Document:

Exhibit 10.38

 

Pursuant to 17 CFR
240.24b-2, confidential information has been omitted in places marked “[***]” and has been filed separately with the
Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission.

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and
Release Agreement (“Agreement”) is made by and between ZAIS Group, LLC (“EMPLOYER” or “ZAIS”)
and Gregory Barrett (“EMPLOYEE”) as of November 20, 2017.

 

RECITALS

 

A.        For
purposes of this Agreement, “EMPLOYER” means ZAIS Group, LLC and includes each of its predecessors, successors in interest,
assigns, parent and subsidiary organizations, affiliates, and partners, and its past, present, and future officers, directors,
shareholders, agents, and employees, and their heirs and assigns.

 

B.       As
a result of EMPLOYEE’s separation from employment as set forth herein, and to fully and finally resolve all issues concerning
EMPLOYEE's employment relationship with EMPLOYER, EMPLOYER and EMPLOYEE have decided to enter into this Agreement.

 

C.       For
and in consideration of the mutual promises and covenants in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

OPERATIVE PROVISIONS

 

1.        Separation
of Employment. EMPLOYER and EMPLOYEE agree that, except as otherwise provided herein, EMPLOYEE’s employment relationship
with EMPLOYER will terminate on December 31, 2017 (the “Separation Date”) and EMPLOYEE hereby resigns effective upon
the Separation Date. In addition, EMPLOYEE hereby resigns, effective immediately, from any and all positions EMPLOYEE holds as
an officer and/or director of ZAIS Group Holdings, Inc., ZAIS and any other affiliates of ZAIS, whether or not EMPLOYEE is named
as such. Effective immediately, EMPLOYEE will no longer report to EMPLOYER’s office in Red Bank, New Jersey, but will be
available through and until the Separation Date, upon the reasonable request of any of the EMPLOYER’S Chief Investment Officer,
Chief Executive Officer (“CEO”) or EMPLOYEE’S successor as head of the Client Relations group and, to assist
EMPLOYER as reasonably required during normal business hours. EMPLOYEE will no longer conduct any business on behalf of the Company
unless specifically requested to do so in writing by any of the persons specified in the immediately preceding sentence. EMPLOYEE
will keep the CEO currently apprised of any business developments directly affecting EMPLOYER of which he is made aware, including
any contacts made to him by current investors of EMPLOYER or prospective investors or intermediaries with whom he has interacted
while employed by EMPLOYER.

 

     

     

    

 

2.        Consideration.

 

a.        EMPLOYEE will continue to receive his regular base salary at the rate of $300,000 per annum along with current EMPLOYER-sponsored
insurance benefits through the Separation Date, paid in accordance with EMPLOYER’S normal scheduled pay dates, and net of
all required withholdings.

 

b.        Although EMPLOYEE is not otherwise entitled to severance pay arising out of his separation, as consideration for the execution
and delivery by EMPLOYEE of this Agreement, EMPLOYER shall pay to EMPLOYEE, as severance, $500,000 on the Separation Date, contingent
upon, on or following the date of this Agreement (i) EMPLOYEE’s compliance with all of the terms and conditions of this
Agreement and the Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement, dated February 1, 2016,
between EMPLOYER and EMPLOYEE (the “Non-Compete Agreement”), (ii) EMPLOYEE’S compliance with EMPLOYER’S
Compliance Policies and Procedures; (iii) EMPLOYEE’S not committing any act or omission which would result in EMPLOYER’S
ability to terminate EMPLOYEE “for cause” as described in EMPLOYER’S handbook for employees, (iv) EMPLOYER becoming
aware of any act or omission by EMPLOYEE prior to the date of this Agreement, but not known to EMPLOYER at the time of this Agreement,
that would result in EMPLOYER’s ability to terminate EMPLOYEE “for cause” as described in EMPLOYER’S handbook
for employees and (v) this Agreement becoming effective. The severance payment shall be subject to all applicable state and federal
taxes and withholding.

 

c.        After the Separation Date, EMPLOYEE will be entitled to continue COBRA coverage at his own cost and will be responsible
for the execution of the COBRA continuation of coverage forms with which he will be provided.

 

d.        EMPLOYER shall promptly reimburse EMPLOYEE any business expenses incurred by EMPLOYEE through the date of this Agreement
which remain unreimbursed, subject to documentation in accordance with EMPLOYER policy.

 

e.        All other benefits, except those in which EMPLOYEE has vested rights under the terms of an employee benefit plan, terminate
on EMPLOYEE’S Separation Date.

 

3.        Sufficiency of Consideration; No Admission of Liability. The parties agree that the consideration paid to EMPLOYEE
as set forth herein is good and sufficient consideration for this Agreement and the general release set forth below. EMPLOYEE acknowledges
that neither this Agreement, nor payment of any consideration pursuant to this Agreement, shall be taken or construed to be an
admission or concession of any kind with respect to alleged liability or alleged wrongdoing by EMPLOYER or EMPLOYEE. EMPLOYER specifically
disclaims any liability to EMPLOYEE and EMPLOYEE specifically admits that EMPLOYER is not liable to EMPLOYEE on any basis except
for payments, benefits and entitlements as and to the extent set forth in this Agreement.

 

4.        Receipt of All Compensation. EMPLOYEE acknowledges and agrees that he has received all pay, compensation, and any
other monies owed from EMPLOYER through the date of this Agreement and that together with the additional payments set forth in
Section 2 of this Agreement constitute the full and only payments owed through the Separation Date, and that EMPLOYEE is not entitled
to any further compensation, pay, distributions, or monies including without limitation any incentive compensation with respect
to the year 2017 or any prior or subsequent year. Notwithstanding the foregoing, EMPLOYEE remains entitled to the payments and
rights under Section 12 of this Agreement. EMPLOYER further hereby acknowledges that nothing contained herein shall affect the
rights of EMPLOYEE’s previously vested ZAIS Group Holdings, Inc. Common Stock.

 

    	 	2	 

     

    

 

5.        General
Release, Waiver of Claims and Covenant Not to Sue. EMPLOYEE, in consideration of the promises, covenants, and payments to
be made by EMPLOYER in this Agreement, hereby knowingly and voluntarily compromises, settles, and releases EMPLOYER from any and
all past, present, or future claims, demands, obligations, or causes of action, whether based on tort (including fraud), contract,
statutory or other theories of recovery for anything that has occurred up to and including the Effective Date of this Agreement.
Such claims include any known and unknown claims EMPLOYEE may have or has against EMPLOYER, or which may later accrue to or be
acquired by EMPLOYEE before and through the Effective Date of this Agreement against EMPLOYER and its predecessors, successors
in interest, assigns, parent and subsidiary organizations, affiliates, and partners, and its past, present, and future officers,
directors, shareholders, agents, and employees, and their heirs and assigns, whether directly or indirectly related to the employment
relationship between the parties or not.

 

In addition, EMPLOYEE
specifically agrees to release and waive any and all claims arising under federal, state and local laws prohibiting any form of
employment discrimination, harassment or retaliation, claims arising under the common law, and any other claims arising in any
way from EMPLOYEE’s employment with EMPLOYER and the separation from employment, and any other conduct by EMPLOYER to the
fullest extent permitted by law. EMPLOYEE’s express waiver and release of all claims or rights includes, but is not limited
to, those arising under Title VII of The Civil Rights Act of 1964, 42 U.S.C. §2000 et seq.; Section 1981 of the Civil
Rights Act of 1866, as amended; The Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act
(ADEA); the Fair Labor Standards Act, 29 U.S.C. §201 et seq. (FLSA); the Lilly Ledbetter Fair Pay Act; the Family and
Medical Leave Act, 29 U.S.C. §2601 et seq. (FMLA); the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA);
the Americans with Disabilities Act of 1990, 42 U.S.C. §12101 et seq. (ADA); the Rehabilitation Act, 29 U.S.C. §701
et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq. (ERISA); the National
Labor Relations Act, 29 U.S.C. §151 et seq. (NLRA); the New Jersey Law Against Discrimination, N.J.S.A. 10:5-1 et
seq. (NJLAD); the Conscientious Employee Protection Act, N.J.S.A. 34:19-1 et seq. (CEPA); the New Jersey Family Leave
Act, N.J.S.A. 34:11B-1 et seq. (NJFLA); the New Jersey Workers’ Compensation Act, N.J.S.A. 34:15-1 et seq.;
the New Jersey Wage and Hour Laws, N.J.S.A. 34:11-56a et seq.; and any and all claims for compensatory and punitive damages
and attorneys' fees, costs or other expenses, including the applicable laws of New York.

 

    	 	3	 

     

    

 

EMPLOYEE represents
that EMPLOYEE has not filed any lawsuits, claims or arbitrations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries
or any of their respective officers, directors, direct or indirect controlling shareholders or employees , or filed or caused to
be filed any charges, complaints or accusations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries or any of their
respective officers, directors, direct or indirect controlling shareholders or employees in any municipal, state or federal jurisdiction
or with any municipal, state or federal agency charged with the enforcement of any law or any self-regulatory organization. To
the extent not inconsistent with Equal Employment Opportunity Commission (“EEOC”) Enforcement Guidance or Non-Waivable
Employee Rights Under EEOC-Enforced Statutes dated April 11, 1997, and to the fullest extent permitted by law, EMPLOYEE shall not
sue in any jurisdiction or file a complaint, grievance or demand for arbitration against EMPLOYER or any of EMPLOYER’S parents
or subsidiaries or any of their respective officers, directors, direct or indirect controlling shareholders or employees in any
claim, arbitration, suit, action, investigation, or other proceeding that relates to any matter that involved EMPLOYER, and that
occurred up to and including the Effective Date of this Agreement, unless required to do so by court order, subpoena or other directive
by a court, administrative agency, arbitration panel or legislative body, or unless required to enforce this Agreement. Notwithstanding
the foregoing provisions, nothing in this Agreement shall prevent EMPLOYEE from commencing an action or proceeding to enforce this
Agreement or exercising his rights to challenge the validity of his waiver of ADEA claims set forth in this paragraph 5 of this
AGREEMENT. To the extent the EMPLOYEE is permitted to and does participate in any investigation or action by the EEOC, EMPLOYEE
acknowledges and agrees that any claims by EMPLOYEE for personal relief in connection with any such investigation or action (such
as reinstatement or money damages) hereby are barred. This release, waiver and covenant does not apply to: (i) any right or claim
to payment or benefit provided for and set forth in this Agreement; or (ii) the enforcement of any provision of this Agreement.

 

EMPLOYER acknowledges
and agrees that as of the date this Agreement EMPLOYER does not have any current intention to pursue any litigation against EMPLOYEE.

 

6.        Acknowledgements;
Period for Review; Timing of Execution; Effective Date. EMPLOYEE acknowledges that EMPLOYER has advised him, and that he is
aware, of the following:

 

a.        EMPLOYEE is and has been advised to consult with an attorney of his choosing prior to signing this Agreement and he has
consulted with and been advised by Colleen Westbrook;

 

b.        EMPLOYEE has 21 days to deliver a signed copy of this Agreement to Ann O’Dowd, Chief Administrative Officer, ZAIS
Group, LLC, The Galleria Building 3, 2 Bridge Avenue, Ste. 322, Red Bank, New Jersey 07701, failing which this Agreement will be
null and void ab initio.

 

c.        Following his execution of this Agreement, EMPLOYEE has seven days to revoke the agreement, and the agreement shall not
become effective or enforceable until the revocation period has expired. In the event that EMPLOYEE does revoke the Agreement,
notice of such revocation must be received by Ms. O’Dowd no later than the end of the seventh day after execution. If EMPLOYEE
revokes the Agreement, it and the promises contained within shall be null, void and of no consequence or effect.

 

    	 	4	 

     

    

 

d.        This Agreement will become effective (the “Effective Date”) on the eighth day after execution by the EMPLOYEE
if he does not revoke it as provided for in subsection (c) above.

 

7.        Waiver.
EMPLOYER hereby agrees to waive Section 2(a)(i) of the Non-Compete Agreement, effective on the day after the Separation Date.
EMPLOYEE agrees that in addition to the non-solicitation provisions contained in Section 2(a)(ii) of the Non-Compete Agreement,
EMPLOYEE shall not solicit any prospective client or investor of ZAIS Group, LLC (as set forth on Exhibit A hereto) for any credit
related fund, product or managed account during the Covenant Period (as defined in the Non-Compete Agreement) applicable to Section
2(a)(ii) of the Non-Compete Agreement. Other than as set forth in this Section 7, all of the other terms of the Non-Compete Agreement
remain in full force and effect and will be adhered to by the EMPLOYEE.

 

8.        Return
of Company Property. On or before the Effective Date, EMPLOYEE shall deliver to EMPLOYER all of EMPLOYER’s property
in EMPLOYEE’s possession or under EMPLOYEE’s control. This paragraph does not prohibit EMPLOYEE from retaining for
his own records copies of personnel, compensation, performance and other employment documents relating solely to himself.

 

9.        Reference
Requests. Should any prospective employers of EMPLOYEE contact EMPLOYER, EMPLOYER will provide only EMPLOYEE’s dates
of employment, position, and salary. EMPLOYER will provide no other information regarding EMPLOYEE’S employment with or
separation from EMPLOYER. EMPLOYEE understands and acknowledges that all reference requests must be directed to EMPLOYER’s
Chief Administrative Officer.

 

10        Taxes.
To the extent any taxes may be due on the payments or benefits provided in this Agreement, beyond regular payroll deductions for
federal and state withholding and employment taxes as withheld by EMPLOYER, EMPLOYEE shall pay them himself, and shall indemnify
and hold EMPLOYER harmless from any tax claims, liability, interest or penalty resulting from such payments, including but not
limited to those which may arise under Internal Revenue Code Section 409A, and the Patient Protection and Affordable Care Act
of 2010, incurred by EMPLOYEE which in any way arises out of or is related to said payments or benefits. EMPLOYEE further agrees
to provide EMPLOYER any and all information pertaining to EMPLOYEE upon request as reasonably necessary for EMPLOYER and other
entities released herein to comply with applicable tax laws. EMPLOYER has not made any representations regarding the federal or
state tax consequences of the payments or benefits provided in this Agreement, and EMPLOYER has not provided the EMPLOYEE with
any tax advice regarding the payments provided in this Agreement, including without limitation advice on the treatment of the
payments under Section 409A of the Internal Revenue Code.

 

    	 	5	 

     

    

 

11.        Effect
of a Breach. EMPLOYEE hereby agrees that in the event of any breach by EMPLOYEE of any obligation under this Agreement or the
Non-Compete Agreement (as that Non-Compete Agreement is revised by this Agreement) EMPLOYEE will: (i) forfeit the payments set
forth in Section 2 of this Agreement; (ii) forfeit any and all benefits he may be entitled to under this Agreement (iii) be subject
to the payment of damages and/or such equitable relief as may be awarded by a court, and (iv) pay EMPLOYER’S reasonable costs
and attorneys’ fees incurred in any action brought by EMPLOYER against EMPLOYEE with respect to such breach if EMPLOYER is
the prevailing party in such action. EMPLOYEE’S breach of any obligation under this Agreement shall excuse EMPLOYER from
any further performance under this Agreement. However, any breach does not absolve EMPLOYEE of any or all of his obligations under
this Agreement or the Non-Compete Agreement.

 

12.        Indemnification.
EMPLOYEE shall remain entitled to indemnification to the extent set forth in Section 21 of the AMENDED AND RESTATED LIMITED LIABILITY
AGREEMENT of ZAIS Group, LLC and coverage under any applicable directors’ and officers’ liability insurance policies.

 

 

13.        No
Reliance upon Representations. EMPLOYEE hereby represents and acknowledges that in executing this Agreement, EMPLOYEE does
not rely and has not relied upon any representation or statement made by EMPLOYER, either oral or written, with regard to the subject
matter, or basis or effect of this Agreement, other than as set forth in this Agreement.

 

14.        Entire
Agreement. Except for the Non-Compete Agreement (as revised herein), which EMPLOYEE hereby acknowledges remains in full force
and effect, this Agreement contains the entire agreement between the parties and shall not be modified except in writing signed
by the parties to be bound.

 

15.        Severability.
If a court finds any provision of this Agreement invalid or unenforceable as applied to any circumstance, the remainder of this
Agreement and the application of such provision shall be interpreted so as best to effect the intent of the parties hereto. The
parties further agree to replace any such void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business, or other purposes of the void or unenforceable provision.

 

16.        Governing
Law. This Agreement shall be governed by and construed in all respects in accordance with the laws of the State of New Jersey
without regard to its conflict of law rules. EMPLOYER and EMPLOYEE hereby agree that any dispute concerning this Agreement shall
be subject to the exclusive jurisdiction of the state courts and federal courts located in New Jersey.

 

    	 	6	 

     

    

 

EMPLOYEE ACKNOWLEDGES THAT HE HAS HAD
AN OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH AN ATTORNEY AND AGREES THAT HE FULLY UNDERSTANDS THIS AGREEMENT, INCLUDING THAT IT
WAIVES ANY CLAIMS HE MAY HAVE UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, ACCEPTS IT, AGREES TO IT, AND AGREES THAT IT IS FULLY
BINDING UPON HIM FOR ALL PURPOSES.

  

	Sworn and subscribed before me this	 	EMPLOYEE	 
	20 day of November, 2017	 	 	 
	 	 	 	 
	/s/ Cheryl M. Miller	 	/s/ Gregory Barrett	 
	NOTARY PUBLIC	 	Gregory Barrett	 
	 	 	 	 
	 	 	ZAIS GROUP,  LLC	 
	 	 	 	 
	 	 	/s/ Michael Szymanski	 
	 	 	Michael Szymanski, President	 

 

    	 	7	 

     

    

 

Exhibit A

 

(includes affiliates of the below listed
entities)

 

[***]

 

    	 	8Exhibit 10.39

 

THIS AGREEMENT made as of the 1st day of
October, 2009 by and between ZAIS Group, LLC, a Delaware limited liability company (the “Company”), and Denise Crowley,
an individual residing at 420 Everett Road, Holmdel NJ 07733 (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Employee is currently employed
by the Company; and

 

WHEREAS, the Company considers the Employee
to be a valuable member of the management team of the UNC Investment Fund, LLC managed account (the “Account”) and
desires to provide the Employee with certain additional deferred compensation for services to be rendered in the future above and
beyond that otherwise provided to the Employee as an incentive for the Employee’s continuing to remain in the employ of the
Company to enhance the possibility that the Company can enjoy the benefit of such future services;

 

NOW, THEREFORE, in consideration of the
agreements hereinafter contained the parties hereto agree as follows:

 

1. The Company agrees,
subject to the terms and conditions set forth herein, to pay deferred compensation to the Employee in the form of a 10% interest
(as the same may be adjusted pursuant to Section 2(b) hereof, the “Participating Percentage”) in all Net Incentive
Distributions, payable to the Employee within 30 days following each receipt by the Company of any such amounts. As used herein,
“Net Incentive Distributions” means 90% of all Incentive Distributions (as defined in the Account’s operative
documentation) payable by the Account to the Company or an entity owned by the Company.

 

2. (a) Except as otherwise
provided in Section 2(b), the benefits to be paid as deferred compensation under Section 1 are subject to the condition that the
Employee shall have been in the continuous employ of the Company or a subsidiary thereof from the date hereof up to and including
the applicable day of payment. For the avoidance of doubt, no payments of deferred compensation made prior to the termination of
the Employee’s employment at the Company or a subsidiary thereof shall be subject to recapture by the Company.

 

(b) (i) If the Employee’s
employment at the Company is terminated, either unilaterally by the Company other than “For Cause” (as defined in the
Company’s Third Amended and Restated Operating Agreement as from time to time in effect) or because of disability or death
of the Employee, before an amount is payable to the Employee under Section 1 above, then, subject to clause (ii) of Section 4 below,
the Employee shall continue to be entitled to receive the benefits to be paid as deferred compensation under Section 1 notwithstanding
Section 2(a), and the Company shall pay to the Employee (in the event of termination by the Company or of disability) or the Employee’s
estate (in the event of death) the deferred compensation set forth in Section 1, regardless of whether or not the condition set
forth in Section 2(a) has been met, each such payment to be made within 30 days following receipt of the applicable Incentive Fees.

 

(ii) If the Employee’s
employment at the Company is terminated by the Employee (rather than the Company), then, only for so long as the Employee shall
not be employed or otherwise engaged in any capacity in a business which is in the financial services industry or any purpose of
which is to provide investment management and/or advisory services (including, but not limited to, performing such services as
an employee of an investment bank) (a “Competitive Activity”), the Employee shall continue to be entitled to receive
the benefits to be paid as deferred compensation under Section 1 notwithstanding Section 2(a), provided that following the date
of termination of employment the Participating Percentage shall be reduced to (x) 5%, if such termination shall occur on or prior
to the date which is one year following the date hereof, or (y) 7.5%, if such termination shall occur thereafter.

 

     

     

    

 

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

 

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

 

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

 

4. Notwithstanding anything
herein contained to the contrary, no payment or further payment of any deferred compensation shall be made, and all rights under
the Agreement of the Employee, her executors or administrators, or any other person, to receive payments thereof shall be forfeited,
(i) after the Employee ceases to be employed by the Company, except in the cases provided in Section 2(b), or (ii) if Section 2(b)(ii)
is applicable, or if the Employee’s employment was terminated due to disability, if the Employee, following the date of termination
of employment, engages in a Competitive Activity.

 

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

 

6. Nothing contained
herein shall be construed as conferring upon the Employee the right to continue in the employ of the Company in any capacity.

 

7. Any deferred compensation
payable under this Agreement shall be deemed salary or other compensation to the Employee for the purpose of computing benefits
to which she may be entitled under any pension plan or other arrangement of the Company for the benefit of its employees.

 

8. The Managing Member
shall have full power and authority to interpret, construe, and administer this Agreement and the Managing Member’s interpretations
and construction thereof, and actions thereunder shall be binding and conclusive on all persons for all purposes. The Managing
Member shall not be liable to any person for any action taken or omitted in connection with the interpretation and administration
of this Agreement unless attributable to his or her own willful misconduct or Jack of good faith.

 

    	 	2	 

     

    

 

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

 

10. As a condition to
the award of deferred compensation hereunder, the Employee is concurrently herewith executing a non-competition agreement with
the Company containing confidentiality, non-competition, and non-solicitation provisions, if the Employee has not already done
so.

 

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

 

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

 

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

 

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

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by its duly authorized officer and Employee has hereunto set her hand as of the date first above
written.

 

ZAIS Group, LLC

 

/s/ Christian Zugel

 

Employee:

 

/s/ Denise Crowley    

 

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