	Derivatives

		o	Initial deal setup and applicable reference data in
accordance with documentation provided by Client

 

		4.	Investment Pricing

		n	SS&C will value the securities on a monthly basis in accordance with the agreed upon valuation policy

		n	SS&C uses the following control reports:

		o	Price Variance, Missing or Stale Prices, and Tolerance
Checks

		n	SS&C will value the derivative holdings based on counterparty values

 

		5.	Daily Cash Settlement

		n	Review and reconcile projected cash versus actual cash settlements to identify differences

		n	Research overdue interest payments

 

		6.	Reconciliation and Exception Resolution

Daily reconciliation
between SS&C and Client’s custody bank(s). SS&C will establish and maintain
connectivity to each custodian and will be responsible for the gathering of all information required to facilitate the daily reconciliation
process. SS&C assumes the lead role in managing the exception process.

		n	Reconciliation of custodial cash movements including cash transfers, fees assessed and investment
related cash transactions

		n	Reconciliation of trade settlements

		n	Reconciliation of income, paydowns and corporate actions

		n	Reconciliation of securities holdings

 

		7.	Investment Accounting

		n	Track portfolio investments at the individual purchase lot level

		n	Calculate income accruals and process coupon interest

		n	Calculate book value and amortization

		n	Maintain multi-currency accounting records as required

		n	Calculate realized gain / loss on sales

		n	Maintain unrealized gain / loss information on active holdings

		n	Creation of monthly General Ledger entries in accordance with Client’s
GL requirements

 

		8.	Impairment Analysis and Processing

On a quarterly basis SS&C will provide an impairment
analysis based on Client defined business rules such as continuous loss positions, ratings changes, and securities in default.

		n	Impairment analysis by business rule with suggested impairments

		n	Calculation and maintenance of both credit and non-credit impairment amounts

		n	Processing of impairments as directed by Client

 

		9.	Reporting –
Securities and Derivative Investing Activity Only

The following
reports are indicative of the deliverables provided by SS&C. It is assumed that Client will utilize SS&C’s
standard reporting deliverables. Report customizations can be performed and are subject to additional
fees.

 

Operational Reports

		n	Monthly reconciliation of cash balances to custody balances with variance reporting and aging

		n	Monthly comparison of par value to custody par values

		n	Monthly reconciliation of market values and ending accrued values to custody

 

Investment Accounting Reports

		n	Cash Positions

		n	Holdings

		n	Unsettled Trades

		n	Book Value Progression

		n	Profit and Loss

		n	Aged Income

		n	Transaction

		n	Security Cash Activity

		n	Non-Security Cash Activity

		n	Portfolio Inventory and Valuation

		n	Yield to Estimated Maturity / Weighted Average Portfolio

 

     

     

    

 

Financial Reporting

		n	Consolidated Footnote Disclosure (Regulatory 10K and
10Q)

		n	Investment Fixed Maturities

		n	Maturity Distribution Report

		n	Proceeds from Fixed Maturities

		n	Concentration of Credit Risk

		n	Continuous Loss Analysis

		n	General Ledger

 

Management Reports

		n	Asset Sector

		n	Bond Appraisal

		n	Fixed Income Analytics

		n	Industry Sector

		n	Bond Analytics

 

Securities Accounting Services
– Securities in Trust

 

		1.	Data Management

SS&C will maintain the following from each identified
source

		n	Security Master reference and analytic data

		n	Monthly pricing from Client identified sources

 

		2.	Reconciliation and Exception Resolution

Monthly reconciliation between SS&C and trustee(s).
SS&C will establish and maintain connectivity to each trustee and will be responsible for the gathering of all information
required to facilitate the reconciliation process.

		n	Reconciliation of principal paydowns

		n	Reconciliation of securities holdings and par amounts

 

		3.	Investment Accounting

		n	Track portfolio investments at the individual purchase
lot level

		n	Process principal paydowns

 

		4.	Investment Pricing

		n	SS&C will value the securities on a monthly basis
in accordance with the agreed upon valuation policy

 

		5.	Trust Asset Reports

		n	Holdings with valuations

 

     

     

    

 

General Ledger and Financial Reporting Support Services

SS&C will establish and maintain a General Ledger
on behalf of Client for the following entities, Five Oaks Investment Corporation, Five Oaks Acquisition Corporation and Five Oaks
Insurance LLC. Client will be solely responsible for the integrity and controls related to the creation of your financial statements.
SS&C is responsible for providing the services below to support the generation of the Client’s financial statements.

 

SS&C will prepare and maintain the
Client’s Accounting Books and Records for Client’s investment in Agency and Non-agency RMBS, Multi-family RMBS, residential
mortgage loans, Mortgage servicing Rights, MBS securitization trusts, Repurchase Agreements, FHLB debt, residential loan warehouse
facilities, short securities, TBAs, Options, Futures, Swaps, Swaptions and Futures inclusive of:

		·	Process a monthly journal entry of investment subledger
activity

		·	Prepare monthly financial reports, trial balance and
soft close

		·	Prepare quarterly financial reports and hard close

		o	Trial Balance

		o	Consolidated Balance Sheet

		o	Consolidated Income Statement

		o	Comprehensive Income

		o	Stockholder’s Equity

		o	Statement of Cashflows

		o	Investment Results Report (MTD, YTD)

		o	Realized Gains/Losses Report

		o	Unrealized Profit/Loss Report

		o	Consolidated General Ledger

		·	Prepare the following financial statement footnotes

		o	AFS Securities

		o	Mortgage Loans HFS

		o	Restricted Cash

		o	Repurchase Agreements

		o	Derivatives

		o	Financial Instruments

		·	Calculate and record the management company’s
management fee

		·	Calculate and record the administration fees based
on the agreed upon fee schedule

		·	Track and record REIT expenses as directed by Client

		·	Assist Client and your outside auditors with preparation
of financial statements

 

     

     

    

 

ATTACHMENT B: CHARGES

 

Monthly Charge 

SS&C will provide the Investment Accounting
Services to the Client in accordance with the terms set forth below subject to a minimum monthly fee of US$7,500.

 

		I.	Investment Accounting Services

		i.	Residential Mortgage Loan Accounting Services

SS&C will provide the Processing
Services related to Client’s investments in residential mortgage loan for an annual fee of $750 per active loan. The active
loan count will be taken as of each month end and loans that were included in a securitization will be included in the active loan
count in the month of such securitization.

 

		ii.	Securities Accounting Services - Owned Securities

The “Asset Value”
will be calculated as the cumulative market value of Client’s investments (excluding repurchase agreements) plus accrued
income plus trade date cash as of the last day of each month. The Monthly Charge will be calculated by multiplying each month’s
Asset Value by one-twelfth (1/12th) of the appropriate basis point set forth below.

 

	Asset Value	Annual Basis Points
	$0 - $500,000,000	2.75 basis points
	$500,000,001 – $1,000,000,000	2.5 basis points
	All remaining U.S. Dollars	2 basis points

  

		iii.	Securities Accounting Services – Securities in
Trust

Securities tracked for purposes of consolidation will
be subject to a monthly fee of $100 per CUSIP.

 

		II.	Financial Reporting Services

		i.	General Ledger and Financial Reporting Support Services

SS&C will provide the financial
reporting support services for a fixed monthly fee of $12,500. The scope of services will be consistent with current products and
related disclosures and the current entity structure of Client. Changes in the scope of these items may increase this fee. The
calculation of taxes for taxable entities is specifically excluded from SS&C responsibilities. This fee is in addition to the
monthly fee.

 

Optional Services and Additional Charges

 

Customizations and Development

Customization/development of reports, interfaces,
statements etc. as required by the Client will be provided at the following rates during the Initial Term. Thereafter, SS&C’s
then current rates will apply. This fee will be in addition to the monthly fee.

	Vice President/Director/Manager Level	US$400 per person per hour
	Accountant Level	US$250 per person per hour

 

REIT Compliance Reporting Support Services

Upon written request from Client SS&C will compile
and analyze the investment data for the following REIT compliance tests listed below. SS&C’s sole responsibility in regards
to Client’s REIT compliance is to provide Client with investment related data. Client is solely and exclusively responsible
for ensuring that it complies with law and its governing documents. SS&C is not responsible for monitoring Client’s compliance
with (i) law, (ii) its governing documents or (iii) any investment restrictions or compliance with the investment restrictions.

 

		▪	Gross Income Tests

		o	75% and 95% Gross Income Tests

 

		▪	Asset Tests

		o	75% Test

		o	5% Issuer Exposure

		o	10% Voting Rights

		o	TRS Ownership as a percentage of total REIT assets

 

     

     

    

 

SS&C will provide the REIT Compliance Reporting
Support Services for the following rates during the Initial Term. Thereafter, SS&C’s then current rates will apply. This
fee is in addition to the monthly fee.

	Vice President/Director Level	US$350 per person per hour
	Manager Level	US$300 per person per hour
	Senior Accountant Level	US$250 per person per hour
	Staff Accountant Level	US$200 per person per hour

 

Additional Charges

Fees for market data and pricing information,
telecommunications line charges or other third party fees are not included in the above fees and will be charged to the Client.

 

     

     

    

 

Addendum to Processing Services Agreement

 

This Addendum to Processing Services Agreement
(“Addendum”) is entered into by and between SS&C Technologies, Inc. (“SS&C”) and Five Oaks Investment
Corp. (“Client”) and is effective on the later of the dates on which both Parties execute this Addendum (the “Addendum
Effective Date”).

 

BACKGROUND

		A.	SS&C and Client have entered into a Processing Services Agreement dated May 21, 2015 (the “Agreement”).

 

		B.	The Parties desire to amend the Agreement as set forth in this Addendum. For avoidance of doubt,
in the event of any conflict between the terms and conditions of the Agreement and this Addendum, the terms of this Addendum shall
control.

 

Now, therefore, the Parties agree as follows:

 

		1.	GENERAL

		1.1	Capitalized terms not otherwise herein defined shall
have the meanings given to them in the

Agreement.

 

		2.	MODIFICATION OF THE AGREEMENT.

		2.1	Section 6.1 is deleted and replaced with the following:

 

6.1This Agreement shall be effective and
binding upon Client and SS&C as of the Effective Date and shall continue in full force and effect for a period of five
(5) years (the “Initial Term”) unless sooner terminated in accordance with its terms. Client may terminate this
Agreement as of the end of year 3 or 4 by providing SS&C written notice of termination at least ninety (90) days prior to
the end of such periods. Unless either Party provides the other with a written notice of termination at least ninety (90)
days prior to the commencement of any Renewal Term, after the Initial Term, this Agreement will automatically renew for
additional successive terms of one (1) year each (each such additional one-year term a “Renewal Term”). The Term
of this Agreement shall run from the Effective Date through the Initial Term, and any Renewal Term, until and unless
terminated in accordance with its terms.

 

		3.	COUNTERPARTS

		3.1	This Addendum may be executed in counterparts, each of which when so executed will be deemed
                                                                                 to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or
                                                                                 electronic mail and the parties hereto agree that signatures so exchanged shall be binding to the same extent as if
                                                                                 original signatures were exchanged.

 

		4.	ENTIRE AGREEMENT.

		4.1	The Agreement, as amended by this Addendum, constitutes the entire agreement of the Parties
                                                                                   in connection with the subject matter hereof and supersedes all prior agreements, understandings and discussions, whether
                                                                                   oral or written, of the parties and remains in full force and effect. Each Party warrants that the signatory signing on its
                                                                                   behalf has the authority to contractually bind it to the terms and conditions set forth herein.

 

IN WITNESS WHEREOF, SS&C and Client have caused
this Addendum to be executed by their duly authorized representatives, effective as of the Addendum Effective Date.

 

AGREED TO AND ACCEPTED BY:

	Five Oaks Investment Corp.	 	SS&C Technologies, Inc.
	 	 	 
	By	
        /s/ David Oston
	 	By	
        /s/ Normand A. Boulanger

	Name	
        David Oston
	 	Name	
        Normand A. Boulanger

	Title	
        Chief Financial Officer
	 	Title	
        President & COO

	Date	
        June 9, 2015
	 	Date	
        June 10, 2015Form of Medium-Term Notes, Series K

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986RH87 
	 FACE AMOUNT: $                

 REGISTERED NO. __ 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash
Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity
Date” shall be January 19, 2018. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third Business Day (as defined below) after the Determination Date as postponed. This
Security shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation of this
Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 

 Determination of Cash Settlement Amount and Certain Definitions 

The “Cash Settlement Amount” of this Security will equal: 

 

	 	•	 	 if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount; 

 

	 	•	 	 if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount plus
(ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return; 

  

	 	•	 	 if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount;
or 

  

	 	•	 	 if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Buffer
Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount. 

 All
calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded
to the nearest cent, with one-half cent rounded upward. 
 The “Underlier” shall mean the S&P 500® Index. 
 The “Trade Date” shall mean March 16,
2016. 
 The “Initial Underlier Level” is 2,027.22, the Closing Level of the Underlier on the Trade Date.

 The “Closing Level” of the Underlier on any Trading Day means the official closing level of the
Underlier reported by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into
account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Discontinuance of The Underlier; Alteration of Method of
Calculation” and “Market Disruption Events.” 
 The “Final Underlier Level” will be the
Closing Level of the Underlier on the Determination Date. 
 The “Underlier Return” will be the quotient of
(i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage. 

The “Cap Level” is 2,351.5752, which is 116.00% of the Initial Underlier Level. 

The “Buffer Level” is 1,773.8175, which is equal to 87.5% of the Initial Underlier Level. 

  
 2 

 The “Maximum Settlement Amount” is 124.00% of the Face Amount of
this Security. 
 The “Buffer Amount” is 12.5%. 

The “Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level. 

The “Upside Participation Rate” is 1.5. 

“Underlier Sponsor” shall mean S&P Dow Jones Indices LLC. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying the Underlier are scheduled to be open for trading for their respective
regular trading sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session. 

The “Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where
trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Underlier. 

The “Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 
 The “Determination
Date” shall be January 16, 2018. If the originally scheduled Determination Date is not a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement
due to the occurrence of a Market Disruption Event (as defined below). See “–Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall
mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time
to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

  
 3 

 Discontinuance Of The Underlier; Alteration Of Method Of Calculation 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any
selection by the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security. 

In the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is
continuing on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for
and method of calculating the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance. If a Successor Underlier is selected or the Calculation Agent
calculates a level as a substitute for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

If on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation
Agent will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the failure, but using only those securities that comprised the Underlier immediately
prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “Market Disruption Events” shall apply in lieu of the foregoing. 

If at any time the Underlier Sponsor makes a material change in the formula for or the method of calculating the Underlier, or
in any other way materially modifies the Underlier (other than a modification prescribed in that formula or method to maintain the Underlier in the event of changes in constituent stock and capitalization and other routine events), then, from and
after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Underlier is to be calculated, calculate a substitute Closing Level of the Underlier in accordance with the
formula for and method of calculating the Underlier last in effect prior to the change, but using only those securities that comprised the Underlier immediately prior to that change. Accordingly, if the method of calculating the Underlier is
modified so that the level of the Underlier is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Underlier in order to arrive at a level of the Underlier as if it had not been
modified. 

  
 4 

 Market Disruption Events 

A “Market Disruption Event” means any of the following events as determined by the Calculation Agent in its
sole discretion: 
  

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges or otherwise relating to
securities which then comprise 20% or more of the level of the Underlier or any Successor Underlier at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits
permitted by those Relevant Stock Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise in
futures or options contracts relating to the Underlier or any Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in
price exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the Underlier or any Successor Underlier on their Relevant Stock Exchanges at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in
general to effect transactions in, or obtain market values for, futures or options contracts relating to the Underlier or any Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the
Close of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of the
Underlier or any Successor Underlier are traded or any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as
applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for
orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day. 

  
 5 

	 	(F)	 The Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier or any Related Futures or Options Exchange fails to
open for trading during its regular trading session. 

 For purposes of determining whether a Market
Disruption Event has occurred: 
  

	 	(1)	 the relevant percentage contribution of a security to the level of the Underlier or any Successor Underlier will be based on a comparison of
(x) the portion of the level of such underlier attributable to that security and (y) the overall level of the Underlier or Successor Underlier, in each case immediately before the occurrence of the Market Disruption Event;

  

	 	(2)	 the “Close of Trading” on any Trading Day for the Underlier or any Successor Underlier means the Scheduled Closing Time of the
Relevant Stock Exchanges with respect to the securities underlying the Underlier or Successor Underlier on such Trading Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is
earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying the Underlier or
Successor Underlier for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market
Disruption Event” above, with respect to any futures or options contract relating to the Underlier or Successor Underlier, the “close of trading” means the latest actual closing time of the regular trading session of any of the
Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading Day for the
Underlier or any Successor Underlier means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading
session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for the Underlier or any Successor Underlier on which each Relevant Stock
Exchange for the securities underlying the Underlier or any Successor Underlier and each Related Futures or Options Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or
Related Futures or Options Exchange closing prior to its Scheduled Closing Time. 

 If a Market Disruption Event occurs or
is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has
not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If 

  
 6 

 
the Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day,
the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market
Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the
Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on such date of each security included in the Underlier. As used herein, “closing price”
means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the
regular trading session of such Relevant Stock Exchange. 
 Calculation Agent 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation
Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no
Successor Underlier is available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which
shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize this Security as a prepaid derivative contract that is an “open
transaction.” 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to January 19, 2018. This Security is not entitled to any sinking fund. 

  
 7 

 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash
Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 
  

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED: 
  

					
	WELLS FARGO & COMPANY
		
	By:	 	 
			
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
			
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the S&P 500® Index 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 10 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action
or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to
be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered 

  
 11 

 
form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 12 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 13 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 14

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