Document:

Exhibit 10.5

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (the “Agreement”) dated as of March 17, 2015 (the “Effective Date”) is hereby entered
into by and among ZAIS Group Holdings, Inc., a Delaware corporation (“Holdings”), and each of the undersigned
parties hereto or hereafter identified as Non-Holdings Members (as such term is defined below), and each of their respective successors
and assigns.

 

RECITALS 

 

WHEREAS, prior to
the Effective Date, the Founder Members (as such term is defined below) owned 100% of the membership interests in ZAIS Group Parent,
LLC, a Delaware limited liability company (“ZGP”), which is treated as a partnership for United States federal
income tax purposes;

 

WHEREAS, on the Effective
Date, pursuant to that certain Investment Agreement by and between Holdings and the Founder Members, concurrently with the recapitalization
of ZGP into membership interests denominated as “Units,” pursuant to which Units were issued to the Founder
Members, Holdings contributed cash to ZGP in exchange for Units and became the sole managing member of ZGP (the “Investment
Transaction”);

 

WHEREAS on the Effective
Date, Holdings and the Founder Members entered into that certain Second Amended and Restated Limited Liability Company Agreement
of ZGP, dated as of the Effective Date (the “LLC Agreement”);

 

WHEREAS, pursuant
to the Investment Agreement, additional Units may be released to the Founder Members through the period ending five years after
the Effective Date (“Additional Founder Units”);

 

WHEREAS, ZGP, Holdings
and the Founder Members have entered into that certain Exchange Agreement, dated as of the Effective Date (the “Exchange
Agreement”);

 

WHEREAS, under the
LLC Agreement, additional Units (denominated as Class B Units in the LLC Agreement) hereafter may be issued to certain key employees
of ZGP or its Subsidiaries (the “Employee Members”) in consideration for their services and the holders of Class
B Units hereafter may become parties to the Exchange Agreement;

 

WHEREAS, pursuant
to the Exchange Agreement and the LLC Agreement and as and to the extent specified therein, the Units held by Non-Holdings Members
(including, for the avoidance of doubt, any Additional Founder Units and Vested Class B Units) may be exchanged with Holdings for
(i) shares of Class A common stock of Holdings, par value $0.0001 per share (“Class A Shares”), or (ii) at the
option of Holdings, (A) cash or (B) a combination of Class A Shares and cash, and, in each case, the right to certain payments
under this Agreement (each, an “Exchange”);

 

    	 

    	 

    

 

WHEREAS, ZGP and
each of its direct and (to the extent owned through a chain of pass-through entities) indirect subsidiaries (if any) which is treated
as a partnership for United States federal income tax purposes (ZGP, such subsidiaries, and any direct or (to the extent owned
through a chain of pass-through entities) indirect subsidiary that is disregarded as an entity separate from its owner, together,
the “ZGP Group”) have, or will have, in effect an election under Section 754 of the United States Internal Revenue
Code of 1986, as amended (the “Code”), for each Taxable Year (as such term is defined below) in which an Exchange
occurs, which election is intended to result in an adjustment to the tax basis of the assets owned by the ZGP Group (solely with
respect to Holdings) at the time of an Exchange (such time, the “Exchange Date”);

 

WHEREAS, the income,
gain, loss, deduction and other Tax (as such term is defined below) items of Holdings may be affected by (i) the Basis Adjustments
(as such term is defined below) and (ii) the Imputed Interest (as such term is defined below); and

 

WHEREAS, the parties
to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustments and Imputed Interest
on the liability for Taxes of Holdings and certain other matters.

 

NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1           Definitions.
As used in this Agreement, the terms set forth in this Article 1 shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined).

 

“Additional
Founder Units” is defined in the Recitals.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agreed Rate”
means LIBOR plus 100 basis points.

 

“Agreement”
is defined in the introductory paragraph.

 

“Amended Schedule”
is defined in Section 2.4(b).

 

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“Basis Adjustment”
means the adjustment to the tax basis of a Reference Asset, whether as reported on a Tax Return or as a result of a Determination,
under sections 732, 734(b), 743(b) and 1012 of the Code, as applicable, and any other similar or successor provisions of the Code
(both in situations where, as a result of one or more Exchanges, ZGP becomes an entity that is disregarded as separate from its
owner for tax purposes and in situations where, following an Exchange, ZGP remains in existence as an entity for United States
federal income tax purposes) and, in each case, comparable sections of foreign, state and local income and franchise tax laws,
arising by reason of the Investment Transaction or the Exchange Agreement (or any Exchange thereunder) and all payments under this
Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall
be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred.

 

“Beneficial
Owner” of a security means a Person who, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or
(ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially
Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Board”
means the Board of Directors of Holdings.

 

“Business
Day” means any day, other than a Saturday, Sunday or any other day on which commercial banks located in the State of
New York are authorized or obligated by law or executive order to close.

 

“Change of
Control” means the occurrence of any of the following events after the date hereof:

 

		(i)	there is consummated, in accordance with the Holdings’
certificate of incorporation and applicable law, the sale, lease or transfer, in one or a series of related transactions, of all
or substantially all of the Holdings’ assets (determined on a consolidated basis), including a sale of all Class A Units
(as defined in the LLC Agreement) held by Holdings, to any Person or “group” (as such term is used in Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), or any successor provisions thereto),
excluding a group of Persons which includes Christian M. Zugel or his Affiliates or the Control Shares Trust;

 

		(ii)	any Person or any group of Persons acting together which
would constitute a “group” for purposes of Section 13(d)(3) of the Exchange Act, or any successor provisions thereto,
is or becomes the beneficial owner, directly or indirectly, of securities of Holdings representing more than fifty percent (50%)
of the combined voting power of the Holdings’ then outstanding Voting Securities (as defined in the Exchange Agreement),
excluding a group of Persons which includes Christian M. Zugel or his Affiliates or the Control Shares Trust;

 

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		(iii)	there is consummated a merger or consolidation of Holdings
with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x)
the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of
the Person surviving the merger or, if the surviving Person is a Subsidiary, the ultimate parent thereof, or (y) the Voting Securities
immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the
combined voting power of then outstanding voting securities of the Person resulting from such merger or consolidation or, if the
surviving Person is a Subsidiary, the ultimate parent thereof; or

 

		(iv)	the stockholders of Holdings and the Board approve a
plan of complete liquidation or dissolution of Holdings.

 

Notwithstanding
the foregoing, except with respect to clause (iii)(x) above, a “Change of Control” shall not be deemed to have occurred
by virtue of the consummation of any transaction or series of integrated transactions immediately following which (A) the record
holders of the shares of Capital Stock (as defined in the LLC Agreement) of Holdings immediately prior to such transaction or series
of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of,
an entity which owns all or substantially all of the assets of Holdings immediately following such transaction or series of transactions
or (B) Holdings is the surviving entity and its Class A Shares continue to be registered under Section 12(b) or 12(g) of the Exchange
Act and continue to be publicly traded.

 

“Change of
Control Termination Date” means the date of a Change of Control Termination Notice for purposes of determining the Change
of Control Termination Payment.

 

“Change of
Control Termination Effective Date” is defined in Section 4.2.

 

“Change of
Control Termination Notice” is defined in Section 4.2.

 

“Change of
Control Termination Payment” is defined in Section 4.3(b).

 

“Change of
Control Termination Schedule” is defined in Section 4.2.

 

“Class A Shares”
is defined in the Recitals.

 

“Code”
is defined in the Recitals.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Control Shares
Trust” means the ZGH Class B Voting Trust.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means, with respect to each Non-Holdings Member, the cumulative amount of
Realized Tax Benefits for all Taxable Years of Holdings, up to and including such Taxable Year, net of the cumulative amount of
Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment with respect to each Non-Holdings
Member for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in
existence at the time of such determination, or, if applicable, the Early Termination Schedule, Change of Control Termination Schedule,
or amendments thereto.

 

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“Default Rate”
means LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in section 1313(a) of the Code or similar provision of foreign, state and local tax
law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the
amount of any liability for Tax. A Determination shall include the expiration of all periods of limitations relating to the assessment
of Tax for a Taxable Year.

 

“Dispute”
has the meaning set forth in Section 7.8(a).

 

“Early Termination
Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination
Effective Date” is defined in Section 4.2.

 

“Early Termination
Notice” is defined in Section 4.2.

 

“Early Termination
Payment” is defined in Section 4.3(b).

 

“Early Termination
Rate” means LIBOR plus 100 basis points.

 

“Early Termination
Schedule” is defined in Section 4.2.

 

“Exchange”
is defined in the Recitals.

 

“Exchange
Agreement” is defined in the Recitals.

 

“Exchange
Basis Schedule” is defined in Section 2.2.

 

“Exchange
Date” is defined in the Recitals.

 

“Expert”
is defined in Section 7.9.

 

“Founder Member”
means each holder of Units of ZGP who is a party to this Agreement as of the Effective Date, other than Holdings.

 

“Founder Member
Representative” has the meaning set forth in the LLC Agreement.

 

“Holdings”
is defined in the opening paragraph.

 

“Holdings
Return” means the United States federal, and/or foreign, and/or state and/or local Tax Return, as applicable, of Holdings
filed with respect to Taxes for any Taxable Year.

 

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“Hypothetical
Tax Liability” means, for purposes of determining a payment hereunder by Holdings to a Non-Holdings Member in respect
of a Taxable Year, the amount that would constitute the liability for Taxes of Holdings and, without duplication, the ZGP Group
Members (but only with respect to Taxes imposed on the ZGP Group Members and allocable to Holdings, or to the other members of
the consolidated group of which Holdings is the parent, for the Taxable Year), in each case using the same methods, elections,
conventions and similar practices as are used on the relevant Holdings Return, if there were excluded, in making such determination,
(1) any aggregate increase or decrease in Tax liability for the Taxable Year attributable to Basis Adjustments arising as a result
of Exchanges by or otherwise relating to such Non-Holdings Member, including by reason of any payments under this Agreement to
such Non-Holdings Member (other than payments of Imputed Interest); and (2) any deductions attributable to Imputed Interest with
respect to payment obligations under this Agreement to such Non-Holdings Member for the Taxable Year. For the avoidance of doubt,
Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions
thereof) that is attributable to such Basis Adjustment or Imputed Interest.

 

“Imputed Interest”
shall mean any interest imputed under section 1272, 1274 or 483 or any other provision of the Code and any similar provision of
foreign, state, and local tax law, as applicable, with respect to Holdings’ payment obligations under this Agreement.

 

“Interest
Amount” is defined in Section 3.1(b).

 

“Investment
Transaction” is defined in the Recitals.

 

“IRS”
means the United States Internal Revenue Service.

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two (2) days prior to the
first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters
Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates
for United States dollar deposits for such period.

 

“LLC Agreement”
is defined in the Recitals.

 

“Market Value”
means the average of the Closing Price (as defined in the LLC agreement) of one Class A Share
during the period of ten (10) consecutive Business Days ending on the measurement date; provided, that if the Class
A Shares are listed on any domestic securities exchange, the term “Business Day” as used in this sentence means
Business Days on which such exchange is open for trading.

 

“Material
Objection Notice” has the meaning set forth in Section 4.2.

 

“Net Tax Benefit”
is defined in Section 3.1(b).

 

“Non-Holdings
Members” means each Founder Member, each Employee Member that executes a Joinder Agreement in the form attached hereto
as Exhibit A and any other Person that is issued Units from time to time and, with the consent of Holdings and the Founder Member
Representative, becomes entitled to the benefits of this Agreement.

 

“Non-Stepped
Up Tax Basis” means, with respect to any Reference Asset at any time, the tax basis that such asset would have had at
such time if no Basis Adjustments had been made.

 

“Objection
Notice” has the meaning set forth in Section 2.4(a).

 

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“OTC Bulletin
Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

 

“Payment Date”
means any date on which a payment is required to be made pursuant to this Agreement.

 

“Person”
means and includes any individual, bank, savings association, corporation, partnership (limited, general, exempted or otherwise),
limited liability company, limited company, company, exempted company, société anonyme, unit trust, joint-stock company,
trust, estate or unincorporated organization.

 

“Pre-Exchange
Transfer” means any transfer (including upon the death of a Non-Holdings Member) or distribution in respect of one or
more Units (i) that occurs prior to an Exchange of such Units, and (ii) to which section 743(b) or 734(b) of the Code applies.

 

“Qualified
Tax Advisor” means KPMG LLP, or any other law or accounting firm that is internationally recognized as being expert in
Tax matters and that is reasonably acceptable to Holdings.

 

“Realized
Tax Benefit” means, for purposes of determining a payment hereunder by Holdings to a Non-Holdings Member in respect of
a Taxable Year, the excess, if any, of (a) the Hypothetical Tax Liability determined with reference to such Non-Holdings Member
in respect of the Taxable Year over (b) the “actual” liability for Taxes of (i) Holdings and (ii) without duplication,
the ZGP Group Members (but only with respect to Taxes imposed on the ZGP Group Members that are allocable to Holdings or to the
other members of the consolidated group of which Holdings is the parent for such Taxable Year), in each case using the same methods,
elections, conventions and similar practices used on the relevant Holdings Return, such “actual” liability to be computed
with the adjustments described in this Agreement (including, for the avoidance of doubt, the application of the Valuation Assumptions
when provided for in this Agreement). If all or a portion of the actual tax liability of Holdings (or the ZGP Group Members, as
described above) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability
shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

 

“Realized
Tax Detriment” means, for purposes of determining a payment hereunder by Holdings to a Non-Holdings Member in respect
of a Taxable Year, the excess, if any, of (a) the “actual” liability for Taxes of (i) Holdings and (ii) without duplication,
the ZGP Group Members (but only with respect to Taxes imposed on the ZGP Group Members that are allocable to Holdings or to the
other members of the consolidated group of which Holdings is the parent for such Taxable Year), in each case using the same methods,
elections, conventions and similar practices used on the relevant Holdings Return, over (b) the Hypothetical Tax Liability determined
with reference to such Non-Holdings Member in respect of the Taxable Year, such “actual” liability to be computed with
the adjustments described in this Agreement (including, for the avoidance of doubt, the application of the Valuation Assumptions
when provided for in this Agreement). If all or a portion of the actual tax liability of Holdings (or the ZGP Group Members, as
described above) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability
shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

 

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“Reconciliation
Dispute” has the meaning set forth in Section 7.9.

 

“Reconciliation
Procedures” has the meaning set forth in Section 2.4(a).

 

“Reference
Asset” means an asset that is held by any member of ZGP Group at the time of an Exchange. A Reference Asset also includes
any asset that is “substituted basis property” under section 7701(a)(42) of the Code with respect to a Reference Asset.

 

“Required
Independent Directors” has the meaning set forth for such term in the LLC Agreement.

 

“Schedule”
means any of the following: (a) an Exchange Basis Schedule, (b) a Tax Benefit Schedule, (c) the Early Termination Schedule, or
(d) the Change of Control Termination Schedule.

 

“Senior Obligations”
is defined in Section 5.1.

 

“Subsidiaries”
means, with respect to any Person, another Person in which such first Person owns, directly or indirectly, an amount of voting
securities, other voting ownership or voting partnership interests which is sufficient to elect at least a majority of its board
of directors or other governing body (or if there are no such voting interests, 50% or more of the equity interests of such Person);
provided that no hedge fund, fund of fund, or other pooled investment vehicle or any Subsidiaries of such Person shall be
deemed to be a Subsidiary of Holdings unless a majority of the economic interests of such Person are owned by Holdings or any of
its Subsidiaries.

 

“Tax Benefit
Payment” is defined in Section 3.1(b).

 

“Tax Benefit
Schedule” is defined in Section 2.3(a).

 

“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable Year”
means a taxable year of Holdings as defined in Section 441(b) of the Code or comparable section of foreign, state or local tax
law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than twelve (12) months for which
a Tax Return is made), ending on or after the Effective Date.

 

“Taxes”
means any and all taxes, assessments or similar charges that are based on or measured with respect to any income or profits, or
that are imposed in lieu of or are in the nature of an income tax, including any franchise taxes, imposed by any federal, foreign,
state or local Taxing Authority, and any interest related to such Tax (but excluding, for the avoidance of doubt, any Interest
Amount).

 

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“Taxing Authority”
shall mean any domestic, federal, national, foreign, state, county or municipal or other local government, any subdivision, agency,
commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising
Tax regulatory authority.

 

“Treasury
Regulations” means the final and temporary regulations under the Code promulgated from time to time (including corresponding
provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“Valuation
Assumptions” shall mean, subject to Section 4.1(b), as of an Early Termination Date or Change of Control Termination
Date, the assumptions that:

 

(a)        in
each Taxable Year ending on or after such Early Termination Date, Holdings will have taxable income sufficient to fully utilize
the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year (including, for the avoidance
of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance
with the Valuation Assumptions) in which such deductions would become available;

 

(b)        the
United States federal income tax rates, and any foreign, state and local income tax rates that will be in effect for each such
Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on such date;

 

(c)        all
taxable income of Holdings will be subject to the maximum applicable Tax rates throughout the relevant period;

 

(d)        any
loss carryovers generated by any Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule
will be utilized by Holdings on a pro rata basis from the date of such schedule through the scheduled expiration date of such loss
carryovers;

 

(e)        any
non-amortizable assets will be disposed of on the fifteenth anniversary of the applicable Basis Adjustment; provided, that in the
event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset
(if earlier than such fifteenth anniversary); and

 

(f)        if,
as of the Early Termination Date, there are Units that have not been Exchanged, then each such Unit shall be deemed to be Exchanged
for the Market Value of the Class A Shares payable in respect thereof under the Exchange Agreement and the amount of cash that
would be transferred to the applicable Non-Holdings Member under this Agreement if the Exchange occurred on the Early Termination
Date. For the avoidance of doubt, the term “Exchange” as used herein shall include any Exchange deemed to have occurred
under this subsection.

 

“ZGP”
is defined in the Recitals.

 

“ZGP Group”
is defined in the Recitals.

 

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“ZGP Group
Members” means any entity included in the ZGP Group.

 

Section 1.2           Other
Definitional and Interpretative Provisions. The words “hereof’, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this
Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in
and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not
otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed
to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they
are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms
refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with
the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through
any date mean, unless otherwise specified, from and including or through and including, respectively.

 

ARTICLE 2

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS

 

Section 2.1           Basis
Adjustment. The parties hereto acknowledge that an Exchange constitutes a transfer of an interest in ZGP giving rise to a Basis
Adjustment. For the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment
to the extent such payments are treated as Imputed Interest. 

 

Section 2.2           Basis
Schedule. Within forty-five (45) calendar days after the filing of the United States federal income tax return of Holdings
for each Taxable Year in which any Exchange has been effected, Holdings shall deliver to each Non-Holdings Member a schedule (the
“Exchange Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by
this Agreement, including with respect to each such Non-Holdings Member, for purposes of Taxes, (i) the Non-Stepped Up Tax Basis
of the Reference Assets as of each Exchange Date, (ii) the Basis Adjustment with respect to the Reference Assets as a result of
any Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period (or periods) over which the Reference
Assets are amortizable and/or depreciable and (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or
depreciable. The Exchange Basis Schedule will become final as provided in Section 2.4(a) and may be amended as provided in Section
2.4(b) (subject to the procedures set forth in Section 2.4(b)).

 

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Section 2.3           Tax
Benefit Schedule.

 

(a)          Tax
Benefit Schedule. Within sixty (60) calendar days after the filing of the United States federal income tax return of Holdings
for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, Holdings shall provide to each Non-Holdings
Member a schedule showing, in reasonable detail and, at the request of a Non-Holdings Member, with respect to each separate Exchange
by such Non-Holdings Member, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year with respect
to such Member (each a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section
2.4(a) and may be amended as provided in Section 2.4(b) (subject to the procedures set forth in Section 2.4(b)).

 

(b)          Applicable
Principles. Subject to Sections 3.3 and 3.4, the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended
to measure the decrease or increase in the actual liability for Taxes of Holdings for such Taxable Year attributable to the Basis
Adjustments and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the
actual liability for Taxes will take into account the deduction of the portion of each Tax Benefit Payment that must be accounted
for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by Holdings
for the Units acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustment and Imputed
Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions
of foreign, state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers
or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to the
Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in accordance
with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments (other than amounts accounted
for as interest under the Code) will (A) be treated as subsequent upward purchase price adjustments that give rise to further Basis
Adjustments to Reference Assets for Holdings and (B) have the effect of creating additional Basis Adjustments to Reference Assets
for Holdings in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current
year calculation and into future year calculations, as appropriate.

 

Section 2.4           Procedures,
Amendments.

 

(a)          Procedure.
Every time Holdings delivers to a Non-Holdings Member an applicable Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.4(b), but excluding any Early Termination Schedule, Change of Control Termination Schedule, amended
Early Termination Schedule or amended Change of Control Termination Schedule, Holdings shall also (i) deliver to the Non-Holdings
Member schedules and work papers, as reasonably determined by Holdings or reasonably requested by such Non-Holdings Member, providing
reasonable detail regarding the preparation of the Schedule and (ii) allow such Non-Holdings Member reasonable access at no cost
to the appropriate representatives at Holdings, as determined by Holdings or requested by the Non-Holdings Member in connection
with a review of such Schedule. An applicable Schedule or amendment thereto shall become final and binding on Holdings and a Non-Holdings
Member thirty (30) calendar days from the first date on which the Non-Holdings Member received the applicable Schedule or amendment
thereto unless the Non-Holdings Member (i) within thirty (30) calendar days after receiving an applicable Schedule or amendment
thereto, provides Holdings with notice of a material objection to such Schedule (“Objection Notice”) made in
good faith or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i) above,
in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by Holdings. If the parties,
for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after
receipt by Holdings of an Objection Notice, Holdings and the Non-Holdings Member shall employ the reconciliation procedures as
described in Section 7.9 (the “Reconciliation Procedures”).

 

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(b)          Amended
Schedule. The applicable Schedule for any Taxable Year shall be amended from time to time by Holdings (i) in connection with
a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of
additional factual information relating to any Taxable Year after the date the Schedule was provided to the Non-Holdings Member,
(iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized
Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax
item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year
attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust an Exchange Basis Schedule to take into account
payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). For the avoidance of doubt,
no Non-Holdings Member shall have any obligation to make any payment to Holdings, or to reimburse Holdings for amounts previously
paid pursuant to this Agreement.

 

ARTICLE 3

TAX BENEFIT PAYMENTS

 

Section 3.1           Payments.

 

(a)          Payments.
Within five (5) Business Days after a Tax Benefit Schedule delivered to a Non-Holdings Member becomes final in accordance with
Section 2.4, Holdings shall pay to such Non-Holdings Member for the applicable Taxable Year the Tax Benefit Payment with respect
to such Non-Holdings Member for such Taxable Year, as determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall
be made by wire transfer of immediately available funds to the bank account previously designated by the Non-Holdings Member to
Holdings or as otherwise agreed by Holdings and the Non-Holdings Member. For the avoidance of doubt, no Tax Benefit Payment shall
be made in respect of estimated tax payments, including, without limitation, federal estimated income tax payments.

 

(b)          A
“Tax Benefit Payment” for a Taxable Year means, with respect to each Non-Holdings Member, an amount, not less
than zero, equal to the sum of the Non-Holdings Member’s Net Tax Benefit and the Interest Amount for such Taxable Year. For
the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest, but instead shall be treated as
additional consideration for the acquisition of Units in Exchanges, unless otherwise required by law. Subject to Sections 3.3 and
3.4, the “Net Tax Benefit” with respect to each Non-Holdings Member for a Taxable Year shall be an amount equal
to the excess, if any, of eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit with respect to such Non-Holdings
Member for such Taxable Year over the total amount of payments previously made to such Non-Holdings Member under this Section 3.1
(excluding payments attributable to Interest Amounts). The “Interest Amount” with respect to each Non-Holdings
Member for a Taxable Year shall equal the interest on the Net Tax Benefit with respect to such Non-Holdings Member for such Taxable
Year calculated at the Agreed Rate from the due date (without extensions) for filing Holdings’ Return with respect to Taxes
for such Taxable Year until the Payment Date of the portion of the Net Tax Benefit to which such Interest Amount relates.

 

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(c)          Additional
Payment. Pursuant to the LLC Agreement, as Additional Founder Units (if any) are released to the Founder Members, Holdings
and the Founder Members have agreed to report the release of such Additional Founder Units to the Founder Members as a non-taxable
adjustment to the relative Percentage Interests of Holdings and the Founder Members.  In the event that a release of Additional
Founder Units is characterized as resulting in a recognition of taxable income or gain to any Founder Member for applicable income
Tax purposes, Holdings shall pay to such Founder Member, if and as received or realized by Holdings, as applicable, and in all
events within five (5) days of such receipt or realization, an amount equal to one-hundred percent (100%) of any refund of Taxes
received by Holdings (including in the form of a credit or offset in lieu of a refund and together with any interest thereon or
received with respect thereto) and of any reduction in Taxes otherwise due and payable by Holdings, in either case due to such
characterization (any such Tax refund or reduction in Taxes, a “Tax Savings”), taking into account, without limitation,
any Holdings or ZGP Group level Taxes payable as a result of, or in respect of, the relevant release of Additional Founder Units. 
The provisions of this Section 3.1(c) shall be given effect before application of Sections 3.1(a) and (b) for purposes of determining
amounts payable under this Agreement. To the extent that a Basis Adjustment or other Tax item arises concomitant to such recognition
of income or gain by such Founder Member, such Basis Adjustment or other Tax item shall not be taken into account for purposes
of calculating the amount of a Tax Benefit Payment to such Founder Member.  For audit and verification purposes, Holdings
shall provide the Founder Members the details of its calculations of amounts payable hereunder and, upon request with reasonable
advance notice, access to its books and records (including Tax returns, schedules and workpapers).  Disputes under this Section
3.1(c), including as to the occurrence of a Tax Savings as well as Holdings’ calculations of any amount payable hereunder
shall generally be governed by principles similar to those set forth in Section 2.4 hereof, and, if not resolved by the Parties
within thirty (30) days of provision of notice of a dispute by a Founder Member to Holdings shall be subject to the provisions
of Section 7.9.

 

Section 3.2           No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount
(including interest) required under this Agreement. It is also intended that the provisions of this Agreement, apart from Section
3.1(c), provide that eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit with respect each Non-Holdings Member
will be paid to such Non-Holdings Member pursuant to this Agreement. The provisions shall be construed in the appropriate manner
to ensure such intentions are realized.

 

Section 3.3           Pro
Rata Payments. Notwithstanding anything in Section 3.1(a) or (b) to the contrary, and subject to Section 3.4 hereof, to the
extent that the aggregate tax benefit of Holdings’ deduction with respect to the Basis Adjustments or Imputed Interest under
this Agreement is limited in a particular Taxable Year because Holdings does not have sufficient taxable income or to the extent
that Holdings lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due with respect to a particular
Taxable Year, the limitation on the tax benefit for Holdings, or the payments under this Agreement that may be made, as the case
may be, shall be taken into account or made for each Person entitled to receive a payment pursuant to Section 3.1(a) on a pro rata
basis by comparing the amount of such Person’s share of the tax benefits or amounts payable (as the case may be) with respect
to the applicable Taxable Year to the aggregate amount of the tax benefits or amounts payable to all Persons entitled to receive
a payment pursuant to Section 3.1(a) with respect to the applicable Taxable Year.

 

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Section 3.4           Coordination.
If for any reason Holdings does not fully satisfy its obligations to make all payments due under this Agreement in respect of a
particular Taxable Year, then no payments under Section 3.1(a) shall be made under this Agreement in respect of any Taxable Year
until all payments in respect of prior Taxable Years have been made in full, including any additional amounts due under Section
5.2.

 

ARTICLE 4

 

TERMINATION

 

Section 4.1           Termination
and Breach of Agreement.

 

(a)          With
the written approval of the Required Independent Directors, Holdings may terminate this Agreement with respect to all amounts payable
to the Non-Holdings Members at any time by paying to them the Early Termination Payments in cash; provided, however,
that this Agreement shall only terminate under this Section 4.1(a) effective upon the receipt of the Early Termination Payments
by the Non-Holdings Members; and provided, further, that Holdings may withdraw any notice to execute its termination
rights under this Section 4.1(a) prior to the time at which all or any portion of any Early Termination Payment has been paid.
Upon payment in full of the Early Termination Payments by Holdings, Holdings shall not have any further payment obligations under
this Agreement, other than for any (i) Tax Benefit Payments due and payable but unpaid as of the Early Termination Notice; (ii)
Tax Benefit Payments due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the
extent that the amount described in clause (ii) is included in Early Termination Payments); and (iii) any payments required pursuant
to Section 3.1(c). If an Exchange occurs after Holdings has made all Tax Benefit Payments to the Non-Holdings Members in full as
specified above, Holdings shall have no obligations under this Agreement with respect to such Exchange.

 

(b)          Upon
the occurrence of a Change of Control, Holdings shall be obligated to terminate this Agreement effective as of the Change of Control
Termination Date by paying to the Non-Holdings Members the Change of Control Termination Payments, substituting Change of Control
Termination Date for Early Termination Date each time Early Termination Date appears in the definition of Valuation Assumptions
and substituting Change of Control Termination Schedule for Early Termination Schedule each time Early Termination Schedule appears
in the definition of Valuation Assumptions, and following the procedures set forth in Sections 4.2 and 4.3, as applicable to a
Change of Control; provided, however, that this Agreement shall only terminate under this Section 4.1(b) effective
upon the receipt of all of the Change of Control Termination Payments by the Non-Holdings Members. Upon payment in full of the
Change of Control Termination Payments by Holdings, Holdings shall have no further payment obligations under this Agreement, other
than for any (i) Tax Benefit Payments due and payable but unpaid as of the Change of Control Termination Notice; (ii) Tax Benefit
Payments due for the Taxable Year ending with or including the date of the Change of Control Termination Notice (except to the
extent that the amount described in clause (ii) is included in Change of Control Termination Payments); and (iii) any payments
required pursuant to Section 3.1(c). If an Exchange occurs by a Non-Holdings Member after Holdings has made all Tax Benefit Payments
to the Non-Holdings Members in full as specified above, Holdings shall have no obligations under this Agreement with respect to
such Exchange.

 

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(c)          In
the event that Holdings breaches any of its material obligations under this Agreement, whether as a result of failure to make any
payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection
in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated and such obligations
shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not
be limited to: (i) Early Termination Payments calculated as if an Early Termination Notice had been delivered on the date of a
breach; (ii) any Tax Benefit Payments due and payable but unpaid as of the date of a breach; (iii) any Tax Benefit Payments due
for the Taxable Year ending with or including the date of a breach; and (iv) any payments required pursuant to Section 3.1(c).
Notwithstanding the foregoing, in the event that Holdings breaches this Agreement, the Non-Holdings Members shall each separately
be entitled to elect to receive the amounts set forth in clauses (i), (ii), (iii) and (iv) above or to seek specific performance
of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within thirty (30) days
after the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes
hereof, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant
to this Agreement thirty (30) days after the date such payment is due.

 

Section 4.2           Termination
Notice. If Holdings chooses to exercise its right of early termination under Section 4.1 above, or within thirty (30) days
of a Change of Control, Holdings shall deliver to each of the Non-Holdings Members notice of such intention to exercise such right
or of such occurrence (“Early Termination Notice” or “Change of Control Termination Notice”,
as applicable) and a schedule (the “Early Termination Schedule” or “Change of Control Termination Schedule”,
as applicable) specifying Holdings’ intention to exercise such right or of such occurrence and showing in reasonable detail
the calculation of the Early Termination Payments or the Change of Control Termination Payments, as applicable, for the Non-Holdings
Members. Holdings shall, along with such notice and schedule, (i) deliver to the Non-Holdings Members schedules and work papers,
as reasonably determined by Holdings or reasonably requested by a Non-Holdings Member providing reasonable detail regarding the
preparation of the Schedule and (ii) allow the Non-Holdings Members reasonable access, at no cost, to the appropriate representatives
at Holdings, as reasonably determined by Holdings or reasonably requested by a Non-Holdings Member, in connection with a review
of such schedule. The Early Termination Schedule or Change of Control Termination Schedule, as applicable, shall become final and
binding on Holdings and a Non-Holdings Member thirty (30) calendar days from the first date on which such Non-Holdings Member received
such schedule or amendment thereto unless such Non-Holdings Member (i) within thirty (30) calendar days after receiving such schedule,
provides Holdings with notice of a material objection to such schedule made in good faith (“Material Objection Notice”)
or (ii) provides a written waiver of such right of a Material Objection Notice within the period described in clause (i) above,
in which case such schedule becomes binding on the date the waiver is received by Holdings (the “Early Termination Effective
Date” or “Change of Control Termination Effective Date”). If for any reason the parties are unable
to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by Holdings of the Material
Objection Notice, Holdings and such Non-Holdings Member shall engage in the Reconciliation Procedures.

 

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Section 4.3           Payment
upon Termination.

 

(a)          Within
three (3) Business Days after the Early Termination Effective Date, Holdings shall pay to each Non-Holdings Member an amount equal
to the Early Termination Payment with respect to such Non-Holdings Member. Within three (3) Business Days after the Change of Control
Termination Effective Date, Holdings shall pay to each Non-Holdings Member an amount equal to the Change of Control Termination
Payment with respect to such Non-Holdings Member. Such payments shall be made by wire transfer of immediately available funds to
a bank account or accounts designated by each of the Non-Holdings Members or as otherwise agreed by Holdings and each of the Non-Holdings
Members.

 

(b)          “Early
Termination Payment” for a Non-Holdings Member shall equal the present value, discounted at the Early Termination Rate
as of the Early Termination Effective Date, of all Tax Benefit Payments that would be required to be paid by Holdings to the Non-Holdings
Member hereunder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. “Change
of Control Termination Payment” for a Non-Holdings Member shall equal the present value, discounted at the Early Termination
Rate as of the Change of Control Termination Effective Date, of all Tax Benefit Payments that would be required to be paid by Holdings
to the Non-Holdings Member hereunder beginning as of the Change of Control Termination Date and assuming that the Valuation Assumptions
are applied, as amended by Section 4.1(b).

 

Section 4.4           Scheduled
Termination. No Tax Benefit Payment shall accrue, or shall become due or payable with respect to any Exchange after the sixtieth
(60th) anniversary (the “Scheduled Termination Date”) of the effective date of such Exchange. For
avoidance of doubt, this Agreement shall continue to be in effect in periods after the Scheduled Termination Date with respect
to Tax Benefit Payments that arise on or before such date, or any adjustment thereto, and shall terminate upon such time as when
all Tax Benefit Payments due and payable hereunder have been paid and the Determinations have been made with respect to all such
payments.

 

ARTICLE 5

 

SUBORDINATION AND LATE
PAYMENTS

 

Section 5.1           Subordination.
Notwithstanding any other provision to the contrary, any payment required to be made by Holdings under this Agreement shall rank
subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations
in respect of indebtedness for borrowed money of Holdings and its Subsidiaries (“Senior Obligations”) and shall
rank pari passu with all current or future unsecured obligations of Holdings that are not Senior Obligations.

 

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Section 5.2           Late
Payments by Holdings. The amount of all or any portion of any payment not made by Holdings when due under the terms of this
Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which
such payment was due.

 

ARTICLE 6

 

NO DISPUTES; CONSISTENCY;
COOPERATION

 

Section 6.1           Election
to be Filed. As the sole managing member of ZGP, Holdings shall cause ZGP and each ZGP Group member that is treated as a partnership
for United States federal income tax purposes to file an election under Section 754 of the Code commencing no later than with its
first Taxable Year which includes an Exchange, unless such entity already has a Section 754 election in effect, and shall not cause
any such entity to revoke such election until this Agreement is no longer in effect for any Non-Holdings Member. If ZGP acquires
an interest in an entity that is treated as a partnership for United States federal income tax purposes, either directly or indirectly
through one or more entities treated as a partnership or disregarded entity for Federal Tax purposes, Holdings shall use its best
efforts to cause such entity to file an election under Section 754 of the Code effective for each such entity’s Taxable Year
in which such acquisition occurs, unless such entity already has an election under Section 754 of the Code in effect, and shall
not cause such entity to revoke such election until this Agreement is no longer in effect.

 

Section 6.2           Participation
in Holdings’ and ZGP’s Tax Matters.

 

(a)          Except
as otherwise provided herein, Holdings shall have full responsibility for, and sole discretion over, all Tax matters concerning
Holdings. Notwithstanding the foregoing, Holdings shall notify each applicable Non-Holdings Member of, and keep each applicable
Non-Holdings Member reasonably informed with respect to, the portion of any audit of Holdings by a Taxing Authority the outcome
of which is reasonably expected to materially affect the rights and obligations of such Non-Holdings Member under this Agreement,
and shall provide to such Non-Holdings Member reasonable opportunity to provide information and other input to Holdings and its
advisors concerning the conduct of any such portion of such audit; provided, however, that Holdings shall not be
required to take any action that is inconsistent with any provision of the LLC Agreement.

 

(b)          The
rights and responsibilities of Holdings and the Non-Holdings Members with respect to Tax matters concerning ZGP and its Subsidiaries
shall be as set forth in the LLC Agreement.

 

Section 6.3           Consistency.
Holdings and the Non-Holdings Members agree to report and cause to be reported for all purposes, including federal, foreign, state
and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments
and each Tax Benefit Payment) in a manner consistent with that specified by Holdings in any Schedule required to be provided by
or on behalf of Holdings under this Agreement, provided Holdings prepares each such Schedule in accordance with the terms hereof,
unless otherwise required by a Determination.

 

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Section 6.4           Cooperation.
Each applicable Non-Holdings Member shall (a) furnish to Holdings in a timely manner such information, documents and other materials
as Holdings may reasonably request for purposes of making any determination or computation necessary or appropriate under this
Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority,
(b) make itself available to Holdings and its representatives to provide explanations of documents and materials and such other
information as Holdings or its representatives may reasonably request in connection with any of the matters described in clause
(a) above, and (c) reasonably cooperate in connection with any such matter, and Holdings shall reimburse any such Non-Holdings
Member for any reasonable third-party costs and expenses incurred pursuant to this Section 6.4.

 

ARTICLE 7

 

MISCELLANEOUS

 

Section 7.1           Notices.
Any notice, demand, consent, election, offer, approval, request, or other communication (collectively, a “notice”)
required or permitted under this Agreement must be in writing and either delivered personally, sent by certified or registered
mail, postage prepaid, return receipt requested or sent by recognized overnight delivery service, electronic mail (e-mail) or by
facsimile transmittal. Any notice sent by confirmed e-mail or facsimile must be sent simultaneously by another method described
in the prior sentence. A notice must be addressed:

 

		If to Holdings, to: 	ZAIS Group Holdings, Inc.

c/o ZAIS Group, LLC

Two Bridge Avenue, Suite 322

Red Bank, NJ 07701

Attention: Christian Zugel and Howard Steinberg

Facsimile: (732) 747-7619

Email:christian.zugel@zaisgroup.com and howard.steinberg@zaisgroup.com

 

		If to any Non-Holdings Member:	The address set forth
on the books and records of ZGP.

 

A notice delivered
personally will be deemed given only when accepted or refused by the Person to whom it is delivered. A notice that is sent by mail
will be deemed given: (i) three (3) Business Days after such notice is mailed to an address within the United States of America
or (ii) seven (7) Business Days after such notice is mailed to an address outside of the United States of America. A notice
sent by recognized overnight delivery service will be deemed given when received or refused. A notice sent by e-mail or facsimile
shall be deemed given upon receipt of a confirmation of such transmission, unless such receipt occurs after normal business hours,
in which case such notice shall be deemed given as of the next Business Day. Any party may designate, by written notice to all
of the others, substitute addresses or addressees for notices; thereafter, notices are to be directed to those substitute addresses
or addressees.

 

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Section 7.2           Counterparts.
This Agreement and any amendments may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf,
each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The
signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.

 

Section 7.3           Entire
Agreement; No Third Party Beneficiaries. This Agreement, together with the Investment Agreement, the LLC Agreement, the Exchange
Agreement and the Registration Rights Agreement, constitute the entire agreement and understanding among the parties with respect
to the subject matter hereof and thereof, and supersedes all prior agreements or arrangements (written and oral), including any
prior representation, statement, condition or warranty between the parties relating to the subject matter hereof and thereof. This
Agreement is not intended to, and does not, provide or create any rights or benefits of any Person other than the parties hereto
and their successors and permitted assigns.

 

Section 7.4           Governing
Law. The parties hereto hereby agree that all questions concerning the construction, validity and interpretation of this Agreement
and the performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Delaware
without giving effect to any choice of law or conflict of law provision or rule, notwithstanding that public policy in Delaware
or any other forum jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on
contacts with such state or otherwise.

 

Section 7.5           Severability.
It is expressly understood and agreed that if any provision of this Agreement or the application of any such provision to any party
or circumstance shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder
of this Agreement, or the application of such provision to any party or circumstance other than those to which it is so determined
to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent
permitted by law so long as the economic or legal substance of the matters contemplated by this Agreement is not affected in any
manner materially adverse to any party. If the final judgment of a court of competent jurisdiction declares or finds that any term
or provision hereof is invalid or unenforceable, the parties hereto agree that the court making the determination of invalidity
or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, or to delete specific
words or phrases, and to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall
be enforceable as so modified. If such court of competent jurisdiction does not so replace an invalid or unenforceable term or
provision, the parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that the matters contemplated hereby are fulfilled to the fullest
extent possible.

 

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Section 7.6           Successors;
Assignment; Amendments; Waivers.

 

(a)          No
Non-Holdings Member may assign any of its rights under this Agreement to any person without the prior written consent of Holdings;
provided, however, that (i) to the extent Units are transferred in accordance with the terms of the LLC Agreement, the transferring
Non-Holdings Member shall have the option to assign to the transferee of such Units the transferring Non-Holdings Member’s
rights under this Agreement with respect to such transferred Units, as long as such transferee has executed and delivered, or,
in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance substantially similar
to Exhibit A to this Agreement, agreeing to become a “Non-Holdings Member” for all purposes of this Agreement, except
as otherwise provided in such joinder, and (ii) once an Exchange has occurred, any and all payments that may become payable to
a Non-Holdings Member pursuant to this Agreement with respect to the Exchanged Units may be assigned to any Person or Persons as
long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to
this Agreement, in form and substance substantially similar to Exhibit A to this Agreement, and acknowledging specifically the
terms of Section 7.6(b). For the avoidance of doubt, if a Non-Holdings Member transfers Units but does not assign to the transferee
of such Units such Non-Holdings Member’s rights under this Agreement with respect to such transferred Units, such Non-Holdings
Member shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units.

 

(b)          No
provision of this Agreement may be amended unless such amendment is approved in writing by Holdings and the Non-Holdings Members;
provided, that, the definition of Change of Control cannot be amended and no material amendment of this Agreement may be made without
the written approval of the Required Independent Directors, Holdings and the Non-Holdings Members. No provision of this Agreement
may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.

 

(c)          All
of the terms and provisions shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto
and their respective successors, assigns, heirs, executors, administrators and legal representatives. Holdings shall require and
cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of Holdings, by written agreement, expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that Holdings would be required to perform if no such succession had taken place.

 

Section 7.7           Titles
and Subtitles. The titles of the sections and subsections are for convenience of reference only and are not to be considered
in construing this Agreement.

 

Section 7.8           Resolution
of Disputes.

 

(a)          Each
of the parties hereto submits to the exclusive jurisdiction of the Court of Chancery in the State of Delaware in any action or
proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may be
heard and determined in any such court. Each party hereto also agrees not to bring any action or proceeding arising out of or relating
to this Agreement in any other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety, or other security that might be required of any other party hereto
with respect thereto. The parties hereto each agree that final judgment in any such suit, action or proceeding brought in such
a court shall be conclusive and binding on it and may be enforced in any court to the jurisdiction of which it is subject by a
suit upon such judgment.

 

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(b)          EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE
AGREEMENTS DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
7.8.

 

Section 7.9           Reconciliation.
In the event that Holdings and a Non-Holdings Member are unable to resolve a disagreement with respect to the matters governed
by Section 2.4, Section 3.1(c) or Section 4.2 within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally
recognized accounting or law firm, and unless Holdings and the Non-Holdings Member agree otherwise, the Expert shall not, and the
firm that employs the Expert shall not, have any material relationship with Holdings or the Non-Holdings Member or other actual
or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) days of receipt by the respondent(s)
of written notice of a Reconciliation Dispute, the Expert shall be appointed by the Qualified Tax Advisor. The Expert shall resolve
any matter relating to an Exchange Basis Schedule, or an amendment thereto, the Early Termination Schedule, or an amendment thereto,
the Change of Control Termination Schedule, or an amendment thereto or Section 3.1(c), within thirty (30) calendar days and shall
resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter
as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the
preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the
absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by Holdings, subject to adjustment or
amendment upon resolution. The costs and expenses relating to the engagement of such Expert, amending any Tax Return and the proceeding
shall be borne by Holdings except as provided in the next sentence. Holdings and the Non-Holdings Member shall bear their
own costs and expenses of such proceeding, unless the Non-Holdings Member has a prevailing position that is more than 10% of the
payment at issue, in which case Holdings shall reimburse the Non-Holdings Member for any reasonable out-of-pocket costs and expenses
in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9
shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert
pursuant to this Section 7.9 shall be binding on Holdings and the Non-Holdings Member which is a party to such Dispute and may
be entered and enforced in any court having jurisdiction.

 

    	- 21 -

    	 

    

 

Section 7.10         Withholding.
Holdings shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as Holdings
is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or
foreign Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Holdings, such
withheld amounts shall be treated for all purposes as having been paid to the applicable Non-Holdings Member. The parties anticipate
that, on the basis of current law, no federal income tax withholding would be required with respect to any holder of Units who
is a “United States person” within the meaning of Section 7701(a)(30) of the Code and who properly certified that such
holder is not subject to federal backup withholding.

 

Section 7.11         Admission
of Holdings into a Consolidated Group; Transfers of Corporate Assets.

 

(a)          If
Holdings is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return
pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of
this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments,
Change of Control Termination Payments, and other applicable items hereunder shall be computed with reference to the consolidated
taxable income of the group as a whole.

 

(b)          If
Holdings transfers one or more assets to a corporation (or a Person classified as a corporation for United States federal income
tax purposes) with which it does not file a consolidated tax return pursuant to Section 1501 of the Code, then, for purposes of
calculating the amount of any Tax Benefit Payment, Early Termination Payment, or Change of Control Termination Payment due hereunder,
Holdings shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by Holdings shall be equal to the fair market value of the transferred asset. For purposes of this Section
7.11, a transfer of a partnership or limited liability company interest shall be treated as a transfer of the transferring partner’s
or member’s share of each of the assets and liabilities of that partnership or limited liability company

 

    	- 22 -

    	 

    

 

Section 7.12         Confidentiality.

 

(a)          Each
Non-Holdings Member and assignee acknowledges and agrees that the information of Holdings and of its Affiliates is confidential
and, except in the course of performing any duties as necessary for Holdings and its Affiliates, as required by law or legal process
or to enforce the terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any
Person any confidential matters, acquired pursuant to this Agreement, of Holdings and its Affiliates and successors, concerning
ZGP and its Affiliates and successors or the other Non-Holdings Members, learned by the Non-Holdings Member heretofore or hereafter.
This Section 7.12(a) shall not apply to (i) any information that has been made publicly available by Holdings or any of its Affiliates,
becomes public knowledge (except as a result of an act of such Non-Holdings Member in violation of this Agreement) or is generally
known to the business community and (ii) the disclosure of information to the extent necessary for a Non-Holdings Member to prepare
and file his or her Tax returns, to respond to any inquiries regarding the same from any Taxing authority or to prosecute or defend
any action, proceeding or audit by any Taxing authority with respect to such returns.

 

(b)          If
a Non-Holdings Member or assignee commits a breach, or threatens to commit a breach, of any of the provisions of Section 7.12(a),
Holdings shall have the right and remedy to have the provisions of Section 7.12(a) specifically enforced by injunctive relief or
otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and
agreed that any such breach or threatened breach shall cause irreparable injury to Holdings or any of its Subsidiaries or the other
Non-Holdings Members and the accounts and funds managed by Holdings and that money damages alone shall not provide an adequate
remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
at law or in equity.

 

[Signature page follows]

 

    	- 23 -

    	 

    

 

IN WITNESS WHEREOF,
Holdings and the Non-Holdings Members have duly executed this Agreement as of the date first written above.

 

	 	HOLDINGS:
	 	 
	 	ZAIS GROUP HOLDINGS, INC.
	 	 
	 	By:	/s/ R. Bradley Forth
	 	Name: 	R. Bradley Forth
	 	Title: 	Chief Financial Officer

 

	 	NON-HOLDINGS MEMBERS:
	 	 
	 	/s/ Christian M. Zugel
	 	Christian M. Zugel
	 	 
	 	/s/ Sonia Zugel
	 	Sonia Zugel
	 	 
	 	/s/ Laureen Lim
	 	Laureen Lim
	 	 
	 	ZUGEL FAMILY TRUST
	 	 
	 	By: Fiduciary Trust International of Delaware, as Trustee
	 	 
	 	By:	/s/ Dorothy K. Scarlett
	 	 	Name:  Dorothy K. Scarlett
	 	 	Title:    President & CEO
	 	 
	 	/s/ Mark Mahoney, Trustee
	 	Mark Mahoney, as Trustee
	 	 
	 	FAMILY TRUST U/A CHRISTIAN M. ZUGEL 2005 GRAT
	 	 
	 	By: Fiduciary Trust International of Delaware, as Trustee
	 	 
	 	By: 	/s/ Dorothy K. Scarlett
	 	 	Name:  Dorothy K. Scarlett
	 	 	Title:    President & CEO
	 	 
	 	/s/ Mark Mahoney, Trustee
	 	Mark Mahoney, as Trustee

 

    	 

    	 

    

 

Exhibit A

 

Form of Joinder Agreement

 

[______________________]
does hereby agree to the terms and conditions of the Tax Receivable Agreement, dated as of March 17, 2015 (the “Agreement”),
a copy of which is attached hereto, and for all purposes thereunder shall be and hereby is a Non-Holdings Member, as defined in
the Agreement, and is bound by all terms and conditions thereof.

 

	 	Non-Holdings Member
	 	 
	 	By: 	 
	 	 
	 	Date:___________________, 20___

 

Agreed and acknowledged as of the

___ day of ______________________, 20__ by:

 

ZAIS GROUP HOLDINGS, INC.

 

	By:	 	 
	Name:	 
	
        Title:Exhibit 10.12

 

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”)
is entered into as of March 4, 2015 by and between ZAIS Group Parent, LLC (the “Company” or “ZGP”)
and RQSI Ltd (“RQSI”).

 

WHEREAS, HF2 Financial Management Inc. (“HF2”)
has entered into that certain Investment Agreement, dated as of September 16, 2014, as amended by the First Amendment to the Investment
Agreement dated as of October 31, 2014, and the Second Amendment to the Investment Agreement dated as of March 4, 2015 (as amended,
the “Investment Agreement”) by and among the Company, HF2 and members of ZGP, pursuant to which HF2 will acquire
a majority of the Class A Units of ZGP (the “Business Combination”); and

 

WHEREAS, Mr. Neil Ramsey (“Ramsey”)
(a principal of RQSI), through NAR Special Global, LLC and dQuant Special Opportunities Fund, LP, beneficially owns a 10.1% interest
in the Class A Common Stock of the Company; and

 

WHEREAS, the Company wishes to engage RQSI
as a consultant to the Company, its managing member (“Managing Member”), its senior management team, and its
wholly owned operating subsidiary ZAIS Group, LLC (the Company, its Managing Member, its senior management team, and ZAIS Group,
LLC are collectively referred to herein as “ZAIS”) to consult with ZAIS on all aspects of its mortgage and collateralized
loan obligation business (“Business”).

 NOW, THEREFORE, in consideration of the mutual undertakings
and premises herein contained, the parties hereto hereby agree as follows immediately following the Effective Date (as defined
below):

1. Effective Date. The Effective Date of this Agreement shall be immediately following the Closing of the Business Combination
as such term is defined in the Investment Agreement. If the Closing does not occur under the terms of the Investment Agreement,
this Agreement shall be null and void and shall automatically terminate without the requirement of any further action by the parties.

 

2. Consulting Services. RQSI shall provide consulting
services to ZAIS as requested by the Managing Member from time to time during the twenty-four month period beginning on the Effective
Date, subject to earlier termination as provided under Section 6 below (the “Term”). Ramsey shall be the primary
individual providing consulting services regarding matters involving the Company’s Business as reasonably requested from
time to time by the Managing Member. Ramsey shall devote so much of his productive time, ability and attention as is necessary
or appropriate to perform consulting services as requested or assigned by the Managing Member, and may use others under his supervision
at this discretion. RQSI shall have the discretion to determine the location and times of rendering consulting services as well
as the method of accomplishing such services. If RQSI determines, with the Company’s consent, that its duties and responsibilities
may require Ramsey or others to travel on business to the extent reasonably necessary or appropriate to fully perform the duties
and responsibilities under this Agreement, RQSI shall be compensated for its actual out-of-pocket expenses. Ramsey or RQSI may
render consulting services to other parties relating to the Business during the Term only after providing advance written disclosure
to the Board. Ramsey and RQSI shall offer the Company an opportunity to participate in business opportunities that are from time
to time presented to him and his affiliates if the opportunity relates to the Business. Such consulting services will be provided
on a best efforts basis and, subject to Section 6, the fee will be due regardless of the actual performance of the Company.

 

    	 

    	 

    

 

3. Compensation. Irrespective of whether there has
been a request for RQSI’s services for any given month, the Company shall pay RQSI $41,666.67 a month during the Term in
arrears. In the event that the Term expires, or is terminated for Cause, during the middle of a month, the monthly consulting fee
shall be paid pro rata based on the number of days RQSI has provided services under this Agreement. The foregoing amounts shall
be RQSI’s sole compensation for all consulting services rendered to the Company under this Agreement.

 

4. Confidential Information

 

(a) Over the Term of this Agreement,
RQSI and its “Representatives” (as defined below) may have access to, and become familiar with, Confidential Information
of the Company (as hereinafter defined). RQSI shall at all times hereinafter maintain in the strictest confidence all such Confidential
Information and shall not divulge any Confidential Information to any person, firm or corporation without the Board’s prior
written consent. As used herein, “Confidential Information” means proprietary and confidential information concerning
ZAIS and /or its subsidiaries or affiliates, regardless of the form in which it is maintained and whether prepared by ZAIS or otherwise,
together with analyses, compilations, studies or other documents prepared by RQSI or its “Representatives” which contain
such information, including without limitation information on ZAIS’s business, financial condition, results of operations,
performance, funds, fund structures, fund assets and liabilities, fund performance, clients, investors, prospects, plans, strategies,
employees (including without limitation compensation information), intellectual property, technology, assets and liabilities. All
information delivered by ZAIS to RQSI pursuant to this Confidentiality Agreement shall be presumed to be Confidential Information
other than any information that (i) was publicly available prior to the date of this agreement or thereafter becomes publicly available
without any violation of this agreement on the part of RQSI or any of its Representatives or (ii) was available to RQSI on a non-confidential
basis prior to its disclosure to RQSI or its Representatives by ZAIS or (iii) becomes available to RQSI from a person other than
ZAIS who, to RQSI’s knowledge after due inquiry, acquired such information lawfully and who is not subject to any legally
binding obligation to keep such information confidential. As used in this agreement, the term (i) “person” means an
individual or entity, and (ii) “Representatives” means RQSI’s affiliates, officers, directors, and employees,
and agents or representatives approved by ZAIS in writing in advance as permitted to receive Confidential Information, and specifically
including Ramsey. RQSI shall not use any Confidential Information for any purpose whatsoever except as and to the extent provided
in this Agreement or in any other subsequent agreement between the parties.

 

(b) All Confidential Information made available to, or
received by, RQSI shall remain the Company’s property, and no license or other rights in or to the Confidential Information
is granted hereby. RQSI’s obligation not to use any Confidential Information disclosed pursuant to this Agreement except
as provided in this Agreement shall remain in effect indefinitely, and RQSI shall be prohibited from disclosing any such Confidential
Information during the Term and thereafter. All files, records, documents, drawings, specifications, equipment, and similar items
relating to the business of the Company, whether prepared by Ramsey or otherwise coming into his possession, and whether classified
as Confidential Information or not, shall remain the exclusive property of the Company.

 

    	-2-

    	 

    

5. Non-Competition. RQSI and Ramsey understand, recognize and agree that, during the Term and for a period two years
thereafter, neither it nor Ramsey, or any entity that Ramsey owns or controls shall in any manner, directly or indirectly, enter
into or engage in any business competitive with the Business that would in any way compromise the Company’s Confidential
Information as described in Section 4 above.

 

6. Termination. The Company may terminate this Agreement
prior to the second anniversary of the Effective Date only for Cause. For purposes of this Agreement, “Cause”
shall mean a termination of RQSI’s services by the Company due to (i) gross misconduct, or (ii) a material and willful breach
of this Agreement (which material breach for the avoidance of doubt includes refusal to provide services under this Agreement as
reasonably requested by the Board of the Company’s Chief Executive Officer) and such refusal continues for sixty (60) days
after written notice.

 

7. Other Matters.

 

(a) This Agreement contains the complete
and entire understanding and agreement between the parties and supersedes any previous communications, representations or agreements,
verbal or written, related to the subject matter of this Agreement. This Agreement may only be amended by a writing signed by the
party to be charged or its successor(s) in interest.

 

(b) RQSI acknowledges that neither Ramsey, nor any other employee of RQSI’s that provides consulting services under
this Agreement, is not an employee of the Company for any purpose and shall not be entitled to participate in any retirement, health
or other benefits which are reserved to employees of the Company. In the performance of all work, duties and obligations under
this Agreement, it is mutually understood and agreed that each party is at all times acting and performing as an independent contractor
with respect to the other. RQSI shall be solely responsible for and shall comply with all state and federal law pertaining to employment
taxes, income withholding, unemployment compensation contribution and other employment related statutes applicable to that party. 

 

(c)  RQSI represents that providing
services under this Agreement and compliance by the parties with the terms and conditions of this Agreement will not conflict
with or result in the breach of any agreement to which Ramsey or RQSI is a party or by which Ramsey or RQSI may be bound and does
not violate applicable law.

 

(d) This Agreement shall be binding
upon and shall inure to the benefit of the parties, their respective heirs, executors, administrators and assigns.

 

    	-3-

    	 

    

 

(e) This Agreement shall not be modified or amended except by a written instrument signed by the parties hereto. No
waiver or failure to act with respect to any breach or default hereunder, subsequent breach or default, whether of similar or
different nature.

 

(f) This Agreement may not be assigned without the written consent of the other party.

 

(g) This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Delaware.

 

(h) Each party’s performance of its duties and obligations hereunder is conditioned upon, and subject to, the
faithful performance by the other party of such other party’s own duties and obligations.

 

(i) Each of the parties hereto agrees
that it shall hereafter execute and deliver such additional instruments and undertake such additional acts as may be required
or useful to carry out the intent and purpose of this Agreement and as are not inconsistent with the terms hereof.

 

(j) This Agreement may be signed in counterparts by the parties. Each counterpart, when executed and delivered, shall
be considered a complete and original instrument and it shall not be necessary to produce or account for any other counterpart
when making proof of this Agreement.

 

    	-4-

    	 

    

 

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

 

	ZAIS GROUP PARENT, LLC	 	 	 
	 	 	 	 	 
	/s/ Christian Zugel	 	Dated:  	March 17, 2015
	By:	Christian Zugel	 	 	 
	Its:	Managing Member	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	RQSI LTD.	 	 	 
	 	 	 	 	 
	/s/ Neil Ramsey	 	Dated:  	March 17, 2015
	By:	Neil Ramsey	 	 	 
	Its:	Principal	 	 	 

 

    	-5-

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